Hey guys! Everyone has been hearing about Bitcoin lately and this guide is about how to easily buy your first Bitcoin safely, quickly and easily.
This guide isn’t about how great Bitcoin is (which I could talk about for hours) but just a practical quick guide on how to buy some.
Over the past year Bitcoin has increased in value over 1600% and if you had of put in $100 5 years ago it would be worth over $50 million today.
The important thing to remember is you don’t need to buy a whole Bitcoin, you just choose how much you want to spend and you will get the relevant fraction of a coin, for example when I first bought Bitcoin, I purchased 0.10 of a Bitcoin (a tenth of a coin) for $390 USD (now worth $1500 USD).
The good news is that it isn’t too late and there are prominent names in the space like John McCafee (the guy who started the antivirus software) who are predicting Bitcoin to go to $1 million per coin by 2020. There are only 16 million coins in existence and will only ever be 21 million. It’s currently sitting at a Market Cap (amount of money in it) of over $200 billion, with predictions from many experts it will at least double in the next year.
How to buy Bitcoin
To buy Bitcoin you need to sign up to an exchange so you are able to turn normal money in crypto currency like Bitcoin.
The biggest and safest one in the world is Coinbase which is the easiest and fastest exchange. It’s a company based in California that is listed on the US Stock Exchange, and it’s the first place I bought Bitcoin as well.
This guide will show you step by step how to buy Bitcoin using Coinbase in Australia.
Step 1: Go to www.Coinbase.com (The link here will give you $10 free Bitcoin when you sign up after your first deposit)
Step 2: In the upper right corner click on “Sign Up”
It will take you to the sign up screen.
Step 3: Enter your details and sign up. You will then need to go into your email account to confirm your email.
Once you’ve signed up successfully, Login and you will come to the main dashboard screen below.
Click on Buy/Sell tab (underlined in red below)
Step 4: Choose your payment method, and enter your payment details.
I use my debit card as it gives me Bitcoin instantly, you can also add your bank and use that but it takes several days to transfer.
As the Bitcoin price fluctuates I like to Buy Instantly so I get the current price.
After you setup your Payment details, then it’s time to choose the amount of Bitcoin you would like to buy in Australian Dollars. When you first signup you might get a $500 buy limit on your card, this increases week 2 after 1 successful transaction.
Step 6: Enter the amount of Bitcoin you would like to buy. (Below I have input $100 AUD worth of Bitcoin). Then click the “Buy Bitcoin Instantly” button which will take you to a confirmation screen.
Step 7: Confirm your transaction by clicking on the clicking the Confirm Buy button below.
In the below example I bought $20 worth of Litecoin (one of Bitcoin’s cousins)
Ok your purchase was successful! You now own Bitcoin and a slice of the future of finance.
Click on the View Dashboard button to check your holdings.
This is your dashboard where you can how much your Bitcoin (and other cryptocurrency) portfolio value is.
If you scroll down the page you can see all your previous transactions on the right and current holdings on the left.
And that’s just how easy it is. If you want to get started go to Coinbase.com and begin your cryptocurrency journey today!
Note: If you use this link, you will also get a Bonus $10 worth of Bitcoin on your first deposit at Coinbase.
I hope this guide was helpful, if it helped you out please leave a comment or feel free to send me an email, I’m always happy to help anyone getting started in cryptocurrency.