Since Bitcoin has become more visible in the media over the past month, I’ve been getting a lot of questions about it and other cryptocurrencies (i.e. what are they?, how do they work?, are they “safe”?, did the CIA invent them? how do I get some? Is it a bubble?, etc.).
The most frequently asked question is, “how do I buy them?”. It’s a fair question given the fact that the process is still not very consumer friendly (read: confusing as junk). I personally think that the perceived lack of accessibility is actually a good thing because it means you’ve got he chance to “beat the hoard” and become an early adopter. Many think that this crypto phenomenon is going to be as ubiquitous as the internet and email. So being an early adopter may pay huge dividends at some point. I’ve placed a small wager in favor of that idea myself.
So because of all the questions, I decided to do a blog post specifically addressing the step by step of how to obtain Bitcoins and other cryptos. It’s important to mention that you still need to (as far as I know) buy Bitcoin in order to be able to buy the other cryptos.
Disclaimer: I’m not a financial advisor and I’m not giving financial advice. It’s also important to mention that I have my own personal recommendations of who to use in terms of services and I recommend those because 1) I’ve used them, 2) I know they’re safe and 3) that they function properly. If you use something different just make sure to do your due diligence. There are certainly other credible services out there and I welcome you to research them and take the plunge into this “wild west” that is the world of Bitcoin and cryptocurrencies.
And now, I give you what you showed up for…
Step by step guide on how to buy Bitcoin, Litecoin, Quark and other cryptocurrencies:
1. Go to Coinbase.com, open up an account and fund it here.
Coinbase is a PayPal style internet wallet. It is a place where you can buy Bitcoin with US dollars by linking your traditional bank account (and credit cards) to your Coinbase account. Once you’ve set up your account and Coinbase has verified your information you can then securely purchase Bitcoin. This whole process can take anywhere form 2-5 days, so it’s important to try and be patient (admittedly not my strong suit).
2. Go to Cryptsy.com and open an account here.
Cryptsy, like Coinbase is also an internet wallet. The difference between the two is that Cryptsy allows you to buy many many more cryptocurrencies that the currently monolithic Coinbase.
Once your coinbase purchase of Bitcoin has come through, you can then transfer some of your Bitcoin to your Cryptsy account (confused yet?) and buy any of the ninety or so currencies listed there. Don’t worry, you’ll get the hang of it.
1. Coinbase to buy Bitcoin.
2. Cryptsy to buy everything else with the Bitcoin you bought from Coinbase.
So now that your account is funded, you can buy Litecoin, Quark or other cryptocurrencies with your Bitcoins. The exchange times can sometimes take several hours to several days so again, be patient.
So, there you have it in two steps!. You’re a full bore crypto junky now, congratulations!
If you have questions, you can email me at: firstname.lastname@example.org. I’ll be more than happy to fill in any gaps.
Choose wisely and see you next time.
Until then, cheers!