12 October 2017 1:15 pm
Part 1 of this explained why BitShares is so exciting!
You are excited about BitShares, you have decided to invest and now let’s learn how to take the first step!
The first thing you need to do when investing in cryptocurrency is to turn some of your fiat currency into Bitcoin. You might be wondering why you have to buy Bitcoin first. Bitcoin is still the “gold standard” in the crypto world, many exchanges list prices in
Bitcoin and also require Bitcoin to fund your trading account. You may also want to sell some of your investments for Bitcoin when you decide to cash out and having a BTC wallet ready to go makes it easier.
There are several ways to buy Bitcoin, but in my opinion the easiest and most reliable is through Coinbase.com.
By setting up an account with Coinbase, you can purchase Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). This will give you a solid foundation to start investing!
So, let’s get started!
Step 1: Copy and paste the following link into the search bar of your browser. By using this link, you will receive $10 of free Bitcoin after buying or selling $100 of Bitcoin. https://www.coinbase.com/join/569961f500d77d00c60001ea
Step 2: Fill out the required information
Step 3: Once you fill out the information and create an account with Coinbase, you will be asked to setup “Phone Verification”, by adding phone verification you can enable “2-Step Verification” which requires a code from your cell phone in order to log in, this creates an extra layer of security.
Step 4: Add “Payment Method”, in order to purchase BTC you need to set up a method of payment. You can choose to link to your PayPal account, Bank Account or a Credit/ Debit card.
Important (Each payment method has its own fees, limits and wait times)
I recommend linking to your bank account, this has the lowest fees and highest purchase limit, although there is a 5-day waiting period for your Bitcoin. If you want to buy instantly, link to your Credit/Debit card, just remember you will be paying a higher fee.
Note: Coinbase will need to verify your account with test withdrawals, in some cases people have experienced issues with their banks not allowing transactions to Coinbase. If this does occur, more often than not, it can be fixed with a simple phone call to your bank.
Step 5: The last thing you need to do is fill out an “Identify Verification” form, once that is complete your wallets will be active.
Step 6: It may take a few days for your bank account to be verified but once it is you are ready to purchase your first cryptocurrency!
Coinbase will allow you to create wallets for BTC, LTC and ETH. Click “Accounts” to see your wallets and create new ones, make sure you have a BTC wallet.
Step 7: Click the “Buy/Sell” tab.
• Click “Buy Bitcoin”
• Set your payment method to your bank account
• Choose how much you would like to buy
• Confirm that all the information is correct and then click “Buy Bitcoin”.
Step 9: Congratulations, you just purchased your first Bitcoin! The Bitcoin will become available in your wallet in 5 days, you should get an email notification when the purchase is made and when the funds become available.
In part 3 of this series, I will teach you how to set up a BitShares wallet so we can turn that BTC into BTS!
If you want to learn more about the BitShares platform see complete training guide here.