So by now you have probably heard of Bitcoin and cryptocurrency. This is the wave of the future and the new way that money will be transferred and it will begin to become the new standard of e-commerce.
Here at Laughing Lion we are happy to help you take your first steps into Cryptocurrency! While we cannot make financial suggestions, and you can use any of hundreds of options to pay with crypto, if you don’t know where to start, we suggest using a mobile app like BRD (https://bitcoin.org/en/wallets/mobile/ios/brd/) or a very well known wallet called www.Coinbase.com
Once you download and install, connect your debit card or bank account and you can buy the needed amount of coin to pay for your purchase here with Laughing Lion and pay instantly and securely and the best, untraceably!
For details on how to set this up, here is a good guide we found.
How to buy Bitcoin
Although each step does take some consideration, these are the main points you need to think over when it comes to making your first Bitcoin purchase:
- Install an offline Bitcoin wallet and set up a strong password to protect it.
- Set up an account on Coinbase (and its trading platform, Coinbase Pro, if you want additional control).
- Choose your preferred payment method.
- Buy some Bitcoin.
Step 1: Find a good Bitcoin wallet
Digital “wallets” are used to store Bitcoin until you are ready to spend them or exchange them for another currency. Wallets range in terms of features, platforms they can be used on, and security, so it’s important to choose one that works for you — though you should probably steer clear of the one evangelized by John McAfee.
To get you started, your best bet is to use the wallet that’s automatically provided to you on our recommended exchange, Coinbase. However, it’s also a good idea to set up a wallet that’s not linked to an exchange to ensure you’ll have ready access to your Bitcoin even in the event of overwhelming traffic or site closure.
Here are our recommended options:
Exodus: An all-in-one offline application with support for a number of cryptocurrencies, including Bitcoin, Exodus is free to use, has built-in shape-shift trading, and includes some simple graphing tools to help you visualize your cryptocurrency portfolio.
Mycelium: This one is a popular mobile wallet known for being compatible with more advanced tech, like Trezor hardware wallets (for maximum security) and Tor.
Bitcoin Core: A free and open-source choice that serves as a Bitcoin node, Bitcoin Core does an excellent job at verifying payments, only accepting payments from valid blockchains.
For a look at a few other of our favorite wallets, here’s a more in-depth guide to the best Bitcoin wallets.
Note: Although an online wallet is fine for your first Bitcoin purchase, if you find yourself with a lot of valuable cryptocurrencies because of trading or an upswing in value, make sure to store it in an offline “cold storage” wallet for maximum protection.
Step 2: Choose the right Bitcoin trader
The best place to make your first Bitcoin purchase is on an exchange. There are a whole lot of exchanges out there, with varying performance. Some are less trustworthy than others, and some can be quite limited, so it’s important to pick the right exchange to start with. We recommend using Coinbase, though there’s no harm in checking out the competition by using a Bitcoin exchange comparison site.
If you would rather take a more direct route in buying Bitcoin, you can opt to use a peer-to-peer service such as LocalBitcoin or BitQuick. They offer a wider array of payment options and let you purchase Bitcoin directly from a seller without the exchange middleman. If you do opt to use these and plan to trade in person, make sure to meet in a safe place.
Step 3: Select your payment method
Exchanges accept a variety of payment options, though one should be wary of scam sites. Coinbase allows both bank account and credit or debit card transfers for payments, though one payment solution must be linked to your account before you can make a trade. .
Exchanges provide you with information on how many (or how much of a) Bitcoin you can buy for specific sums of money. However, due to its volatile nature, Bitcoin prices can vary dramatically by exchange and from moment to moment. That means that even if you have a lot of money to burn, you’ll probably be buying a fraction of a Bitcoin. There’s nothing wrong with that, and for most people, this is the route they’ll go down, as few but the wealthy can afford multiple Bitcoins in one go.
Once you’ve made your purchase, your new Bitcoin will be stored in your Coinbase wallet. You should then seek out the option to transfer these funds to the address of the Bitcoin wallet you have created that’s off the exchange. You will have to pay a small fee to do so, but that is part and parcel of Bitcoin transfers. Fortunately, the fees for such trades are far from their peak.
Important note: Bitcoin transfers can be a bit sporadic. Unlike other currency trades, when you buy Bitcoin funds, the transaction needs to be recorded in the blockchain and affirmed. This can take time, especially during busy trading hours. It’s not uncommon for a trade to take an hour or two to complete, so you may not want to immediately leap over to your account and start moving funds around.
Step 5: Get ready to use it
Whether you plan to ultimately sell your Bitcoin (hopefully at a profit) or use it to purchase something, be ready to do so at a moment’s notice. The value of Bitcoin fluctuates rather wildly, so it is important to have your end game planned out early on. Be prepared by setting up a seller account now, or figure out how to buy what you want with it before you actually set out to make a purchase. That way, when the time comes, you’ll not be in a panicked rush to complete your transaction.