How to buy Bitcoin
Are you interested in buying Bitcoin or other crypto currencies, such as Ethereum or Litecoin?
Well, it is easier and more secure now than it ever has been to buy Bitcoin or crypto currencies using a Bitcoin exchange. A Bitcoin exchange is an online marketplace where users can buy and sell Bitcoins after setting up an account on the online exchange.
Although there are plenty of online Bitcoin exchanges on the market to choose from (amongst others Coinbase, Kraken, Bitfinex and Bitstamp), we at Bitcoin Gear mainly use Coinbase for buying and selling Bitcoins given their strong reputation for security and customer care. In addition, Coinbase is the most funded and one of the largest (by trade volume) Bitcoin exchanges in the world providing enough liquidity to buy or sell Bitcoins at any moment in time.
Coinbase was founded in July 2011 by Fred Ehrsam and Brian Armstrong, both pioneers in the Bitcoin industry and true Bitcoin advocates from the very beginning, understanding Bitcoin's potential as evidenced by the following presentation of Fred Ehrsam:
Coinbase makes it easy to convert your local currency (such as USD or Euro) into and out of Bitcoin, in just 3 easy steps:
1. Sign Up For An Online Account
You can sign up for a free online account at Coinbase. This will give you a secure place to temporarily store your Bitcoin, and easy payment methods to convert your local currency (USD or Euro) into or out of Bitcoin.*
2. Connect Your Bank Account
After you sign up, connect your bank account. You'll need to complete some verification steps before you can use your online account. Once the verification steps are complete, you can start your first purchase of Bitcoin.
3. Buy and Sell Bitcoin
After having made your first purchase, Coinbase will deliver your Bitcoin in your online account. Now you are all set to start trading Bitcoin.
*Please note that one of the most secure ways to store Bitcoin is on an offline hardware wallet, such as a Trezor or Ledger Nano S. Therefore, at Bitcoin Gear we highly recommend that you purchase a Trezor or Ledger Nano S for safe storage of your Bitcoin once you start buying Bitcoin through Coinbase. Online exchanges should only be used for buying or selling Bitcoin, but it is not recommended to leave your Bitcoin on any online exchang for a long period of time.
**DISCLAIMER**: Bitcoin Gear is not a financial advisor nor is Bitcoin Gear giving financial advice. You should always do your research before making any investment. You should also understand the risks of investing. This is all speculative based investing.