Sunday, November 5, 2017

How to Buy Your First Bitcoin



How to Buy Your First Bitcoin
Written by Joshua Coffman

There are three basic things I want you to do to get started with Bitcoin. Get a Coinbase account, download the Mycelium iPhone app, and get a piece of paper and pen. I'm going to walk you through each of these steps and send you on your way to obtain more cryptocurrency and secure it properly.

So before we start, let's talk about security. If you aren't security conscious already, I recommend we start with an iOS device like an iPhone or iPad that has at least lock screen passcode enabled. Even if you're only dealing with a fraction of a Bitcoin, it's important to realize that devices like your Windows laptop or Android phone are probably already compromised.



Let's start with Mycelium. On the App Store, you will find the Mycelium app. Download it and open it up.

Next get a piece of paper and a pen out. Your Mycelium app is going to give you a series of words that will secure your Bitcoin wallet. WRITE these down. It's not safe enough to record them in your Notes app or keep a digital file with them recorded somewhere. Remember, we're getting you started on your Bitcoin security.

Next, if you are just getting started on Bitcoin, people that are already involved in it will help you obtain your first little bit of Bitcoin. Reach out to one of us, preferably in person. We would love to send you a small portion of a Bitcoin to at least experience what it feels like to own a real digital asset.

All right, by now you should have a Bitcoin wallet (Mycelium), your wallet passphrases (written on a piece of paper, stored safely somewhere), and a tiny amount of Bitcoin.



The next step is to visit an exchange. One of the best exchanges as of the writing of this article that will allow you to buy Bitcoin with the funds in your bank account is Coinbase. This link is a referral link to their signup page.

I recommend using only funds that you can live without. Holding funds on the exchange is not incredibly secure, but very convenient. As soon as you can, transfer your Bitcoin funds from your Coinbase account to your Mycelium wallet.

Congrats! I hope you are well on your way to experiencing the joy of holding a real cryptocurrency in the palm of your hand.

Remember, don't share your secret pass phrases with anyone. Those are the keys to your Bitcoin!

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