How to purchase Bitcoins?

Bitcoins
How to purchase Bitcoins
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Bitcoin the start of the cryptocurrency craze but there's actually a lot of other cryptocurrencies out there as well so there's Bitcoin and then there's a bunch of other ones often known as alt coins this article is going to be teaching you how to buy Bitcoin and how to buy those other ones as well I find that there's a lot of articles about this stuff but not very many actually showing you the step-by-step how to actually do it so that's what this video is for so it should be pretty fun and I'm pretty excited now if you're a complete beginner and you have absolutely no idea what bitcoin is you might not be ready to start buying it and if that's the case I have an intro article where you can get all of that fundamental knowledge on how it works and everything like that now when you want to buy Bitcoin you have to use something known as an exchange and this is where you give your fiat currency such as I forgot what my currency was called USD the United States dollars that's known as a fiat currency it's the official currency of the United States if you're gonna live in a different country you might be using a different currency but basically you pay with that currency to get Bitcoin in exchange now there are a lot of different types of exchanges out there we're not going to get into all those details in this article we might save that for another one so just follow along we're going to be using an exchange known as coin base and this is a fiat - crypto exchange meaning fiat being like the United States dollar cryptocurrency being Bitcoin there are also exchanges out there that are just crypto to crypto so in that situation you might take Bitcoin and exchange it for ether or some other cryptocurrency starting off though the easiest way to get started is to obviously use fiat currency because you don't have any crypto currencies so it wouldn't make sense to trade your crypto currencies for cryptocurrencies so we'll start with fiat currencies and we're gonna be using coin base now when you sign up for an exchange like this it's going to ask you for some information about you you probably need to do something like scan your driver's license or whatever it might be and that's because these exchanges have to comply with what are known as no your customer laws kyc so this is basically going to allow them to know who is buying this cryptocurrency now for crypto - crypto exchanges this might not be the case you might not have to give as much information but again you don't have any crip currency to start with so this is the easiest route now don't worry it's not a huge process to verify who you are I just signed up I took a photo of my driver's license and I was verified in minutes and was able to start using the full capabilities of the exchange there may be some things you can do without completely verifying your identity by taking a photo of your driver's license but if you want the full capabilities of the exchange then you're going to have to take that step now when you buy cryptocurrency from an exchange such as coinbase it's going to sit in your account on that exchange and this might be fine if you're planning on selling or just doing a lot of trading with this cryptocurrency but if you plan on holding this cryptocurrency then you might want to take it and move it to what's known as a wallet which is off of the exchange it's your own thing and it's much more secure because you're the only one who has access to that there's also some downsides to that though because there's no one to call for support or anyone to help you with your account it's all on you and it's your responsibility so I think I'm getting a little bit into the details here the main thing is you start with an exchange you can leave your coins there or you can take them off the exchange and take care of them yourself using a wallet now if you're working with a reputable exchange they'll probably have some level of security or insurance to basically let you have a layer of trust with them to leave your funds on their exchange now this ultimately comes down to how much trust you have for an exchange because there have been exchange hacks in fact there has been a lot of exchange acts where people have lost all of their cryptocurrency and things just didn't turn out too well for anybody now a lot of people are giving cryptocurrency a try because they like the idea of not having to rely on a central bank or some centralized entity for transfers so with cryptocurrency you can take those coins and you can have complete ownership of them you don't have to leave them in your bank account but if you leave them on an exchange this is similar in nature to leaving them in a bank you're basically entrusting this exchange to watch over your coins which may or may not be something you want to do depending on your level of comfort and what you're trying to do but if you're getting into cryptocurrency to kind of get away from the whole centralization of everything and then you leave your coins in an exchange it pretty much defeats the whole purpose because now you're just transferring the responsibility from a bank to an exchange which is probably factors at times more insecure because there's been tons of exchange hacks so if you're working with any serious amount of coins and you're not planning to actively trade those then I would recommend putting them into your wallet and there's all kinds of different wallets and I'll probably do a dedicated video on wallets talking about the different types how to use them and so forth so if that's something you're interested in please hit that subscribe button also don't forget to hit that Bell button so you get notified of new content now because I don't want to overwhelm you with millions of options in this video we're just going to be working with one type of wallet which is going to be an app on our cell phone and that should be pretty easy to set up so I'll show you guys that as well the way that's going to work is that your wallet is going to have a public address and from the exchange you can send money to that public address and it will show up in your wallet application now the wallet we're actually using is also created by coinbase the exchange we're going to be using so it's really easy to give access from the wallet to your coin based exchange account and you can easily transfer funds that way as well so that is your overview your introduction what we're going to be doing in this video but I've been talking way too much and you're probably just okay shut up Caleb let's start doing it so let's go buy some crypto so I decided I'm gonna do this with the app you could also do it on the computer if you would prefer just going to coinbase comm but I'm gonna be setting up an account for my lovely wife who is right here hello because I already have an account and you have to do the identity stuff so I just figured I'd do one for her so the first thing you're going to want to do is download coinbase and while we're here we're also going to download a wallet app so we're going to use the coinbase wallet as well it's this one right here so this is the wallet and this is the exchange give those a moment to download so we'll start with coinbase and you're just going to get started fill in your information it'll ask for a little bit more information apparently so we're having some issues with the the questions and answers I'm not sure what the deal is with that but we'll switch over to my coin base account and I'll show you from there so hopefully you guys don't have similar issues but I had no issues creating my account so I'm not sure what the issue is that is so on my account you can see I have a balance of five dollars and 80 cents yeah I know I got a lot of crypto so down here in the corner there's the settings that's where you can get a little bit of extra information about your account specifically in here you can see you were account level which you can select and see the different things you can do based on what level your account is so to get level 1 you have to verify your phone number to get level 2 you have to verify your personal information and level 3 you have to verify your photo ID now let's say you want to buy one of these crypto currencies you can just scroll through find the one you want Bitcoin and oh it looks like the prices tanking there so that's good we can buy we're gonna buy Bitcoin and then you just put a dollar amount and you can see one-time purchase and it will tell you how many bitcoins you can get for the amount of USD you used then you select buy now it gives you the options to set up weekly or monthly investments I'm gonna select not now and now you can see my balance for Bitcoin at fifty two dollars and thirty five cents so we got the Bitcoin but it's still in the exchange so this is the point where you can transfer it to a wallet so inside of a wallet app you have to probably create a wallet so create a new wallet make sure you read those things and you choose a username now in your wallet you'll have the option to set up a recovery phrase this is a very important step if you want to secure your funds but we'll do that later because you know you want to do that though if you ever want to gain access to this wallet if you lose your phone or something happens so if you want to do that again after your ex out of that just click this gear down here and you can see the recovery phrase option right here so to receive coins and your wallet all you got to do is select receive select the Bitcoin and this is your public address so this app over here can use the QR code or it can use your public address which is this long stream down here so you can send your Bitcoin from the app going into your portfolio selecting Bitcoin selecting Bitcoin wallet and then this little send button and we'll just transfer ten dollars next yep and here you can put this address or you can do the QR code option and there you go once you finish this just click Next and confirm the sentient and notice there is a network fee so the actual total is a little bit higher than what we're actually going to get on this side so confirm this end and over on here we can go back to our homepage and we'll need to wait a little bit okay I just point out that my husband has a super crappy phone so I can have this super nice phone I think he likes me a little bit yeah so what should the viewers do now if you are using a coin base wallet you can easily transfer directly from your coin base exchange account just by going into the wallet app going into the settings and selecting your coin base account and selecting transfer here you can choose your cryptocurrency and make the transfer a lot easier now the coin base app is a little tricky to navigate but if you want to see those transactions all you have to do is go into your portfolio scroll down to Bitcoin scroll down to Bitcoin wallet and then you can see these transactions down here in the history so you can see right here where I just sent that money and it says pending and you can see it just popped up here took about maybe 10 minutes or so so not the end of the world but definitely not instantaneous and if you're wondering why the values keep changing like I transferred 10 from this one to this one but it's 1008 right here well that's because this goes off of the current value of Bitcoin which changes all the time so if you go to the home page here you can see the portfolio balance is regularly changing now I want to try it again with an other cryptocurrency so what I'm gonna do is I'm going to try Bitcoin cache so I would just buy a little bit of this and we're gonna get ten dollars by now and there we go and then what we can do is we can send it and I'm just gonna do five dollars I'm gonna keep a little bit in my exchange and then again we'll just scan that QR code so we'll click receive over here and we're going to receive Bitcoin cash so we'll just scan that and you probably want to confirm that code right there but you can leave a note there if you want we'll just say next and we'll confirm the send and now we'll go back to our balance over here and see if it will update you can see this one is pending now because we just transferred it but you can see that Bitcoin has now been confirmed and there's no longer pending there now you can also transfer from wallet - wallet so I can send here I can receive here and say Bitcoin hand will send one Bitcoin one Bitcoin and then that'd be nice one dollar worth of Bitcoin click Next scan QR code there we go and sent so that is how you can directly transfer money from one wallet to another so if you're trying to buy something from someone you can do it like that and also our Bitcoin cash disappeared and you can see our cryptocurrency appeared on this wallet so now the last thing I need to do is just go in here and set a recovery phrase so I don't go and lose all my money so that's the basics of getting the cryptocurrency from the exchange and transferring it to your wallet thank you guys for watching hopefully that was everything you needed to buy Bitcoin and put it into your wallet once it's in your wallet you can easily transfer it directly to people without - and go through a bank all you got to do is get their public address and then hit the send button and your wallet and it's pretty self-explanatory from there you just put their public address there the amount you want to transfer and you send it now do be diligent because there are a lot of scams out there and there are a lot of ways for you to lose your cryptocurrency again make sure you don't lose access to your wallet make sure you have any information you need to access that wallet backed up or memorized or something so you don't lose access to your wallet now if you want to help me out please hit that follow button because we have a lot of new information coming out about Bitcoin cryptocurrency blockchain and investing and all that stuff so stay tuned and I'll see you guys in the next article peace out.