Bitcoin for Beginners

What is Bitcoin?  

Talk of “Bitcoin” is all over the news, social media and at the water cooler in the break room at work. In talking with people throughout the last 4-5 months, I’ve found that many people still know very little about Bitcoin and Crypto Currency.  Thus, I thought I’d put this post together to help everyone out that may be intrigued and interested in learning about what it is and how to buy bitcoin.

The following video is an introduction to Bitcoin that was originally shown on the financial news channel Bloomberg.  This video is just a few minutes long but is very informative.  It was originally aired in 2013.

What is the potential of Bitcoin and why should I buy Bitcoin?  The following video has a great explanation of the potential for Bitcoin in the future.

How do you buy bitcoin?  There are numerous “exchanges” where you can buy bitcoin.  These include exchanges that you buy bitcoin with currency from the country you live in by transferring money from your bank account or debit card.  Other exchanges allow you to buy bitcoin with credit cards and even gift cards from well known established companies.  Some exchanges place limitations and only permit citizens of their country to buy bitcoin on their exchange.  In every case, you can start buying bitcoin without buying a full bitcoin.  Some exchanges require a $100 minimum deposit while others start as low as $25.

I have personally bought bitcoin on two different exchanges, Coinbase and Paxful.  There are benefits of both exchanges.  Coinbase is regarded as an industry leading exchange platform.  They have phone support for those that need help, which is not standard in the industry.  Coinbase gives you $10 in free Bitcoin when you sign up and make your first deposit of $100 with a referral link, which you can get here.  With Paxful, you can buy Bitcoin using gift cards with $25 value from numerous companies, such as Amazon, popular restaurant chains and more.  The

 

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