Many people still know very little about Bitcoin and cryptocurrency. I put this post together to help everyone that may be intrigued and interested in learning about what it is and how to buy bitcoin.
A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.
To this day, no-one knows who Satoshi Nakamoto really is.
Bitcoin is a Digital Currency
Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.
The following video is an introduction to Bitcoin that was originally shown on Bloomberg. This video is just a few minutes long but is very informative.
How do I buy Bitcoin?
Bitcoin can be bought at Bitcoin ATM’s and online exchanges. There are now hundreds of 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. 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.
The following video has a great explanation of how to buy Bitcoin.
Where is the best place to buy Bitcoin?
I have personally bought bitcoin on a number of cryptocurrency exchanges. The one that I recommend for people who live in the US is Coinbook. There are numerous reasons why I recommend Coinbook. The most important is security. There have been many cryptocurrency exchanges where either the exchange was hacked or individuals have had their account compromised in one way or another, having their bitcoin and other crypto stolen. Coinbook has taken more precautions than any other exchange that I know of to prevent hacks. Additionally, they keep all cryptocurrency “off-line”. Everything is stored in a hardware wallet, so if someone did hack their exchange, they wouldn’t get any of the company’s or its customers bitcoin and other crypto.
Another big reason that I have chosen to buy Bitcoin on Coinbook is their transparency. They are one of the few exchanges that do not charge added fees for anyone. Additionally, they are the only exchange that I know of that offers a “money back guarantee” for first time users.
Coinbook gives you $10 in free Bitcoin when you sign up and make your first deposit of $50 with a referral link, which you can get here.
