Image source: bitcoin.org

How To Buy Bitcoin

Image source: bitcoin.org

Buying Bitcoin can be very confusing if you don’t know where to look. Bitcoin is a digital currency and in order to buy it, you need a “wallet” to keep it in. There are multiple online “digital wallets” that can be used to buy and store your Bitcoin, we are most experienced with Coinbase.

To get set up with Coinbase, you will need to create an account, then connect your Coinbase account with your bank account. You will have two options, one allows you to give your account and routing number to Coinbase and they will then verify your account by depositing and withdrawing to small amounts (less than a dollar). You then log into Coinbase and tell them the amounts of the deposits, this confirms you are indeed the owner of the account. This may sound strange, but if you have linked your bank account to any other site, such as Expensify, you have used the same process.

The other option for connecting your bank account is to give Coinbase your online login information for your bank, we were not very comfortable with giving out that information.

Once your account is setup and confirmed, which could take a few days, you can start buying Bitcoin. Remember, you can buy Bitcoin in small fractions allowing you to own Bitcoin without paying a large sum of money to buy a full Bitcoin outright.

Proceed with caution, we still maintain our view that Bitcoin is a lottery ticket. If it survives and thrives, investing at today’s prices will prove to be very profitable. At the same time, it could fade away and lose all value. Only invest amounts you can afford to lose entirely.

If you have any questions, please let us know!

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2 Comments

  1. john says:

    what is bitcoin about

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