Buying Bitcoin

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If you’re ready to get started with any of the investment options recommended on this site, you are going to need a Wallet with some Bitcoin in it. If you haven’t done this before, that can get a bit confusing, so here’s a bare-bones guide to get you started.

Bitcoin Wallets are a subject we’ll discuss in more detail separately, but for now if you set up an account on Coinbase, they have some easy/fast options for buying Bitcoins, and you’ll also get a Wallet you can use for making payments. I also suggest you register a separate account on StrongCoin and use that Wallet for receiving payments from the various programs you join.

One Important Tip Before We Start…

You are about to be inundated with passwords, usernames, account logins, Wallet IDs and Public Keys. If you don’t already have a password manager I’d recommend you download a free copy of RoboForm which will remember your details and also let you secure the most sensitive information with a master password.

A lot of Browsers now remember your logins for you, which is really convenient but very insecure. Someone can hack into your computer… or break into your home… and have total access to every account you create.

Altcoins are especially vulnerable because there are no refunds, charge-backs or bank guarantees… once someone gets hold of them from your account they are gone forever!

To protect yourself, download RoboForm here and use it to create super-strong passwords for every site we use, save all your logins, double protect the ones that will hold your Bitcoin, and create a secured Safenote to make a list of all the sites and services you use, plus your Wallet IDs and Public Keys.

Download RoboForm Here

Step 1. Create A StrongCoin Account

This is the account you’ll use for accepting payouts from the various programs we’ll be using. There are plenty of other options out there and you can go looking later on, but for now, this is easy to use, has been around for quite a while and has a good reputation.

Once you’re registered, Create Two New Accounts… call one Cashflow, for receiving commissions and payouts, and  the other Savings. You can transfer money into that when your Cashflow balance start to grow. (And as your savings balance grows you should remember to transfer funds from there to a Hardware Wallet for maximum security).

Make a note of the Address of the Cashflow account, so you can paste that in anywhere required  as we set up your investment options.

Create A StrongCoin Account

 

Step 2. Create A Coinbase Account

Again you have a lot of options for buying Bitcoins but this one is basically quick and easy. You may find cheaper fees if you go looking, but generally you’ll find the fees are directly proportional to the time it takes to get access to your Bitcoin and the effort required. And personally I’m a bit impatient and don’t want have to visit a bank to make a cash deposit and then wait an hour or two for confirmation.

So since we only need a relatively small amount of Bitcoin to get started, I recommend you register here and make a credit/debit card deposit so we can get started immediately…

Create A Coinbase Account

Once that’s done, click on Buy/Sell in the top menu then follow the prompts to make a deposit. We mostly use this account for sending funds to the various investment programs, but you should still click on Get Bitcoin Address under ‘Accounts’ and save that somewhere safe as well.

Step 3. Put Your Bit Coin To Work!

That’s it! You’re now ready to go, so you can get to work setting up your investment options.

You can sign up for all of our recommended programs without spending a cent, so that’s probably the best way to start. Work your way through the list, register on each site, look over the offer and put them in some sort of order for when you want to make a start on each.

Depending on how much you’ve got to start with, you can then go back and make a payment for one or two to get the ball rolling. Let those run for a few weeks, then pick the next option to launch…

Put Your Bit Coin To Work!

Other Places To Buy Altcoin

As you dig into this you’ll find a lot of operators put geographic restrictions on who can use their services. You’ll also see there are different ways to purchase and sell Bitcoin. If it turns out for any reason you can’t use Coinbase, or you want to find a different payment option, here’s a few other services to get you started…

LakeBTC. One of the oldest and most reliable Bitcoin exchanges LakeBTC has good liquidity, competitive fees and a great reputation. The exchange is based on China with a strong global presence with lots of fiat trading pairs and bank deposit options for each country including SEPA transfers for Europe. This is my next preferred option.

CoinMama. This is the fastest option for buying Bitcoin without excessive fees in my experience. CoinMama uses Western Union for cash purchases, as well as the standard Credit/Debit card payment options. It quite a simple & fast, but currently not available in the US.

LocalCoins. Buy coins from local individuals anywhere in the world using cash, bank transfers, wire transfers, credit cards etc. Funds are held in escrow until the transfer is confirmed, and all vendors have a rating and transaction count, so it’s a secure and reliable way to buy from individuals, often at a much more competitive rate. The trade off is that it takes a little longer and most vendors do want cash deposits at their own bank.


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