Training - Making Your First Investment.png

Module #3 - Buying Your First Bitcoin

Introduction

Hopefully, now you understand what Bitcoin is, how it functions and the role of exchanges and wallets. I think you are now ready to buy some Bitcoin.

We are going to do this on Xapo, but there is a lot to do so I have split this module into multiple lessons to ensure that your account is setup correctly and you understand how to use it. There are six lessons in total:

You don't have to use Coinbase, you can ignore me and use any exchange you want and buy any coin you want, but I think this is the best place to start. In Module #2 I explained why we would use Coinbase, if you skipped over this, I have included a reminder below, if you remember this bit, then please skip straight to Lesson 1 - Setting Up Your Coinbase Account.

"The reason we will use Coinbase as our starting point is that I believe it is the best site for new investors for a number of reasons:

  • Easy to use

  • Great security

  • Your coins are insured (check)

  • Good mobile support

  • Easy to trust

Please note: Coinbase does also have its critics, firstly they haven't managed to scale their support team up to deal with the high number of customer requests they receive, you can easily find these complaints on Google. Secondly, they do have relatively high fees for transactions compared to other exchanges, especially for card purchases. Still, I believe for your first investments; they are the best platform for getting your feet wet, once we have been through the process of buying and selling the first coins you are welcome to try any exchange and find the one you prefer most. I will also include a list of the primary ones and the ones I prefer and why.

Note: as Coinbase is not available in every country I will also include a lesson on how to use Local Bitcoins too as this is a great secondary option for buying your first Crypto. It is also where I bought my first Bitcoin."