Investment

How To Get Bitcoin: Easy To Follow Instructions

How To Get Bitcoin Like A Pro The Very First Time Using Detailed, Simple Instructions Even A Complete Beginner Can Follow

 

How To Get Bitcoin

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You’ve heard about Bitcoin, and now you want to learn how to get Bitcoin.  

Great idea.  

But when venturing into new territory, like getting Bitcoin for the first time probably is for you, it is always a good idea to build up your foundational knowledge first.

Starting anything new brings about doubt. But when your new endeavor requires parting from your hard earned money… those doubts can quickly turn into paralyzing fear.

To put your mind at ease, I want to first provide important information about Bitcoin before I teach you how to get Bitcoin like a pro the very first time.

Don’t worry, I’ll provide simple to follow instructions on how to get Bitcoin so you are not wondering what to do next. And just like everything on this site, I will be talking about how to get Bitcoin from my own real experience.

This is not theory. This is how I get Bitcoin.

This page is detailed, so I suggest reading the page all the way through once, and then using the Table Of Contents to revisit specific sections later.

Let’s get started by building a working knowledge of Bitcoin…

 

What Is Bitcoin

So, let’s start defining Bitcoin…

First off, Bitcoin is a cryptocurrency.  

A cryptocurrency is a digital currency that uses cryptography, a method of storing and transmitting data in an encrypted manner, so that only people for which the data is intended can read and process the information.  

Cryptography is used to secure transactions and in the creation of additional amounts of the currency.

A cryptocurrency does not have any physical good, commodity, paper money or real coin associated with it. You can not redeem a certain amount of Bitcoin you have stored electronically for the same amount of physical Bitcoin in the real world… because physical Bitcoin does not exist.

You will never be able to hold a Bitcoin in your hand.

However, as a currency, Bitcoin can be exchanged for goods and services of like value, as long as an exchange value can be agreed upon. Bitcoin has value and can be exchanged for goods and services of like value.

Think about it this way…

Your bank keeps a LEDGER of your transactions and it is this ledger that determines how much money you have in your bank account.

Much in the same way, Bitcoin is simply a distributed ledger system. Bitcoin transactions are all recorded on a ledger. And this ledger system is public, shared and maintained by the public.

This brings me to my second point… 

Bitcoin is a decentralized digital currency. As a matter of fact, it is the first decentralized digital currency. 

The transactions that happen with a fiat currency (your local money), is an example of a CENTRALIZED system. Your bank keeps a ledger of all your transactions on their computer. This ledger keeps track of how much money goes into your account and how much money goes out of it.  

Basically, your bank’s computer keeps track of who owns what.

You trust your bank to keep correct records of your account and your bank trusts their computer to keep the correct records. Since this record keeping is done in a centralized location, your bank, it is a centralized system.

On the other hand, Bitcoin is decentralized because the ledger is NOT kept in one central location owned by any one person or institution.  

The Bitcoin ledger is actually held over thousands of different locations, called the Blockchain. Since identical blocks of information are stored in multiple locations across its network… the blockchain cannot be controlled by any one person or institution and has no single point of failure.

This means the blockchain is very secure and transparent. The information stored on the blockchain cannot be manipulated or corrupted by any one entity. And there is no single point of failure, for example a bank computer, that could cause the entire network to be lost or shut down.

I know the concept of a decentralized system might be kind of hard to wrap your head around. But you are using a decentralized system right now.  

The Internet is decentralized. It exists, we have access to it, we can use it in various ways and it grows… but there is not one person or institution that OWNS the Internet.

So, here is the definition of Bitcoin…

 

Bitcoin is the first decentralized digital currency that uses cryptography to encrypt transactions that are stored on a ledger held over thousands of locations called the Blockchain.

 

Wow, that is a mouthful.

Let’s explore Bitcoin a little more…

 

Bitcoin Questions You Should
Know The Answer To

There are some Bitcoins questions I think need to be answered before you learn how to get Bitcoin. So, let’s go over each one.

 

Question 1: Who created Bitcoin?

There is a lot of mystery surrounding the creation of Bitcoin. As a matter of fact, nobody really knows exactly who created it.  

Bitcoin was created by either a single programmer in collaboration with other programmers, or a group of programmers together that created Bitcoin under the name Satoshi Nakamoto.

There has been a lot of speculation as to the exact creator and even some programmers have come forward claiming to be Satoshi Nakamoto. But the true identity of Satoshi has yet to be confirmed and remains a mystery.

Now just keep in mind, Bitcoin does not need an owner or a company to function. As a matter of fact, Bitcoin is designed specifically to be a peer-to-peer network, where transactions happen directly between users without a central authority.  

So, it is a positive that Bitcoin does not have an owner… just like it is a positive the Internet does not have an owner.  

Here is the short answer. Satoshi Nakamoto is the creator of Bitcoin… but we really don’t know who that is.

 

Question 2. How is Bitcoin created?

Bitcoin exists, even though it is just in digital form. So, that begs the question, where does it come from?

Bitcoin is created through what is called mining. 

Remember, the blockchain is the public ledger of all Bitcoin transactions. Identical versions of the ledger called “blocks” are linked together like the links of a chain.  

And in order to make sure the new blocks are the same as all the other blocks linked to it in the chain… there must be a verification process.

Therein lies the problem.  

Remember, Bitcoin is a decentralized system. Therefore, you cannot have a central authority responsible for verifying each transaction and the new blocks that are created.  

The solution is mining.

Here is a quote taken from Wikipedia:

 

Mining is a record-keeping service. Miners keep the blockchain consistent, complete and unalterable by repeatedly verifying and collecting newly broadcast transactions into a new group of transactions called a block.

 

In order to be accepted by the rest of the network, a new block must contain a so-called proof-of-work.

Source: https://en.wikipedia.org/wiki/Bitcoin

 

OK, so think of this proof-of-work as solving a complex mathematical equation. In order to solve these equations, the miner must have a vast amount of computing power. There are costs involved like computer hardware and electricity.  

To reward the miner for their effort and compensate them for the cost involved in keeping the blockchain up to date and validated, the miners are rewarded a certain amount of newly created Bitcoin and transaction fees.

This is how  Bitcoin is created without a central authority. When the miner creates a new block in the chain and verifies the block is correct with proof-of-work… new Bitcoin is created and some is given to the miner as compensation for their efforts and expenses.

Just keep in mind that Bitcoin is created through the mining process and new Bitcoin is rewarded to miners in compensation for their efforts and expenses in keeping the Blockchain up to date and validated.

New Bitcoin is being created through the mining process all the time.

 

Question 3: How much Bitcoin will be created?

OK, so if Bitcoin is mined, how much of it can be mined?  

Well, the Bitcoin protocol stipulates there will be a maximum of 21 Million Bitcoins in circulation. That’s it. Once the 21 million Bitcoin level has been reached… no more Bitcoins will be created.

It has been projected that this maximum level of Bitcoin will not be reached until 2140. So, it will not happen in my lifetime.  

After the max level has been reached, the record keeping that keeps the blockchain validated and up to date through mining will be rewarded through transaction fees alone (and not by the creation of any new Bitcoin).

So, there is plenty of Bitcoin that has not come into existence yet. But the total number of Bitcoin is limited and finite. 21 million Bitcoin is the final amount of Bitcoin that will be created.

 

Question 4: Can Bitcoin be divided?

When we talk about Bitcoin, you might think you have to buy Bitcoin in increments of one. For example, you could buy 1 Bitcoin, 2 Bitcoin, etc.  

However, you’ll be happy to know, Bitcoin can be broken down and divided into smaller units. The ability for Bitcoin to be divided is an essential characteristic of Bitcoin and crucial for users.

Just think about it, at the time of writing this, 1 Bitcoin is worth around $16,000. (I have no idea what that number will be when you are reading this).

If you could not divide the Bitcoin into smaller units, you would only be able to use Bitcoin as a means of exchange for goods and services with the value of $16,000, $32,000, etc.

Since the goal of Bitcoin is to become an everyday currency alternative, it is essential it can be broken down to cover all the different price ranges.

I’m not even going to go over the names of each of the units Bitcoin can be broken down into, as I don’t really think it is that important at this point. What is important is that no matter what monetary amount of Bitcoin you want to buy, sell or use as trade… there is a corresponding amount of Bitcoin.  

This is important because once you learn how to get Bitcoin, you’ll want to get the amount of Bitcoin you can afford, and not be locked into buying 1,2,3 Bitcoin units.

OK, now you should have a working knowledge of Bitcoin.  

But before we go over how to get Bitcoin, we need to discuss where you are going to store your Bitcoin once you get it.

 

Where To Store Bitcoin

Remember, there are no physical Bitcoins. You cannot get your hands on some Bitcoin and put it in your pocket until you find a better place to store it.

So, before we even talk about how to get Bitcoin, you need to know where you are going to store your digital currency.

Bitcoin is stored in what is called a Bitcoin Wallet or Crypto Wallet.

A Bitcoin or Crypto Wallet is essentially a program you use to store, monitor, send and receive Bitcoin. The wallet is connected to the Blockchain, which is the ledger of Bitcoin transactions we talked about earlier.

There are different types of Bitcoin wallets. And what defines the type of wallet you are using is where the PRIVATE KEY is stored. This is important, because it goes toward the security of the wallet you are using.

So, that begs the question, what is the Private Key?

 

The private key is simply a long string of numbers and letters
that acts as the password to your Bitcoin wallet.  

 

Now I know this might sound silly, but the private key must be kept PRIVATE. Whoever knows your Private Key essentially has access to your Bitcoins.

Do not confuse the Private Key with your Bitcoin Address, also called the “Public Key”.

Your Bitcoin address is the address you give when you want to receive Bitcoins. You DO have to give your Bitcoin address to others if you want to receive Bitcoins.

Think of your Bitcoin address like you would your email address.

 

2 Different Kinds Of Bitcoin Wallets: Hot Wallets & Cold Wallets

There are two main types of Bitcoin wallets… Hot Wallets and Cold Wallets. Let’s go over each one…

 

Hot Wallets

Hot Wallets are any kind of Bitcoin wallet that is connected to the Internet.

These Bitcoin Wallets are versatile and convenient because they can be accessed on the web, through a computer or in some cases directly from your mobile phone. However, since they are connected to the Internet, they can be vulnerable.

Hot Wallets are usually very easy to use and may have a place in your Cryptocurrency infrastructure.

Here is one I like…

 

 

Exodus is very versatile and has the capacity to store 100+ cryptocurrency assets.

 

Cold Wallets

Cold Wallets are any kind of Bitcoin wallet that is NOT connected to the Internet. Since these wallets are not connected to the Internet, they cannot be hacked remotely.

The most modern Cold Wallets are hardware wallets (HD Wallets), where you have a physical device that stores your Private Key so it cannot be hacked or even affected by malware.

HD wallets generate a phrase called a SEED, which is a list of common words. If your HD Wallet is lost or destroyed, you can use the SEED to reconstruct your Private Key and regain control of your Bitcoins.

Just like the Private Key, you must keep your SEED safe and secure, because whoever has access to your SEED has access to your Bitcoins.

Obviously, if you are serious about investing in Bitcoin and other cryptocurrencies, you should make the small investment to get a Cold Wallet.  You cannot beat the safety of these devices.

 

 

 

I personally use Trezor, and so does my Dad. But both Trezor or Ledger are great choices and the best place to store your Bitcoin (in my opinion).

OK, now that you know where to store your Bitcoin, we can finally get to the fun part and the point of this page… how to get Bitcoin.

 

How To Get Bitcoin

The easiest way to get Bitcoin into your Bitcoin wallet is to exchange your fiat, local currency for Bitcoin. The process of turning your local currency into Bitcoin happens at Cryptocurrency Exchanges.

Like we talked about earlier, Bitcoin can be divided, so you can exchange just about any amount of your fiat currency for the equivalent value of Bitcoin at the time of the exchange.

If you’ve ever gone on vacation to a foreign country with a different currency, you should be aware of the process. When traveling, you need local currency. So, you have to exchange your currency for the local currency.  

This is normally done at exchanges.

Same thing with Bitcoin. There are exchanges set up to change your local currency into Bitcoins. The only difference might be that most Bitcoin exchanges are going to be on the Internet and the transaction is going to be done electronically.

And remember, in order for you to exchange your currency for Bitcoin, you must first have a Bitcoin wallet set up… this is where the Bitcoins are going to be deposited by the exchange.

As with any other type of money exchange, there is going to be a fee or commission for exchanging your fiat currency for Bitcoin charged by the exchange. That is how they make their money.

So, be prepared that if you exchange $100 for Bitcoin at an exchange, you are not going to get EXACTLY $100 worth of Bitcoin deposited to your wallet. It will be less because you have to pay the exchange their fee.

Let’s now go over some of the most common ways to get Bitcoin.

First, we will go over how to get Bitcoin at two of the most popular cryptocurrency exchanges: Coinbase and Binance.

 

How To Get Bitcoin At Coinbase
(Best Crypto Exchange For US Beginners)

Coinbase is a US based company providing a secure platform that makes it easy to buy, sell and store digital currency. Coinbase is a fully licensed and regulated cryptocurrency exchange.

The entire process of using Coinbase is designed with the beginner in mind, making it the preferred starting point for many cryptocurrency enthusiasts.

Here is a video I found that explains, step-by-step how to set up your Coinbase account and buy Bitcoin:

 

 

The exact process might change slightly over time, but you basically just need to follow the instructions.

Here are the basic steps:

      • Sign Up For Your Coinbase Account – Fill in sign up form
      • Verify Your Email Address – find email from Coinbase and click link
      • Verify Your Phone Number – verify code they send as a Text
      • Verify Your Identity – upload photos of documents
      • Add Payment Method & Verify – follow the instructions per payment method
      • Buy Bitcoin

 

 

How To Get Bitcoin At Binance
(Best Crypto Exchange For Crypto Traders)

Binance is a cryptocurrency exchange that allows you to buy, trade and store digital currency. In terms of trading volume, Binance is one of the largest cryptocurrency exchanges in the world.

Bincance is known for low trading fees. So, if you are looking to trade on the cryptocurrency market, this is an excellent option. They also have their own coin, BNB, and you can reduce the fees of trading by up to 50% by using this coin to pay your fees. (I’ve also found the BNB coin to be a nice investment increasing in value).

So, how to get Bitcoin inside the Binance exchange?

  • Sign up for a Binance account
  • Set up 2-Factor Authentication (to keep your account secure)
  • The easiest way to get Bitcoin is to purchase using Visa / Mastercard
  • You will have to verify your identity by following the instructions

 

How to get bitcoin

 

Once you go through the payment process and the payment goes through… the Bitcoin will appear in your Binance wallet.

 

Binance (Non US Only)

The World’s Largest Crypto Exchange

 

 

I recommend getting Bitcoin directly from exchanges if you are planning on keeping the Bitcoin in the exchange for trading purposes. However, if you are planning to buy and hold Bitcoin, I recommend getting Bitcoin using a hardware wallet because it is safer for long term storage.

With that in mind, let’s go over how to get Bitcoin directly from two of the most popular hardware wallets: Trezor and Ledger.

 

How To Get Bitcoin With Trezor

Trezor is a small, key-sized Hardware Wallet that connects to your computer with a USB cable. This device provides advanced security for handling the private keys of Bitcoin and other cryptocurrencies offline.

Trezor is the Bitcoin Wallet I personally use to store my Bitcoin (and other cryptocurrencies) in a safe manner.  And the great news is… you can now get Bitcoin directly inside the Trezor interface.

In order to offer buying Bitcoin (and other cryptocurrencies) directly from inside your Trezor interface, they have partnered with some high quality cryptocurrency exchanges.

Using your Trezor and the in-wallet available exchanges makes the process of getting Bitcoin much safer than going through an exchange online without the security of the Trezor device.

So, how to get Bitcoin directly from your Trezor Wallet?

Here are the steps…

 

Step 1: Go to the Trezor website, click the “Wallet” tab and connect your Trezor device to login safely.

Step 2:  Click on the “Buy” tab in the top menu.

Step 3:  Enter “amount to spend” in your local currency or “amount to buy” in Bitcoin.

TIP: Use your local currency to save on currency exchange fees.

Step 4: Exchanges with offers will be listed below.  Choose the one you want to use.

Step 5: Follow the instructions from the Exchange you picked. (Instructions will vary between exchanges. First time users will be asked to register and repeat customers will be asked to login. You will also need to verify your identity at the exchange the first time.)

Step 6: Verify your Bitcoin address. Since you are buying directly from your Trezor, this address is already listed… but you will still need to verify this is the correct address using your Trezor.

Step 7: That’s it. The Bitcoin will show up in your wallet once the confirmation process has been passed, usually about an hour.

 

As you can see, the process to get Bitcoin directly from Trezor is very simple and straightforward. But there are even more reasons to get Bitcoin from Trezor than the convenience.

The Trezor wallet exchange is safer for a variety of reasons:

      • You have to confirm any transactions on your Trezor device before your coins move anywhere.
      • When you make a purchase, Bitcoin goes directly into your Trezor wallet… meaning they are secure because your device is offline and inaccessible to hackers.
      • When you choose an exchange from inside Trezor, you are taken directly to the legitimate website of a reliable and trusted exchange (instead of looking for one online and being susceptible to phishing sites set up to steal your personal information).

I think you can see why when I want to buy Bitcoin, I do so from directly inside my Trezor Wallet.

 

 

Trezor is not the only hardware wallet where you can buy Bitcoin directly from inside the wallet.

 

How To Get Bitcoin With Ledger

Ledger is another popular hardware wallet where your private keys are held securely offline. And now you can buy Bitcoin directly with your Ledger Wallet and Ledger Live app.

Full Disclosure: I don’t have a Ledger Wallet so I have not gone through the process of how to get Bitcoin through Ledger myself.  However, the process looks very straightforward.

You simply login to Ledger Live on your smartphone or computer and buy Bitcoin with USD or EURO using a credit card or bank transfer. Ledger Live is integrated with Coinify, a cryptocurrency exchange, to make buying Bitcoin (and other available cryptocurrencies), a simple process.

As with all cryptocurrency exchanges, the first time you use it you will have to sign up and verify your identity.

Once you’ve bought your Bitcoin it is sent to the safety of your hardware wallet meaning it is not held in vulnerable exchanges and your Bitcoin is in your control and secure from the moment you purchase it.

 

 

In Conclusion

On this page we have provided foundational information so you can better understand what Bitcoin is and why you should get some. More importantly, we have provided various instructions on how to get Bitcoin safely.

Use the Table of Contents to revisit specific sections and follow the instructions on how to get Bitcoin.

Getting Bitcoin is the first step on your journey into the world of cryptocurrency. Now it is time to learn how to invest in Bitcoin and maximize your profit potential.

 

Related Information

How To Invest In Bitcoin With Shocking Ease To Maximize The High Profit Potential Of The Cryptocurrency Market In Only Minutes A Day

 

Learn More

 

Once you get into the exciting world of Bitcoin and cryptocurrency, you might want to kick up your wealth creation activities by trading the BTCUSD (Bitcoin vs US Dollar) currency pair.

This has quickly become one of the most profitable ways of trading, and you can even use trading the BTCUSD currency pair to GROW your Bitcoin holdings to new heights.

 

Bitcoin Signals Blast Off

The Bitcoin market produces moves with extraordinary profit potential. Now you can tap into those profits by trading the BTCUSD currency pair.


Just do what I do once a day.

 

To Your Wealth,
Edward Lomax

 

If your still not ready to start Bitcoin trading to accumulate wealth, get this free training:

 

Bitcoin Success Blueprint

Bitcoin Success Blueprint

Take the mystery out of Bitcoin and learn how to accumulate wealth faster, create multiple income streams and secure your financial future.

  1. Ultimate Bitcoin Success Blueprint
  2. How To Get Bitcoin
  3. How To Invest In Bitcoin
  4. How To Trade Bitcoin
  5. Best Platform For Cryptocurrency Trading
  6. Is Bitcoin Trading Profitable
  7. Ultimate Bitcoin Checklist

 

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