This chapter will be all about your first purchase of a Bitcoin.
One of the most important questions that beginners ask themselves is usually “How exactly do I buy my first Cryptocurrency?”.
As a first purchase, we usually recommend buying Bitcoin. Bitcoin, which you probably know by now, is the oldest and biggest cryptocurrency when it comes to market cap and is perfect for getting started.
In this module we will explain exactly how you can buy your first Bitcoins and what you need to know, so you don’t end up losing money. We will take Bitcoin as an example in the following lessons, of course you can apply everything also for all the other coins listed on Coinbase.
Do I have to buy a whole Bitcoin?
Quick answer: No, thank God. You can own as much or as little* Bitcoin as you want. However, we recommend an amount of at least $100, otherwise the fees are relatively high if you buy a very small amount.
This is a common question/concern among those who are new to the crypto business. I often hear beginners say they would like to buy Bitcoin, but “it costs too much to get one now”. And while it may cause ridicule among those who know better, it’s a fair question.
* The smallest amount is one Satoshi. Each bitcoin (BTC) is divisible to the 8th decimal place, so each BTC can be split into 100,000,000 units. Each unit of bitcoin, or 0.00000001 bitcoin, is called a satoshi. A Satoshi is the smallest unit of Bitcoin.
What will you learn in this module?
At the end of this module you will be able to understand where to buy your first Bitcoins, how to buy them and what you need to look out for. Together we will take you step by step through the process of buying your first Bitcoins.
When asked where you can buy your first Bitcoin, I always answer with Coinbase. Coinbase is not only one of the biggest crypto exchange, but in my opinion also one of the safest when it comes to exchanging fiat to crypto.
In the next lessons we will show you step by step what you have to do. Here you will find a small overview of the steps we will take:
- Deposit money
- Buy & Sell Crypto
- Convert Crypto
- Transfer Crypto
- Withdraw money
Are you ready? Then click on the “Complete Lesson” button below!