Bitcoin 101

The quickest and easiest way to get started with Bitcoin - just follow the steps and learn by doing!

Bitcoin 101

1) Buy some Bitcoin

  1. Sign up to Coinbase (get $10 free when you buy or sell at least $100)
  2. Go to the Buy page
  3. Buy some Bitcoin

Congratulations, you now own Bitcoin! See, that was super-easy!

Read more: How to buy and sell cryptocurrency

2) Move Bitcoin to a wallet on your phone

  1. Download a wallet. There are lots to choose from, but let’s stick with Coinbase and use theirs. They support Android and Apple
  2. Open the wallet, go to 'Settings' and select 'Connect to Coinbase', then follow the on-screen instructions
  3. Create a new wallet (back it up to Google Drive and write down your recovery phrase) - these can be used to recover your wallet (and all the Bitcoin within it) if you lose your phone, delete the app, etc.
  4. Click on the wallet icon at the bottom of the screen
  5. Select 'Transfer Coins'
  6. Select 'From my Coinbase account'
  7. Select the Bitcoin Wallet and transfer some/all of the Bitcoin from there to your mobile. Note that transferring Bitcoin between wallets (even the Coinbase Exchange website and the Coinbase mobile wallet) will incur a small fee - this is how Bitcoin works. The fee is minor though and you will be shown it before you confirm payment/transfer
  8. After entering a two-factor code (for security purposes), the Bitcoin will be transferred to your Coinbase mobile wallet
  9. After some time, the transaction will be confirmed and will appear in your Coinbase mobile wallet

Congratulations, you now have Bitcoin in your Coinbase mobile wallet! Simple!

Read more: Cryptocurrency wallets

3) Get a hardware wallet

The wallet on your phone is very safe, but a hardware wallet is extremely safe.

The main difference between a software wallet and a hardware wallet is that the hardware wallet needs physical input to operate (i.e. you have to press buttons to enter passwords and allow withdrawal of Bitcoin).

We recommend that you purchase the Ledger Nano X. This is easy to use, small, wireless and works with to mobiles and laptops.

Note that if you lose it, you won't lose any Bitcoin that you stored on it - as you can restore the digital wallet onto another Ledger device, or mobile phone based wallet.

Read more: Cryptocurrency wallets

4) Get a Bitcoin associated Visa debit card

If you want to spend Bitcoin as easily as you would spend normal money (aka fiat), the Coinbase Visa debit card is probably the easiest way to do it.

  1. First, read the Coinbase Card FAQ. Take note of the card issuance and usage fees
  2. Start by getting the Coinbase Card app for Android or Apple
  3. Sign into the app and complete the verification process
  4. Wait a few days and the card will be delivered to you
  5. Go out and buy yourself a well-deserved smoothie with the card

Congratulations, you have just bought something with Bitcoin - and it tastes great!

Read more: Cryptocurrency spending

5) Invest your Bitcoin

If you like the idea of investing your Bitcoin, Invest is a good product to start with.

  1. View the product and fees on the Invest website
  2. Use this link to register your e-mail address and get the app to get $20 USD (or use the Android or Apple links and enter code qu80wtyk0i within the app)
  3. In the app, select 'Home |Deposit | Bitcoin', a wallet address will be displayed
  4. From your source wallet (where you keep your Bitcoin - e.g. the Coinbase website, Coinbase mobile wallet or hardware wallet), make a withdrawal of some Bitcoin to the address shown in the app
  5. Once Bitcoin has been transferred to your account, from the app, select 'Invest | +' then enter the amount of Bitcoin that you would like to invest
  6. From the settings, select the 'Portfolio Risk' setting and select your Portfolio Risk. The higher the risk, the higher the potential reward (and loss)
  7. From the Invest screen, you can track your investment. You can also add and withdraw money at any time

Congratulations, you have just invested Bitcoin - now your eyes will be glued to the screen!

Read more: Trade Cryptocurrency