The Awesome Crypto Buyer’s Guide – How To BUY Bitcoin and other Cryptocurrency For Beginners In Easy Steps

This is the ultimate guide on how to buy Bitcoin and other cryptocurrency for beginners.

I will make the buying process simple and easy for you and everyone.

Not only will you learn how to buy Bitcoin and other cryptocurrency in no time –

You will learn everything you need to do BEFORE buying your first Bitcoin/Crypto.

That way all of your investments will be safe and secure.

So let’s BEGIN…

Step 1

“That’s one small step for a man, one giant leap for mankind.” – Neil Armstrong

Important Points To Keep In Mind

This buying guide helps beginners buy their first Bitcoin and other cryptocurrencies in a series of easy steps.

You will learn how to get started investing in digital assets like Bitcoin(BTC), Bitcoin Cash (BCH), Monero (XMR), Ethereum (ETH) and other cryptocurrencies safely and securely step-by-step.

This technology (blockchain) is complex, and the process can make anyone apprehensive. I’m going to make this as easy as possible for you.

Before we start learning how to buy your first Bitcoin, I want to share with you two important things you need to know before transferring some of your wealth into cryptocurrencies and digital assets.

 

 

 

 

 

 

Two Important Cryptocurrency Tips Before You BYOB {Become Your Own Bank smile}:

 

First, cryptocurrencies are some of the most important technological developments in the modern history of money. You must be serious about this form of investment.

 

 

“Bitcoin is the most important invention in the history of the world since the Internet.” – Roger Ver

 

These types of investments are not like anything else you might already be familiar with such as real estate,bonds,commodities,index funds etc.

 

Unlike banks, credit unions and traditional stock exchanges, there are virtually no ‘fail safes’ in place to protect you if you make a mistake or don’t understand what you are doing.

 

  • There is no traditional customer support or hotline’s you can call when you get stuck.
  • There are no corporate headquarters you can reach out to if you lose your funds.
  • There are no FDIC-insured banks or other regularatory agencies behind these investments.
  • Politicians and bureaucrats will only bail out their buddies.

 

This means that at any time, you could lose all of your investments due to hackers or user error… with no recourse at all.

 

Cryptocurrency/Digital Assets are cutting-edge technologies you have ever come across in your life.

 

They are the modern-day Wild Wild West.

 

So they will require some focused time and energy for you to wrap your head around.

 

For many years I have been watching cryptocurrencies, researching them, networking with experts and influencers, taking action on the platforms, making successes (and big blunders and failures too!) along the way.

I prepared this beginner’s buying guide for you to follow and make your transition into cryptocurrencies has smooth, safe and reliable as possible.

I will share my knowledge and wisdom for you to be successful in cryptocurrencies. I will cover every step with buying, selling, transferring and storing Bitcoin and other cryptocurrencies.

 

 

Second, cryptocurrencies are highly volatile & risky for the average investor – only invest what you can afford to lose.

 

The second thing you need to know before we go any further is the golden rule of investing:

 

“NEVER NEVER invest more than you can AFFORD to LOSE.”

 

There is the old saying you must have heard of – “High risks can lead to high rewards”, and we as humanity have a natural tendency to want to overreach. We all have taken some calculated risks and may have overreached in our risk tolerance in our lives.

 

But you need to figure out an amount you are comfortable investing and, more importantly, an amount you can truly afford to invest –

 

Then you need to follow through with that amount and be patient in the investing process.

For anyone who is starting their journey into investing in Bitcoin and other crypto’s , i absolutely recommend you to follow the strategy of Dollar Cost Average Method. You can easily google search this term and you can easily follow through.

Dollar Cost Averaging Method is not the sexiest investing method, but be patient and consistent, you will be successful and be acquiring quite alot of Bitcoin’s and crypto’s in the long run.

 

Cryptocurrencies are a lot more volatile and unpredictable than the stock market.

 

Unlike the 9-to-5 New York Stock Exchange or NASDAQ or London Stock Exchange or other well known stock exchanges in your respective countries, cryptocurrencies are traded around the world 24/7.

 

So if you want to get a good night’s sleep and peace of mind as a crypto investor, you need to budget the amount of money you are going to invest and stick to it.

 

Now if you understand everything I just went through, and you are completely comfortable with everything:

 

Let’s learn how to buy your first Bitcoin & other cryptocurrencies!

 

 

And since you’re not dealing with any banks and other third party financial institutions –

 

This process is basically helping you set up your own personal bank to manage and protect your own personal funds.

 

Important Note: it’s extremely important to pay attention to the URLs of the websites you are accessing to ensure you are not visiting a fake site that is impersonating the real one. 

 

 

 

 

 

Step 2

Operation Papyrus, aka: Buy a Notebook

 

 

Before we dive into the high-tech world of cryptocurrencies we need to go back to the OLD SCHOOL.

Basically, I want you to get yourself a PAPER notebook.

Trust me on this: you need to get some paper notebooks.

And not just any paper notebook. You need to get paper notebooks that use ACID-FREE ARCHIVAL PAPER

It is the safest way to keep all of your information private and secure!

Use your paper notebooks to store all of your passwords, login credentials, and any other sensitive information regarding your crypto wallets and exchanges.

Important Tip: Never store your passwords or login data online with a password manager, on your phone or in any device connected to the internet.

You need to store all your information on paper with paper backups.

I would recommend you get at least two notebooks. The more the merrier!

You should store the notebooks in separate locations to be safe, because you never know if your house or office may be affected by a fire, hurricane, flooding or any other destructive event that could compromise your paper notebook.

Consider storing one notebook in a personal lockbox or maybe fire-proof cabinent/safe at your house and storing the other one in a safety deposit box at a bank or preferably a private vault. 

Remember, YOU are your OWN BANK.

There are no pre-built fail safes in this technology, and there are hackers everywhere trying to steal your funds.

It’s up to you to take the necessary steps to protect your investments.

Many notebooks have an “In case of loss, please return to” section and an “as a reward: $” line.

You should definitely fill that out. 

And if your paper journal doesn’t have this available, I recommend using the first page of your paper notebook for your contact details and a reward for returning it if lost.

Think carefully and consider how much you would pay to incentivize someone who found your notebook to return it safely where it belongs.

If you decide to purchase books, please click on the images on the left. These will link to the Leuchtturm products. If you do purchase through these two links, I will be compensated, and the proceeds will be used to maintain this website as well as further the continuation of valuable content creation for those who are interested in deep diving in into the cryptocosm.

Step 3

Creating Long & Complex Passwords

You are going to need to create a lot of different long, complicated passwords when setting up your cryptocurrencies investment accounts, wallets, and more. 

These passwords need to be extremely strong.

So I’m going to share some tips with you on how to create secure passwords.

Hackers are not sitting around on computers trying to guess your passwords.

They use programs that automatically run through massive databases of common passwords and random combinations of characters.

Important Tip: You need to make very long passwords containing random numbers, letters, capitalization, and special characters.

  • Don’t use common phrases, famous movie lines, or anything resembling a word or sentence really.
  • Don’t even replace letters with numbers that look similar, like the number 1 for an i, or the number 3 for an e. 
  • Don’t simply spell words or sentences backwards, because that is also a very common practice.

Important point: Password cracking software take those common habits into consideration when guessing passwords.

Also, sometimes people set up websites that help randomly generate passwords for you.

Don’t use an online site that generates a password for you because you never know if the site is secretly storing the password it generated for you to use at a later time.

As much of a pain as it is, you will need to create long, complicated, random passwords for each and every account.

Important Tip: Never use the same password on more than one account to increase security.

Make sure you never store passwords for cryptocurrencies accounts on a password manager.

Cloud-based password managers like LassPass and 1Password are vulnerable to remote attacks.

Even though those accounts are encrypted, if your master password is hacked, then you are completely exposed. 

Never store passwords in your browser because those are vulnerable as well.

That’s why I recommend ONLY storing your passwords in your paper notebooks.

Remember, never rely on one single password to protect your investments.

You are your own bank, so you need to have more than one line of defense.

Here is a bonus tip:

If any accounts require a security question, treat the answers like your passwords –

Create fake, long, complex answers to security questions.

People can easily find out your mother’s maiden name and where you went to high school on websites like Facebook, so keep that in mind. 

Store the fake answers to security questions in your paper notebook with everything else.

Step 4

Securing Your PC & Mobile

You need to ensure that your computer is secure and free of any malware before you start setting up any of the accounts and wallets for buying cryptocurrency.

First, if you don’t already:

Create a strong password to access your computer.

So go ahead and make your first entry into your notebook –

Your brand new, super strong computer password!

Next, you need to do a full and complete malware scan of your computer.

There are a ton of free tools and services available to scan and secure your computer.

Side Note: I will be updating this site shortly on the best products to secure your PC and mobile.

Meanwhile, do have a look into Restore Privacy.

Restore Privacy is to give you all the information and tools you need to restore your online privacy, secure your electronic devices, and stay safe online.

Now lets talk about securing your mobile device.

You will not be accessing crypto-related accounts on your computer alone.

Smartphones play a huge role in security and access as well.

So you need to take steps to secure your phone.

First, if you don’t have one already, require a password to unlock your phone.

That way if it’s ever lost or stolen, there is a barrier between a potential hacker and your investments.

Make sure you log the password in your notebook for safekeeping.

Next, you need to remove your phone number from any public website and social media.

And try to NEVER publish your cell phone number or cell phone provider publicly or to people you don’t know or trust.

I know this is very difficult to do in our social media driven world, but it’s an imperative step to take to ensure the security of your investments.

Cell phone numbers are used to access a myriad of sensitive data, including banking, cryptocurrencies and the two-factor authentication applications we will be setting up later on in this guide.

Remember, using your cell phone provider and cell phone number, hackers can conduct SIM theft.

This is where hackers steal your phone’s identity by calling your cell phone provider and requesting a new SIM card. 

If they steal your cell phone’s SIM card, they can easily hack into your investment accounts and drain your funds. 

So the next thing you need to do to prevent this from happening is set up a pass-phrase with your cell phone provider that must be disclosed before activating a new SIM card.

So get on the phone with your cell phone provider and set up a strong passphrase that must be disclosed before activating a new SIM card on your account.

Step 5

Get Yourself An Encrypted Email Account

It’s time to create a brand-new unique email address using a handle you’ve never used before anywhere else.

This includes your name, nicknames, or usernames you’ve used for accounts anywhere online or offline in the past.

This new email address should be used exclusively for crypto investments ONLY.

DO NOT use an email address that you use already and that other people know about to open up cryptocurrencies accounts.

My personal encrypted email provider I use is Protonmail, which is a Swiss-based email provider which is known for championing privacy as a right.

If you want more options for encrypted emails, you should go to Restore Privacy as they have an amazing reservoir of knowledge and have curated the best products for privacy and protection for your PCs and Mobile devices.

 

 Step 6

Two-Factor Authentication Apps

Using your newly-secured cell phone, we are now going to download some two-factor authentication apps.

Two-factor authentication is extra layer of security that is absolutely crucial to set up before investing in cryptocurrency. 

This is how it works:

When accessing an account, after entering your super-secure password, you will be required to input a code that is generated on your two-factor authentication phone app.

These codes constantly changes every 20 seconds. 

Important Point: The codes change quickly, so no one will be able to access your accounts unless they have access to your cell phone at that particular moment in time. 

There are two popular authentication apps that you would be downloading for your mobile.

Google Authenticator and Authy

Some people prefer one over the other and some people use both. 

 Step 7

Wallets For Your Storage

Will Your Wallet Be Hot or Cold?

This is one of the most important steps to take before investing in cryptocurrencies.

You must be wondering how the terms “hot” or “cold” relate to storing cryptocurrencies.

In the realm of cryptocurrencies, a wallet is a a storage for all your crypto/digital assets like Bitcoin, Bitcoin, XRP, Monero, Ethereum, ER-20 tokens etc.

The major difference between a Hot Wallet and Cold Wallet is that the Hot Wallet is connected to the internet, while the Cold Wallet is not connected.

A Hot Wallet is an online digital wallet that stores your  cryptos and other digital assets, while the cold wallet is a hardware device that is not connected to the internet, which makes it more secure compared to its online counterparts.

The Online or “Hot” Wallet is easier to use and access, but not as secure, due to the risk that your private keys to your wallet can fall into the wrong hands.

Rememeber this phrase by heart:

“Not Your Keys, Not Your Bitcoin.”

You will see this phrase used in the community quite often with regards to holding your private keys for your Crypto/Digital Wallets —

“If you don’t own your private keys, you don’t own the coins.”

So now you know the importance of holding your private keys to your crypto wallets.

For any beginners interested in acquiring Bitcoin’s and other crypto’s, the first thing I would highly recommend is to get two online or Hot Wallets:

The Bitcoin.com wallet from Bitcoin.com

I have used it quite alot and its incredibly easy to use and store cryptos. Plus, the functionality of the Bitcoin.com wallet is versatile.

You can buy, sell and exchange cryptos like BTC, BCH etc.

Recently, Bitcoin.com wallet has upgraded its wallets to allow the user to swap directly BTC to BCH and vice versa as well as USDC through the service of Sideshift.io.

The website is informative, and it has been in the crypto/blockchain space almost since the beginning. The people involved in Bitcoin.com are passionate and fiercely pursuing their goals to spread crypto adoption. One of the key people at Bitcoin.com is Roger Ver, who is the world’s first investor in Bitcoin and funded the first generation of companies in the crypto space single-handedly.

Another recommendation for you is to get an online wallet is from Exodus.

This is hands-down my favorite online wallet to have as it can be accessed by desktop and mobile. I would recommend to download the desktop version and later download the Mobile Wallet for ease of access for your crypto assets and investments.

The Exodus Wallet is a beautifully crafted  digital wallet where you can store, secure, manage and exchange your cryptocurrency in one application.

One of the major benefits with the Exodus Wallet is its desktop and mobile applications where you can store 115+ cryptocurrency assets.

Another amazing benefit is that you can exchange between assets to effortlessly diversify your portfolio 24/7 in seconds.

This is incredible right there.

For more info about the Exodus Wallet, go down to Exodus.

Now you are aware of hot wallets or online wallets, let’s delve into cold wallets or hardware wallets.

Eventually you will be accumulating more Bitcoin’s and cryptos, to the point where the value is quite substantial. You will need to be more prepared and secured with your growing crypto asset wealth.

This would be a good time to acquire a cold wallet aka: hardware wallet.

You need to get a cold storage hardware wallet to store your cryptocurrency. 

These devices cost money or “currency” as Mike Maloney would say wink,

And they are worth every satoshi…

(the smallest unit of bitcoin currency!) 

There are several different types of wallets out there, and some wallets only support specific cryptocurrencies.

Here’s the key thing to remember:

Never EVER leave your cryptocurrency on exchanges.

It’s extremely risky, and hackers are constantly trying to break into exchanges.

The safest place to store your investments is by using cold storage, hardware wallets.

These devices store the keys to your crypto offline, so it’s the safest way to store and access cryptocurrency.

Get a hardware wallet (cold wallet) so you can store them safely after purchasing them.

The two most popular hardware wallets are made by Trezor and Ledger.

Important Tip: Never buy a used hardware wallet.

And never buy a hardware wallet from a different source than the sites listed on this guide to ensure you are getting a clean, official device.

My Recommended  hardware wallet is the Trezor One and The Trezor Model T.

Step 8

Managing Your Cryptocurrency Assets

 

Congratulations and Celebrations

We have finally reached the Finale!

You are NOW READY and PREPARED to buy cryptocurrencies safely and securely.

I have shown you how to set up accounts with exchanges and finally how to buy, sell, transfer and store cryptocurrency. 

I personally recommend buying cryptocurrencies from Binance, which is one of the fastest growing and has most to the available cryptocurrencies in the marketplace.

Another exchange I recommend new investors go to in the United States in particularly is Coinbase which is one of the safest and easiest exchanges to use for beginners.

To my people in the United Arab Emirates, one of the best exchanges to buy cryptocurrencies safely and securely would be BitOasis & Rain (which is a cryptocurrency exchange based in Bahrain).

Look out for more details in buying cryptocurrencies in the UAE in the near future.

Rememeber… I mentioned about having a paper notebook?

Please go back to —

Step 2 : OPERATION PAPYRUS

As a final step going forward, here’s something to think about with regard to using your paper notebook.

Managing cryptocurrency can be complicated and hard to do. If something were to happen to you, I’m sure there’s someone out there you would want to benefit from your investments.

God forbid, in the event of death or incapacitation, your family and friends would probably have a hard time figuring out how to manage your investments by themselves.

Using your paper notebooks, record detailed notes and instructions on how to safely access, transfer and cash in your funds if they ever needed to do so.

Try to K.I.S.S –  Keep it simple smarty ;), but also detailed enough so no one could get stuck.

You will be in a situation where you have accumulated substancial wealth and managing a portfolio of various cryptocurrency assets.

It would be great importance and highly beneficial that you go the extra mile and create a will, trust, or other documents that could be legally executed in the event of your death to carry out your wishes.

Step 9

Thank You & Congratulations

I’m so happy and excited that you have reached this point .

Congratulations for taking massive action in stepping into the world of cryptocurrencies.

Not many have taken these steps to acquire a small amount of cryptocurrencies, to get the feel of exchanging between cryptocurrencies or making a transaction with someone without any third-party providers involved like banks, payment processors or agencies.

You don’t need permission to make transactions or to follow guidelines in acquiring cryptocurrencies or coins as you would with other asset classes like stocks, commodities or real estate.

 

You have entered a Brave New World.

Once again, thank you for coming to the Cryptocosm to learn how to buy cryptocurrencies. I hope you found that this ultimate guide in buying cryptocurrencies has been easy-to- follow and valuable.

You can buy cryptocurrencies anywhere in the world, whether in the small town in the United States or in the beautiful city of Dubai, United Arab Emirates.

If you have any interesting tips on acquiring cryptocurrencies or securing your crypto assets, you can reach out to me.

I would love to connect!

Step 10 – I Want to Introduce Myself 🙂

 

 

This is Markose Chenthitta, aka: Marcus Monero

 

 

I’m Markose Chenthitta, the word-shaper of the Cryptocosm, as well as the Voice of Reason behind the financial education podcast FINfluential. In FINfluential, I cover all kinds of topics like personal finance, precious metals investing, blockchain projects, cryptocurrencies, the Austrian School of Economics and many more.

 

 

Welcome To The Cryptocosm, and thank you for coming by to learn the ultimate guide to buying cryptocurrencies.

I am sought-after by people from all walks of life to explain cryptocurrencies in simple terms and help them take their first steps to buy, sell, exchange, transfer and (most importantly) create wealth with cryptocurrencies.

 

Thank You For Coming To The Cryptocosm.

Be Great. Be Excited. Be Brave.

Be Cryptocosmic!

Bitcoin Will Do To Banks What Email Did To The Postal Service

Rick Falvinge –  Founder of the Swedish Pirate Party

Bitcoin is The MOST IMPORTANT Invention of the World Since The Internet

Roger Ver –  Executive Chairman of Bitcoin.com

I Have No Problem with the Financial Industry Inviting The Trojan Horse Of Blockchain Technology into their Walled Garden.Because I Know How Powerful The Technology Is

Erik Voorhees –  CEO of Shapeshift