As of writing this in April 2021, the value of 1 bitcoin is worth around $60,000 USD.
But you don’t have to spend all $60,000 to buy your first bitcoin.
That’s because bitcoins allow you to buy fractional quantities, meaning you can buy less than 1 bitcoin to get started.
For example, if you only have $5 and want to get started buying a fraction of a bitcoin, you can own 0.000083333 bitcoin.
$5 = 0.00008333 fraction of $60,000.
That’s cool and all, but how the heck do you buy bitcoins?
Here are 3 simple steps.
Step 1: Download A Bitcoin App
There are countless apps where you can buy bitcoins but here are 2 easy and user-friendly ones that I use.
One app is Coinbase.
Coinbase is user-friendly and pretty straight-forward but the fees to buy and sell bitcoins are slightly higher than the Cash app.
The other app is Cash app by Square.
The Cash app is clunkier and slower than Coinbase but the fees to buy and sell is cheaper.
For example, in an experiment, I tried to sell $50 worth of bitcoin on Coinbase and it cost me $5 to convert from bitcoin to USD.
In Cash app, it only cost me $2.50 to convert $50 worth of bitcoin to USD.
So it really depends on what you’re going for.
If you know you’re going to be on the app a lot, looking at graphs and data and want stats etc., then coinbase makes more sense, even if you’ll end up paying more in fees.
If you know you just want to buy and sell your bitcoins every now and then and don’t need all the fancy graphs and data etc., then Cash app makes more sense.
Step 2: Make An Account
Once you decided which app you want, make an account.
Both apps participate in what’s known as “Know your customers” or KYC.
This means they will require you to input a form of government-issued I.D. to verify your information and for safety so the government can track you if they suspect you of money laundering.
So basically if you don’t money launder, you’re all good.
I think they might or might not ask you to input your social security number along with your I.D. information.
After you make an account, you link your bank account to the app.
Step 3: Buy Bitcoins
After you link your bank account, you can now start buying bitcoins!
If you decide to use the Coinbase app, you click on “Trade” and then “Buy BTC.”
You now own some bitcoin!
If you want to use Square’s cash app, you click “Buy.”
You can buy bitcoins on Coinbase in two different ways.
You can buy it based on how many dollars you want to spend.
You can also buy it based on the amount of shares of bitcoin you want.
Just be careful and be aware of how much money you’re spending so you don’t overspend.
Remember, only spend what you’re willing to lose.
Just in case bitcoin is worth $0 tomorrow, you want to make sure you’re only investing what you’re willing to lose 100%.
There are rumors that eventually bitcoin will become the new gold standard for currencies around the world because it is not backed by any one government and no one government controls it.
This means that somewhere along the line, bitcoin has the potential to revolutionize the way people around the world use their money and trade stuff and trade money with each other across borders with less government intervention or oversight.
If you want to buy some right now in the hopes of selling it for profit later, you now know some easy and simple ways to get started.
If you found this article useful, please share it so other people can know easy ways to buy bitcoin as well.
Which app did you end up using?
Let me know in the comments!