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Buying your first Bitcoin

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There are several places where you can purchase your first Bitcoin. If you’re within the United States, there will be some friction in setting up an account and linking it to your credit card or bank account. It may take a day or two for you to be authenticated and allowed to purchase your first cryptocurrency. Book 5, Chapter 3 dives deeper into cryptocurrency exchanges and brokers, but we recommend using one of the following websites if you’re within the United States.

 Coinbase: www.coinbase.com

 Cash App: https://cash.app

 Gemini: https://gemini.com/

 Robinhood: https://robinhood.com

Go to one of these sites, or another of your choosing, and set up an account. You’ll want to purchase $20 to $30 worth of cryptocurrency. We suggest purchasing Bitcoin because it’s universally accepted and traded for all other cryptocurrencies. You may also have the option to purchase Ether, the Ethereum cryptocurrency used for running dApps. If so, go ahead and purchase $10 to $20 worth.

Cryptocurrency can be in the regulatory gray zone in certain countries, and illegal in other countries. For example, in September 2021, China banned all cryptocurrency mining and transactions. On the flip side, El Salvador installed Bitcoin as an official currency! Buying and withdrawing cryptocurrency may not be available in the future or within your country or region. If that’s the case, you may want to move on to Chapter 5 of this minibook. There, you’ll be able to mine on the test net and receive test Ether.

Cryptocurrency All-in-One For Dummies

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