Step 0: Why Bitcoin?
Bitcoin offers a scarce, decentralized, censorship resistant alternative to the traditional financial system. The Bitcoin network allows peers to pay for goods and services directly. Many believe that Bitcoin will continue to grow in utility and value.
Step 1: Download a digital wallet
The first thing you'll need to do in order to buy Bitcoin is to set up a wallet. A digital wallet is a software program that secures your Bitcoin and allows you to send and receive Bitcoin transactions. There are many different types of wallets available, but we'll be using Blue Wallet, which is a popular mobile wallet that can be downloaded from app stores.
Step 2: Do your own research
Next, you'll need to understand what you’re getting yourself into. It may be helpful to set up a meeting with Shawn Cagle to discuss your Bitcoin purchase. Beware of scams in the cryptocurrency market, the most common being a rug pull where the founders abruptly end a project and the price goes to 0. As you begin to develop an understand for Bitcoin's finite qualities, hopefully you protect your investment.
Step 3: Don't trust, verify
Buying Bitcoin is easy yet complicated. If you choose to purchase from an online exchange, most exchanges require government issue photo identification for tracking and tax purposes. In my opinion, it is important to avoid using a KYC exchange. Once you lose your privacy, your Bitcoin balance and transactions can be monitored. If you must use an online exchange, Strike (affiliate link) is one of the best options. It is wise purchase Bitcoin off exchange.
Step 4: How to buy Bitcoin
Once you've met with Shawn and decided to proceed with your Bitcoin purchase, you'll need to send payment through an agreed upon payment channel. This could be a bank transfer, a credit card payment, cash, barter or another method of payment. If you are using an online exchange, you send funds according to their instructions. This could take anywhere from an instant to a week.
Step 5: Receive Bitcoin to your wallet
After you've made your payment, Shawn will send the Bitcoin to your digital wallet. To do this, he'll need your public wallet address, which is a string of letters and numbers that is unique to your wallet. Once the transaction is complete, you'll be able to see the Bitcoin in your wallet and you'll be able to use it to make purchases or send it to other people.
Step 6: Not your keys, not your coin
If you chose to purchase Bitcoin through an online exchange you should remove the Bitcoin from the exchange and secure it yourself. Many exchanges have disappeared with client funds including Mt Gox, Quadrigacx, Celcius, Voyager and FTX. Many other centralized exchanges provide a convenient target for theft. There will only ever be 21 million Bitcoin so please treat it with respect.
If you have any further questions, don't hesitate to reach out to Shawn or do some additional research on your own. Happy Bitcoin holding!
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