Jan
30
2025
Easy Guide to Getting Started with Bitcoin - My Experience Buying with Bitcoin: A Step-by-Step Guide
My Experience Buying with Bitcoin: A Step-by-Step Guide
1. **Getting Started with Bitcoin**
I had some prior experience with Bitcoin, having used it for purchases before. For this guide, I used Coinbase ([link here](https://www.coinbase.com/home)), a popular cryptocurrency platform in the United States. You can access Coinbase online or download the app to set up an account.
2. **Funding Your Coinbase Account**
To buy Bitcoin, you’ll first need to fund your Coinbase account. Connect your bank account to facilitate easy transfers. Keep in mind that banks often impose daily transfer limits; mine was capped at $2,000 per day. Also, Coinbase charges a fee for ACH transfers, which can add up.
3. **Using a Wire Transfer to Reduce Fees**
To save on transfer fees, I opted for a wire transfer, which only cost $10. To initiate this on the Coinbase app, go to the home screen, click "Transfer," select "Deposit cash," then choose "Wire transfer." The app will provide details like bank name, routing number, and account number, which you’ll need for the wire transfer.
4. **Navigating Bank Precautions**
When sending a wire transfer, your bank may ask why you're transferring the money. Simply state it’s for purchasing Bitcoin—avoid getting specific about your purchases. I mistakenly mentioned I was buying medicine, which led to a fraud review and a three-day delay. After confirming the transaction, everything went smoothly.
5. **Purchasing Bitcoin**
Once your funds are in your Coinbase account, you’re ready to buy Bitcoin. Be sure to transfer a little extra to cover any fluctuations in Bitcoin's value. I added about $350 over what I needed to ensure I could complete the transaction without issue.
6. **Completing the Purchase**
After buying Bitcoin, I notified the supplier, who then sent me their crypto address via WhatsApp. In Coinbase, I selected "Transfer," then "Send crypto," copied the crypto address from WhatsApp, and pasted it into the address field to complete the transfer.
By following these steps, I successfully used Bitcoin for a purchase, saving a bit in the process. Your experience may vary based on your bank and Bitcoin app, but these tips should help smooth the process. For more guidance, there are plenty of YouTube tutorials available on the topic.
Link for video guide https://youtu.be/Mn7gQKMegBo?si=Fw1kCsBIjwG5CL0E)
