This post is intended for the Beginners, who are just picking up interest in Crypto currencies like Bitcoin (BTC) or Ethereum (ETH) and looking for a way to quickly get into buying and storing the cryptos securely without getting confused with all the information out there on the multiple internet channels.
Buying and storing Cryptos is a simple two step process as outlined below.
STEP1 : Buying BTC/ETH
a. Open an account with Coinbase.com https://www.coinbase.com/
b. Setup your account by verifying it and confirming and linking your bank account (this should take about 3 days to a week). It is very Important that you never forget your password, it is the only access to your coins.
c. Once the setup is completed, you buy BTC/ETH through coinbase exchange itself (there will be some fees and initial limits) and store them it in your online wallet.
d. An online wallet like coinbase is reasonably safe. If you want to keep part of your BTC/ETH for shorter term or for trading, you can leave the coins in the online exchange. But if you want to hold on to some of your BTC/ETH coins for longer term without any risk due to potential exchange issues, then you will need to move your coins and store it in a hard wallet ( refer to Step2).
e. After you have completed Step1 and see your coins in your online wallet, then you can go to Step2 to setup and move the coins to your hardware wallet.
STEP2: Safely storing your BTC/ETH
a. Buy a hardware wallet device or a hard wallet (like Trezor or Ledger Nano S). You will need to spend anywhere between $120 to $200 roughly for this depending on the seller, but it is well worth it).
b. Below are some snapshots of the two devices (Trezor or Ledger Nano S), you can buy from Amazon or other websites.
Trezor (sample images)
Ledger Nano S (sample images)
The above 2 step process for buying cryptos (BTC/ETH) is chosen based on frequently suggested or recommended approaches. It is not the only way, but it is a reasonable simple way to get into buying cryptos (BTC/ETH) and storing them securely.
Below are some YouTube videos which I found useful and will help walk you through or demonstrate the 3 tasks above.
Setting up an online coinbase account
Setting up a Trezor device
Setting up a Ledger Nano S device
Hope this post helps all the Beginners to quickly understand the steps to get into the crypto world by opening an online crypto wallet and also storing the cryptos securely. As you get more comfortable with handling of cryptos, you can explore other approaches out there.
Please feel free to add your comments or feedback and share any additional suggestions related to this topic
Nicely done! Everyone on this platform should take the time to put something into cryptocurrency. While you earn Steem, you can purchase some Bitcoin and hold it, or convert it to another digital currency. Getting out of the dying paper currency scam needs to be a priority.
Thank you. Agreed everyone needs to atleast get their feet wet in the crypto world...It has its future role to play....I guess just getting started...