A guide for people completely new to the world of bitcoin and cryptocurrency on how to get started buying, selling, trading, and storing currency for the first time. This is mostly geared towards Canadians but with some minor tweaks, I'm sure it would be great for anybody the US as well.
This is not a comprehensive list of ways to do this, but a way I have found works best for getting someone set up enough to get started as they look around the crypto world. People have been asking me a lot about bitcoin lately as it's becoming more and more popular. I'm making this post so I can put all the information I would tell them together in one spot and just send the link to these posts instead of having to explain each phase to each different person.
Because it will be a bit longer to put all the information in one post, I'll break it up into 4 or 5 posts.
Useful Tip
Ctrl+click on the links so you can keep this tab open in your browser
Buying Bitcoin
Quadriga CX
Make an account here!
The first thing you want to do is set up an account on Quadriga. This is a Canadian coin exchange used to buying Bitcoin (btc) and Etherium (eth). This is the longest part of getting started, but it allows you to make purchases directly from your bank account instead of using a credit card.
The main drawback of using this site is you need to verify your identity and it takes a few days. Once you first get logged in, you want to click on your name in the top right and click verify. From there you can either choose to upload the documentation they require or use the Equifax service. I uploaded the documentation so I can't say if the Equifax method is any faster or not.
Once you are verified, you want to fund your account with Canadian dollars. Click on Candian Flag symbol and click fund account.
From there you have a number of options, but the fastest way is Interac Online. The only problem I have encountered trying to help people is you need to have a regular bank card/account at a major bank. If your card has a Visa or Mastercard logo on it, then it is not a regular card and it won't work. I haven't tried the direct bank transfer or the bank wire but if you've got a little time and want to save on the fee it might be a good option.
Once you make your selection, just follow the steps to your bank website and make your purchase. Your money will then show up beside the Canadian Flag on the main Dashboard. The first time I made a purchase, the funds were held for 24 hours as an extra verification. But after the first purchase, the funds will show up immediately.
To change the Canadian dollars (CAD) into Bitcoin (btc), all you need to do is put the amount you want to spend on btc in the middle box and click "Buy Bitcoin." This will purchase btc at the current rate and the amount you now have will be listed on the top.
You now have some bitcoin!
Before we do this next step, you need to have a wallet to send to. This will be the next post.
The final step on this site will be to send your btc to a wallet. Click on your bitcoin balance at the top and select withdraw.
On the next screen, it's pretty straight forward. Put the amount to withdraw, the address it's going to, and the PIN you created when you registered and click "Submit."
People get a little fidgety at this point. Bitcoin can sometimes take 10-20 minutes to transfer depending on how much volume there is at the time. You can check the status of your Bitcoin under your profile menu and click "history" and then click the "withdrawal" tab. It will either say "pending" or "complete." If it says complete but the btc is still not in your wallet, you can check the pending transactions on the wallet side to see if it's there.
The most important thing is to make sure the btc address you are sending to is correct. The best way to do this is to highlight the address in your wallet, ctrl+c to copy, and ctrl+v to past it in Quadriga.
Other than that...
Don't Worry! Your Bitcoin Will Get There.
Other Ways To Buy
There are other ways to get Bitcoin if you want to try something else. Here are some;
QuickBT
Allows you to buy up to $100 CAD worth of Bitcoin without verification in Canada. This is a great way to buy a small amount of btc if you just want a little to play around with. The fees are a little higher than QuadrigaCX but the convenience is worth the extra price.
Coinbase
Allows you to buy Bitcoin with a Credit Card.
Bitcoin ATM
If you live in a major city, you might be able to use a Bitcoin ATM.
Thanks for the buying guide Mr. King.
Steemies may want to know I tried the ATM downtown Toronto on Spadina near Decentral. Put in a 20 CDN bill. Went to my Breadwallet on iphone no prob. Only 2 minute confirmation time. Trasfered it to steem on Steemit no prob.
But Warning! 8 dollar fee! Going QuadrigaCX next time.
Certainly good to know. The fees are rediculouse right now. Hopefully, it will be sorted out soon.
Thanks for your comment.
Looking for a secure Canadian exchange that trades all majour coins with Canadian bank connections. Googled it.
I did a spreadsheet today of QuadrigaCX.com and Coinsquare.io confusing Canadian fees including RBC bank fees for the transfers of different types. Which way is cheapest? Want to see it?
Looks like QuadrigaCX is best for large amounts ($1000) , and coinsquare.io best for small ($100), so far as Quadriga has dropped E-transfer for the moment. Don't know about the security and liquidity of second place Coinsquare.io (Inc. July 2014) in the future relative to the more established and secure traded institution of QuadrigaCX.com.(Dec 2013). Funny how a bootstrap like Coinsquare can pull off E-trans and big players like QuadrigaCX somehow drops the ball, despite public funding options. I'm almost getting over Coinsquare's unfriendly GUI for the fellow Toronto entrepreneur Virgile Rostand, one man band.
Sure.
That's really interesting. So basically, the banks will screw you for all options except interac. It's insane that they can charge $35 to move a digital number from one account to the next.
Thanks for your post. It's essential for good resources like this to be available to new users of cryptocurrencies, especially as they gain more traction in popular news outlets. The success of Steemit also relies on helping FB/IG/Tumblr users learn the basics of cryptocurrency so they can migrate here; keep it up.. doing the hard work 🙏
I am constantly trying to get more people involved but it's difficult when you can't sit down at a computer and walk them through the whole process. Most are interested but some people aren't as resourceful as getting information for themselves as others. This can cause discouragement and some give up too easily if they don't have help to get through the first stages until they get used to the process. Just trying to get them pointed in the right direction before they do give up.
Stephen; I really need to learn this ... I'm local and have been looking for someone local ! Please message me on facebook https://www.facebook.com/CanadianClassic or [email protected] Thanks!
Good post ! Check out my profile if you can
thanks for sharing.
upvoted
I open an acct with quadriga and they checked my credit. My score went down as will anyone’s score when a hard credit check is done. Use Coinsquare instead for Canada. They did not do a credit check. There is no reason for credit checks. It’s a bankster tool and Equifax has just been hacked recently. Boycott Quadriga until they stop this!
That's interesting. My credit was never checked when I opened my account. You're right, there is no reason to check because they are not loaning you anything on credit. You can't even use a credit card with QuadrigaCX.