Award Winning Bitcoin the start of the cryptocurrency craze but there's actually a lot of other cryptocurrencies out there as well so there's Bitcoin and then there's a bunch of other ones often known as alt coins this video is going to be teaching you how to buy Bitcoin and how to buy those other ones as well I find that there's a lot of videos about this stuff but not very many actually showing you the step-by-step how to actually do it so that's what this video is for so it should be pretty fun and I'm pretty excited.
Now if you're a complete beginner and you have absolutely no idea what bitcoin is you might not be ready to start buying it and if that's the case I have an intro video where you can get all of that fundamental knowledge on how it works and everything like that now when you want to buy Bitcoin you have to use something known as an exchange and this is where you give your fiat currency such as I forgot what my currency was called USD the United States dollars that's known as a fiat currency it's the official currency of the United States if you're gonna live in a different country you might be using a different currency but basically you pay with that currency to get Bitcoin in exchange.
Bitcoin Price
Now Bitcoin Price there are a lot of
different types of exchanges out there we're not going to get into all those
details in this video we might save that for another one so just follow along
we're going to be using an exchange known as coin base and this is a fiat -
crypto exchange meaning fiat being like the United States dollar cryptocurrency
being Bitcoin there are also exchanges out there that are just crypto to crypto
so in that situation you might take Bitcoin and exchange it for ether or some
other cryptocurrency starting off though the easiest way to get started is to
obviously use fiat currency because you don't have any crypto currencies so it
wouldn't make sense to trade your crypto currencies for cryptocurrencies so
we'll start with fiat currencies.
We're gonna be using
coin base now when you sign up for an exchange like this it's going to ask you
for some information about you probably need to do something like scan your
driver's license or whatever it might be and that's because these exchanges
have to comply with what are known as no your customer laws kyc so this is
basically going to allow them to know who is buying this cryptocurrency now for
crypto - crypto exchanges this might not be the case you might not have to give
as much information but again you don't have any crip currency to start with so
this is the easiest route now don't worry it's not a huge process to verify who
you are I just signed up I took a photo of my driver's license and I was
verified in minutes and was able to start using the full capabilities of the
exchange.
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Bitcoin News
There may be some Bitcoin News Bit things you can do without completely verifying your identity by taking a photo of your driver's license but if you want the full capabilities of the exchange then you're going to have to take that step now when you buy cryptocurrency from an exchange such as coinbase it's going to sit in your account on that exchange and this might be fine if you're planning on selling or just doing a lot of trading with this cryptocurrency but if you plan on holding this cryptocurrency then you might want to take it and move it to what's known as a wallet which is off of the exchange it's your own thing and it's much more secure because you're the only one who has access to that there's also some downsides to that though because there's no one to call for support or anyone to help you with your account.
It's all on you and it's
your responsibility so I think I'm getting a little bit into the details here
the main thing is you start with an exchange you can leave your coins there or
you can take them off the exchange and take care of them yourself using a
wallet now if you're working with a reputable exchange they'll probably have
some level of security or insurance to basically let you have a layer of trust
with them to leave your funds on their exchange now this ultimately comes down
to how much trust you have for an exchange because there have been exchange
hacks in fact there has been a lot of exchange acts where people have lost all
of their cryptocurrency and things just didn't turn out too well for anybody
now a lot of people are giving cryptocurrency a try because they like the idea
of not having to rely on a central bank or some centralized entity for
transfers so with cryptocurrency you can take those coins and you can have
complete ownership of them.
you don't have Bitcoin Price Live to leave them in your bank account but if you leave them on an exchange this is similar in nature to leaving them in a bank you're basically entrusting this exchange to watch over your coins which may or may not be something you want to do depending on your level of comfort and what you're trying to do but if you're getting into cryptocurrency to kind of get away from the whole centralization of everything and then you leave your coins in an exchange it pretty much defeats the whole purpose because now you're just transferring the responsibility from a bank to an exchange which is probably factors at times more insecure because there's been tons of exchange hacks so if you're working with any serious amount of coins and you're not planning to actively trade those then I would recommend putting them into your wallet and there's all kinds of different wallets and I'll probably do a dedicated.
Wallets talking about the different types how to use them and so forth so if that's something you're interested in please hit that subscribe button also don't forget to hit that Bell button so you get notified of new content now because I don't want to overwhelm you with millions of options in this video we're just going to be working with one type of wallet which is going to be an app on our cell phone and that should be pretty easy to set up so I'll show you guys that as well the way that's going to work is that your wallet is going to have a public address and from the exchange you can send money to that public address and it will show up in your wallet application now the wallet we're actually using is also created by coin base the exchange we're going to be using so it's really easy to give access from the wallet to your coin based exchange account and you can easily transfer funds that way as well so that is your overview.
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Bitcoin To USD
I've been talking Bitcoin to USD way too much and you're probably just okay shut up Caleb let's start doing it so let's go buy some crypto so I decided I'm gonna do this with the app you could also do it on the computer if you would prefer just going to coin base comm but I'm gonna be setting up an account for my lovely wife who is right here hello because I already have an account and you have to do the identity stuff so I just figured I'd do one for her so the first thing you're going to.
You're just going to get started fill in your information it'll ask for a little bit more information apparently so we're having some issues with the the questions and answers I'm not sure what the deal is with that but we'll switch over to my coin base account and I'll show you from there so you can send your Bitcoin from the app going into your portfolio selecting Bitcoin selecting Bitcoin wallet and then this little send button and if you are using a coin base wallet you can easily transfer directly from your coin base exchange account just by going into the wallet app going into the settings and selecting your coin base account and selecting transfer here you can choose your cryptocurrency and make the transfer a lot easier now the coin base app is a little tricky to navigate but if you want to see those transactions all you have to do is go into your portfolio scroll down to Bitcoin scroll down to Bitcoin wallet and then you can see these transactions down here in the history.
So you can see Current Bitcoin Price right here where I just sent that money and it says pending and you can see it just popped up here took about maybe 10 minutes or so so not the end of the world but definitely not instantaneous and if you're wondering why the values keep changing like I transferred 10 from this one to this one but it's 1008 right here well that's because this goes off of the current value of Bitcoin which changes all the time so if you go to the home page here you can see the portfolio balance is regularly changing now I want to try it again with an other cryptocurrency so what I'm gonna do is I'm going to try Bitcoin cache so I would just buy a little bit of this and we're gonna get ten dollars by now and there we go and then what we can do is we can send it and I'm just gonna do five dollars I'm gonna keep a little bit in my exchange and then again.
You can see our cryptocurrency appeared on this wallet so now the last thing I need to do is just go in here and set a recovery phrase so I don't go and lose all my money so that's the basics of getting the cryptocurrency from the exchange and transferring it to your wallet thank you guys for watching hopefully that was everything you needed to buy Bitcoin and put it into your wallet once it's in your wallet you can easily transfer it directly to people without - and go through a bank all you got to do is get their public address and then hit the send button and your wallet and it's pretty self-explanatory from there you just put their public address there the amount you want to transfer and you send it now do be diligent because there are a lot of scams out there and there are a lot of ways for you to lose your cryptocurrency again make sure you don't lose access to your wallet make sure you have any information you need to access that wallet backed up or memorized or something so you don't lose access to your wallet now if you want to help me out please hit that subscribe button because we have a lot of new information coming out about Bitcoin cryptocurrency block chain and investing and all that stuff so stay tuned.
you don't have Bitcoin Price Live to leave them in your bank account but if you leave them on an exchange this is similar in nature to leaving them in a bank you're basically entrusting this exchange to watch over your coins which may or may not be something you want to do depending on your level of comfort and what you're trying to do but if you're getting into cryptocurrency to kind of get away from the whole centralization of everything and then you leave your coins in an exchange it pretty much defeats the whole purpose because now you're just transferring the responsibility from a bank to an exchange which is probably factors at times more insecure because there's been tons of exchange hacks so if you're working with any serious amount of coins and you're not planning to actively trade those then I would recommend putting them into your wallet and there's all kinds of different wallets and I'll probably do a dedicated.
Wallets talking about the different types how to use them and so forth so if that's something you're interested in please hit that subscribe button also don't forget to hit that Bell button so you get notified of new content now because I don't want to overwhelm you with millions of options in this video we're just going to be working with one type of wallet which is going to be an app on our cell phone and that should be pretty easy to set up so I'll show you guys that as well the way that's going to work is that your wallet is going to have a public address and from the exchange you can send money to that public address and it will show up in your wallet application now the wallet we're actually using is also created by coin base the exchange we're going to be using so it's really easy to give access from the wallet to your coin based exchange account and you can easily transfer funds that way as well so that is your overview.
Weight Loss Tips
Bitcoin To USD
I've been talking Bitcoin to USD way too much and you're probably just okay shut up Caleb let's start doing it so let's go buy some crypto so I decided I'm gonna do this with the app you could also do it on the computer if you would prefer just going to coin base comm but I'm gonna be setting up an account for my lovely wife who is right here hello because I already have an account and you have to do the identity stuff so I just figured I'd do one for her so the first thing you're going to.
You're just going to get started fill in your information it'll ask for a little bit more information apparently so we're having some issues with the the questions and answers I'm not sure what the deal is with that but we'll switch over to my coin base account and I'll show you from there so you can send your Bitcoin from the app going into your portfolio selecting Bitcoin selecting Bitcoin wallet and then this little send button and if you are using a coin base wallet you can easily transfer directly from your coin base exchange account just by going into the wallet app going into the settings and selecting your coin base account and selecting transfer here you can choose your cryptocurrency and make the transfer a lot easier now the coin base app is a little tricky to navigate but if you want to see those transactions all you have to do is go into your portfolio scroll down to Bitcoin scroll down to Bitcoin wallet and then you can see these transactions down here in the history.
So you can see Current Bitcoin Price right here where I just sent that money and it says pending and you can see it just popped up here took about maybe 10 minutes or so so not the end of the world but definitely not instantaneous and if you're wondering why the values keep changing like I transferred 10 from this one to this one but it's 1008 right here well that's because this goes off of the current value of Bitcoin which changes all the time so if you go to the home page here you can see the portfolio balance is regularly changing now I want to try it again with an other cryptocurrency so what I'm gonna do is I'm going to try Bitcoin cache so I would just buy a little bit of this and we're gonna get ten dollars by now and there we go and then what we can do is we can send it and I'm just gonna do five dollars I'm gonna keep a little bit in my exchange and then again.
You can see our cryptocurrency appeared on this wallet so now the last thing I need to do is just go in here and set a recovery phrase so I don't go and lose all my money so that's the basics of getting the cryptocurrency from the exchange and transferring it to your wallet thank you guys for watching hopefully that was everything you needed to buy Bitcoin and put it into your wallet once it's in your wallet you can easily transfer it directly to people without - and go through a bank all you got to do is get their public address and then hit the send button and your wallet and it's pretty self-explanatory from there you just put their public address there the amount you want to transfer and you send it now do be diligent because there are a lot of scams out there and there are a lot of ways for you to lose your cryptocurrency again make sure you don't lose access to your wallet make sure you have any information you need to access that wallet backed up or memorized or something so you don't lose access to your wallet now if you want to help me out please hit that subscribe button because we have a lot of new information coming out about Bitcoin cryptocurrency block chain and investing and all that stuff so stay tuned.
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