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Bittylicious

How I bought my very first Ethereum cryptocurrency (for complete beginners)

June 6, 2017 by Edmond Chan Leave a Comment

How to buy Ethereum

In my last post, I wrote about how to buy bitcoins for a complete beginner.

Since then, I’ve wanted to buy other cryptocurrencies to diversify my exposure to cryptocurrencies.

I want a basket of cryptocurrencies.

Next on the list is Ethereum.

How to buy Ethereum

Now this wasn’t as straightforward as buying Bitcoins, possibly because it’s a much younger coin.

First up, like with Bitcoin, you need a wallet.

Googling ‘best ethereum wallet’ doesn’t yield good results.

Instead, go to the source again (as we did with Bitcoin). Go to Ethereum.org.

Here, download the Wallet:

How to buy Ethereum
From Ethereum.org

Next, install it.

This isn’t that straightforward, so here are two great videos showing you how to do so for Mac:

Once you’ve installed and backed-up your wallet, it’s time to load it with Ethereum.

Where to get Ethereum?

Google will take you to Coinbase.

Unfortunately, I had the same problems with Coinbase as I did when trying to buy Bitcoin.

I couldn’t even get past the verification stage.

I’ve tried to upload ID documents to Coinbase multiple times and each time I fail.

It’s not user-friendly at all.

So I googled it again and I was delighted to learn that Bittylicious actually sell Ethereum along with other coins.

The only negative I read was that Bittylicious prices can be higher than other exchanges.

The price difference wasn’t enough to put me off though. The fact that I had already gone through the ID verification stage with Bittylicious and wouldn’t have to do it again was a godsend.

At the time of writing, the price on Coingecko for GBP was:

GBP price for ETH at 7.20pm GMT 6th June 2017 – Coingecko.com

 

Whilst on Bittylicious, the price was:

GBP price of ETH on the same date and time

 

That’s a difference of £10 or 5%. It’s not small, but it’s not terrible.

Anyway, follow the instructions for Bittylicious in terms of bank transfers to the seller and use the Ethereum wallet address for delivery/receipt, and you’ll have your first Ethereum.

Like with Bitcoin, start small with your buys and get comfortable first.

Good luck! Let me know how you get on in the comments below.

Next stop, buy some Monero.

Filed Under: Cryptocurrencies, Money Tagged With: Bitcoin, Bittylicious, Cryptocurrencies, Ethereum, Investing

How I bought my very first bitcoins (for complete beginners)

May 15, 2017 by Edmond Chan 4 Comments

How to buy bitcoins

The recent cyberhacks got me thinking about bitcoin. I also saw an old article on the brilliant Sprezzaturian website by Mikael Syding where he outlines becoming expert in a hot topic and consulting on that newfound knowledge (in this example, Bitcoin and Blockchain).

I watched a few videos on what Bitcoin and Blockchain are:

I looked at the price and historic prices were for Bitcoin:

Bitcoin chart IG Index
Credit: IG Index

My usual self would have ploughed into this kind of hockey stick action.

Luckily for me, it’s not that easy to buy the underlying assets.

Let’s look at how to buy bitcoins.

Bitcoin Wallet

You need a Bitcoin wallet in which to store your Bitcoins.

I looked on Google for best Bitcoin wallet and came to articles by 99 Bitcoin. This is a good website which recommended Coinbase.

I checked out Coinbase and Xapo and leant towards Coinbase because it was an exchange (where I could buy Bitcoins) as well as being a wallet. A one stop shop which was attractive to me as I am naturally lazy.

However, I tried to open an account at Coinbase but had issues uploading ID documents, which meant I couldn’t open an account at that time.

Frustrated, I did some searches on ‘Coinbase reviews’. There were lots of bad reviews about how people’s accounts being closed with no reason and people losing their Bitcoins.

Not getting an account with Coinbase was actually a lucky escape, so I decided to go back to the source.

The official website is bitcoin.org

Here it offers a selection of wallets and rates them according to 5 criteria.

Coinbase didn’t come out of it well.

Check out the page and click on the icons for each provider to see the most up to date assessments by the official Bitcoin page.

I went with Electrum.

Install your chosen wallet according to the instructions from the provider.

Bitcoin Exchanges

Again, I went straight to the source at Bitcoin.org and found a list of reputable exchanges. (Important because Exchanges can go tits up – look at Mt. Gox)

I decided to test each.

The first listed for the UK was Bittylicious.

This was straightforward to get up and verification of ID took under 24 hrs.

Before given the all clear, you’re allowed to make a very small trade.

So go to your wallet (above) and find your Bitcoin address.

Plug that into the address bar on the trading page.

I bought 0.025 of a Bitcoin (BTC) first.

Then I bought 0.2 BTC.

After each trade settles, check your wallet that the bitcoins have been received.

Final tips on how to buy Bitcoins

Start with a small trade. Don’t go sticking thousands of pounds into your first trade. Get comfortable with small trades first.

Try different exchanges and find one that you’re comfortable and that you trust with your gut.

Filed Under: Cryptocurrencies, Money Tagged With: Bitcoin, Bittylicious, Coinbase, Electrum

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Hi there! I’m Edmond Chan

Hi there! I’m Edmond Chan

I write about positivity, mindset, travel, money, and books. Hope you enjoy the site!

A bit of disclaimer – worth a read

I do write some stuff about financial topics such as cryptocurrency and investing. I am not a financial professional and please don’t rely on what I say to make financial decisions. Please check with your financial adviser before making these decisions.

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