How to buy Bitcoin and avoid getting scammed.

This article shares a few tips about buying bitcoin, a guide to signing up to coinbase and warnings about common scams.


TIPS

WHEN TO BUY: The best time to buy bitcoin is when it is at its lowest. Do not buy when it has had a huge rise in value – it usually experiences a 40-60% drop after a big increase and you could lose a lot of money.

HOW MUCH TO BUY: Only buy what you can afford to lose. It is possible for bitcoin to fail, or for an exchange to fail, or for you to get scammed. Whatever you do, do not mortgage your house for it.


HOW TO BUY

HOW TO BUY: sign up to Coinbase.

  1. Sign up.

Screen Shot 2018-03-04 at 18.14.40

2. Verify email address.

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3. Enter your phone number, receive the text and enter the code.

Screen Shot 2018-03-04 at 18.15.23

4. Verify your identity by taking a photo of your driver’s license or passport. Then be patient, this can take several days and you may have to try twice.

Screen Shot 2018-03-04 at 18.15.43

5. Add payment method. Click ‘Credit/Debit Card’ and enter your details. (You will only be able to spend £100 until 7 days after you add the account. Then it will be £750/week)

Screen Shot 2018-03-04 at 18.47.05

6. Simply click and buy. (Try to buy when the price is low. Do not invest more than you can lose.)

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7. Download ‘ Google Authenticator’ to your phone. Change the settings in Coinbase to use it. It is much more secure than authentication by text.

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SCAMS

A common twitter scam looks like this:

Screen Shot 2018-03-04 at 19.01.21

It will often have comments from fake accounts saying ‘Thanks so much’ and ‘This worked so well’. Don’t send your money to the address. You won’t get anything.

If something seems suspicious, don’t send your money out. You can read about a suspected ponzi scheme that was advertised on youtube here. A lot of people lost money in it and may never get it back.


On a positive note, blockchain technology looks set to revolutionise technology in one way or another and it is an amazing spectacle to watch.

 

 

 

Article written by Tim Copeland

None of this is financial advice. I take no responsibility for any decisions you may make.

Disclaimer: I own various cryptocurrencies that may include the topic of the article. My main holdings are in XRP, DGB, NANO.

To get Bitcoin or Ethereum, sign up to Coinbase.

To exchange for Ripple (XRP), NEO (NEO) or Litecoin (LTC), sign up to Binance.

If this post has informed you or helped in any way, feel free to donate ETH to 0x8c854F441248936BD12EB32373bb16Aa99129483

 

 

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