HOW TO Buy Cryptocurrency! (5 Easy Steps)


– What’s up everyone, welcome
to to Josh Burns Tech. Do you want to learn how
to buy crypto-currency like Bitcoin, Litecoin, Ethereum, and some of the other ones on this shirt? Well, if so, then stick around
’cause I’m gonna show you how to buy crypto-currency
in five easy steps, coming right up. (funky techno music) So, listen, if you’re
here for the first time, go ahead and hit the subscribe button to stay up to date on all the
videos coming to the channel. The main focus is on how-to videos and tech reviews as well, so alright, let’s get into the video. Before getting into any of the steps, it’s extremely vital to note that you should never invest more than you’re willing to lose. The crypto market is
extremely volatile and risky. I fully believe in the
crypto market long-term, and the technologies are
amazing and extremely exciting; however, you need to take
all the precautions possible to make sure that you’re
making smart investments, and only invest in what
you’re willing to lose. Step number one, purchase
a hardware wallet. I can’t express how
important that this step is, and there’s a great reason
why it’s my number one step. Think of a hardware wallet
as your own private bank that you can literally hold in your hands. Investing in cryptocurrency
is extremely risky, and you need to do everything possible to secure your digital assets. Information stored online can
be stolen and copied as well. If you are hacked and lose
your cryptocurrency assets, there is not a system in
place than can help you. Here are some examples of how
your cryptocurrency assets could be stolen or lost if you do not use a hardware wallet. A hacker gains access to your cryptocurrency exchange account. A cryptocurrency online exchange is hacked and you had digital
assets on that exchange. An exchange goes offline or is shut down, and lastly, an online wallet provider that you are using is hacked. There was a key theme to
each one of those examples, which involved the word online. By purchasing a hardware wallet, you can store your digital
cryptocurrency assets offline. The most popular hardware
wallets are the Trezor, which is on the screen, and I own, as well as the Ledger Nano S. Every time that a wrong PIN is entered, the waiting time increases by a power two, and after 15 unsuccessful attempts, the device will automatically wipe itself, so I know you’re thinking, oh my god, I have 15 attempts to get my PIN right. If I don’t get it right, my
device is gonna get wiped, I’m gonna lose all my
cryptocurrency assets. No, that’s not the case. Trezor has an amazing backup
and recovery strategy, which we’re going to get
into in a little bit as well. In addition to PIN protection, there are numerous other
security measures that Trezor and Ledger Nano S make as well. These include firmware verification, write-protected boot loader, secure update procedure, and many others. All of these security features and technical attributes are described in detail on their websites. One of the best questions
regarding hardware wallets is what happens if my
device is lost, stolen, damaged, or wiped? Now, when you set up your Trezor, you will set up something
called a recovery seed. The recovery seed will ensure that you entire wallet
is always accessible via the 12 to 24 word recovery seed. This seed is generated for you during the setup process as well. So if you’re Trezor is
lost, damaged, or stolen, you can use a recovery seed to restore your entire wallet. By restoring your entire wallet, I mean you can buy another
Trezor or Ledger Nano S and restore your cryptocurrency
onto either one of those. Now, how to select your Trezor: you can purchase either
the Trezor Model 1. or the new Trezor Model T. I have the Model 1 right here. Had it for a long time now. It’s a phenomenal hardware wallet. It comes in this box. Both models are linked below in the description of this video, so you can use either one of those to purchase your Trezor
and complete step one. So, before we jump to the next step, I wanted to give you an
idea of what the interface looks like for the Trezor hardware wallet, so if you look at the screen right now, which is on Trezor’s website, this will show you exactly
what you’re gonna get with the hardware wallet. You can see your transactions,
what you’ve received, as well as what you’ve
sent for cryptocurrency. You can see all your balances
for each one as well. They have really good encryption, which basically encrypts
each one of your passwords with its own key. I would highly recommend looking into this as an alternative to
something like LastPass. This is way more secure, and I would recommend it over it any day. Now, we’re moving on to step two, create a Coinbase account
and deposit funds. So, the first thing we need
to do is go to coinbase.com, and if you’re not familiar with Coinbase, it’s a secure platform that makes it easy to buy and sell
cryptocurrency like Bitcoin, Litecoin, Ethereum, and many others. Coinbase is, by far, the most popular way to buy and sell cryptocurrency, and in this process, I’m
gonna show you how to create a Coinbase account and then deposit fiat, or U.S. dollars, into that account. So, now you’re in coinbase.com and you’re ready to create an account, so one alternative to that is you can use the referral link below in this video for my Coinbase, and if
you use a referral link and then you buy or sell
$100 worth of Bitcoin, then we will both get $10 of Bitcoin credited to both of our accounts. So, regardless if you
use the referral link or you just go to coinbase.com, the next steps are gonna be the same. So, you’re gonna enter in your first name, your last name, so I
just use Josh Burns Tech, because I already have a Coinbase account. This is just for demo purposes. This is a Gmail account that I created, again, for demo purposes, and
then I entered a password, and you have to select I’m not a robot. At least I think I’m not a robot. And then, certify that
you’re 18 years or older and then click sign up. So, after you click sign up, you’re gonna have to
verify your email address, so this screen is saying
that a verification email was sent to [email protected] Here it is, and here’s
the email from Coinbase. So, you click on the email, click verify email address. Now you have to select your state. Again, for demo purposes, I’m just going to leave the first option. Now, you need to add a phone number, so I went ahead and
typed my phone number in. I’m getting a text right now from it, and now I have to enter in
the code that was sent to me. And then, click submit. So, next you’re gonna have
to verify your identity, so you’re gonna have to enter
in things like your name, your date of birth, your address, what you’re using Coinbase for, most likely gonna be investing, your source of funds, probably
gonna be your occupation, what your occupation is, your employer, and then your last four digits of your Social Security number. Once you have all those things entered, go ahead and hit continue. So, after you continue, you’ll be directed to the account page on Coinbase’s website,
so what we need to do now is add funds to our Coinbase account, so they’ve made it really simple, and right in the center of the screen, it says add funds, so
we’re gonna click that. We’re going to click link bank account, so you have two options. You can either link your bank account, or you can do a wire transfer, so if you wanted to deposit,
say, a large amount of money and really avoid some fees,
you could do a wire transfer. The recommended way is
to use a bank account. It’s easiest, so we’re just gonna go ahead and select that option. Again, you have the option
between a wire transfer or a bank account, so
this screen describes that Coinbase uses Plaid
to link your bank account to make it secure and private as well. Let’s go ahead and click continue here, and now you need to
select your bank account, so I’m gonna skip this screen and go ahead and fill this
information out myself, but if you can’t find
your bank in this list, for some reason, you can search for it, and if you still can’t find your bank, you can link it manually. So not every bank is
gonna be in that list, which is why they give you this option. Step number three, buy
cryptocurrency on Coinbase. So, now that your bank account’s linked, you’re ready to purchase cryptocurrency. So, you have the option on
Coinbase to purchase Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, 0X, USD Coin, or Basic Attention Token, so select whichever one you want. In this example, we’re gonna use Bitcoin. You’re gonna have your
bank account linked here, and then you’re going to specify how much that you wanna purchase, so we’re just gonna put $100 in Bitcoin, so this is what you’re
actually gonna get in Bitcoin for $100 USD. So, after you’ve entered how much Bitcoin or other cryptocurrency
that you wanna purchase, you also have the option
to make it a repeat buy. Now, there’s better alternatives to this, rather than just Coinbase. You can use Coinbase Pro. I plan to do another video
and cover Coinbase Pro. It’s a little bit more advanced. You have more trading
options, investing options, and I would recommend doing
repeat buys from Coinbase Pro rather than Coinbase, so for now, we’re not gonna select a repeat buy. So, once you have everything entered, you can select buy Bitcoin. Now, I’m not actually
gonna do this right now. The bank account I have
linked in here doesn’t exist. It was just for demo purposes, but once you’re ready to continue, you would select buy Bitcoin. So, now you’ve bought Bitcoin
or another cryptocurrency. We’re ready to move to step four and transfer that cryptocurrency
to your hardware wallet. So, how do you transfer your
purchased cryptocurrency to your hardware wallet? Well, first, you wanna go to Trezor.io, click on the wallet tab, and that’s gonna inform you to connect your Trezor to continue, so take your brand new Trezor device, connect that to your PC, your
laptop, whatever you’re using, and then get ready for the next steps. So, after your Trezor hardware wallet is connected to your computer and the wallet tab is
loaded on Trezor as well, next, you wanna click on the receive tab, and you need to copy this address out, because we’re gonna be using it Coinbase. So, with that address copied out, now we need to jump back over to Coinbase, so go to Coinbase, click
on the accounts tab, scroll down to Bitcoin or
whichever cryptocurrency you’re working with, and
then click the send button. Now, this button is grayed
out for me at the moment ’cause I don’t have any Bitcoin, and for demo purposes,
I’m not gonna load any, but I do have some screenshots
from previous times which we’ll go through. So, this is a screen you’re gonna see once you click that
send button for Bitcoin or whichever cryptocurrency
you’re working with. You can see, circled in red, is the recipient or enter a BTC address. Now, this would be
whichever cryptocurrency you’re working with, obviously. Vitally important here to make sure whatever address that you put in here is that specific cryptocurrency, so if you go to Trezor
and you were accidentally clicking on Litecoin, for instance, and you copy that address out, you come into Coinbase,
you paste that address in, you hit send and everything
and it starts processing, you could lose that cryptocurrency, so it’s extremely important
to make sure that, whenever you’re doing the sending option, if it says to enter BTC address, make 150% sure you are copying out your Bitcoin address from Trezor and not one of your
other cryptocurrencies. So, go ahead and paste
that Bitcoin address that we copied out earlier
into the recipient text box. It’s gonna withdraw from
your Bitcoin wallet, and you can specify the amount
that you wanna withdraw, so you can either withdraw
the entire amount, the entire balance that
you have for Bitcoin, or a specific amount in either
U.S. dollars or Bitcoin. You can also specify a note, so something that would be for you to remember why you took this money out, and then you’re gonna have a network fee, so that’s essentially the computers that are actually working
to verify your transactions. You’re gonna have a little fee regardless, and that’s just the overall network fee. So, one of the cool things
about the Trezor wallet is, once you hit that continue button, you can navigate back over
to your Trezor wallet, and then, under the transactions tab, you will actually see the transaction before it’s actually confirmed fully, so you can see the transaction
throughout the whole process of it getting confirmed,
so it’s still gonna show up on your dashboard whether
it’s being confirmed or not, and it’s really cool, ’cause you can monitor the whole process, and you don’t have to worry
about something happening to where you’re not gonna
be getting your Bitcoin. Once you see that it’s showing
up in your transactions, you’re good to go. So, now we’re on to the final step, five, and I know what you’re asking yourself. Well, if I already went
through the process of buying Bitcoin, transferring
it back to our Trezor, what could be left? And the answer is the last
step is a simple strategy that you can implement for
purchasing cryptocurrency. Now, this strategy is
something for really beginners, and also, advanced users as well. You know, it works out very well. It’s a strategy that I use, because I don’t get into advanced trading, so the strategy is called
dollar-cost averaging, so what this means is you’re gonna buy a certain amount of
cryptocurrency or Bitcoin every week or every other frequency, whatever works best for you, so if you’re doing every week and you wanna buy, say,
$50 of Bitcoin every week, the every week on, let’s say Friday, you purchase $50 of Bitcoin. Now, cryptocurrency is highly volatile, which we discussed earlier. The price has went from around
$5000 to 20,000 at a peak, so when using dollar-cost averaging, you’re buying at different
prices every week, so the price is gonna
change a lot over time, but you’re buying is
also changing over time, so then, when all those
different purchase prices are averaged out, you’re
buying at a great price, rather than going, say,
all-in on a high price of like 17, 20,000, which a
lot of people did last year. But you’re also not buying
at the bottom every time, which is tough to do, you know. It’s really tough to
even predict the bottom, and a lot of people can’t do that, so I found the best strategy for me, because I don’t get into
advanced trading and day trading, is just using dollar-cost averaging. It works extremely well. So, I thought we’d do something
fun to cap off this video, with a $25 giveaway of Bitcoin, so to have a change to get this Bitcoin, all you need to do is like this video, post a comment with whatever
your favorite cryptocurrency is at the moment, whether
that be Bitcoin, Litecoin, Ethereum, or one of these many all coins, whichever one it is, put it
in the comments section below, and lastly, subscribe to the channel. So, if you meet those three requirements, what I’m gonna do, after a week, is I’m gonna go through and
do a randomized selection of one of the people that
meet those requirements, and then I’m gonna transfer $25 of Bitcoin from my Coinbase account to yours. So, in addition to the
$25 worth of Bitcoin, I will also send one of these t-shirts to the winner as well,
and if you don’t win, but you love the t-shirt,
’cause obviously, I mean, look at this thing, it’s gonna be linked in the
description below of this video, so you can order it from there, which will link to Amazon. As always, thanks for watching. Go ahead and hit that subscribe button for more videos just like this. Until next time. (light techno music)

2 thoughts on “HOW TO Buy Cryptocurrency! (5 Easy Steps)”

Leave a Reply

Your email address will not be published. Required fields are marked *