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If you’re completely new to the cryptocurrency world, then you may just now be learning about bitcoin. Basically, in 2008, Satoshi Nakamoto completely reshaped the way we viewed currency, monetary values, traditional banking systems and much more, when Bitcoin was released onto the unsuspecting world.

Bitcoin captured worldwide attention by investors for its potential for high-returns and decentralized nature. Like many others, you may be kicking yourself for not getting involved earlier. Good news is: you can still get involved. This step-by-step guide will walk you through the process of buying Bitcoin for the first time; from selecting your wallet to securely making your purchase.

Step 1

Understanding Bitcoin (or other cryptocurrencies)

Before you do anything in life, stop, look, and listen. Get to know your surroundings, your reach, and the fundamentals before taking part in the cryptocurrency economy. Digital currency can be confusing and overwhelming, so taking your time is imperative.

Start by learning the underlying technology, the blockchain and its potential use and cases, and the benefits and risks associated with it. Familiarizing yourself with key terminology such as wallets, exchanges, private keys. Makeuseof.com has a great article listing 99 cryptocurrency terms that will help start getting to know what these words mean.

Step 2

Choose a Bitcoin Wallet

Before making any decisions about which cryptocurrency to buy, or when to get out, you need to choose a secure crypto wallet to store the cryptocurrency you choose to invest in.

There are many types of wallets on the market, offering different advantages, securities, and risks. These include hardware wallets, software wallets, and mobile wallets. Research different options and choose the one that meets your security and use needs.

Step 3

Select Reputable Exchange

OK. You’ve made your flashcards, you’ve drawn up spreadsheets, and chose your wallet. Once that is set up, you’ll need to find a reputable exchange. There are plenty of exchanges that are well established but have chosen to be non-compliant with developing regulations.

Companies like Binance that were once at the top of the crypto-exchange market are now unavailable to people in the United States. Robinhood is another exchange that was marred with negative publicity after GameStop users decided to stop a hedge fund from shorting their stock.

However, there are plenty of other exchanges that make life easier. Unbank offers the ability to quickly and securely buy crypto with cash and to sell crypto and receive cash at one of 40,000 participating locations nationwide.

Step 4

Complete the Verification Process

Most exchanges will require you to verify who you are in some way to comply with regulatory requirements. This typically is a photo verification process of your government-issued ID and possibly a photo verification of your social security card. It’s different for every exchange but usually after the first time, you won't be required to again unless you are trading in larger amounts.

Take your time to see which exchange works best for you and that you are most comfortable with. Keep in mind that using exchanges with lower regulations have a higher risk of not getting your money back.

Step 5

Fund Your Account/Place your order

Once you are verified, you can now put money in your account with a fiat currency like USD, EUR, or GBP, depending on your choice of exchange. Also depending on the exchange are the different avenues to put money in your account. Using Unbank is quick and easy, just go to the locations tab and find a location to buy crypto near you, and you can buy crypto with cash instantly.

For other options, you can use bank transfers, credit/debit cards, and usually paypal or venmo. Once your account is funded, you can place an order to buy Bitcoin. Locate the correct exchange of BTC/USD and confirm the order details carefully before you proceed with placing your order.

Step 6

Transfer to your Wallet

After purchasing your cryptocurrency on the exchange, it’s essential to transfer it to your personal wallet for additional security. When using one of Unbank’s Bitcoin ATM machines, you can scan the QR code to your wallet, which will allow you to send your newly purchased Bitcoin directly to your wallet. Make sure you keep the wallet to yourself and don’t send it to anyone.

Step 7

Secure your wallet

With your crypto safely stored in your personal wallet, take some further steps in securing it. Enable a two-factor authentication (2FA) on your wallet and exchange accounts, keep your private keys to yourself, and consider using other security measures such as hardware wallets and multi-signature wallets.

Congratulations, you old dog, you!

You have completed the first steps to becoming a cryptocurrency big wig. As you take off on your journey into the world of cryptocurrency, remember to stay informed, stay secure, and stay vigilant. Most of all, always remember, never forget, and say it every morning when you wake up and every night before bed:

I WILL ALWAYS HODL! I WILL ALWAYS HODL! I WILL ALWAYS HODL!