Lately, I have got friends and family members asking me how or where to buy Bitcoins.
This is a pretty interesting transition, a few months ago, i hear people say that Bitcoin is a bubble, to now, a lot of people asking, how or where to buy Bitcoin.
Anyway, I thought I will write out a step by step guide on buying and storing Bitcoin in Singapore my way.
Open an account with Coinbase. You can use this referral link where if you buys or sells $100 of digital currency or more, both of us will get $10 of free bitcoin. Win – Win for both of us.
For Singapore users, you can fund your account either by Credit/Debit card, or through Xfers.
Do note, only Bitcoins, Litecoins and Etherum are available on Coinbase as of now
Once you have linked you Credit/Debit card, Coinbase will put in a random transaction amount, and ask you to verify the amount in order to successfully link the card. For Debit cards, you can go online banking and check on the unbilled transactions. But for Credit Card (in my case), i didn’t see the amount reflected online, so had to call up and ask. Weekly limit for buy/sell is only $200 when you first start out.
This is where you will want to open an Xfers account. The weekly limit for Xfers is $3000. You will need to upload some documents for verification. Once your account is approved, you can then transfer funds over from your bank account to Xfers account.
Once you have either your CC/debit card, or Xfers account set up, this is when you can start buying Bitcoins, Litecoins and Etherum.
So what do i do if i want to buy other coins other than the 3 mentioned above? The way i do it, is just to buy any of the 3 coins from coinbase, and then use either Changeally or ShapeShift to exchange to the coins i want. You can always open up a account with an exchange, but i’m a very lazy person, and the hassle to go through another round of account opening, verification etc is just too much for me. 🙂
And with ShapeShift, you don’t even need to register. All you need is your coin address and you can do the exchange. E.g. if I want to buy Ripple(XRP), all i need is my Bitcoin address, and XRP address.
Lastly, get a hardware wallet to store your coins. I got a Ledger Nano S. You can check out the site to see the supported currency.
So there you have it, buying and storing coins my way. There are of course other ways to buy and store, but i’m just writing out the ones that I’ve used... How or where to buy Bitcoin or alt coins?
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