Bitcoin (BTC) has become one of the rarest assets in the world, received a lot of public attention, and as has seemingly stood the test of time. As a result users are accumulating cryptocurrencies like Bitcoin, Ethereum, XRP, Tezos, Cardano, and more, as fast as they can. Below are some simple steps for acquiring Bitcoin for yourself.
STEPS TO BUYING BITCOIN ON YOUR PHONE WITH COINBASE, BINANCE, HUOBI, ETC..
1. Locate your ID and banking information
As regulators treat cryptocurrencies like actual money, assets, stocks, and/or income, you will need to have some personal and financial information on hand when you sign up. This can include your legal name, address, social security number, as well as routing and account number for your bank. This is information is necessary so the IRS can track earnings and so you can securely transfer money in and out of your bank accounts. Note that Bitcoin/cryptocurrency gains are taxable like other investment gains.
2. Buy Bitcoin on Coinbase
*you may need to send Bitcoin to an external exchange like Binance to buy cryptos that are harder to get*
Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Ethereum, XRP, Tezos, Stellar Lumens, and Litecoin with fiat currencies in around 32 countries, and bitcoin transactions and storage in 190 countries worldwide.
Coinbase stores all customer fiat currency(government-issued currency) in segregated, custodial bank accounts. The funds held in those accounts belong to Coinbase’s customers – not to Coinbase. If you are a United States resident, your Coinbase USD Wallet is covered by FDIC insurance, up to a maximum of $250,000
3. Buy on Binance
Binance is a US approved, multi-language cryptocurrency exchange and is one of the largest cryptocurrency and digital asset exchanges in the world, and offers the exchange of many more cryptocurrencies than Coinbase’s offering of popular cryptocurrencies like Bitcoin, Ethereum, XRP, Tezos, Stellar Lumens, and Litecoin. Such as Cardano, Ontology, NEO, and Tron.
3.5 Binance (Original) Is not permitted for use by United States residents. However, you can access this version of Binance with a VPN.
4. Buy on Huobi
Huobi is a Singapore-based cryptocurrency exchange. Founded in China, the company now has offices in Hong Kong, Korea, Japan and the United States. In August 2018 it became a publicly listed Hong Kong company.