One of the greatest and most frustrating parts of buying and selling Bitcoins is the fact that there is no easy way to just use paypal or something like it. When you decide to buy Bitcoin’s you are placed in the dilemma of either attaching your personal bank account to an exchange that you may not trust or wiring money directly to an exchange that again you may not trust. While there is no simple way to just go somewhere and pay for coins without some sort of setup on your end I will show you the easiest and safest way to buy and sell Bitcoin’s.
Step 1: Open a new Bank Account Online
The best account right now is Capitol One 360 because they will give you $50 for opening the account and its a trusted financial institution that does not charge any fees. You will need to attach you personal bank account to it for the initial account creation and deposit. This being said Capitol One is again a trusted bank so there is no risk here.
- Go to Capitol One 360 and Apply for an account – (http://www.capitolone360.com)
- Attach your Personal Checking to the account and within a couple days you will get a deposit from them into you personal account to verify it.
Step 2: Open an account at the CoinBase Exchange
After you have verified your new bank account with Capitol One you will be able to create an account with a Bitcoin Exchange. I recommend Coinbase as I have been using them for a while now and they are very reliable. Coinbase also works closely with banks to be sure they don’t run into the same issues MTGox did with the US Governemt. Also Coinbase is an online Bitcoin Wallet so no need to move coins over and over again.
- Once verified open an account at Coinbase – (http://www.coinbase.com)
- Attach your Capitol One account to Coinbase and then Coinbase will send a verification deposit within around 24 hours.
- Once both accounts have been verified you can now buy and sell Bitcoins from an account other than your personal one.
Congratulations you are now setup to buy and sell Bitcoin easily and safely. Your worst case scenario even if hacked is the secondary account at Capitol One is compromised without worrying about your personal accounts getting attacked. I don’t recommend putting any more money than you can afford to invest into Bitcoins as they are still a high risk crypto-currency. This being said there is a lot of money to be made with Bitcoin trading and well worth the risk.
NOTE: Please note that I have written this article to be helpful to those looking to trade Bitcoin but I am in no way responsible for your investing and or accounts. This is solely here to help people learn a safer and easier way to trade Bitcoin without as much risk.
GREAT FREE RESOURCE FOR BITCOIN TRADERS:
Bitcoin Cash Book – http://www.bitcoincashbook.com