How to buy Bitcoin, Litecoin, and DogeCoin

bitcoinlitecoindogecoin23 Dec 2013 / Digital Trends – Despite a roller coaster of a week for digital currencies – or perhaps because of it – the world can’t get enough of Bitcoin and its crypto brethren. But thanks to the complex nature of these digital currencies, the barrier to entry for the average person remains unnecessarily high. One could argue that this is for the best – as I’ve said before, nobody should buy into any digital currency with more money than they can afford to lose due to their volatility. But what if you have a spare $100 just itching to be turned into algorithm-based money – where do you start? Right here, that’s where.

How to buy Bitcoin

The one that kicked off the current cryptocurrency craze, Bitcoin remains the most sought-after and valuable of all the available digital currencies (of which there are many). At the time of this writing, one whole Bitcoin will cost you about $700. But there’s no need to buy a whole Bitcoin because the currency can be divided into tiny fractions, up to eight decimal places.

Bitcoin can be purchased through an endless number of so-called exchanges. But for newbies like yourself, the best bet is Coinbase. Backed by Silicon Valley heavyweights, Coinbase combines the two things you need to get some Bitcoin under your belt: A wallet (to receive, send, and/or store your Bitcoin), and an exchange (to buy the Bitcoin with US dollars).

Once you create a Coinbase account, you’ll need to link a bank account and verify your phone number. You can also add a credit card as a backup, which will enable your Bitcoin transactions to happen faster in the future, and is a step I recommend…… Read more

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