If you are new to buying Bitcoin, then the first thing you should do is open a wallet. I recommend an online wallet to begin with, but there are different types of Bitcoin wallets, each with different types of security.
- Online ( soft ) wallet: ( eg. Coinbase ) This is a fast and easy way to set up a wallet. While a good wallet like Coinbase has various different security measures, I recommend this type of wallet for storing amounts under $5000 worth of Bitcoin. This type of wallet is also handy because they usually have apps for your cell phone, so you can pay for things with Bitcoin on the go!
- Hardware wallet: A hardware wallet is usually a small piece of hardware ( usually pocket sized ) that connects online, but ensures that your Bitcoin can only be accessed with your password-protected piece of hardware. An example of a great hardware wallet is the Trezor wallet. I recommend a hardware wallet if you want to store in excess of $5000 worth of Bitcoin.
- Paper wallet: A paper wallet is a printout of a Bitcoin private key. Once you have printed out a paper wallet, you can send as much Bitcoin as you want to your paper wallet. Just be careful, anyone who can see your paper wallet / private key will have access to your entire Bitcoin balance. So if you make a paper wallet, do so with extreme paranoia... and once you have printed it, you need to hide it in a safe, waterproof / fireproof location. Please read all info carefully on creating and storing a paper wallet from this website: https://www.coindesk.com/information/paper-wallet-tutorial/ or, if you want to go ahead and make a paper wallet, go to https://www.BitAddress.org
Where to buy Bitcoin?
1. Find a Bitcoin ATM near you!
One of the fastest ways to buy Bitcoin is to find a Bitcoin ATM. If you live an a reasonably populated area, you should be able to find one. Click the link below to be taken to a handy website that will list any / all Bitcoin ATMs in your area. The rates won't be as good as using a Bitcoin exchange, but then again, it's fast and reasonably easy once you get the hang of it.
Find a Bitcoin ATM
2. Bitcoin Exchange ( Coinbase )
A Bitcoin exchange is a better option for buying Bitcoin if you want to a) get a better rate, and b) buy more than $1000 worth of Bitcoin. Coinbase is one of the oldest, and certainly one of the most reliable Bitcoin exchanges. We like the fact that 98% of the Bitcoin housed at Coinbase is stored offline. This greatly increases the security of your Bitcoin.