Buying Bitcoin or Litecoin (cryptocurrency, in general) is confusing at first. Here are 5 websites you can trust if you are interested in using cryptocurrency. It can be confusing and overwhelming at first, but once you get started, crypto, as it’s called for short, is a lot of fun. Wondering if you should undertake this endeavor at all? See: Should I Buy Bitcoin?, my fairly glowing take on the subject, or a more sober (but still positive) view from the Wall Street Journal. Everyone agrees on this: Bitcoin is risky, and you shouldn’t spend more than you can lose, but one could gain tremendously. That said, here’s how it’s done.
1. Buy Bitcoin, Litecoin, or Ethereum in America (and 33 other nations) Using Coinbase.com
If you have a bank account, you can buy Bitcoin, LTC, or Ethereum from Coinbase online now. Coinbase is the largest Bitcoin vendor and offers a variety of options. One can purchase small pieces of cryptocoins as well, such as 1/100 of a Bitcoin. Coinbase isn’t perfect; a small percentage of users have had their accounts frozen and had similar issues, but for most people who are only using Bitcoins as an investment or for legitimate reasons, Coinbase is considered the most reliable way to go.
Coinbase offers services in the following nations beyond the USA: Singapore, Australia, Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Italy, Jersey, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, and Canada.
2. Buy Litecoin in America… Using Coinbase
It used to be the case that the best way to buy Litecoin was to buy Bitcoin first, but now Coinbase sells Litecoins directly. Therefore the easiest way to buy Litecoin is using Coinbase.
3. Trade Bitcoin Other Obscure Currencies on BTC-E
WARNING: This is not an endorsement nor recommendation of BTC-E; do your own research before putting money into this exchange. It has had serious issues in the past, but it is also one of the most fun exchanges for day trading. Putting money into this exchange, however, is not risk-free.
BTC-e is a trading platform with a famous chat room, dubbed the Trollbox. It’s a lot of fun, and the easiest way to take your Bitcoin and turn it into Litecoin. Once you work out how to get money inside the exchange (withdraw from Coinbase and deposit into your BTC-e account), head over to the BTC-e to begin trading.
You can your Bitcoin (BTC) for other currencies including Peercoin (PPC), Namecoin (NMC), a crypto that can also carry domain information, Euros, and Russian rubles.
There are numerous currencies on BTC-E to trade your Bitcoin for. That said, selling your BTC-E and withdrawing cash from BTC-E is ill-advised. Generally, one trades their BTC, makes a profit, and then would re-import that BTC into Coinbase for the final sale. This is not trading advice nor to be taken without a graining salt; do your own exhaustive research before putting any money into BTC-E.
4. Ask Questions and Learn About Bitcoin at the Following Sites
Stack Exchange – Many Fascinating questions are asked and answered here.
Reddit.com/r/bitcoin – If you post, you may get downvoted, but there’s always someone helpful to be found on Reddit.com.
Reddit.com/r/litecoin – Same situation here!
5. Learn The Advanced Side of Bitcoin at r/BitcoinMarkets
This subreddit can be more confusing and difficult than the other two, but it is a good resource for learning about cryptocurrency.
Good luck and happy Bitcoining.
Oh, and don’t forget to use 2 Factor Authentication on everything.
Amazing Infographic Video Explains Bitcoin
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