When it comes to Bitcoin, I’ve always been an outsider looking in. Living in China, government crackdowns have made the cryptocurrency largely inaccessible, so I’ve been content to sit on the sidelines and observe.
Eventually, however, my curiosity got the best of me, and I decided to take the plunge. I am a Bitcoin believer, and I want to walk the talk. After some thorough research, I bought US$100 worth. So, in the interest of spreading the word, here’s some first-hand advice for first-time bitcoin buyers.
Where to buy bitcoins – choose the right exchange
The first question I had was – “where to buy bitcoins from?” With dozens upon dozens of exchanges in the world, I chose US-based Coinbase. Originally, I wanted to try out one of the many exchanges in Asia that I’ve written about in the past, but ultimately went with Coinbase because it’s in the same country as my primary bank account. I highly recommend you filter your search by finding exchanges in your home country or ones that explicitly state they accept transfers from your bank, otherwise you will risk unnecessary bureaucracy headaches and transfer fees. I also wouldn’t suggest buying from individuals on your first attempt. Here’s a brief (and by no means exhaustive) list of exchanges in Asian countries:
- China
- Taiwan
- Singapore
- Hong Kong
- Japan
- Korea
- Indonesia
- Thailand
- Philippines
- Malaysia
- India
Choose the right wallet
How to buy bitcoins
Sending and receiving bitcoins
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