The Layperson's Guide to Buying and Securing Your First Amount of Bitcoin

The Wealth Matters 3.0 Checklist for taking the intimidation and friction out of getting started and self-custody

Happy Friday! I have heard from countless readers who are interested in saving some of their long-term money in Bitcoin, but who feel confused (and maybe embarrassed) that they don’t know how or where to do it. DON’T WORRY. You are in the majority and not alone. So here's an attempt to give you a simplified, checklist-style guide for first-time Bitcoin investors with clear explanations of key terms:

The Wealth Matters 3.0 Bitcoin Starter Kit:

A Simple 7-Step Checklist

(With "Learn More" Sections for Curious Minds)

✅ Step 1: Pick Your Exchange
Choose one of the below regulated platforms:

• Coinbase (easiest interface)

• eToro (good for copy-trading and also stocks plus crypto)

• Binance.US (more coin options)

• Kraken (Best overall for traders IMHO)

Why regulated matters: These platforms verify identities, follow financial laws, and have been stress-tested.

✅ Step 2: Create Your Account

1. Visit the exchange website/app

2. Click "Sign Up"

3. Enter email & strong password

4. Check email for verification link

Tip: Use a password manager like Apple Keychain or Google Password Manager, Lastpass, or Bitwarden.

✅ Step 3: Set Up Security (2FA)

1. Install Authy or Google Authenticator on your phone

2. In exchange settings, find "Security"

3. Scan QR code with authenticator app

4. Save backup codes in a safe place

What is 2FA?
Two-Factor Authentication = Your password + a 6-digit code that changes every 30 seconds. Like a digital padlock.

✅ Step 4: Verify Your Identity

1. Take a photo of your driver's license/passport

2. Take a selfie holding ID (most of the exchange apps automate this for you so just follow their instructions on your device)

3. Wait 5 mins - 2 days for approval (varies by exchange)

Why needed? Prevents fraud - required by law.

✅ Step 5: Add Money
Option A (Instant):

• Debit/Credit Card (slightly higher fees and limited usually to $3000-$7500 per month in orders)

• Apple Pay/Google Pay

Option B (Cheaper):

• Bank transfer or wire (Great for larger buys ($7500+ and takes 1-5 days)

Start small: $20-$50 or a few hundred or thousand is fine for first trade.

✅ Step 6: Buy Bitcoin

1. Click "Buy" → Select Bitcoin

2. Choose amount in dollars

3. Select "Market Order"

4. Confirm purchase

Market Order vs Limit Order:

• Market = Buy now at current price

• Limit = Set price you want to pay (advanced)-For instance let’s say you think Bitcoin will drop in price slightly and want to not have to watch it 24/7 you could set a limit order below market (1-20% percent below market) and if the price hits that target your order will be filled. Note that the funds you apply to this limit order will not be available for market order trades you want to make until the order is either cancelled or filled.)

✅ Step 7: Set Up Auto-Buys (DCA)

1. Find "Recurring Buy" in settings

2. Set frequency (daily/weekly/bi-weekly) (For instance, you could auto debit as little as $10/day as part of a daily dollar cost averaging strategy to save your spare change in Bitcoin.)

3. Choose amount ($10+/transaction)

4. Activate plan (you can edit or cancel it at any time in your settings)

What is DCA?
Dollar-Cost Averaging = Buying small amounts regularly vs all at once. Reduces stress about price swings.

Self-Custody Security Upgrade (Optional But Highly Recommended as you get serious)

After buying on the exchange:

1. Get a hardware wallet like Ngrave Zero (my personal choice and most secure), Trezor, or Ledger Nano S, etc.

2. Withdraw (send) Bitcoin from your exchange account to your self-custody cold storage wallet address. (this step ensures your Bitcoin is in your sole possession with zero counterparty risk. Think of it as your underground storage vault, where you only have the keys.

Hot vs Cold Wallet:

• Hot = Connected to internet (exchange accounts)

• Cold = Offline storage (safer for long-term)1

First-Time Buyer Tips

1. Test Transaction: Send $5 first before larger amounts

2. Tax Note: Keep purchase receipts for tax time

3. Breathe: Price swings are normal - this is a marathon, not a sprint

Need Help? All major exchanges have 24/7 live chat support. Don't hesitate to ask questions - even "dumb" ones!

Remember: Every expert was once a beginner. You've just taken your first step into the future of money! 🚀

Sources & Helpful Links

• NGRAVE ZERO (Best Air-Gapped Cold Wallet)

• Ledger Nano X (Popular Hardware Wallet)

• Trezor Model T (Trusted Cold Wallet)

• Casa Multi-Sig (Extra Security for Large Holdings)

• CoinTracker (Best Bitcoin Tax Software)

• Koinly (Alternative Tax Software)

• TaxBit (For US-Based Crypto Tax Filers)

• Coinbase (Beginner-Friendly Exchange)

• Kraken (Secure, Low-Fee Exchange)

• Swan Bitcoin (Best for Automatic Stacking)

• Authy (Two-Factor Authentication App)

• Google Authenticator (2FA Alternative)

🔗 Bookmark this post to always have quick access to trusted Bitcoin tools! 🚀

Yours in wealth and health,

~Chris J Snook

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