Buying Bitcoin with Coinbase is Easy
If you see the action in cryptocurrencies and with Bitcoin and Ehereum you probably want to get into the action yourself. So how do you buy Bitcoin? The best way is to use a wallet like Coinbase. Coinbase is the most popular Bitcoin wallet out there and it’s easy to use. This quick guide will show you how to buy Bitcoin (or Ethereum) using the Coinbase app.
Some notes to remember as we begin:
- You will need to tie a bank account or credit card to fund your Bitcoin wallet
- Write down your password on a piece of paper – if you forget your password you can’t get your Bitcoin.
- While you can buy immediately with Coinbase, you can’t trade as an exchange. To trade cryptocurrencies, you need to get on an exchange like Kraken
Ok with that out of the way, here are the easy steps to buy Bitcoins with Coinbase
Download the App “Coinbase” on Your Smartphone
The app is available for both iOS and Android phones.
Create a Coinbase Account
Once you open the app it will ask you to create an account to fund your Coinbase account and to then allow you to buy Bitcoins.
Open Your Account and Add a Payment Type
Once you are logged in, you can see the current pricing of Bitcoin and the other cryptocurrencies like Ethereum. You can also see how much you have in your wallet as well as cash to your account. You will need to add a type of payment account to fund your wallet. Choose bank account or credit card or any of the other options available to you.
Note: Linking a bank account takes up to 4-5 days to clear. This is due to the typical time delay working with an older banking system (compared to the cryptocurrencies blockchain). Once you add a payment account you can ‘buy’ Bitcoin but it will not clear till the 4-5 delay. Also if you just move cash from the bank account, it will take 4-5 days to show up in your wallet.
Buy Bitcoin or Ethereum
Once you have money in your account you are ready to press ‘buy’ and purchase a number of Bitcoins you want. Remember that you can buy Bitcoin in percentages (i.e. 50% of current 1 Bitcoin price).
Wait for the Fraud Prevention Call
Banks will call you to verify the attempt to purchase Bitcoin or when you move money to your Coinbase account. Be ready that this may happen.
Now you are done and ready to be part of the cryptocurrency world!