In order to invest or make purchases online with Bitcoin, you first need to purchase some. When buying Bitcoin, you are given a digital wallet. With this wallet, you are given a address for receiving payments online. With Coinbase, you can generate as many digital wallets as you want. At the moment, we will focus on one.
Learning how to purchase bitcoin is easy and we will walk you through the entire process below.
Signing Up With Coinbase
- Sign-up to Coinbase.
- Create a strong password and setup a 2-step verification method. It can be from a Google Authenticator app or a text message that gets sent to your phone.
- To purchase Bitcoin, you will need to add a Debit Card, Credit Card and or Bank Account.
- To receive payments, you must have a Bank Account added to your account.
- Coinbase make ask you to verify your identity, follow the steps to do so. Very important.
Now that your account is setup and verified, you are now able to purchase Bitcoin and receive it in your digital wallet.
- In your main dashboard, at the top right of the page, click on the blue Trade button.
- A Popup with 3 tabs will appear. Make sure you are on the Buy tab.
- Enter the amount of money you want to purchase.
- In the field where it says Buy, select Bitcoin as the cryptocurrency.
- In the field where is says Pay With, select the payment source (Credit Card, Debit Card or Bank Account)
- Click the blue button that says Buy Bitcoin to complete your purchase.
A couple of things to consider, when you make a purchase using a Bank Account, the payment takes about 3 to 4 days to officially clear. With a Debit Card or Credit Card, your funds become available instantly.
What to do with your Bitcoin
Now that you have purchased Bitcoin, their are a few things you can do with your cryptocurrency. You either:
- Hold on your Bitcoin and allow the value of Bitcoin to grow.
- Convert Bitcoin into another Cryptocurrency right on Coinbase (ETH, BCH, LTC).
- Make payments online on websites that support Bitcoin as a payment method.
- Make money by doing Buy/Sell trading.
Now that you have Bitcoin, you can always log into your Coinbase account to check on the value.