If you are an investor in the cryptocurrency market or want to be one, and find yourself concerned with questions like what is bitcoin and where to buy them, you should that there are various ways to buy bitcoins. We now, can buy bitcoins with credit cards, debit cards as well as PayPal.
But, the general consensus is that the easiest way to buy bitcoins is through dependable exchanges like Coinbase.
There are multiple ways to buy bitcoin, but perhaps the easiest and safest way to buy bitcoin is through an exchange like Coinbase.
Coinbase which is an extremely easy to use site which facilitates the buying of bitcoins.
New members may face some delay but that is solely caused due to a backlog of new customers. As per reports the exchange now manages more than 20 million customers.
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How to get started:
In order to get started you will need a valid photo ID (such as a driver’s license) and a bank account or credit card.
A minimum account size is not required at Coinbase. Perhaps the safest way to hold bitcoin is in your own private wallet, in case the exchange gets hacked.
You will need valid identification, which you will have to directly on the Coinbase website. Coinbase does not allow you to send your ID by email.
In order to verify your account, Coinbase will send a few pennies to your bank account. All this is strictly for verification and authentication purposes.
Like any bank or money transmitter, Coinbase must comply with Know Your Customer/Anti-Money Laundering laws.
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Open Your Coinbase Account
Once you have the necessary materials, you will have to go to the account sign-up page, where you will see this:
You are then required to fill in the necessary information in the relevant fields in order to open your accounts.
The setting up of your account will be guided trough prompts and information as supplied by the website. Verification and identification will be initiated in this stage too.
Once your account has been set up, you will see its dashboard with the price of bitcoin, Ethereum, and Litecoin, along with a chart of bitcoin.
Now, in order to buy Bitcoin, you have to scroll up to the top of the main Coinbase page and click on Buy/Sell. A screen will pop up that looks like this:
Here you have the option of specifying the equivalent dollar amount of bitcoin that you want and the website will display the amount of BTC you would receive for that amount.
Next you will have to “Confirm Buy” on doing which you will see a green check indicating the purchase was successful.
You will then have to return to the dashboard which will be displaying a summary of the account and its activity, including the purchase of bitcoins.
Setting up recurring buys
Dollar cost averaging is aagood idea when it comes to making an investment which has a fluctuating price like bitcoin. Dollar cost averaging is a process in which you buy a fixed amount every month to average in your cost basis.
Dollar cost averaging works well for investors who are buying stocks or cryptocurrencies on a fixed monthly budget.
Coinbase has a provision where you can set up this kind of recurring transaction straight from your dashboard if you wish. You will just have to check the “Repeat this buy” box on the Buy/Sell page and choose the frequency of your recurring purchase.
Coinbase is a good way to get started with buying bitcoin and altcoins because of its ease of use. It also offers sales of Ethereum, Litecoin and Bitcoin Cash.
However it not like Coinbase does not come with limitations. For one, it is always overwhelmed with new customers and thus it takes a while to approved for trading on its site.
But, that being said, it is one of the most convenient ways to get into buying bitcoins.
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