Bitcoin has become a popular digital currency that is accepted by many merchants and online stores. It is a decentralized currency, which means that it is not governed by any central authority, and it is not backed by any physical commodity like gold or silver. Instead, its value is based on the supply and demand in the market. If you’re interested in purchasing bitcoin, one of the most popular ways to do so is through Coinbase. In this article, we’ll guide you through the process of buying bitcoin using Coinbase, step by step.
What is Coinbase?
Coinbase is a popular cryptocurrency exchange platform that allows users to buy, sell, and store digital currencies such as bitcoin, ethereum, and litecoin. It was founded in 2012, and it is based in San Francisco, California. Coinbase is one of the most trusted and secure cryptocurrency exchanges, with over 56 million users worldwide.
How to create a Coinbase account?
To purchase bitcoin using Coinbase, you’ll need to create an account first. The sign-up process is simple and straightforward, and it only takes a few minutes to complete. Here’s how you can create a Coinbase account:
Step 1: Visit the Coinbase website.
Step 2: Click on the “Get Started” button.
Step 3: Fill in your personal information, including your name, email address, and password.
Step 4: Verify your email address by clicking on the link sent to your email.
Step 5: Add your phone number and verify it by entering the code sent to your phone.
Step 6: Provide additional information, including your address, date of birth, and government-issued ID.
Step 7: Set up two-factor authentication (2FA) to add an extra layer of security to your account.
How to buy bitcoin using Coinbase?
Once you have created a Coinbase account, you can now buy bitcoin using the following steps:
Step 1: Log in to your Coinbase account.
Step 2: Click on the “Buy/Sell” button.
Step 3: Select “Bitcoin” as the cryptocurrency you want to buy.
Step 4: Choose your payment method, such as a debit card, credit card, or bank transfer.
Step 5: Enter the amount of bitcoin you want to buy.
Step 6: Review your transaction details, including the price and fees.
Step 7: Click on the “Buy Bitcoin” button to complete your purchase.
Step 8: Your bitcoin will be credited to your Coinbase wallet within minutes.
How to store your bitcoin in Coinbase?
When you purchase bitcoin using Coinbase, it is automatically stored in your Coinbase wallet. You can access your wallet by clicking on the “Portfolio” button on the Coinbase dashboard. Your wallet is protected by multiple layers of security, including two-factor authentication, encryption, and offline storage. However, it is recommended that you store your bitcoin in a hardware wallet or a paper wallet for added security.
Buying bitcoin using Coinbase is a simple and convenient process that can be completed in a matter of minutes. With its user-friendly interface and secure platform, Coinbase is a great option for beginners and experienced cryptocurrency traders alike. Remember to always do your research and only invest what you can afford to lose. Happy trading!