By Gene Morris – Buycryptocoins.org
1. Buying bitcoin requires signing up to Coinbase. Coinbase is the safest and most trusted place to buy the major cryptocurrencies. You’ll also get $10 of free Bitcoin when you signup through this page.
2. Once purchased, you have three options: Leave your Bitcoin inside coinbase, transfer your bitcoin to another digital wallet, or download your bitcoin onto a cold storage device, which can be kept safe offline.
While the cryptocurrency bitcoin has been around for years, it’s popularity has exploded in recent months. Bitcoin has officially reached Wall Street with futures of the cryptocurrency surging up to 26% as it debuted, even triggering two trading halts to calm the explosive market. Until now, buying bitcoin was limited to online venues with little or no oversight, but Bitcoin trading is now more accessible to everyday consumers.
Basics of Buying Bitcoin
The easiest way to buy bitcoin is throuh Coinbase. You’ll need to connect your bank account during the sign up process so have that info handy. At the time of this writing, Coinbase hosts 4 major digital currencies.
You’ll find Bitcoin, Ethereum, Lite Coin and Bitcoin Cash available for purchase. Do your due diligence before deciding on what to purchase.
The transfer of funds from your bank account to your coinbase wallet relies on an ACH wire transfer. Unfortunately, these transfers take up to five business days to clear, so once you’ve created your account, then get in there, go straight to the digital currency you wish to purchase and click the buy button.
I have a friend who assumed he had to first transfer his US dollars into the wallet, as opposed to simply clicking the buy button inside the bitcoin page. It cost him five days of waiting for his funds to clear before he could execute a buy order.
One nice thing about Coinbase is that they will lock-in the price when you click that buy button, so you don’t miss out on any price changes while you wait for funds to clear.
More about Coinbase
Coinbase allows you to store, trade, and invest all in a one place. Coinbase has a proven track record and large customer base for greater peace of mind. Just remember that Coinbase is not a bitcoin exchange. This means you are buying and selling cryptocurrency directly from Coinbase which they must source from other buyers and sellers.
Bitcoin currently has a high valuation, but you do not need to trade in whole bitcoins; you can purchase a fraction of the asset. After opening the app, you will see the latest price for bitcoin and its recent change. The app will walk you through setting up your account and payment method, but the process typically takes no more than 5-10 minutes.
You won’t be able to use your credit or debit card to sell bitcoin; only your bank account will work. There’s another perk to linking your bank account: you can set up recurring purchases of bitcoin, if you want. Coinbase’s auto-buy feature allows you to buy $50 every 1st of the month, as an example, although you will not have control of the buy price.