Bitcoin is a cryptocurrency, a digital token that can be used to exchange value on the internet. The price of bitcoin has increased dramatically over the years, making it more than just a fun investment—it’s an exciting way to take advantage of this technology. There are several ways you can buy bitcoin:
Prepare the wallet in which you wish to store your bitcoin.
- Choosing the right wallet is of utmost importance, because you’ll use your wallet to store and send your bitcoins.
- Choose a wallet that’s easy to use and has good reviews.
- Choose a wallet with good security features.
- Choose a wallet that’s easy to access, especially if you have kids or pets at home who might get into something they shouldn’t. This could be as simple as keeping it in a different location than their favorite hiding spot (the couch cushions).
- Choose a wallet that offers customer support so you’re not left high and dry if there are any problems with your bitcoin purchases, such as incorrect amounts being deposited into your account or funds being frozen for suspicious activity—all things that we’ll discuss later on in this guide!
Create a Coinbase account.
The first step to buying bitcoin on Coinbase is signing up for an account. You can do this by entering your name, email address and phone number into a form on the Coinbase website.
Once you’ve signed up, you’ll need to verify your identity by providing additional information such as your date of birth and social security number (or passport). Once that’s done, you’re ready to continue buying bitcoin!
The next step is setting up two-factor authentication (2FA) so that when you log in to your account from a new device, it will send an SMS code to either the phone number or email address associated with your account before allowing access. This makes it much harder for someone else—even if they have access to one of these methods—to get into your account without permission.
Link your bank account to the Coinbase app.
The easiest way to buy bitcoin is to get a Coinbase account, link your bank account and then use their Buy/Sell function. You can also link a debit card or bank account.
You’ll need to provide your name, address and social security number as part of the sign up process. Once you’ve completed that, you’ll be directed to upload an image of your photo ID (passport or drivers license).
Finally, once you’re verified with Coinbase, they will allow you to make purchases with them by depositing money into your exchange wallet which shows up on the home screen of the app under “Buy/Sell.”
(Optional) Go through the Verification Process.
If you don’t have a Coinbase account yet, now is the time to create one.
Fill out all of the required information and click “Sign Up.” After signing up for a new account, you’ll be asked to verify your identity. This process involves verifying that you are who you say you are (via an ID or passport scan) and verifying your address by uploading it from a government-issued ID card. You’ll also need to verify your phone number so that Coinbase can text or call if there ever is any suspicious activity with your account. Verifying via bank account is optional but will make buying bitcoin much faster than using credit cards or other forms of payment methods. Finally, once all of this information has been verified, we’re ready to buy our first Bitcoin!
Buy Bitcoin on Coinbase using ACH Bank Transfer.
If you want to buy Bitcoin with a bank account, bank transfer is the way to go.
Here’s how it works:
- Open an account on Coinbase and verify your identity (you can do this by uploading photos of your driver’s license or ID card).
- Go to “Buy/Sell” and select the amount of Bitcoin that you want to purchase using ACH Bank Transfer as your payment method under “Payment Methods”
- You will then be prompted to enter in your personal information (first name, last name, email address) so that Coinbase can send you an email with a link for authorization for ACH payments
Takeaway: Buying bitcoin should be fairly easy.
Taking the time to learn about bitcoin and cryptocurrencies will help you stay informed about this fast-growing industry. The more you know, the better off you’ll be when it comes to investing in this new form of money.
Bitcoin is not the only cryptocurrency out there—there are hundreds of others worth researching. But in order for a currency to be considered “legitimate,” it must be widely used and accepted by other businesses (including traditional ones), which means that most people accept bitcoins as payment for goods and services they sell online or offline. Even though many businesses don’t accept cryptocurrency as legal tender yet, they’re still willing to work with customers who want to use their digital coins as payment methods because it can save them money on transaction fees compared against credit card payments or cash transactions made at physical locations like banks outside their own country’s borders; this is especially true when dealing with overseas transfers due to different exchange rates between currencies being used simultaneously (like US dollars vs Japanese yen).
The process of buying bitcoin can seem intimidating, but it’s really not. The best part about cryptocurrency is that there are many ways to get it without even spending any money at all! So don’t be afraid—just get started today by downloading the apps or signing up for an account with your favorite exchange.