If you’re looking to jump into the world of cryptocurrency, Coinbase is a great app to get started with. In just three weeks, the speaker of the video managed to increase their portfolio by over $3,000 by investing in Bitcoin, Ethereum, and a few other cryptocurrencies using Coinbase. The video not only provides a tutorial on how to use Coinbase for buying Bitcoin and Ethereum, but also shares the speaker’s own investment strategy and experiences. While the speaker emphasizes that they are not a financial advisor, they recommend starting with Coinbase as a beginner-friendly platform. They also discuss the potential for growth in popular cryptocurrencies like Bitcoin and Ethereum and advise diversifying one’s portfolio through research and exploration of different cryptocurrencies. With the cryptocurrency market’s volatility in mind, the speaker recommends using platforms like Coinbase and CoinMarketCap to track and manage investments, and encourages caution and thorough research.
What is Coinbase?
Coinbase is a popular app that allows users to buy and sell cryptocurrencies. It provides an easy-to-use interface for beginners who are interested in investing in digital currencies such as Bitcoin, Ethereum, and more. With Coinbase, you can securely store your cryptocurrencies, track their value, and make transactions whenever you want. It is a trusted platform that has gained a strong reputation in the cryptocurrency community.
Signing up for Coinbase
To get started with Coinbase, you need to create an account and complete the verification process. This ensures the security of your funds and helps prevent fraud. Let’s go through the steps to sign up for Coinbase and start your cryptocurrency journey.
Creating an account
The first step is to visit the Coinbase website or download the app on your smartphone. Click on the “Sign Up” button and provide the required information, including your name, email address, and a strong password. Make sure to use a unique password that is hard to guess to protect your account.
After entering your information, Coinbase may require you to verify your email address by clicking on a verification link sent to your inbox. Once verified, you can proceed to the next step.
Completing the verification process
Coinbase requires users to complete a verification process to ensure compliance with regulations and prevent illegal activities. To verify your identity, you will need to provide some personal information and upload a photo of a valid identification document, such as your driver’s license or passport.
Follow the instructions provided by Coinbase to complete the verification process. This may include taking a selfie to match with the photo on your ID. The verification process usually takes a few minutes, but it can take longer during peak times. Once your account is verified, you can start using Coinbase to buy and sell cryptocurrencies.
Adding a Payment Method
Before you can start buying cryptocurrencies on Coinbase, you need to link a payment method to your account. Coinbase offers different options, including linking a bank account or a debit/credit card. Let’s explore these options:
Linking a Bank Account
Linking a bank account to Coinbase is a convenient way to transfer funds between your bank and your Coinbase account. To link your bank account, you will need to provide your bank’s routing number and your account number. Coinbase will withdraw a small amount from your bank account as a verification process, which you will need to confirm to successfully link the account.
It’s important to note that linking a bank account may take a few days to complete. Once linked, you can easily deposit funds from your bank account to your Coinbase account and vice versa.
Linking a Debit/Credit Card
If you prefer a faster and more convenient option, you can link a debit or credit card to your Coinbase account. This allows you to instantly buy cryptocurrencies using the funds available on your card. To link a card, you will need to provide the card number, expiration date, and CVV code.
Coinbase supports various debit and credit cards, including Visa and Mastercard. However, it’s important to check with your card issuer regarding any additional fees or restrictions for cryptocurrency purchases.
Buying Cryptocurrency
Once you have signed up for Coinbase, verified your account, and linked a payment method, you are ready to buy your first cryptocurrency. Coinbase offers a wide range of cryptocurrencies to choose from. Let’s walk through the process of buying cryptocurrency on Coinbase.
Selecting a Cryptocurrency
On the Coinbase homepage, you will find a list of cryptocurrencies available for purchase. Popular options include Bitcoin, Ethereum, Litecoin, and more. Choose the cryptocurrency you want to buy by clicking on its name.
Setting the Purchase Amount
After selecting the cryptocurrency, you can specify the amount you want to buy. Coinbase allows users to buy cryptocurrency in different units, such as USD, GBP, or EUR. Enter the desired amount or select from predefined options, depending on your preferences and budget.
Confirming the Purchase
Review the details of your purchase, including the amount, the conversion rate, and any applicable fees. Coinbase will display the total cost of the transaction. If everything looks good, click on the “Buy” button to confirm your purchase.
Once the transaction is completed, the purchased cryptocurrency will be added to your Coinbase account. You can track its value and manage your holdings directly from the Coinbase platform.
Selling Cryptocurrency
In addition to buying cryptocurrencies, Coinbase also allows users to sell their digital assets. Selling cryptocurrency is a straightforward process that follows a similar flow to buying. Let’s explore how to sell your cryptocurrencies on Coinbase.
Choosing a Cryptocurrency to Sell
From the Coinbase dashboard, select the cryptocurrency you want to sell by clicking on its name. Coinbase will display the available balance of that cryptocurrency in your account.
Setting the Sale Amount
Enter the amount of cryptocurrency you want to sell or choose from the predefined options. Coinbase will display the approximate value in your selected currency. Take note of any applicable fees and the total amount you will receive from the sale.
Confirming the Sale
Review the details of your sale, including the amount, the conversion rate, and any fees. If you are satisfied with the terms, click on the “Sell” button to confirm the transaction.
Once the sale is completed, the funds will be added to your Coinbase account balance. You can choose to withdraw the funds to your linked bank account or keep them in your Coinbase wallet for future use.
Conclusion
Coinbase is a user-friendly platform that provides a convenient way to buy and sell cryptocurrencies. By signing up for Coinbase, you gain access to a wide range of digital assets and the ability to manage your portfolio easily. Remember to do your research and understand the risks associated with investing in cryptocurrencies.
While Coinbase is a great starting point for beginners, it’s essential to explore other exchanges and cryptocurrencies to diversify your portfolio. The cryptocurrency market is known for its volatility, which presents both opportunities and risks. Stay informed, set realistic expectations, and consider consulting with a financial advisor if needed.
Start your cryptocurrency journey with Coinbase and enjoy the potential rewards of this exciting digital asset class. Good luck with your investments!