One of the first questions we often hear from beginners is “How do I buy Bitcoin?” This guide provides some answers by walking you through account setup, contributing funds, and buying Bitcoin (or other currencies). In this example we use Coinbase, a well-known and regulated exchange based in San Francisco. If you’re in a country that Coinbase doesn’t serve, try a Google search for your specific country. That said, let’s jump into it.
To get started, navigate to https://www.coinbase.com/signup. Make sure you navigate directly to the site and that it is secured by “Coinbase, Inc.” This can be found next to the URL in your browser.
2. Verify Email
After submitting the registration form you need to verify your email address. Do this by checking your email and clicking the verification link.
3. Login to Account
You can now login to your account.
4. Set Up 2-Factor Authentication
Coinbase will recommend that you add a phone number and set up 2-factor authentication. This is an important security measure that protects your account by requiring two forms of authentication to access your account-your password and a unique number sent to your phone. If hackers steal your password they will also need access to your phone, providing an extra layer of security.
Setting up 2-factor authentication is easy. Simply add your phone number and a text message will be sent to your phone. Enter this code in the next screen and you’re done.
Two-factor authentication can also be setup using an authentication app, like Google’s Authenticator. This is thought to be more secure, but it can be a bit more cumbersome, especially when you upgrade your phone. For beginners, using a phone and text messaging is usually sufficient.
5. Add a Funding Source
To purchase Bitcoin or other cryptocurrencies, you will need to add a funding source. This can be a credit or debit card, bank account, or a wire. The fastest method for an instant purchase is using a credit card. However, daily buying limits are lower and fees are higher.
6. Verify your Identity
A driver’s license or ID can be used to verify your identity. In countries outside the United States, other options may be available. By verifying your identity you will have access to larger buying and selling limits.
7. Buy Bitcoin with a Credit Card
Coinbase is San Francisco based company that provides an online platform for purchasing Bitcoin and other cryptocurrencies. Blackchain is not affiliated with Coinbase.