There a multiple ways to buy Bitcoin in 2019. However, the one i find simplest is through Coinbase and Binance. Coinbase is the platform to purchase the most essential cryptos, such as Bitcoin, Litecoin and Ethereum. Whereas Binance is the platform to purchase altcoins such as Neblio, Nebulas, Binance coin, and hundreds of other coins. Purchasing altcoins from Binance will be described in another post.
How to purchase Bitcoin
Step 1: Sign-up
The first step to buying Bitcoin is to access Coinbase HERE. From the homepage, you simply press “Get stated” in the right corner, or enter your email in the white bar in the middle of the page. This will bring up a window where you enter your name and wanted password.
Next you will have to confirm your email. Therefore, Coinbase sends a link to you through email. Coinbase require your phone number. Here you simply enter your phone number, and about 5 seconds later you will receive a SMS with a code to confirm your phone number.
Step 2: Verify identity
From here you are taken to the verification window. The information Coinbase requires, is personal information such as address, the use of Coinbase, sources of funds etc. The information might differ from region to region. However, i know information such as your sources of funds is to help against money laundering (and a legal requirement for Coinbase to accept you).
After the information has been inserted you have to verify your identity. This can be through driver’s license or passport. This step requires you to take a photo of your personal passport or driver’s licences. When you have decided which document you want to upload, the verification process will begin. This process can take up to a day – depending on the amount of applicants. When i created the account to show you the sign-up process it took 5 minutes.
Step 3: Add account(s) to Coinbase
The account options is Euro Bank Account or Credit/Debit card. PayPal is only for withdrawals, and therefore not relevant when adding funds to your account. This might also different from region to region. I do not suppose that Coinbase has Euro Bank accounts enabled in the US. However, use the method which you prefer.
This is just like when you are shopping online. You add you credit card credentials and then the card is added to your account.
Step 4: Purchase Bitcoin(s)
Now your account is setup, verified and ready to purchase Bitcoin, and the 13 other cryptocurrencies Coinbase has available at their site.
Now simply navigate to the crypto you want to buy (here the example is Bitcoin). From here, go to the right side of the website and enter either the wanted amount of Bitcoin you want, or the dollar/euro amount you wish to purchase in Bitcoin.
That is how easy it is to buy bitcoin in 2019.
Why use Coinbase?
I use Coinbase because of the simplicity and the fact that i have never had any trouble withdrawing or purchasing any cryptocurrencies. Coinbase is a very professional acting company, from my point of view.
Before you get worried about sharing your personal information such as passport and social security number, just know that i am registered at way more sketchy sites than Coinbase. I was worried as well in the beginning. However, i have yet to see my personal information leaked.
Furthermore, the bank has to keep the same information about you. They are also required by law to know the same exact information as Coinbase. However, you rarely think about it, because you get a bank account when you are born. From there, the banks simply transfers the personal data if you are changing banks.
The layout of Coinbase is so simple that anyone can navigate the website (i dare you to try). You can earn FREE CRYPTO!!!! Yes that makes me excited. Coinbase has made introduction courses of about 2-10 minutes for different cryptocurrencies.
In the example shown above, you can earn the stable coin “Dai”. By watching a few videos, getting to know crypto you can earn different amounts of crypto. This is a win/win situation. Coinbase attracts customers, and the customers gets educated in the cryptocurrencies provided on their website.
Yes, that is right! Coinbase can be found on your app store. The app is simple, easy on the eyes, understandable, and overall a pleasant experience to use, just like their website. It is possible to purchase, send and withdraw crypto from the app.
This means that you no longer require a computer to purchase crypto. The best part being, it is easy.
Comments on the platform and good advise
While it is easy to buy Bitcoin on Coinbase, i think i have praised Coinbase enough. Therefore i will give some good advise. The advise is general and not only applicable for Coinbase accounts!
Whenever you open an account which you intent to purchase, upload sensitive information, and hold cryptocurrencies in. Do yourself the favor of adding an Two-Factor Authenticator. There is multiple providers of such dynamic security programs. However, i would recommend you to download Authy. Authy keeps a backup of you authenticator code. Because if you lose your normal Two-Factor Athenticator account, you are unable to login to your account. However, Authy makes backups, so if you lose your phone, you can simply download the Authy app on a new device. Then you are be able to access you account again.
There are many different exchanges out there. Coinbase is one of the simple exchanges which focus on user experience. Therefore, Coinbase only sell some of the most known cryptos. If you are on the hunt for other cryptos which Coinbase does not sell, i would recommend you to check out Binance. Binance is another professional exchange. They have a lot of different crypto which you can trade. Furthermore, it is simple to use and they have an app as well. However, there are exchanges such as Kraken, Liquid, Bitsdaq, Bitmex, IDEX and so on, which you might prefer over Coinbase and Binance.
In the crypto world you have to be a bit careful. In the end of 2017/start 2018 a lot of people got scammed participating in projects such as “Bitconnect”. You have to enter the crypto world with common sense and when things is to good to be true, it might as well be. So when people offer you 2 bitcoins, if you just send 1 bitcoin first for “verification purposes” then use your common sense and do not send any Bitcoins. Your Bitcoin does not hold personal verification information. It is a scam and you will never see your crypto again when participating in such trades.
So when looking to buy Bitcoin, do it with you common sense
I bought my first cryptocurreny back in 2017. You can see my cryptocurrency investments at this page. I explain the cryptos and why i have invested in each of them.