And now it’s time to buy your first cryptocurrencies!
In this Episode i’ll talk about one of the most important platform where is possible to buy directly some currencies: COINBASE
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Coinbase allow you to buy the following cryptocurrencies:
- Bitcoin;
- Ethereum;
- Litecoin
Coinbase request you to register to the platform. The registration is an important operation because is divided in multiple steps:
- Insert your data (Name, Surname, Date of Birth, Email and Password);
- After the validating of your request by email (link confirmation), you should enter your mobile phone number, in this way the Coinbase system send you a Verification Code that you must insert in the dedicated form;
- The next step will require you the sending of a valid document (e.g. Government ID, Driver License, etc…): in this case, you could use the webcam of your laptop to take a photo of the document. The system take about 2-3 minutes to verify the document sent;
- After that the document has been verified, Coinbase ask you to choose a payment method. It may be a Credit/Debit Card (Visa or Mastercard) or Bank Account. In case of Bank Account, you must carry out a deposit (a small amount, it’s sufficient a transfer of one single dollar!) from your Bank account to one indicated from the system (it will take 3-4 labour day to validate the transaction);
- After the verification of the payment methods, YOU CAN FINALLY BUY CRYPTOCURRENCIES!
Important: At the beginning, you will have a weekly limit for the purchasing of the currencies. Usually these limits are 250$/week in case you registered a Credit/Debit Card and 1000$/week in case of Bank Transfer.
After 40 days the limits will be increased, so you can purchase more amount of currencies.
Now i’ll show you most important Coinbase function:
After login, we will redirect to Dashboard that offers an overview of the Bitcoin, Ethereum and Litecoin quotations (value) with charts and variations (%) compared to last day, last month and last year.
In the same page we can take a look to our cryptocurrencies and to recent activities of deposit / withdrawal (send / receive operations).
At this point you could switch to window “Buy / Sell”: in this section you could purchase the currencies: it’s possible set the amount to buy and the payment method.
IMPORTANT: For every transaction, Coinbase will apply a fee (commission). I invite you to see the “Need Help” section for view the correct fees amount (usually the purchasing by Bank Transfer have lower fee than than Credit/Debit Card buy).
In the “Account” section you could observe the status of wallets and the amount we have for every currency bought with the transaction list in chronological order. In the same section you could use the command “Send” or “Receive” .
The send function is very important if you would deposit your currencies to an exchange platform, such as Bittrex, Poloniex, etc… for trading. (In the next episode i will talk about the trading – What is Trading? What are the most important platform? How trade a currency).
The “Tools” section displays the wallet address, the report and the history of our transaction.
And FINALLY, the “Settings” section allows you to set/modify your data profile (avatar, password, security, payment methods and limits for purchase).
IMPORTANT: Coinbase has different security method such as:
- Sending code to your mobile phone;
- 2AF Authenticator. In this case it's necessary download on your device (smartphone or tablet) the App “Google Authenticator”. Coinbase will show you a Qr Code that you can scan by the device where is the app will be installed.
Google Authenticator generates a different code every 30 seconds (like a Bank Token Key). The code should be insert at the moment of the login.
Also, Coinbase has the function of online wallet: if you don’t want transfer your currencies to other wallet (such as Exodus), you can store your coin on Coinbase: the value of the cryptocurrencies will change on the basis of the value market.
In other words, if i’ve bought 1 Bitcoin for 3.000 USD, in case of growth of Bitcoin till 4.000 USD, in my Coinbase account i will display 4.000 USD with a profit of 1.000 USD.
Coinbase has a referrals system: if you invite your friend to register on Coinbase platform, when he’ll buy or sell 100$ of Bitcoin, both (you and him) will earn 10 $ free in Bitcoin value!
This is my my referral link (If you have pleasure you could register on Coinbase with my code): https://www.coinbase.com/join/58d6388ff361362d92718785
Thank you for the attention!