Bitcoin is booming. It recently reached its highest price ever, topping $2,500 per coin, with many analysts speculating that it will rise to $4,000 and beyond. This has led to lots of people jumping in and trading the coin, along with its many cryptocurrency counterparts.
Bitcoin is a risky buy, but here’s how much it has grown:
For those of you that are happy to take some risks, bitcoin is a great investment option. Getting your virtual hands on it, however is not so easy. Out there is a bewildering array of exchange platforms, wallets and alternative coins. Coupled with masses of often conflicting information, as well as some outright scams across all these, this makes actually buying bitcoin and trading it a difficult and confusing prospect.
So, is there an easy way to buy Bitcoin?
Most methods of Buying bitcoin involve complex exchanges, waiting days and days for bank transfers to hit cryptocurrency exchange accounts, and a fair amount of risk. However, more user-friendly and easy solutions for those wanting to enter the cryptocurrency investing world are emerging. Probably the largest and easiest of these to use is Coinbase.
Rapidly becoming one of the most used Bitcoin platforms out there, Coinbase is different from most of the competitors out there that incorporates its own wallets for Bitcoin, Etherium and Litecoin. The latter two coins are two of the most popular alternatives to Bitcoin out there, and have both also risen massively over the last year. So how does it work?
How to buy Bitcoin with Coinbase
First of all, go to coinbase.com and sign up for an account:
As you can see the signup form is very straightforward. Just enter your details and go!
Choose whether you want a personal or business account
Verify your identity
There are a few steps to this, and when I went through it each step took a couple of tries, and having signed up both on my Android phone and laptop, the signup functions seemed to be a lot easier to complete on my Android device. You’ll need to enter your mobile number, and verify that through one of a number of methods, including Google Authenticator, which seemed to work the best.
You will also have to upload a copy of some photo ID. Again, this was easiest to do from my phone. I just took a picture of the ID and uploaded it over a wireless connection.
Add a Payment Method
The bank transfer payment option takes longer, but costs less. Adding a Debit card allows you to buy coin immediately, which is great if you are in a hurry. To add a card, simply select the option and Coinbase will ask you to scan the card with your phone or webcam. This also took a couple of tries when I tried it the first time. If the process doesn’t work, give it a couple more tries and eventually the card will go through.
Once you have added your card and ID, your account will be ready to roll. Good luck!