Buying cryptocurricies can be scary and intimidating at first. They carry a lot of negative cred due to recent malware attacks, making people think that the currency as a whole is untrustworthy. The fear isn’t misplaced, however, as there’s a lot of people who will be glad to take your money in exchange for a coin that’s never delivered. So we’re going to show you how to buy & sell Bitcoin, Ether and Litecoin all from one place.
In this article we’re going to be using a service called Coinbase which acts as your digital wallet for all three of the mentioned currencies and let’s you exchange between them and fiat currency with minimal fees. Setup is quick, simple and in less than half an hour you can be filling your digital wallet with cryptocurricies.
Follow this guide and you’ll he up and running on a safe and secure platform in no time.
Sign-up for Coinbase
The first step is to go to Coinbase.com and enter your email address. Once you’ve entered your email address, click “Get Started” to continue. On the next page you’ll be asked for some basic information such as your name, state and a password. Make sure you select a secure password as malicious users that gain access to your account and buy and sell digital currency using your bank account that’s connected. Verify you’re not a robot and that you’re 18 and select “Create Account”.
After your account is created you’ll need to verify the account via an email that was sent to your. Open the verification link in the email and you’ll be brought back to the Coinbase website to finish your account setup. From there they’ll set up your two factor authentication, which will ask for your phone number. You must be able to receive text messages at this number, and note that standard messaging rates apply.
Once your account is created, it’s time to set up your bank account.
Link Your Bank
When you are setting up your account for the first time you should be prompted to add a bank account. You have three choices: credit/debit, bank account or you can provide your login details for your bank if it’s supported. Note: Coinbase does not receive your account credentials. This is a secure process between you and your bank, Coinbase simply gets linked.
If you weren’t prompted to add a bank account or missed it, click “Settings” at the top of the page when you’re logged into Coinbase. You’ll be brought to a new page with your account info. Below where you clicked settings, you’ll see a button that says “Payment Methods”, click that and you’ll be brought to your payment methods. Towards the upper right of the page you’ll see an “Add Payment Method” button. Click this and follow the steps to link the bank account of your choice.
Depending on the method you use to add your bank account, you’ll need to verify it. If you used your checking account, you’ll need to wait a couple days for the verification numbers to come through. If you used a debit/credit card, there will be a small charge on your account almost instantly. To verify you need to enter these amounts when prompted. If you linked your bank account through a login then no verification should be nessicary and you’ll be good to go.
After your account is added and verified, you’re ready to…
Buy and Sell Bitcoin/Ether/Litecoin!
Now it’s time to start adding currencies to your wallet. Choose a currency you’d like, any of the three will work but I’d suggest Bitcoin to start as it’s the most widely accepted and used, and click the “Buy/Sell” button at the top of the page. There you’ll be able to select which currency you want to buy, the bank account you’d like to use and how much of the currency you’d like to buy.
For the amount you want to buy, you can either enter how much of your local currency you’d like to spend or how much of the digital currency you’d like to buy. I’d suggest starting you with $10 or $20 go get yourself started, but it could be less or more depending on how much you want or invest or use.
Once it’s all entered, click the “Buy Bitcoin/Litecoin/Ether” button and the transaction will be processed. After it’s processed you’ll need to wait for confirmation from the block chain, which takes roughly 10 minutes, but can take longer.
Once everything is confirmed, you’re the proud owner of your very own cryptocurrency! Congratulations, you’ve entered the world of decentralized digital currency. Anonymous and free of government regulations. Spend it how you wish or just keep it. It’s your money now.