Bitcoin and other cryptocurrencies have seen an explosion in users the last year. Bitcoin, the biggest of them all have increased as much as 1000%. The reason for this is that more people are seeing the technical innovation that Bitcoin and the blockchain technology are bringing. The blockchain technology is something that some of the smartest people on earth recognizes as similarly revolutionizing as the internet when it reached the masses in the 90s.
Most people that learn about Bitcoin today believe that they are too late to the party. But in reality, it’s estimated that as few as 0.5% of the world population have invested in cryptocurrency. So it is definitely not too late to invest in Bitcoin or other cryptocurrencies, it is just the beginning. If you want to stay on track with the changes that are coming in society you must want to have some bitcoin in your portfolio. Check out the step by step guide below on how to invest in your first cryptocurrency. Also you don’t need to buy a whole bitcoin, you can start with as little as 2 € or $2.
1. Go to Coinbase
Link to Coinbase.com
If you use the link above you get $10 or 8 € of free bitcoins with your first investment of $100. At the same time, you help CoinSpecto deliver more articles and better content for beginners. Thanks! 🙏
2. Register on Coinbase
You start by filling out the form and create your account. Thereafter you will get a verification email. After verifying you get to set up 2FA (Two-factor authentication) Which means you secure your account additionally with the help of your mobile phone. With 2FA activated it’s pretty much impossible to hack your account with just the password.
You will also be asked to verify your identity with a picture of your passport, drivers license or ID card. This is simply done with a picture from your mobile phone or a web camera.
3. Add a payment method
This is usually written on the front page as a new user, but if you cannot find it, simply press “Settings -> Payment Methods” and then “+ Add Payment Method”
4. Choose your prefered payment method, Bank transfer or credit/debit card
Now it’s time for you to decide which payment method you want to use. If you are in a hurry we recommend you go with a card payment. Then you have your cryptocurrency in your wallet instantly. If you have more time or believe the market will drop within the next days it’s better to go with the bank account option. The fees are a bit lower with the bank option and limits are higher (So that you can buy for more). The bank option can however be very slow taking as much as 4-5 days to go through.
5. Do you first cryptocurrency purchase
Go to the “Buy/Sell” tab and pick the currency you want to purchase. Under the Buy tab you can pick your prefered payment method and the amount you want to purchase for. On the right side you can see the fees you will be paying and the amount of currency you will receive in your wallet. The purchase is instant and you can directly access your cryptocurrency under the “Accounts” tab after your purchase.
6. Download the Coinbase app to your phone
Now that you have done your first investment into a cryptocurrency you want to be able to see how the price is changing. This is simply done by downloading the Coinbase app to your smartphone. This way you can check the price on-the-go and buy more at the best times.
You are done with your first real steps into the world of cryptocurrencies. If you have liked this guide, we think you should share it with your friends so that they also have a chance to take part of the cryptocurrency trip to the moon 🚀