OK, so you have seen the buzz heard all the success stories and now you too want to get a piece of the pie!
This guide will help you with creating an account with Coinbase and setting up your first wallet(s). Since you are investing YOUR money, we will never guide you on which coin to purchase. With Coinbase, you can purchase (currently) Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH).
Coinbase is an exchange. You could compare it to an exchange that you might see in an international airport. The only difference is that you are converting your fiat (The U.S. dollar is an example of fiat money) to a cryptocurrency.
To get started; you will first need to create a Coinbase account if you do not have one already.
You should see something similar to what I have below. In the upper right hand corner you will see “Sign Up”. Click this to get started.
On the following page you can enter your personal information. Keep in mind that since we are dealing with money, there are certain checkpoints in place. So always use your legal name when creating your account to avoid any interruption or delays. Once you have solved the captcha, verified your age and agree to the terms and conditions, you can activate your account:
Clicking the “verify” link in the email will send you to a page asking to setup Two Factor Authentication. This is a secure system that sends you a pin code by text (SMS) message to help secure your account. Provide Coinbase with your mobile phone number to activate your account.
Once you have activated your account, you will still need to fulfill 2 more obligations. Go ahead and add your passport or local government issued photo ID or driver’s license. I found it easiest to do from the app on the phone since you have the camera right there. You can also use your computer’s webcam if you prefer to do this at the desk. Once your ID is successfully scanned into the Coinbase app you can now add a payment method. First add a credit card if you can. This will instantly enable your account. Second, complete the steps to link your bank account number. This will likely take a couple of working days, so this is why I suggested to start first with your credit card. Debit cards with the Visa/MasterCard logo should also work just fine.
Now that your account is activated and ready to go, lets get started by activating your first wallet. Head to the Accounts section. From the account screen you should see something similar to what I have below.
Hit the receive button and you will get a pop-up providing the following WARNING:
This is very important and applies with no matter what currency you are dealing with. You would never send American Dollars to Australia to purchase something and you wouldn’t try to use Euro’s in England. Click on Show Address and you have your first wallet address! In this example I chose Bitcoin, but you can choose or do this for also Ethereum and Litecoin. These address can be copied and shared with anyone who may want to send you crypto. You would also expect to receive a similar address if you were going to pay or transfer funds to someone.
OK, we have created our first exchange account, verified our identity and have created our first address keys; Are you ready to purchase your first crypto? Coinbase is by far one of the easiest sites you’ll ever use. There is literally only a couple of pages that require your attention. Buy/Sell and Accounts. Really there is not much to do outside of here unless of course you want to add another payment method, change your email, etc. Now on to purchase some coins!
Up at the top you will see Buy/Sell and here is where it all happens!
Again, like I said before, Coinbase is just really easy to use. You can select the currency you wish to purchase up at the top. Currently you can choose from Bitcoin, Litecoin or Ethereum. Bitcoin Cash is supposedly launching very soon. Here I chose to enter 100 and my currency is in EUR. You can see that I would receive .00742466 Bitcoins for the transaction. On the right we have a breakdown of the transaction, with the Bitcoin price and the fee paid to Coinbase for facilitating said transaction.
Well that wraps it up! Let me know what you thought in the comments below or if you have any questions. Will do my best to help out!
I am debating on doing a post on an exchange out there so you can see how it easy it is to transfer your coins out to purchase additional coins like Monero (XMR), AEON or Ripple – These were just an example and I know there are literally thousands out there and you can make up your own mind.