Bitcoin; we have all heard the name and read the headlines.
Today Bitcoin has hit an ATH (all time high) currently trading higher than $3300. There are also hundreds of other crypto currencies including Ethereum and Litecoin that all are powered by blockchain technology that are worth more than ever. If you want to learn more about the technology behind the currencies, watch this video.
Through this step-by-step guide I am going to be showing you exactly how to set up a Coinbase account so that you can easily purchase different currency. Coinbase is the world’s most popular way to buy and sell bitcoin, ethereum, and litecoin. Currently there are 9.1 million people using it, $20 billion in exchanged coins, and 32 countries supported.
If you are a United States resident, your Coinbase USD Wallet is covered by FDIC insurance, up to a maximum of $250,000. So make sure all the below infromation is submitted correctly!
Step 1:
Go to coinbase (Yes this is an invite link). You can for sure use the link at coinbase.com but we both win with the link! Fill out the form on the first page. Remember you are setting up a ‘bank’ account so make sure all of this is correct.
“This insurance policy does not cover any losses resulting from the compromise of your individual Coinbase account. It is your responsibility to use a strong password and maintain control of all login credentials you use to access Coinbase and GDAX.”
Step 2:
Coinbase will ask you to verify your email. Before you can continue please head over to your email, and click the link provided. If you click the link on your mobile device it will automatically refresh your desktop browser.
Step 3:
You will now be prompted to put in the State of Residence. This should match your drivers license as later on you may need to submit a picture in order to varify for larger fund transfers and credit/debit transfers.
Step 4:
Now it will take you to the main page with all three coins and a graph. Click the ‘settings’ button and you will be taken to a page that has a blue banner right underneath. Here you will click the ‘Verify your identity.’ It is importnat you truthfully put in all the information so that there are no issues and your account doesn’t get shutdown. They are VERY strict in order to prevent fruad as much as they can.
‘You hereby authorize Coinbase to, directly or through third parties make any inquiries we consider necessary to verify your identity and/or protect against fraud, including to query identity information contained in public reports (e.g., your name, address, past addresses, or date of birth), to query account information associated with your linked bank account (e.g., name or account balance), and to take action we reasonably deem necessary based on the results of such inquiries and reports.’
Step 5:
Fill out the information below!
Step 6:
Once you have clicked next you will then be taken to a page for more security features before you set up your bank account! It will ask for a cell phone number that can receive SMS. They will not spam your phone, this is used for Googles 2-factor-authentication. You will then submit your the texted code.
Step 7:
Once your phone number is Verified you will then be asked to link your bank account or credit/debit card to the account. If you link up your bank account it will take a little longer to receive your coins but you will have higher limits to purchase more crypto. If you link up your credit/debit card you will immediately be able to purchase crypto.
When you set up a credit/debit it will then ask for a picture of your identification, remember, they are trying to prevent fruad as much as possible! When you set up your bank account they will deposit a couple very small amounts into your account. You will then need to submit these numbers to verify, so make sure you have access to your accounts.
Step 8:
You’re all set and ready to purchase your first Bitcoin, Ether or Litecoin. Remember you can buy fractions of any coin so don’t let the current high price of Bitcoin daunt you.
Happy Crypto! If you have any questions feel free to reach out to me!
Stay tuned on a how to send and receive payments!
