Protecting Your Wealth Like the Corporations By Buying Bitcoin on Coinbase earn
Welcome! Today, I will show you how you can buy or sell Bitcoin (BTC) on an exchange called Coinbase. I’ll walk you through how to buy your very first Bitcoin, how to exchange it for another cryptocurrency like Ethereum (ETH), Litecoin (LTC), Uniswap (UNI), and others. Also, how to sell and cash out of the platform. To buy Bitcoin is what corporations are now doing to protect their wealth. If you’re a beginner first getting into cryptocurrency, the most common recommended place to start is Coinbase earn
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What is Digital Currency?
Bitcoin, Ethereum, Litecoin, NEXO, Bitcoin Cash (do not recommend) are all considered digital currencies. They can be a payment method for bills.
Every day crypto companies are making a credit card of their own so customers can use a credit card or debit card thru VISA spending their digital currency.
It’s a secure and excellent payment method but will take a few more years to make it easy for people.
The biggest reason people get into cryptocurrency for many early adapters is to be a hedge of protection against the dollar. We’ll explain this in just a minute. If you’re concerned that cryptocurrency is high risk I can assure you, it is. However over 5 years, the total ROI is still well over 100% average gains per year…soooo, there’s that. Plus, Bitcoin just surpassed $32,000 at the time of this article. It’s not going anywhere.
What is Coinbase, Coinbase Pro, or a private wallet?
You should know that there are essentially three individual platforms that make up the company.
First, there’s Coinbase .com, which is ideal for newbies with a simple and easy buying process for those looking to get their hands on their very first Bitcoin.
You see, 35 million people in over 100 countries trust Coinbase. They typically sell, trade, and earn cryptocurrency. The company has been around since 2012, is thought of as an extremely safe place to buy bitcoin, and has gone through a lot of regulations to be here.
They’ve never been hacked, and are considered a well-trusted place to buy and sell your crypto. Now their fees do give it quite a bad wrap in the crypto community. But I’ll show you how you can reduce some of these.
They’ve never been hacked, and are considered a well-trusted place to buy and sell your crypto.
Now their fees do give it quite a bad wrap in the crypto community. But I’ll show you how you can reduce some of these.
Then next up, they have Coinbase Pro, a trading platform where more experienced traders can exchange a wider range of more advanced trading, buy and sell options, create orders, and read charts. It is a place to store your security and control your crypto assets.
Private Wallets in your Coinbase Account
Once you purchase your Bitcoin, Litecoin, or other cryptocurrencies on the trading platform, you can transfer your digital asset to a private wallet like a Trezor wallet within your Coinbase Account. You also have the option to place it in their Storage Vault which stores your holdings offline and takes a few days to take it out when you are ready to transfer.
The Bitcoin Buying Experience | Being Pro Coinbase Focus
Now today, we’re going to be focusing on coinbase.com. We’ll also discuss how each separate platform can come in handy or how they integrate and how you can earn up to $177 worth of crypto with Coinbase earn, which again is part of the company. As you’ll discover, being pro Coinbase is kinda easy to do. It’s just a fun and addicting, wealth-changing experience.
And for those looking to get started for the first time, they have a signup bonus, where you’ll get $10 of free Bitcoin by signing up for an account and Depositing & buying $100 or more on the platform.
Click to get started –> GET MY $10 FREE BITCOIN <–
Setting Up an Account and Logging into Coinbase.com
And once you’re signed up or logged in, let’s see how we can buy crypto with coinbase.com. I will guide you through the process.
Initially, you’ll be presented with the homepage, and you’ll be able to see your portfolio balance represented as a chart over time. You will need a photo id, email address, bank accounts, phone, addresses, and other credentials.
You may need a credit card as well. If you’re in the United States, you must go thru a verification process. You must share your personal information as the United States SEC regulations policy called “Know Your Customer” demands it. It’s the law.
If you run into any trouble or have a question, please contact Coinbase Support. Coinbase Support is hit or miss honestly. You should be fine but just know that in this case, when you contact Coinbase Support, a response may take 2-5 days, depending on the volume of customers and how high Bitcoin is going:). Your question will need patience.
Next, you’ll see a watch list of some of the available crypto assets to purchase, showing the current price and the 24-hour change. Here you will see the price of Bitcoin.
Buying and Selling Bitcoin on Coinbase.com | Your Cryptocurrency Purchase
To start buying your crypto, there’s a couple of different ways that you can do this. But let’s start with buying with a credit or debit card. You can deposit using a local currency USD wallet from your checking account, a debit card payment, or credit card purchases.
Before you hit that trade button, you will want to example the type of cryptocurrency you want to buy and understand why.
Coinbase Consumer Notes
You must be aware of market fluctuations. Set up a good security measure or protocol and understand Coinbase Cold Storage vault. Additionally, which coins you can purchase, their user agreement, and if you want to send your Coinbase wallet or your cold storage. I recommend doing this in small amounts first. Your holdings are digital. Smart investors are those that have proper security measures in place.
Cryptocurrency Investing with Credit Cards
Now, credit cards are not a way that I recommend buying crypto. The fees are extremely high. If you choose to use this payment type, you will find that the transaction fee is high on any type of platform. Remember, Bank Transfers are a big reason crypto is taking shape.
Buy Bitcoin with a Wire Transfer
You may also be able to do a wire transfer, but I personally do not like the wire transfer method because additional fees are involved. Bitcoin will be here tomorrow. Doing a wire transfer is in my opinion, high risk and more complex than just being patient.
Platform explained | Buy or Sell | Coinbase Paypal Explained
There can be some confusion between Paypal and Coinbase. New news for PayPal: in the late part of 2020 just started buying Bitcoin. Further, they are allowing others to buy Bitcoin on their platform. That’s the extent of it. Personally, it doesn’t appeal to me at all (not a big fan of Paypal). They are unrelated exchanges but they now both allow Bitcoin purchases on the platform.
If you wanted to, you can continue to trade on the right-hand side of the screen, you’re going to want to ensure that you’re on the “Buy” tab here.
Enter in the amount of crypto that you’d like to buy, you will incur transaction fees and credit card or debit card payment limits.
Did you know? If you do an ACH (checking account) bank transfer, there are not any transaction fees, unlike a credit card.
Please note that market fluctuations are high in cryptocurrency. Be ready to buy and potentially see your value go down by 30-50%. In the same way, it will likely go back up 30-50% within the next 3 weeks. It can be very volatile. This is why I dollar cost average my way into Bitcoin and have been since 2010.
Is Coinbase Great for Beginners?
Once you log into Coinbase, you can instantly see why it’s is great for beginners. And that’s a fact that there aren’t any minimum deposits and users can get started with minimal risk and investment.
Now, previously, you were limited to the number of cryptocurrencies that you could purchase.
This used to be limited to the top four. But this has expanded. Now you can borrow the likes of Bitcoin and Ethereum or the basic token stable coins like USDC which are pegged to the US dollar
So let’s take a look at buying offers Bitcoin. Now that you’ve linked your card or ACH, you can do bank transfers. With some credit card purchases or debit card payments, some cards do support crypto purchases, so you may need to find one that’s supported.
Now in this example, I’m going to state that I want to purchase $100 worth of Bitcoin, we can also preview our order. And that shows what we’re paying with the price that we’re going to be paying. It tells us the purchase amount and the Coinbase fees here.
Are Coinbase Fees High?
Now, as I said the fees are well known for being high, and this has a lot to do with the convenience. I’ll show you shortly how you can go about reducing these.
If you’re happy, soon you can go ahead and complete your purchase and you’ll have access to your crypto instantly. Other popular exchanges are not so nice. They require investor’s full bank transfer to occur before investors are allowed to trade their USD wallet for coins.
Once purchased, you’ll be able to check these out on your portfolio tab. And in here it will list all your assets, the balance, and your allocation of your portfolio as a percentage under here as well is where you can deposit the likes of GDP or yours via a bank account. If you want to purchase Bitcoin using this method.
Just make sure that when you’re doing your bank transfers, you include the reference number that you’re provided with. This will match your bank account and your Coinbase com account together.
How to get around banks that don’t allow outsiders to purchase crypto?
Some banks won’t allow you to send funds and purchase cryptocurrency.
However, for some UK people, they use Revolute, which does allow people to purchase either GDP or Euros. So you’ve got more buying options there.
So the first thing I need to do is ensure that to transfer funds, we already know the reference number that stated in the deposit address box and the person to continue it.
Okay, wait, before I did with all of the details I need to send my funds across. And again, just ensure that you’ve copied exactly that reference number, and you put that into your references on your payments.
My funds have now come across in just under a minute. So once you’re funded, you can then buy with your local currency wallet by simply going up to trade at the top of the screen.
And under “pay with this”, I’m going to be selecting my USD wallet.
And as you can see from here, there’s no volume in it, and you’ll have instant access to your cassettes. So let’s review the buy.
After a couple of minutes, it’s confirmed that I have a buy of $100 BTC and a surcharge of $1.99 (it increases the larger the buy).
Although the first day might not seem like a huge amount, as you start to go through and use the platform, they certainly do start to add up.
Avoid Coinbase.com Fees to Buy Bitcoin and Use Coinbase Pro Instead
Now, a way to get around these fees is by using Coinbase Pro. And I’ll show you the way that I personally buy my Bitcoin.
Now the limiting factor for someone just getting started, this process can be a little bit daunting.
But purchasing exchanging or selling in this way can definitely save you some fees. And depositing your funds from coinbase.com is really easy to simply go to deposit, select the type of funds that you’d like to deposit (USD$ or Euro€).
And again, you can deposit from your bank account here in the same way that we did over on coinbase.com. Or we can pull our funds straight through from Coinbase com by entering in the amount or clicking onto Max.
As you should see, there are no fees here. And there are no limits either. So that’s going to go through instantly. So I’m going to click on the positives.
Next, my bonus is now appearing at the top here. So once you like the trade recommendation, you can then do this for markets at any time.
Walking through the Coinbase Pro Purchase | Fee Saver
So here, I’m going to choose Bitcoin in USD. This is because I’m going to be buying Bitcoin with USA dollars and you’re going to want to ensure that you’re on the “Buy” tab here.
And at the moment, we’ll mark it, which means that you’re gonna be buying at the current market price. And this is the same way as over on coinbase.com.
However, the market price here, which is constantly changing, it’s currently 26,526 dollars, where’s the price over on coinbase.com was 26,591 dollars.
Market Price Difference on Different Bitcoin Exchanges
Initially, you’ll see that the price that you’re actually gonna be paying for your Bitcoin is lower on Coinbase Pro. So if I put it on to the next button here to enter the amount that I like to purchase, and you’ll also see that your fees are lower.
Instead of paying high fees over on coinbase.com, you’ll be paying small percentages instead. I’m not gonna go into too much detail here. But you can also save money by creating different types of orders, where you can define the price that you’d like to pay.
However, I do have a full tutorial for Coinbase Pro, which covers all of this, and I’ll put that into the summary below. I just wanted to show you that there are also ways to reduce the fees using Coinbase.
Cryptocurrency Purchase Complete | External Wallet
And once you have your Bitcoin, you can then send them across to an external wallet.
Now, as I mentioned coinbase.com and Coinbase pro are not wallets and you don’t have access to your private keys.
In the world of crypto, this is a big no-no as you don’t have control over your funds and your interest in a third party, which kind of goes against the whole principle of crypto.
Cold Storage for Digital Currency and the Coinbase Vault Optino
However, Coinbase does have a “Vault” which is a cold storage vault which means they take the crypto off the website server and place it in highly secure storage off the internet.
The most trusted place to store your crypto is a hardware wallet like a treasure or a ledger where your crypto is stored offline and away from any potential home.
As I mentioned, Coinbase also has its own wallet where you can store your crypto yourself in a mobile app. Now I’m not going to go through the wallet today. How to transfer or send your funds from Coinbase.
So the next important step is finding out how to transfer or send your funds from Coinbase across your chosen wallet.
Now for this tutorial, we’ve actually sent my Bitcoin back across to coinbase.com from Coinbase Pro, although you can also do the next step within Coinbase Pro.
And obviously, in this case, it’s going to be Bitcoin.
In the “T”o field will need to enter the address we’re going to send our funds to which as I said could be a hardware wallet receive address or your Coinbase wallet address for example.
Double Check Bitcoin Address
Just make sure that when you’re sending Bitcoin, you’ve entered a Bitcoin address into the To field. If you enter an address, for example, Ethereum address by mistake, you’re trying to send Bitcoin to it. It won’t work.
Not only that, but the likelihood is that you won’t be able to get your funds back either. So make sure that you’re not only typing the correct address, you also have the right type of address in this section here.
Here’s an optional video you could watch to help give insight.
Get Started on Coinbase CLICK HERE NOW and earn $10 in FREE Bitcoin with a $100 deposit
Bitcoin purchase and transfer complete
So now we’ve bought our crypto, and we stored it safely in on it. Now say, for example, you’ve held it for a while, but you might want to try a new coin, or you simply want to cash out.
- Well, the first thing you’ll need to do is send the coins back across to Coinbase which you can do by retrieving your receive address from the receipt but not the top hat.
- Ensure you selected the correct cryptocurrency here.
- Then, you can simply copy this address, or you can use the QR code here to send it to this address from your external wallet.
- Once your funds have been received in your account, you can get trading.
- So if we click on “trade” again on the top right-hand side of the screen,
- Next, we have the option to either sell or convert the currency.
Converting Digital Currency to buy Bitcoin on Coinbase
- First, let’s take a look at converting. So as I said, you might want to try out another cryptocurrency. And you can easily exchange for one cryptocurrency to another why choosing convert. So first, you’ll want to choose which asset you want to exchange Chrome.
- And in this example, I’m going to say that I want to exchange from Bitcoin to the second most popular cryptocurrency, which is Ethereum, you’ll need to enter the amount that you’d like to get. Or you can choose to convert all
- Once that amount is entered into the top here, it will automatically populate to show you how much of the crypto you’re going to be receiving. So let’s preview this.
- Now in here, they’re stating here that there are no fees. However, they do add some additional charges into the amounts that are shown in the conversion.
- And again, it may find that performing this trade over on Pro will get you a better exchange rate. And again, the exchanges will go through immediately showing your portfolio.
- Now if you’re ready to cash out and sell your cryptocurrency, there are two steps to this, which is selling and then withdrawing. So the first thing we need to do is sell our crypto.
You will want to choose which cryptocurrency you’d like to sell and where you’d like to sell that to.
And for me, again, choose my location to either my USD wallet or my Euro wallet (for you European countries), and then you want to enter the amount that you’d like to sell.
So now what it’s doing is it providing me with that preview is showing me the price that I’m going to get. It tells me the sale, and it shows you my fees. And again, if you perform this as a reverse of your oil order over to Pro, again, you’ll be paying those reduced fees at just 50 cents.
Once your funds are in your chosen currency wallet, you’ll be able to withdraw, which you can do via bank transfer, or PayPal, depending on your location. If you need to, verify your bank account by sending a couple of dollars or euros
First, if you haven’t used this method before, then you’ll just need to follow all the steps that are shown on the screen.
Now if you wanted to get exposure to more coins, but don’t fancy using your own money as collateral, they do have that Coinbase earn option which I mentioned at the very start.
And this is where you can simply learn about different cryptocurrencies take some quizzes, which you can retake until you get them right, and earn some free cryptocurrency in the process. It’s pretty cool. I earned about $20 I think in coins!
So that completes my run-through of coinbase.com. In my opinion, although Coinbase has got a bad rap for its high fees, so Bitcoin and cryptocurrency adoption to grow, there need to be places like Coinbase for new users to get into crypto with its convenience, easy to use interface and simple onboarding.
Coinbase Stock IPO | Valuation
As of December 2020, Coinbase announced they were applying for an IPO. This means you’ll be able to buy stock in the company. Personally, this could be like getting into Best Buy before it exploded with multiple chains. Hundreds of accounts are being created every day so it’s a fantastic and early opportunity!
The Coinbase valuation has risen to an astonishing 24 Billion dollars when they launch it.
The company is doing roughly $1 Billion of transactions a day! It’s incredible. Clearly, Cryptocurrencies are not going anywhere.
While we love Coinbase, I love BlockFi even more. This company is based in the United States, is a Cryptocurrency exchange, but even better, I earn 8.5% on my USDC coin plus 5% on my Bitcoin. I hold my crypto (not a big trader) so this is pretty awesome having earned over $2,400 on my money.