What is Coinbase?
Coinbase is a real virtual account born on the wave of the more famous Paypal but between the two systems, there is a substantial difference. Specifically, in fact, Coinbase was born as a system for the custody and handling of Bitcoins, the virtual currencies that are having so much success in recent years. There are many doubts that accompany this coin, linked above all to security issues, on which Coinbase has worked hard in recent years. This system, in fact, is today considered one of the safest, if not the safest, Bitcoin piggy banks. To use Coinbase services, you need to register. Here's how to buy Bitcoin on Coinbase and create your own virtual wallet, in an easy-to-understand step-by-step guide.
How to buy Bitcoin on Coinbase?
1. Register on Coinbase
The first step to enter the world of Bitcoin and Coinbase is to create your own account. To register with Coinbase you need to go to the website https://www.coinbase.com and follow the instructions provided by the form. Little information must be entered, mostly of a personal nature, in order to open one's own account in which to deposit the virtual currency. It is necessary to carry out all the verification operations required to validate the registration to the site and have unlimited access to your account. It usually takes a few minutes to complete the registration.
2. Connect your checking account
When all registration operations have been completed, including security checks and verification of the user's identity, the account is finally active. At this point, to proceed with the purchase of Bitcoins it is necessary to connect your bank account to the Coinbase account as soon as it is activated. The connection of the two accounts is guaranteed and safe, the customer is protected in every respect and there is no possibility that Coinbase interferes with the bank account unless the user arranges the transactions. It is also possible to connect a Paypal account and not necessarily a bank account or a credit or debit card.
3. Buy Bitcoin on Coinbase.
Only when the connection procedure between the Coinbase account and the chosen payment instrument is completed is it possible to start buying Bitcoins on Coinbase. It is not a complicated or long operation, on the contrary, the procedure takes little time and is easily performed by anyone with a minimum familiarity with online banking. Up to now, we have talked about Bitcoin, because it is the best known virtual currency, but in reality on Coinbase it is also possible to buy other currencies, so you must pay the utmost attention when starting the purchase process, checking the currency well.
The purchase with Paypal and credit/debit card is immediate while with the bank account the procedure is longer due to the known bureaucratic times required for bank authorizations.
It is therefore necessary to indicate how many Bitcoins you want to buy: Coinbase updates the exchange rate with high frequency, thus giving immediate knowledge of the value of each individual Bitcoin.
At this point, once the procedures have been completed, proceed with the purchase, and based on the payment system chosen, you can immediately be aware of your purchase by checking your wallet.
4. Selling Bitcoin
From your wallet, Bitcoins can enter and exit with the same ease, and to sell the cryptocurrency it is necessary to carry out the same operation just described but in reverse. The control of the Coinbase wallet is very simple, from mobile or landline, simply enter your login credentials in the application or website to have maximum control over your online virtual currency piggy bank.
5. Create a Vault
The traditional Coinbase wallet can be made even more secure by creating a Vault, which is a Bitcoin wallet whose access requires a greater number of steps for security checks. This solution is preferred above all in the case in which you have a high quantity of Bitcoin stored, the value of which can be equal to an authentic fortune!
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