Benefits of Purchasing Bitcoins with Coinbase
With Bitcoin mining becoming increasingly competitive, many people are looking for an easy way to get their hands on this new digital currency.
Buying bitcoins isn’t as difficult as you may think. In fact, Coinbase makes the entire process very simple.
One of the main reasons so many people like to use Coinbase is because they are a US-based company.
Most of the other Bitcoin exchanges are located in foreign countries, which creates a challenge in transferring funds. Many banks have high fees for international wire transfers and some simply don’t offer them at all.
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Coinbase also offers very reasonable fees, they charge 1% plus a .15 cent bank fee for Bitcoin purchases using USD. Coinbase does not charge any fees for BTC to BTC transfers.
Keep reading this hub to to learn how to create a Coinbase account, add additional security, and make a Bitcoin purchase.
Creating a Coinbase Account
In order to use the Coinbase service you will need to create an account. Creating an account is free and is very simple to do.
To get started enter your email address, and select a password to use with your account. I recommend using a strong password to prevent potential hackers from gaining access to your account.
Coinbase will send an email to the address you supplied to confirm it is valid. Click on the verification link inside the message to complete the creation of your account.
Enabling Two Factor Authentication
For additional security I recommend configuring two factor authentication for your account. When this feature is enabled it requires the use of both a password, and an authentication code from your phone to sign into your account.
This feature works best if you have a smart phone capable of running either Authy or the Google Authenticator app.
If you don’t have a smart phone you can still receive authentication codes through text messages.
To enable this feature sign into your Coinbase account and click on the account settings link under the general section. At the bottom of the account settings page click on the ‘Verify A Phone’ link.
After adding your phone number you can install the Authy app on your phone an enter the code that is generated to complete the setup processes.
Users without smartphones can request either an SMS text message, or phone call to complete the verification.
Once the phone has been successfully linked it will be listed in your account with a status of ‘verified’.
If you have access to a backup phone you may want to link another number to your account in case your primary phone becomes lost, damaged, or stolen.
Linking a Bank Account
Now that you’re secured your Coinbase account you are ready to link a bank account . Linking a bank account with Coinbase allows you to transfer fiat currency in , or out of your account.
Coinbase currently supports the use of either a checking, savings, or business checking bank account.
To start the linking process click on ‘Buy/Sell Bitcoin’ in the general section. Then click the link ‘Verify a Bank Account’.
Linking an account requires the bank account number, and routing number for the bank. This information can either be located at the bottom of a check, or by logging into your bank account online.
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