How to buy bitcoins using coinbase.com

Getting Started

Here is what you need before you get started:

  • A valid photo ID (such as a driver’s license)
  • A bank account or credit card

 

You will need valid identification, such as a drivers license or photo ID.  You will upload your ID directly on the Coinbase website. For security purposes, Coinbase does not allow you to send your ID by email.

You need a bank account or credit card. During due diligence, Coinbase will send a few pennies to your bank account, then you must verify the amount to Coinbase. All this is for verification and authentication purposes. Like any bank or money transmitter, Coinbase must comply with Know Your Customer/Anti-Money Laundering laws.

Open Your Coinbase Account

Once you are ready to sign up for an account, go to the account sign-up page, where you will see this:

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Simply fill in the required fields to open your account. You will be prompted to upload your ID and verify your bank account or credit card as you go. Simply follow the prompts as they appear to complete account set up.
Once you have opened an account at Coinbase, you will see its dashboard with the price of bitcoin, Ethereum, and Litecoin, along with a chart of bitcoin.

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Buying Bitcoin

To buy Bitcoin, scroll up to the top of the main Coinbase page and click on Buy/Sell. A screen will pop up that looks like this:

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You can specify a dollar amount of bitcoin you want and the website will display the amount of BTC you would receive for that amount. In this case, the purchase is for $200 worth of bitcoin or 0.01369407 BTC. (Note- debit cards transactions verify instantly while linking a bank account may take up to 7 days).

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You will see the order to buy 0.0141 BTC for $200, with a $7.67 Coinbase fee, which is 3.8 percent of the purchase price. The price of bitcoin was $13,627.81 at the time of the sale.

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Hit “Confirm Buy.”  Then you will see a green check indicating the purchase was successful.

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Return to the dashboard and there will be a summary of the account and its activity, including the purchase of $200 worth of Bitcoin.

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Once you bitcoins are available, click on the Accounts tab at the top of the page. Click bitcoin and click the send button at the top right corner.