What do you need
If you decide to venture into investing to cryptocurrency you need to be prepared to what awaits you on the other side. Besides knowing how to buy bitcoins you will need to be aware of the risks. Most notably the high volatility. The beginning may be daunting but once you start your journey, you will be quick to realise that everything is rather straight forward and learning should not take you very long.
Cryptocurrencies have much going for them, let it be for Bitcoin, Etherium, Ripple, Litecoin etc, depending on the backing of each currency. We will focus mainly on Bitcoin. You can use it for simply investing in it, but it goes beyond that, you can use it to participate in online casinos and for general transactions. The key importance to know about Bitcoin is that it works on a decentralised method, making transactions more secure while also maintaining your privacy which is something hard-fought in this day and age.
If you want to know more about Bitcoin prior to buying your first bitcoin, this article is an excellent introduction to start you off.
First, you need to find a platform with which you open your wallet, we will be discussing how to open an account on Coinbase but a lot of platforms have streamlined this process to make it easier for people to start out investing and buying.
How to open Coinbase account
Coinbase allows you to buy, sell, convert, spend, donate and transfer bitcoin whenever and wherever you would want. With regards to the question of ‘How to buy bitcoins’ Coinbase makes this process simple and easy to do.
- Coinbase will ask you for your name, surname, email and to ask if you’re over 18.
- They will ask you to verify your I.D. This is to prevent any fraud that may or might happen and to make sure it is really you.
- You can start funding your account and trading crypto.
How to Make the First Deposit and Buy Cryptocurrency
Coinbase accepts different payment methods in order to target as much of its client base or potential client base it may have.
These payment methods include:
- SEPA Transfer
- Deposit with Bank Account
- Credit or Debit Card
The Coinbase page has a very good a detailed page on how to buy bitcoin and other cryptocurrencies so while you are doing your research it would be smart to take a look at these pages in order to get a brighter and clearer picture.
The best way to learn is to put in the minimum amount available and play around with it. Learn how to buy, how to sell and how to move money. This will not cost you much and you will gather insight much quicker
How to make a deposit on Bovada with the Coinbase Wallet
After you have bought bitcoin or traded/invested, it is time to move your crypto from one wallet to another and this is fairly simple.
It is similar to transferring normal money, the only difference is when selecting currency make sure to select Bitcoin and they will give you an option to input your BTC deposit address. You will find when setting up a Bovada account that you will be given an address and this address will be what transfers the money.
If you want to move money back from Bovada to Coinbase you can use the same method. Directing the money through the BTC address, after you’re ready to trade, convert or withdraw again.
Bitcoin Trading Using Coinbase
Coinbase is not simply a platform where one buys crypto to spend them somewhere else. You can make income through this platform and other similar platforms, Binance being a good example.
Due to the high volatility, it is key to learn a bit from before. There are different techniques when it comes to trading and it is important to be aware of such techniques in order for you to increase and maximize your income. This is a good way of making passive income but you have to be able to look at your crypto holdings at least once or twice a day to be sure how your holdings are doing.
This is no easy task and it is best to not do it if you are scared or simply not willing to lose money. It is simply an option if you have some money on the side and are willing to learn, invest and grow!
Final Words
The question on how to buy bitcoin is a question that many outsiders and people new to crypto have. The main idea is that you have to take the leap, and play around with wallets and different types of trading and buying etc. If you are looking for a more in-depth article on how to buy bitcoin online and why you should do so, this article will give you further insight into this topic.
Furthermore, when going on the Coinbase website, they will direct you accordingly with how to make your deposit, transfer, withdrawal and even the signing up process is straight forward and very simple.
Always be aware that this is your money you are spending and transferring so always be cautious of how much you are buying and the high volatility of cryptocurrencies.
