It looks as though the value of Bitcoin as currency is increasing with each passing week. Whether the cryptocurrency craze has piqued your interest, or you’re just thinking about buying a bit of it yourself to see how it works, you may be hesitant to move forward. Going to a marketplace to exchange money for coins and then trying to store them properly can be daunting. If you’d rather get started quickly because this is just a test run for you, there is another way to do so.
Maybe you want to see what the fuss is about and buy a small sliver of Bitcoin from your disposable income. But you don’t want the overhead of going to a marketplace, exchanging money for Bitcoin and then figuring out where to save it.
Why buy bitcoins?
Right now the only reason people are investing in bitcoins is because it is seen as a way to make money. The value of Bitcoins has soared over the past few months. Right now (8 December 2017), one bitcoin is equal to £11,410.56 or US$15,327.70. Less than a week earlier one coin was worth $12,000. It’s gone up 1,300% in 2017.
Back in 2009 when Bitcoin first appeared, $27 might have bought you 5,000 Bitcoins. If you’d have bought back then you’d be sitting on a nice little nest egg.
But even if you had bought bitcoin more recently you could have seen a nice little boost to your investment. Over the past few month (even over the past week) the value of bitcoin has rocketed, from $5,716 on 12 November 2017 to $16,502 on 7 December. Just how high will it go!
Billionaire investor and hedge fund manager Mike Novogratz has predicted an astonishing $40,000 per coin by the end of 2018.
If you just want to quickly get started with Bitcoin, buying using an exchange is the best way. It only takes a couple of minutes to get started. Coinbase is the best exchange to buy Bitcoins right from your iPhone (if you’re in the US).
Step 1: Sign up with Coinbase
N.B: Use this link to signup for Coinbase. Once you buy or sell $100 of digital currency or more, we both will get $10 of free bitcoin. It’s a cool way to earn free Bitcoins.
Alternatively, you can signup via the app, but you won’t get the free bitcoin. When you launch the Coinbase app for the first time, it will ask you to sign up for the service. Enter your email, password and create your account.
Download: Coinbase app
Step 2: Verify Your Identity
Next, you have to verify your identity. In some cases, it might take about two hours for the verification of your identity. As Coinbase is an exchange, it’s trying to keep everything above board. So they won’t sell you bitcoins if you don’t verify your identity. In a way, this defeats the purpose of a semi-anonymous nature of Bitcoin. But if you just want to get started buying a little bit of Bitcoin, using Coinbase is the easiest way.
Step 3: Connect Your Bank Account
Next up, connect your bank account. It may take a couple of days for the process to be completed. Once you’ve verified your Identity (the steps will differ based on your state and country), you’ll be asked to connect your bank account. Here too, the steps will be different based on your location.
How to Buy Bitcoins from your iPhone, Ipad and Android
Once you have verified your identity and connected it to your bank account, you are ready to go. Besides, the app will also inform you about this.
Now you’re ready to actually buy Bitcoins. Go to the app’s home screen. You’ll find the current price of Bitcoin at the top.
Step 1. Launch Coinbase app on your iOS device and head over to the app’s home screen. (tap on the menu button at the top right corner and select Buy/Sell)
Step 2. Check out the current price of Bitcoin at the top. Now, you have to tap on the Buy button at the top and enter the amount of Bitcoin you wish to buy. Make sure to enter the amount in your local currency.
Step 3. Next up, you need to choose the Wallet you wish to deposit the Bitcoins into.
Step 4. Up next, chose your payment method.
Step 5. Finally, you have to authenticate.
Tap on the Buy button and enter the amount of Bitcoin you want to buy (in your local currency). For example, you can say you want to buy Bitcoins worth $100.
Next, select the Wallet you want to deposit the Bitcoins into. Select your payment method, authenticate and you’re done. You now own Bitcoin!
How to Sell Bitcoins from Your an iPhone, Ipad and Android
Selling Bitcoins is pretty straightforward from this app.
Step 1. Launch Coinbase on your iOS device. Then, tap on the menu button at the top right corner and choose to Buy/Sell.
Step 2. Now from the home screen, tap on Sell. In case, you haven’t connected it to your bank account, you will be asked to do so.
Step 3. Next, you need to enter the amount of Bitcoin you wish to sell.
Enter the amount in your local currency and then select the bank account you want to withdraw to.
Step 4. In the end, you have to authenticate.
Happy bitcoin trading!
What do you think of Bitcoins and cryptocurrencies in general? Are you investing in Bitcoin or are you using it for payments? Share with us in the comments below.
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