How to Buy Bitcoin
Just so you’re aware, this article contains affiliate links. If you click on one of the ‘Coinbase’ links, open an account and buy $100 (or the equivalent) of cryptocurrency I’ll receive $10 in bitcoin from Coinbase. There’s no cost to you. Additionally, Coinbase will also give $10 in bitcoins back to you. So it’s a win/win. You get $10 in bitcoin deposited to you at no cost and I can afford to keep this blog running providing you with useful information.
How to Buy Bitcoin Using the Coinbase Exchange in 2021
If you’re looking for information on how to get bitcoins, this post is for you.
For a general introduction to what is a bitcoin, I give a guide to the absolute bitcoin beginner. It’s delivered in email format over 5 lessons. Click here to sign up.
Table of Contents
If you don’t have time to take the course, read on but keep in mind the post is focused on the Coinbase app only.
Coinbase provides a secure online platform for buying, selling, transferring, and storing digital currency.
As well as bitcoins, you can buy/sell ether and also litecoin. You can convert these digital currencies into and out of your local currency. At the moment they support USD, EUR and GBP.
Once you’re setup you can send and receive digital currency (which I’ll call cryptocurrency from here) between online wallets, friends, or merchants on Coinbase.
Unlike other firms, they offer a “one-stop-shop”. So you get a combined wallet and exchange – somewhere to buy and sell within the same app.
They provide services to a variety of countries including Australia, Canada, Singapore, the United States, the United Kingdom.
They also service many European countries including Austria, Belgium, Denmark, Finland, Holland, Monaco, Spain, Switzerland and Sweden.
To buy bitcoins using Coinbase you must firstly live in one of the countries listed above and then upload a form of ID from the country you live in.
But we will get to that below. Firstly I’m going to walk you through step by step how to set up the app on your mobile.
This instruction is written assuming you have an Android phone such as Samsung however, the screenshots below will be very similar to what you’ll see on your iPhone.
Step 1: Open Google Play
Step 2: Install Coinbase
In the white search box at the top, type in ‘Coinbase’.
The result should look like what you see in the screenshot below.
Press the green INSTALL button.
Step 3: Open the Coinbase app
Once installed, the Coinbase app will show on your apps screen on your phone.
Press the app to open it and it will show you the screen you see on the right
Step 4: Set the currency
The currency shown in the chart above is in UK pounds.
The currency should show automatically based on which country you download the app from.
For example, if you’re in the US or Europe you’ll see the currency is either US dollars or Euros.
Hit Sign up and you should see the screen on the right.
Step 5: Complete personal details
Complete with your email, first and surname.
Choose a password you’ll remember. This password is only used to access the app or Coinbase.com via the desktop browser.
Step 6: Confirm email
Hit Sign up and then you’ll see the following screen –
Go to your email inbox and you should see a confirmation email. It should appear immediately, if not leave it 5 or so minutes and then check again or alternatively check in your spam folder.
Step 7: Check user agreement
Click on the link in the email and you’ll be directed back to the app. You’ll see the license agreement which you need to agree to so you can get bitcoins.
The one you see in the screenshot below is the user agreement specifically for users in the UK. There’s a different one for residents in the US and Europe.
Step 8: Go to your dashboard
Once you’ve read and are happy with the agreement click on I AGREE.
You’ll then be taken to the screen you see below – the Dashboard.
So far then all you’ve done is set up the account with your email address.
For you to then buy to buy bitcoins, ether or litecoin you’ll need to transfer money to the account.
However, before you must complete the identification process.
Step 9: Verify your ID
For this you need to navigate to settings, you can get to there by tapping the area circled in red, as shown on the left.
Step 10: Go to Settings
You’ll be then taken to a new screen which you need to scroll down to settings. This is shown in the image below.
Step 11: Identification process
By tapping Settings you’re taken to the screen shown on the right.
Here you should tap the Identity verifications – which you can see at the bottom.
Step 12: Choose your ID
You’re given a choice as to which D card you’d like to set up with – a driver’s license or passport.
I chose my driving license. It’s easy to do. Click on the Drivers licenses tab and you’re taken to a new screen. Remember that this has to be issued in the country you’re residing.
Step 12: Take photo of ID
Just take a photo of the front of the license and then you’ll be prompted to do the same for the back.
Step 13: Completion
And then you’re done! It takes about 24 hours for Coinbase to set up your ID within their system. Once that’s in place you can fund the account.