Coinbase: The Best Place To Buy Crypto
The crypto space is getting more and more popular and moving into the mainstream for all the right reasons. You may term it as ‘the brand’.
The modern era of decentralized cryptocurrencies began in 2009 with the advent of Bitcoin. The effect of cryptocurrencies is not only limited to the financial or economic industries but in different markets as well all across the world. If you are about to taste the goodness of cryptocurrency, this blog is just for you.
In this blog, we are going to jot down our end-to-end view of cryptocurrencies and how you can buy these cryptocurrencies via Coinbase.
What are cryptocurrencies and what are its uses?
A cryptocurrency is a medium of exchange. It is a virtual/digital form of payment that can be exchanged online for goods or services. They are decentralized in nature i.e. Where local currencies are issued by a central bank, cryptocurrencies eliminate the mediator as a peer-to-peer (P2P) system. Cryptocurrencies work on a technology called a blockchain. Blockchain is a technology that manages and records transactions.
The crypto market is littered with multiple cryptocurrencies that are widely used. Some of the most popular and the biggest are Ripple, LiteCoin, and Ethererum. However, it is Bitcoin which remains the largest and most talked-about cryptocurrency. Some of the impressive uses of cryptocurrencies are-
- It exempts the central regulations imposed by banks or governments. The sole responsibility is given in to the hand of the user. He/She can do peer-to-peer (P2P) transactions all around the world in the blink of an eye without paying hefty charges to banks.
- It offers lower transaction fees. It is generally cheaper than traditional online transactions.
- Anonymity; Your identity is kept safe and is not revealed to anyone.
- Since they are present in digital forms, they can be carried anywhere without the fear of loss or theft. Just store it online in a personal wallet and remember the key.
- The currency is not affected by any of the government policies imposed on fiat currencies.
- Most importantly; you own it and you are your own bank.
On the whole, cryptocurrency is like a fresh breath of air in terms of money. It has the power to fundamentally alter the financial system for the better.
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Coinbase: The easiest way to buy and sell cryptocurrency
There are two terms you need to be familiar with – Crypto-exchange platforms and Cryptocurrency wallets. The former is the place where you can exchange, buy and sell bitcoins and altcoins whereas, the latter is a tool to store your digital coins.
If you are trading in cryptocurrencies, you need a platform on which you can trade them that works as a mediator to communicate with the network.
Coinbase is the world’s largest Bitcoin broker and most popular cryptocurrency exchange platform that lets merchants, consumers, and traders transact with digital currency. Given its beginner-friendly interface, Coinbase has become one of the most loved and preferred digital currency exchange platforms that offer its services in more than 30 countries. It has over 20 million monthly users and is well-known for its high-edge security measures. The platform supports numerous payment methods such as debit/credit cards, bank transfers, and even PayPal adding convenience for the Cryptonians.
Till this part, if you face any doubt, the experts behind the Coinbase phone number are available 24×7 to simplify the definition for you.
How to buy cryptocurrencies on Coinbase?
Follow the steps below to follow the cryptocurrencies of your choice-
- Go to the official page of Coinbase. Click on ‘Get Started’ to open an account. Fill in all the required details and verify
- your account by clicking on the confirmation link sent to the email address. If you are looking to buy a significant amount, go for a ‘business account’.
- Confirm your mobile number by entering a unique code on-screen to verify your device.
- Set-up your preferred payment method – debit card, credit card, PayPal, etc. You will be asked to enter the billing
- address linked to your preferred payment method.
- You will be required to go through a KYC process to verify your identity.
- Next, you will be asked to confirm your payment method.
- You are all set to make your purchase. Click on the cryptocurrency you want to buy, enter the equivalent amount of
- the local currency amount that you want to purchase with and pay for the transaction with your verified payment method.
- Select the mode of payment from the drop-down menu.
- Confirm the order and click ‘Complete buy’.
Your digital coins will be delivered to your wallet in a few minutes and will be stored safely in your Coinbase account!
- You can either withdraw them to a private wallet or simply leave them in your Coinbase account to sell later.
Tips on how to buy and sell cryptocurrency
- The world of crypto has always been iffy and unsettled. It would be better to follow some tips to avoid any inconvenience. Check them out below.
- Go for the exchange which offers lower fees, has a user-friendly interface, gives a variety of payment methods and prioritizes account protection above anything else.
- As a beginner, keep your eyes and mind open. Read about the latest upgradations. Pick the most popular exchanges, trading platforms, and coins.
- Keep a backup of your public/private keys. Do not lose them at any cost.
Over the years, Coinbase has been successfully able to attract a significant customer base. The overarching point is that Coinbase makes it ultra-seamless for the novice or beginners to enter the cryptocurrency market. Security is its forte. It is super easy to use, very much secure and backed by the best.