I imagine that you possibly heard about people in your inner circle that have invested in Bitcoin or any other alternative cryptocurrency that can be found in the market, like Ethereum or Litecoin, and you have thought that it might be a good idea to try at least. But you are still waiting for the right moment to do so because you think is complicated or maybe is too late and if you do it now you are going to loose your money.

The truth is that is never too late or too soon, there’s nothing like the right moment to do it. My advice is that if you are really interested, do your own research first and then try to follow the next steps with a small amount of money and in less than 5 minutes you will own your new acquisition.

Coinbase

Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies. We could choose any other similar platform like Bittrex, Bitfinex or Kraken but I think that this one is the most straight forward to start from scratch.

To buy our new coin, we will need to sign up on this platform and verify our identity.

The first thing the platform is asking us is to introduce our email, name, last name and to choose a password. We will need to confirm also that we are older than 18 years old and that we accept their User Agreement and Privacy Policy.

Once finished this step, we will be asked to verify our email. They will send us a confirmation email so we will need to check our mail and click on the link in the email to continue.

Once the email has been verified, we will be redirected to a Quickstart web page with 5 easy steps to follow to get our first digital currency:

  • Choose if the account type is Individual or Business

  • Verify our phone number to improve the security of our account.

  • Verify our identity uploading a passport, id card or driving license with photo. We will need to take front and back pictures with the webcam or the phone. The verification process will take 2-3 minutes.

  • Choose our linked payment method to buy our first digital currency (SEPA Bank Account or 3D-Secure Credit/Debit card).

  • Choose the digital currency that we will like (Bitcoin, Ethereum or Litecoin) and the amount to buy .

To make this post, I bought 2 euros value of Ethereum (0,0076 ETH) using a credit card. The transaction fee depends on the location from where you buy it and on the payment method.

Now I own 0,0076 ETH that are stored in a wallet created by Coinbase for my account. Right now, Coinbase is the one in control of that wallet and any operation I’d like to do, I’d need to do it through Coinbase. One of Blockchain perks is not having to trust on a centralized system anymore, so in a next post I will show how to move your cryptocurrencies to a local wallet where you would be in control of your private key and the different options that exists, paper wallets, hardware wallets, etc.

IMPORTANT: Never invest money you can’t afford to lose. Always do your own research and due diligence before placing a trade.

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Categories: Blog