First-time Bitcoin Buyer? - Want to Pay for Something Online With Bitcoin?
Invented in 2008, Bitcoin is digital money. It is money just like dollars or euros, only it’s not owned by a government or in fact any person or any organisation.
Bitcoin is a peer-to-peer system for online payments that does not require a trusted central authority. It’s just like sending an email, there is no one in the middle. Over $500 Million worth of transactions are made securely each day on the Bitcoin network.
AND if you open a new account with Coinbase to buy your Bitcoin using the link I provide here, Coinbase will give you $10 worth of free Bitcoin if you spend more than $100 in your first 180 days.
You will pay just under 4% in fees if you use the easiest but most expensive way - Debit/Credit Card - to buy Bitcoin at Coinbase but due to the free $10 you are effectively saving 10% on a $100 bitcoin purchase! If you pay by bank transfer the fees are lower but it takes longer.
So you want to buy something in Bitcoin or Send Bitcoin to Someone - Here is How You Do It Quick And Easy!
Step 1 Opening an account to Buy Bitcoin (10 to 15 minutes)
All companies selling Bitcoin require you to verify your identity. You’ll need:
• A web browser (or mobile phone app)
• Your email account open
• Your mobile phone (used for account verification)
• Your debit-credit card
I’ve used many Bitcoin companies, but my favourite is Coinbase. Here’s how to open an account there. Click here to get started:
https://www.coinbase.com/join/59341f20bb079965d35582c8
Note: You must use this link if you want to get your free $10 of Bitcoin.
a) You’ll fill in your name, email and give a password. You then receive an email from Coinbase which you need to verify by clicking the link they send you.
b) You now give your mobile number and they send you a code which you type in to verify it’s your mobile. They use your mobile to log you in and to authorize transactions hereafter.
c) Now they ask you for your identity which scans on the computer or app. They’ll send you an email when it is verified (it usually takes 2 minutes). Please note sometimes they say they are still verifying but your email says it is verified!
d) Now you add a payment method. Debit/Credit card is the only option if you don’t want to wait 4 days, so select that and then input your card details and your billing address.
Step 2 Buying your Bitcoin (1 to 2 minutes)
Okay so now you have your account, you need to buy Bitcoin – on the main Coinbase account page it gives the price per Bitcoin, you will only be buying a fraction of a Bitcoin so don’t be scared off by that price tag!
a) Select ‘Buy/Sell’
b) On this page make sure Bitcoin is selected (usually already ticks Bitcoin)
c) Select your payment option – Card.
d) Put the amount of Bitcoin you want to buy in your currency.
e) Click ‘Buy Bitcoin’ – complete any card verification asked for.
Note: It may then stay on a screen saying ‘Card Processing’ but check your email as you will get an email saying your purchase has been successful. Your Bitcoins are now in your Coinbase Wallet!
*If you have used my link to sign up to your account and have bought over $100 of Bitcoin, your free $10 of Bitcoin should arrive approximately 10 minutes after your purchase. You will get an email confirming this.
Step 3 Sending Bitcoin to a Company or Person
a) From your Coinbase account select “Send/Request” , then switching to the page where the company or person have shown you their Bitcoin Address, carefully copy the Bitcoin Address given to you for your payment and then paste it into the ‘Recipient’ field on the Coinbase Send page.
b) Enter the amount of Bitcoins you’d like to transfer. (If you are using the Coinbase App and you are buying from a website, you can just scan the QR code provided with your smart phone to send the required amount of Bitcoins)
Any problems with using Coinbase, just visit their support page which should answer any question or query you might have.
Happy Bitcoin'ing! And if you aren't new to Bitcoin but you'd like a free $10 of Bitcoin why not sign up to a new Coinbase account and spend over $100 anyway! ;-)