In January 2009, a digital model of currency was made called the bitcoin. The developer Satoshi Nakamoto, although his true identity is yet to be identified, had an idea to offer lower transaction fees than traditional online payment mechanisms and is not operated by government issues currencies. Among the many advantages of bitcoin, one is that they are not issued or backed by any banks or governments and also they are not available as individuals’ valuables.
Bitcoin exchanges are not only secure but also are simple and instant. This makes the process of buying o much quicker. In fact, you can now buy bitcoin with credit card. Buying bitcoin these days is so much convenient as you can do the same with credit or debit cards. The transaction is easy, and secure, making you comfortable sitting in your room or traveling; just a few taps on your smartphone and there you are doing a reliable exchange. There are a million of customers these days doing the same, and the most popular exchanges are Coinbase and CEX.IO because of their reputation, low fees, high security and fast processing time.
We know that a debit card uses funds directly from your bank account, and the money owned by you, and a credit card uses a line of credit issues by the bank to you. So the steps are:
- Create an account with Coinbase.
- Verify your account.
- Add a debit card or credit card as your payment method.
- Go to “Bitcoin” and select the amount you want to buy.
- Bitcoins are added to your Coinbase wallet.
Cainbase as I earlier said is the most popular bitcoin exchange in the market on today’s date. The user interface is not just colorful but also is easily accessible. Moreover, it is available on Android and iOS. Following are its advantages:
- It has already established its reputation.
- The interface it uses is very user friendly.
- There is high liquidity in the funds.
- Its purchasing limits are quite large.
- You will be able to buy bitcoin instantly.
- It is strongly secure.
However, it has a few cons at the same time.
- The support may take some time to respond.
- The bank transfers could be quite slow.
Here is how you can use Coinbase with great ease.
Step 1: Create an account and confirm your email.
Step 2: Enter your phone number. Coinbase will send you a code. You will then be requested to type in that code to verify your phone number. From this point forward your phone number is used to secure your account with Two-Factor Authentication (2FA).
Step 3: Verify your identity.
Step 4: Once your account is verified, go to your settings and ‘Link a New Account’.
Step 5: Choose a debit card as a payment method and enter your card details.
Step 6: Enter a $ amount or BTC amount for how much bitcoin you would like to purchase. Tap on ‘Buy Bitcoin Instantly’.
Step 7: Your purchased bitcoins are added to your wallet instantly on Coinbase.