Updated: Nov 13
The year is 2020. The last decade has seen rapid improvements to technology.
Paying for things has never been easier; with the ability to pay for most things with a smartphone, or being able to send money across the world instantly, users are enjoying the benefits of these technological innovations.
Bitcoin caught headlines on 15 December 2017 when it's price soared to $17,900. Although a topic of hot-debate, users still firmly believe in its value.
If you want to enjoy a free bonus of £7.73 for trading on Coinbase simply click Here to sign up!
So let's dig in!
In this article, we'll explore how to buy/sell/send bitcoin (and alt-coins (alternative coins)).
Cryptocurrencies make use of blockchain technology to provide security, ease of use, and rewards for miners (yes, people make money from mining Bitcoin! Check this out - https://www.investopedia.com/terms/b/bitcoin-mining.asp )
These digital currencies do not have any central banks, or any single point of failure. There isn't a lengthy chain of middle-men handling your money. Some believe this is the future of money-technology.
To register an account, simply click Here. You'll see this registration screen. All you need to do is fill out the required details, and verify your account (using your email address and mobile number. Coinbase will send a verification email and a code via SMS).
Okay, everything is set up... What now?
Now your Coinbase account is set up, you will need to update your payment & personal details to their system. It's quite straightforward.
Go to the 'Home' screen. Then click on your profile.
You should see this...
Select 'Settings', this will take you to the profile settings page where you can update all of your details. We'd recommend updating everything as accurately as possible.
To update your payment details, go to 'Linked Accounts'. You'll need to update your payment details to be able to trade on Coinbase. Verification depends on which method you choose.
Once all of the necessary details have been updated, you're ready to rock! On the Coinbase platform you can trade with a variety of different cryptocurrencies. Most people tend to invest in Bitcoin as this is the most popular (however lesser-known coins are gaining momentum).
Simply click on the 'Trade' button (on the 'Home' screen). From there, you'll be presented with all of the trading options available on the platform. You'll be able to buy coins, sell coins, or convert one coin to another. Coinbase may charge a fee for transactions proportionate to the amount you're trading.
Coinbase offers a reliable withdrawal service, that doesn't usually take too long. Withdrawal time depends on your payment method (wire transfers usually take around 3-5 working days, PayPal is instantaneous), most people tend to use their personal banking details or PayPal however other options are available.
In order to send/receive coins, you'll need to have the other person's wallet address/give your own wallet address. Transactions usually take a minimum of 60 minutes.
And there it is. Hopefully this provides insight in cryptocurrencies and trading them. Some people have made a career out of investing in Bitcoin/Altcoins, others use it an effective means of sending/receiving money. Best of luck!
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Note - Please do not see this as investing advice. We simply give guidance and create engaging articles on new technological innovations.