ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

How to Set up a Coinbase Account to Buy Bitcoin

Updated on January 15, 2018
Tracy Lynn Conway profile image

Tracy has been following the Bitcoin phenomenon from its inception. She is cryptocurrency researcher and investor.

Coinbase application starting screen.
Coinbase application starting screen. | Source

I have been buying Bitcoin on Coinbase and I have found the website to be very easy to use and I have learned a great deal in the process that I would like to share with you.

First, let me tell you a little about Coinbase.

Coinbase is a secure online platform where you can use your local currency, in my case it is U.S. dollars, to purchase Bitcoin as well as well as other cryptocurrencies. Once you have purchased the currency you can either hold onto it as an investment, use it to buy and sell goods or transfer it into other cryptocurrencies. Coinbase also adds new cryptocurrencies to their platform if these currencies meet certain standards.

Coinbase has been offering cryptocurrency buying and selling services since 2012 and it grew to one million users in 2014. Coinbase is available in Australia, Canada, Singapore, the United States, the United Kingdom as well as many European countries.

The Coinbase website and application makes it very easy to see:

  • currency you purchased and how much you purchased it for,
  • total value for all of your cryptocurrency on Bitcoin,
  • value charts for different time frames such as 1 year, 1 month and 1 day.

Coinbase allows you to watch the chart showing the changing value of the currency.
Coinbase allows you to watch the chart showing the changing value of the currency. | Source
Coinbase allows you to see the value of multiple cryptocurrencies.
Coinbase allows you to see the value of multiple cryptocurrencies. | Source

Alerts

You can set up alerts telling you when a currency meets a certain price which can work as a notification for you to buy or sell a currency. I most often access Coinbase through the application on my iPhone which I find to be very convenient.

Coinbase allows you to set price alerts so you can then buy or sell your crytocurrency at a preset price.
Coinbase allows you to set price alerts so you can then buy or sell your crytocurrency at a preset price. | Source

Other Platforms

There are other platforms what will allow you to buy Cryptocurrencies using your local currency, but Coinbase came recommended to me and I am very happy with it. It is very easy to set up and use.

How to set up a free Coinbase account?

It is very quick and easy to set up Coinbase using the following steps:

  1. Visit the Coinbase website and choose to create an account.
  2. Once you enter your basic information you will go through the process of confirming your email.
  3. Once confirmed you will be choosing a bank account or credit card to link. If you live in the U.S. you can purchase with a credit card but realize that a bank account will be needed in the future when it is time for you to sell any cryptocurrency.
  4. Once your account is set up you can immediately begin buying Bitcoin and other cryptocurrencies that are available through Coinbase.


Be Aware

Realize that there are small fees for buying and selling currency within the $1.00 and $2.00 range. I consider these small fees worth it because I have easily turned a profit on my purchases. Also, realize that while many analysts believe cryptocurrency is a great long term investment and that cryptocurrency will revolutionize the way we buy and sell in a global market, there are inherent risks. The currency is volatile and you should tread cautiously, only invest in an amount of money that you are willing and able to lose.

My Experience

I began with a small investment of Bitcoin for $150 which doubled within a few months. I then purchased Etherium which tripled within a month. I haven’t been as lucky short term with Litecoin or Bitcoin Cash, but presently they are expected to increase in value so I am watching and waiting. Overall, I have been having great fun with the experience, it is new and exciting and if it all crashes down, I will have had fun in the process, and I am not investing anything that I will cry about losing.

Good luck to you!

© 2018 Tracy Lynn Conway

Comments

    0 of 8192 characters used
    Post Comment
    • profile image

      Svn11 Hobo 

      18 months ago

      It's weird...bought my first crypto this year (2018). Wasn't sure which one to buy so I bought all four on their site to HODL for at least a year come heck or high water. Litecoin has shined brighter than the other three so far. However my latest bank statement says the money I paid has been returned???what? I checked the site and looks like it's all still there. It just keeps getting weirder and weirder Idk, kind of feels like they're playing around in my bank account like kids in the sandbox.

    • Guckenberger profile image

      Alexander James Guckenberger 

      20 months ago from Maryland, United States of America

      Coinbase was my first crypto-wallet. :)

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: https://hubpages.com/privacy-policy#gdpr

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
    CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
    ClickscoThis is a data management platform studying reader behavior (Privacy Policy)