Friday, October 13, 2017

Easiest Way for New Users to Buy/Sell Bitcoin & Other Cryptocurrencies ~ Wallets Vaults

DISCLOSURE: This post contains sponsored ads and I will be compensated if you make a purchase after clicking on my links.

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Easiest way for new users to buy bitcoin
Instant buy available with credit card as backup

Coinbase is the world’s largest Bitcoin exchange
A Bitcoin broker based in San Francisco. Backed by trusted investors and also offers an exchange & multiple wallets.

How Does Coinbase Work?

Coinbase’s intention is to make it painless for first-timer to purchase Bitcoins, Ethereum & Litecoin cryptocurrencies. Customer payment methods for buying are credit cards, debit cards or bank transfer.

Coinbase supports 32 countries. Payment methods available depend on your country.

Customers may add a Visa or Mastercard credit card as a backup payment method. If a backup credit card is available, Coinbase “instant buy” will enabled  up to $1,000 worth of bitcoin per week. Very easy to use for first-time buyers.

Does Coinbase Support Your Country?

Coinbase offers its brokerage services in the United States, Canada & Singapore.

Coinbase also supports the following European countries:

Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Slovakia, Slovenia, Spain, Sweden, Switzerland including the United kingdom.

Is Your Privacy Kept While Using Coinbase?

Users must provide full identity verification. You will be required to take a picture of your driver’s license or passport if you are purchasing with a credit card.

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  Coinbase offers very high limits. Limits depend on your account level, which is determined by how much information you have verified. Fully verified U.S. customers may buy up to $50,000 worth of bitcoin daily.
European customers may have a maximum of €30,000 euro in their account at any time.

Customer SupportCoinbase has a knowledge base and email support.

Coinbase “Community” can be used to ask questions and get support help.

Is it Safe to Link My Bank Account to Coinbase?

Coinbase is a regulated company and holds licenses in all districts in which it operates. It is backed by major US investors and is not a scam.

Who is Coinbase’s CEO?
Brian Armstrong is the CEO of Coinbase.

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Bitcoin WalletYour Coinbase “wallet” can be accessed on the web, or with the Coinbase apps for iOS and Coinbase App for Android.

Coinbase controls all private keys, and acts more like a bank than a true Bitcoin wallet.

Coinbase should only be used to buy or sell bitcoin, and not to store funds (unless you use the Multisignature Vault).

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You can read their guide on Bitcoin wallets to find a wallet that truly gives you full control over your cryptocurrencies.

Coinbase Bitcoin Wallet Security:
Users may create three types of wallets with Coinbase: wallet, vault & multisig vault.

Coinbase Vault:
Coinbase offers a unique solution for securing larger amounts of bitcoin.

Bitcoin stored in a Vault account can be protected by multiple approvers. If a user adds two approvers to his vault, both must confirm that the withdrawal is valid before it processes.
All withdrawals from Vaults take 48-hours to process. The time delay provides a safety net.

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Coinbase Multisig Vault:
Its multisig vault is a 2 of 3 wallet, where Coinbase has one key, one key is shared, and the third key is held by the account holder.

Any two of the three keys allows spending of funds. If Coinbase goes down, you still have both the shared key and your own key. Funds cannot be held because the shared key is encrypted with your password.

Your name, phone number, email, and a number of other personal details are required. Each payment request uses a new address, which helps prevent other users from connecting Bitcoin addresses together.

Coinbase USD wallet:
Will let you store dollars in your Coinbase account. Advantages to using a wallet:

You can store dollars in your account so that when you do want to purchase bitcoins you don’t have to wait five days for a bank transfer to process. You can spend bitcoins online without exposing yourself to Bitcoin’s volatility.

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Coinbase Debit Card:
Shift Payments released a debit card that connects to your Coinbase account. It uses your Coinbase balance as the debit card’s source of funds, allowing you to spend bitcoins at any merchant accepting Visa.

Coinbase lets you buy bitcoins instantly with a credit card or debit card. Here are step-by-step instructions to help make the buying process easier for you.

1) Create an Account on Coinbase:
Once you create an account, confirm your personal details and login. You may be asked to upload a scan of ID. Once you’ve logged in, continue to the next step.

2) Navigate to account settings:
Navigate to the top right corner and click on your name. There should be a drop-down menu where you can click “Settings”. Then click “Payment Methods” on the menu at the top. Click on “Add Payment Method” in the right corner.

3) Click “Credit/Debit Card”

4) Enter your Credit/Debit Card Information:
Note that Coinbase only accepts Visa and Mastercard credit/debit cards at this time.

5) Confirmation:
You should see a confirmation like the one below. If so, your credit/debit card has been successfully added!

6) Buy Bitcoins!
Go to the buy page and you should see a widget that looks like the image below:

Enter the amount you want to buy, and click “Buy Bitcoin Instantly”. Your coins will then be delivered to your Coinbase wallet!

Done...... Welcome to the world of Cryptocurrency.

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DISCLOSURE: This post contains sponsored ads and I will be compensated if you make a purchase after clicking on my links.