Have you heard about your colleagues or friends talking about buying and selling Bitcoin, and you want to get into the party, but don't really know where to start?
No worries, with this super easy guide we will show how easy it is to safely buy Bitcoin with a Visa/Mastercard.
Disclaimer - None of the information published on this website should be considered as financial investment advice or trading advice and using the information available here is at your own risk. Be aware of the high risk that is involved in buying and trading Cryptocurrencies. Don’t trade money you cannot afford to lose!
Buying Bitcoin on Coinbase with a Visa / Mastercard
In this guide we will use an online exchange called Coinbase for buying Bitcoin. There are other exchanges that I use as well for buying Bitcoin and other cryptocurrencies -
But I believe that Coinbase is the most user friendly exchange for newcomers, so that's what we will be focusing on.
Step 1 - Create an account on Coinbase
The first step is to create an account on Coinbase.com. Due to international money laundering laws Coinbase is forced to have KYC (Know Your Customer), which means that you will have to identify yourself with a ID or drivers license.
When this process is finished (usually takes less than 1 hour) you are ready to start buying Bitcoin.
Step 2 - Login to Coinbase to buy Bitcoin
When your account is approved you will get an email confirming it. The next step after receiving the email confirmation is to login on Coinbase with the account details your provided in step 1.
After you login to Coinbase you will get to the Dashboard, where you will find an overview of all your digital wallets on Coinbase. Since we have not bought any Bitcoin (or other crypto yet) they all show zero balance.
Click on the "Buy /Sell" (1) in the left corner to get to the purchase view.
Step 3 - Buy some Bitcoins
Now you should be on the purchase screen and from here you will be able to select which currency you want to buy and for which amount.
First you start with selecting which Cryptocurrency you want to buy (1).
Then you need to select which payment method you want to use (2). Since you might not have added one yet, you can click on "Add new Account" and you can easily add a Credit / Debit card or bank account.
Credit / Debit cards can be used instantly, but adding a bank account takes 1-3 days, since you need to verify the account by a test transaction.
After you have selected a payment method you need to specify the amount that you want to buy Bitcoin for. Bitcoin is dividable, which means there is no need to buy a whole Bitcoin, it's perfectly fine to buy 10$ worth of Bitcoin (3).
You can either specify the amount to buy in fiat (dollar / euro) or in Bitcoin. The system will automatically convert it.
On the right you can see in real time how much Bitcoin your are buying, what the current rate is and how much you pay in fees. If all of this looks fine, then you can proceed by clicking on "Buy Bitcoin Instantly" button (4).
Step 4 - Review the order
The last step before the bitcoin purchase is complete is to review the order (1). If everything looks fine, then you confirm by clicking "Confirm Buy".
If you would like to cancel the transaction there is a link to do that below the Confirm button.
Now you have bought Bitcoin and it's available in your wallet
Congratulations, now you have done your first Bitcoin purchase. You will be taken to the dashboard screen again, where you will see your Bitcoin residing in your web wallet.
What to do next?
Now when you have Bitcoin, what to do with it? First and foremost you should read our guide to Bitcoin (if you have not done so already), to learn more about Bitcoin and how to use it.
Here are some suggestions on things to read next -
Wanna know more about Bitcoin?
If you want to know more about Bitcoin, we got you covered. We have an introduktion guide called - The complete beginners guide to Bitcoin
Thanks for reading, and if you have any question don't hesitate to drop us an email to [email protected]