The Simplest Way to Buy Bitcoin?

23 Jul 2018

Buying Bitcoin can be a tricky and annoying process. Luckily here at CryptoCompare we have done all the hard work for you to find the easiest way to get Bitcoin using your debit card in a matter of minutes -whilst staying safe and using a reputable firm. All you need is a driving licence, a phone, webcam on your computer and a debit card. Then you will have got your first bitcoin.

Usually exchanges can have quite onerous procedures to "onboard" you onto their platform, with a variety of exchanges having different options for different users depending on the region they are in and local regulations with respect to KYC and AML. 

This process here is specifically for Coinbase which acts as both a wallet and an exchange - providing a seamless process to get you plugged in to the bitcoin world.

Alternatively, you can also mine BTC or you can also try buying a cloud mining contract with Hashflare or Genesis Mining.

Step 1: is to go to Coinbase which you can do here! You can also view live charts and streaming prices from the exchange on our site here.

Step 2: is to register your email with them. They will then send an email to your account which you need to click on.
Step 3: You need to register your phone for two factor authentication. Coinbase will then send you a message with a 7 digit pincode on it. Enter this into the box provided. You can also request a call.
Step 4: You need to fill in your profile and address. Just like any other online buying process. 

coinbase enter address guide to buy bitcoin

 

Step5:  A bit more annoying but you need to verify your identity. You can choose to identify yourself through either your passport, an identification card or your driving licence. You will be prompted to allow access to your webcam and then to take a picture of your identity card - just follow the instructions on screen and then verify identity.

coinbase buying bitcoin guide analysing identity

 

You will then be told that your photo is being analysed. Sometimes Coinbase can reject your photo image if they can't see your identity properly, basically if your photo is out of focus. If this is the case just repeat this step. Once the photo has been analysed the photo will be sent on to verify your identity.

 

coinbase buying bitcoin guide verifying identity

Step 6: You will get a choice of whether you want to buy using a debit card or use a wire transfer to deposit the dollars euros or pounds in Coinbase's account. 

coinbase buying bitcoin guide choosing payment method advantages and disadvantages

 

If you choose to do a wire transfer the process can take 4-5 days and has higher limits in what you can deposit and withdraw, The 1% selling fee to take money out though. 

If you want to deposit using a credit or debit card you can only do so in smaller limits of £100 or the equivalent in Euros or Dollars. There is a 3% buy fee for this convenience though of essentially being able to buy instantly. 

You then need to enter your card details!

 

coinbase buying bitcoin guide enter card details

Step 7: Enter how much you wish to buy and press ok. 

 

coinbase enter how much bitcoin you want to buy

You will then to confirm that this is correct.

 

coinbase confirm bitcoin purchase

Then you will receive a confirmation that you have bought the amount of bitcoin o you wanted!

 

coinbase confirmation of bitcoin purchased

Now you have bought your first bitcoin - congratulations - enjoy using it online to buy discounts from various stores! Tell you friends how easy it is and to use CryptoCompare!

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