How to get started in crypto

In this article we are going to look at how to get started in crypto and that is with a CEX (centralized exchange) such as Coinbase. Coinbase is a popular on-ramp and off-ramp meaning you can convert your USD into BTC and your BTC into USD.

How to Set Up a Coinbase Account

Setting up a Coinbase account is a straightforward process. Below are the steps to guide you through the setup:

1. Visit the Coinbase Website or Download the App

• Desktop: Go to coinbase.com in your browser.
• Mobile: Download the Coinbase app from the App Store (iOS) or Google Play Store (Android).

2. Sign Up for an Account

• Click on the “Get started” or “Sign up” button.
• Enter your first name, last name, email address, and create a password.
• Agree to the User Agreement and Privacy Policy by checking the box.
• Click the Create account button.

3. Verify Your Email Address

• Coinbase will send a verification email to the address you provided.
• Open your email, find the email from Coinbase, and click the verification link.

4. Secure Your Account

• Coinbase will ask you to verify your phone number for additional security.
• Enter your phone number and click “Send Code.”
• Enter the code you received via SMS to verify your phone number.

5. Verify Your Identity

• Coinbase is required to verify your identity due to regulations.
• Provide the required personal information: date of birth, address, and the last four digits of your SSN (for U.S. users).
• You may also need to upload a photo of your government-issued ID.

6. Add a Payment Method

• To buy or sell cryptocurrencies, you need to add a payment method.
• Click on “Payment Methods” in the settings.
• You can link a bank account, debit card, or credit card.

7. Complete the Setup

• Once your payment method is linked, your Coinbase account setup is complete.
• You are now ready to buy, sell, send, and receive Bitcoin (BTC) and other cryptocurrencies.

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How to Buy Bitcoin (BTC) on Coinbase

1. Navigate to the Buy/Sell Section

   • Log in to your Coinbase account.
   • On the main dashboard, click on the “Buy/Sell” tab.

2. Choose Bitcoin (BTC)

   • In the “Buy” section, select “Bitcoin” from the list of cryptocurrencies.

3. Enter the Amount

   • Specify the amount of Bitcoin you want to buy in USD or BTC.
   • Coinbase will show you the equivalent amount in BTC based on the current exchange rate.

4. Select Payment Method

   • Choose the payment method you set up earlier (bank account, debit/credit card).
   • Review the fees associated with your payment method.

5. Confirm Purchase

   • Review the transaction details, including fees.
   • If everything looks correct, click “Buy now.”
   • Your Bitcoin will be added to your Coinbase wallet.

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How to Sell Bitcoin (BTC) on Coinbase

1. Navigate to the Buy/Sell Section

   • Log in to your Coinbase account.
   • Click on the “Buy/Sell” tab in the main dashboard.

2. Select Bitcoin (BTC)

   • In the “Sell” section, select “Bitcoin” from your list of assets.

3. Enter the Amount to Sell

   • Specify the amount of Bitcoin you want to sell in BTC or USD.
   • Coinbase will show you the equivalent amount in USD.

4. Choose the Payout Method

   • Select where you want the funds to be sent (Coinbase USD wallet, bank account, PayPal, etc.).

5. Confirm the Sale

   • Review the transaction details, including fees.
   • Click “Sell now” to confirm.
   • The funds will be transferred to your chosen payout method.

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How to Send Bitcoin (BTC) from Coinbase

1. Access the Send/Receive Section

   • Log in to your Coinbase account.
   • Click on the “Send/Receive” tab on the dashboard.

2. Enter the Recipient's BTC Address

   • In the “Send” section, paste the recipient’s Bitcoin address.
   • Double-check the address to avoid mistakes, as Bitcoin transactions are irreversible.

3. Specify the Amount

   • Enter the amount of BTC you want to send.
   • You can also enter the amount in USD, and Coinbase will calculate the BTC equivalent.

4. Review and Confirm

   • Review the transaction details, including the amount and recipient’s address.
   • Note any network fees that may apply.
   • Click “Send now” to complete the transaction.
   • You may be asked to verify the transaction with your 2FA method.

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How to Receive Bitcoin (BTC) on Coinbase

1. Access the Send/Receive Section

   • Log in to your Coinbase account.
   • Click on the “Send/Receive” tab.

2. Select Bitcoin (BTC)

   • In the “Receive” section, make sure Bitcoin (BTC) is selected.

3. Copy Your Bitcoin Address

   • Coinbase will generate a Bitcoin address for you.
   • Copy this address, or use the QR code provided.

4. Share Your Address

   • Share this address with the sender.
   • Ensure they send the correct cryptocurrency (Bitcoin) to avoid loss of funds.

5. Confirm the Transaction

   • Once the sender initiates the transaction, it may take some time for the Bitcoin to appear in your wallet due to network confirmation times.
   • You can track the transaction status in the “Transactions” tab.

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Following these steps will help you navigate the basics of setting up and using a Coinbase account for Bitcoin transactions.