As our Bitcoin Betting Guide as pointed out, Buying Bitcoin does not have to be an esoteric process. Two of the major trading platforms, LocalBitcoin and Coinbase, have made it easier than ever to do commerce with the digital currency. Here is a step by step guide on how to buy Bitcoin on both of these platforms.
How To Buy Bitcoin on LocalBitcoin
Your first step is to set up an account on LocalBitcoin by visiting the registration page. You will be guided through the steps to create an online wallet. No additional applications are needed in order to store bitcoins if you use LocalBitcoin; however, you can move your coins to another wallet after a purchase.
After your registration is complete, the main page of the app will contain a box with a tab that says “Quick Buy.” You will fill in the following four variables to set up your purchase:
- Amount of bitcoin to purchase
- Your currency
- The region in which you would like to trade
- Whether you will consider all online offers as a payment method or filter them in some way
Click the “Search” button at the bottom of the box, and the app will find the offers that fit your criteria. Advertisements on LocalBitcoin are filtered for authenticity; however, all traders are warned that they bear final responsibility for their activity.
Once you choose an advertisement to accept, hit the “Buy” button. This will take you to a screen with more information about your prospective purchase. Type the amount of your purchase into the blue box at the bottom of the ad. You can also include a message to the seller. Once you are finished, click the “Send trade request” button.
Once payment is made, the “Mark payment complete” button will complete your order. Your seller will verify the trade, and your coins will be available in your wallet instantly.
Here is an example of some of the most popular options if you want to buy bitcoins in the US from LocalBitcoins:
How To Buy Bitcoin on Coinbase
You will need a Visa or Mastercard for your purchases. You will also need one form of ID in digital format, preferably a driver’s license. Scan both the front and the back of your license, and save the pictures in .jpg format.
Once you have the appropriate credit card available, go to the Coinbase payment methods page. At the top of the page, there will be text that says “Add Payment Method.” You will choose the appropriate listing under this heading depending on the type of card you have – credit or debit.
Coinbase then requires that you complete an ID verification. You will need to upload the pictures of your license into the Coinbase system. Verification may take a few days after the initial processing.
You will then enter the information from your card on the card verification screen. Make sure that the card billing address matches the card’s address, or you may not be able to proceed.
In order to further verify the card entered is yours, two temporary charges will be placed on your card. These charges will be les than $1.00 each, and they will be returned to you after a few days. The sole purpose of the charges is to serve as an additional verification input. When you see the charges come through, login to the Coinbase account that you have created and enter those two amounts into the application.
If these amounts are correctly entered, you will be taken to a new screen with two prompts. The first will say “Credit/Debit Card Added.” You will also see a “Buy Bitcoin” prompt. From this page, you will be able to buy Bitcoin at any time.
From the Buy Bitcoin page, simply enter the amount of bitcoin that you would like to purchase. Select your method of payment (the card that you have previously verified), hit the confirm button and click on the button that says “Complete Buy.” One of the best qualities of Coinbase is the speed of delivery; you will receive your new purchase into the wallet that you select in just a few minutes, barring no other problems in the system.