HOW TO PAY WITH BITCOIN
HOW TO BUY BITCOIN WITH COINBASE (Credit Card/Debit Card)
There are many ways to purchase Bitcoin today, as I outlined in my article “Your First Bitcoin (How and Where To Buy It)”. I mentioned there that I often set up my friends with a “starter pack” of what I think are the two most accessible platforms for purchasing and trading crypto. Coinbase, for purchases and Binance for trades.
In this article, I’ll give you a step-by-step guide for exactly what to do and expect when purchasing Bitcoin on Coinbase.
In a nutshell, here is what we will be doing:
- Creating a new account
- Verifying your identity
- Adding a payment method
- Making your purchase
- (optional) Withdrawing your Bitcoin to a wallet or exchange
What you’ll need:
- An email address
- A phone number that can receive an SMS (Google Voice seems to work)
- Your passport or other ID (possibly depending on your country/state of residence)
1. Creating Your Account
First things first you will need to signup. 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. Verifying Your Identity
The signup process for Coinbase is fairly intuitive, though it has changed several times and may vary according to your geographical location.
Some people find the number of steps involved annoying, which is understandable. You will probably have to verify your email, a phone number (by receiving an SMS code), and possibly even show your passport via webcam before you can start your purchase. While this can be a little tedious, Coinbase’s interface keeps it simple and friendly, and it appears they’re doing everything they can to keep your account secure.
3. 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 and you should see something that looks same like the image on the right.
4. Click “Credit/Debit Card”
You have a few different options for buying on Coinbase.
You can use a debit card, bank transfer, or wire transfer. (Previously credit card purchases were also possible, but despite the fact that this is still true according to Coinbase’s help pages, it’s currently not possible to add a credit card as a payment method.)
Debit card purchases are the fastest. As soon as you pay with your card, you will instantly have the Bitcoin in your account.
Bank transfers have lower fees, but it takes about five days before you receive your Bitcoin.
5. Enter your Credit/Debit Card Information
Note that Coinbase only accepts Visa and Mastercard credit/debit cards at this time.
6. Confirmation
You should see a confirmation like the one below. If so, your credit/debit card has been successfully added!
7. Buy Bitcoins!
Go to the buy page and you should see a widget that looks same like the image on the right.
HOW TO BUY BITCOIN WITH COINMAMA
This section will show you how to buy bitcoin using CoinMama. (PS: you can also check out the concrete guide here CoinMama Tutorials!)
Open an Account on CoinMama
Once you create your account and verify your email address, you can begin following the steps below:
1. Login to Your Account
2. Verify your Identity
Enter all of your personal details in the fields above and save them.
3. Upload and Verify your ID
4. Select Payment Method
You can use credit/debit card, SWIFT, SEPA (Europe only) or Faster Payments (UK only).
5. Select Amount of Bitcoins to Buy
You can also buy other coins.
6. Enter your Bitcoin Wallet Address
The bitcoins will be sent here once your payment has been completed.
7. Enter Card Info
Enter your credit or debit card information.
Who Can Use Coinmama?
Whenever you’re evaluating a new cryptocurrency exchange it’s always important to ask if you can even use it in the first place. Due to cryptocurrency laws and regulations which change depending on which country you’re in, or which state, sometimes services are not available.
Coinmama is widely available throughout Europe. In fact any cryptocurrency trader or investor not living in any of the countries, US states, or territories below can use Coinmama.
Finally we come to the list of countries that cannot use Coinmama at all. Here is the list of restricted countries:
- Cuba
- Crimea
- Iran
- Israel
- Lebanon
- North Korea
- Palestinian Territories
- South Sudan
- Sudan
- Syria
The following American states cannot use Coinmama:
- Florida
- Hawaii
- New Mexico
- Oregon
- Vermont
The following American territories cannot use Coinmama
- American Samoa
- Guam
- Northern Mariana Islands
- Puerto Rico
- United States Minor Outlying Islands
- Virgin Islands
Buy Bitcoin with Debit Card
If you don’t have a credit card? No problem. You can also buy Bitcoin with debit card. Coinmama currently accepts payments via Visa and Mastercard. Please note that American Express, Discover and PayPal are currently not accepted. Regardless of the method you choose, you need to make sure that the card belongs to you.
Please note that you’ll pay a commission due to the processing fees that come with your card payments. After your account is verified and a purchase is made you will receive your Bitcoin within a few minutes. Coinmama offers industry-leading purchase limits. For more information, refer to our Knowledge Base.
Buy Bitcoin with Bank Transfer
Looking for another payment option? You can also buy Bitcoin with bank transfer. We currently accept orders of up to 12,000 USD per day, regardless of other methods you may have used, offering higher limits and lower fees.
This method is currently available in most European Union (EU) countries and the United Kingdom (UK) using SEPA bank transfer and in the rest of the world through SWIFT.
Why Bitcoin?
Bitcoin (BTC) really took off during 2017 and is still going strong. So what is this cryptocurrency all about? In a nutshell, Bitcoin enables payments to be sent between users without passing through any central authority, such as a bank or payment gateway. Here are a few facts about Bitcoin you need to know:
- Bitcoin is decentralized. No single institution controls the BTC network. The integrity of the encrypted transactions is not owned by anyone.
- Trading Bitcoin fractions is extremely easy. The smallest unit of a bitcoin is called a Satoshi. It is one hundred millionth of a Bitcoin (0.00000001).
- As of January 2018, around 16.7 million BTC were in circulation all around the world. The maximum amount currently stands at 21 million BTC.
With Coinmama, you will have 24/7 access to your account for making new Bitcoin purchases. Our platform is fully responsive and can be accessed on-the-go from your computer, laptop, smartphone or tablet. Respond faster to crypto market developments and optimize your Bitcoin investments with Coinmama.