How To Buy Bitcoin From Your Phone (iPhone Or Android)

Bitcoin is rapidly expanding in value, climbing faster and farther than anyone had anticipated. The value of the cryptocurrency has had a history of huge highs and deep lows, which has troubled traditional investors. However, an upcoming bitcoin futures contract will make it possible for investors to bet on the future price of the currency, solidifying the currency as a legitimate investment opportunity. Now is a great time to get on board the bitcoin train, as long as you’re not afraid of some risk. We’ve compiled a step-by-step guide on how to buy bitcoin from your phone, using the number one app, Coinbase.

Image source: Coinbase.com

Downloading Coinbase

Step 1: The first step is to download the app. It’s available for free on either Google Play or the App Store, depending on your chosen device. Simply install it as you would any other program, and then launch it.

Step 2: Enter your email, password, and create an account on Coinbase.

Step 3: The next step is to verify your identity, which is an important part of becoming a Coinbase user. It’s important that the platform stay free from scammers and other unsavory types to ensure bitcoin trading is as easy and risk-free as possible. This process can take up to a few hours.

Step 4: Connect your bank account. This is the longest part of the process, and it can take a couple of days for Coinbase to recognize the connection.

In no time, you’ll be up and running and ready to buy bitcoin from your phone.

How to Buy Bitcoin From Your Phone

Your app will notify you once you’re ready to go. It’s time to learn the simple process of how to buy bitcoin from your phone.

Step 1: Launch the Coinbase app on your Android or iPhone and head to the app home screen by hitting buy/sell.

Step 2: Take a look at the current price of Bitcoin at the top of your screen. Click the buy button, and enter the amount you’d like to buy in real money value. Make sure you have the correct currency selected — neglecting that’s a mistake you don’t want to make.

Step 3: Choose which wallet you’d like to deposit the Bitcoins into.

Step 4: Choose your payment method.

Step 5: Go through the authentication process to finish the transaction.

How To Sell Bitcoin On Your Phone

Whether you feel the price has reached its limit, or you’d like to cash out before a crash goes too low, eventually it will be time to sell. Fortunately, that’s pretty much as simple as the process to buy.

Step 1: Launch coinbase on your phone, and tap the button that says Buy/Sell.

Step 2: Tap on Sell. If your app isn’t connected to your bank account, you’ll now be asked to complete the process.

Step 3: Enter the amount of bitcoin you’d like to sell in your local currency, and then choose the bank account to which you’d like to withdraw the sale money.

Step 4: Authenticate just as you did with the buying process.

As you can see, learning how to buy bitcoin from your phone is as easy as following a few simple steps. Whether you’re on iPhone or Android, the process is pretty similar: just download the app, and you’ll be trading bitcoin in no time. Just make sure you don’t risk too much money, as the market can be incredibly volatile. If the value continues to climb, however, an investment now may seriously pay off.

INVITE FRIENDS AND GET FREE BITCOIN

Invite a friend who buys or sells $100 USD ($134) of digital currency or more, and you'll both earn $10 USD ($13) of free bitcoin!

Help grow the digital currency community and earn free bitcoin.

Using digital currency is more fun with friends! You can invite your friends by sharing the provided link. Once your friend buys or sells $100 USD ($134) of digital currency or more, you will both get $10 USD ($13) of free bitcoin.

You can get a Bitcoin bonus here >>>

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Help grow the digital currency community and earn free bitcoin.

INVITE FRIENDS AND GET FREE BITCOIN.

Using digital currency is more fun with friends! You can invite your friends by sharing the provided link. Once your friend buys or sells $100 ($128) of digital currency or more, you will both get $10 ($12) of free bitcoin.

You can get a Bitcoin bonus here >>>

INVITE FRIENDS AND GET FREE BITCOINInvite a friend who buys or sells $100 ($128) of digital currency or more, and you'll both earn $10 ($12) of free bitcoin!
You can get a Bitcoin bonus here >>>

Read More

Bitcoin

Bitcoin is the world's first decentralized digital currency and online payment system, which allows users to conduct transactions without the need of any third party intermediary (banks for example).

Bitcoin, which is the name given to one unit of the virtual currency, can be divided further into subunits (similar to cents and pennies), the smallest of which is referred to as a satoshi (one hundred millionth of a bitcoin). The bitcoin protocol and reference software (free and open-source), which works on any computer or smart phone, was developed from the one that had been introduced in 2008 by pseudonymous inventor known as Satoshi Nakamoto.

The currency is secured by cryptography thereby making it impossible to duplicate. To begin using bitcoin, a user can sign-up for a free account with any of the bitcoin wallet providers (Blockchain.info and Coinbase are the popular ones). Once signed up, a unique 34-character address (a combination of letters and numbers) is assigned to the user. Alternatively, for better security, a user can download an appropriate wallet and store the bitcoins offline (so called cold storage).

All transactions between the bitcoin users are verified by network nodes and recorded in open shared ledger referred to as the block chain. A record of each transaction is shown in the log of the user as well. Thus, a transaction commences only if there is spendable balance in the wallet. The bitcoin payment system uses a seed or a private key to prevent thieves from stealing the coins from the wallets and to prevent loss or duplication of the coins in the block chain.

The process of confirming the transactions (usually begins in 10 minutes) or record-keeping service is called mining. The computers involved in such a process are called the network nodes. There is a cap of 21 million bitcoins that would be ever created (through reward for the mining process). The rate of creation halves every four years until the cap is reached.

There are four ways of acquiring bitcoins:

• Mining process.
• Sell goods or services for bitcoin.
• Public exchanges (Bitstamp, Bitfinex, Coinbase, etc.)
• Exchanger services (CoinMama, ALFAcashier, SuperChange, etc.)

Advantages over other forms of payment systems:

• No government or central bank has direct control. All other payment systems (Neteller, WebMoney, Skrill, PayPal, etc.) are directly influenced by the decisions of governments. The closedown of Liberty Reserve is a well-known example.
• No obligatory usage fees. Fees are optional and are paid by the sending party to speed up transaction confirmation. All centralized payment systems charge a fixed percentage of the transaction value as a service commission.
• Totally anonymous. Transactions through any other payment processor can be easily traced.
• No identity theft. Identity verification is mostly a must for other forms of payment systems.
• Conversion to fiat currencies is possible in a transparent manner through exchanges. In case of other electronic payment systems, the service operator determines the conversion rate.
• Bitcoin does not face the issue of counterfeit or deliberate devaluation.

Disadvantages:

• Price is highly volatile. A movement of 10% or more against the US dollar in a single day is not uncommon.
• Limited supply and liquidity.
• Facilitates illegal activities because of anonymity. The underground website Silk Road, taken down by FBI, is a classic example.
• Highly susceptible to rumors.

Here are some picks from the list of the Forex brokers working with Bitcoin:

• Whaleclub
• RoboForex
• eToro
• InstaForex
• AvaTrade

You may also want to consider a possibility of getting almost passive income through margin lending investment.

To open a Bitcoin wallet, please visit Coinbase or Bitcoin.it.

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Help grow the digital currency community and earn free bitcoin.

Coinbase is one of the leading digital asset exchanges based in San Francisco, California. The exchange was founded by Brian Armstrong and Fred Ehrsam in 2012. Their focus is on the US market, but the company currently operates in 31 countries and offers Bitcoin storage in 190 countries across the world.

In 2014, the company created a Global Digital Asset Exchange (GDAX) – a platform for trading a wide variety of digital assets and a direct exchange of Bitcoin and Ether for fiat currency. GDAX is primarily meant for professionals with high volumes.

I just bought my first digital currency on Coinbase - try it! https://www.coinbase.com/join/52ab87a9f0c22b6e2e000003

Verification

There are four verification levels on Coinbase, and first three levels take only a couple of minutes. The fourth level can take a bit longer, usually a few days. Completion of each level increases user’s weekly buy/sell limits. Here’s a short overview of the Coinbase verification levels:

Level 1 – verification of email address and phone number.

Level 2 – completion of personal details such as full name, date of birth and address of residence.

Level 3 – input of bank account details as well as credit and debit card details.

Level 4 – identity verification which involves:

• Government-issued identification document
• Taxpayer identification number
• Identity verification by answering a few questions

The limits offered by Coinbase are higher than average. Depending on the verification level of account, the limit increases. Level 1 accounts can buy up to $5,000 worth of BTC and sell up to $25,000 per day. Fully verified US account has a trading daily limit of $50,000, while European account has a 30,000 EUR daily limit.

The exchange supports the following fiat currencies:

• EUR
• GBP
• USD
• CAD
• SGD
• AUD

Coinbase supports only two major cryptocurrencies at the moment – Bitcoin and Ethereum.

Coinbase Fees

Coinbase doesn’t have separate deposit and withdrawal fees, and the exchange charges percentage fees instead of fixed amounts. Bank transfers in the US carry a fee of 1.49 percent, and the funds are available in 5 to 7 days. US customers can add a credit card as a backup payment method, which will enable Coinbase instant BTC buy for up to $1,000 per week.

Credit or Debit Card payments in US, Europe, Canada and the UK cost 3.99 percent of the sum transferred, and the money is available right away.

European SEPA transfer fee is 1.49 percent, and the money is available within three days of the transfer. Xfers transfers in Singapore carry a fee of 1.49 percent as well, but the money is available immediately.

Cryptocurrency deposits and withdrawals are free of charge.

When it comes to trading, Coinbase charges 1 percent flat fee per every purchase made.

I just bought my first digital currency on Coinbase - try it! https://www.coinbase.com/join/52ab87a9f0c22b6e2e000003

Trading at Coinbase

Coinbase is a convenient and secure place to trade Bitcoins and Ethereum. The exchange has a good liquidity in both cryptocurrencies, and the trades are very fast.

They have order slip, candle charts, and variable time frames.

Coinbase doesn’t support margin trading, short selling or futures and derivates trading.

Ease of Use

The Coinbase interface is very intuitive and easy to use. The trading is always at a click or two away, with excellent website speed.

The company offers fantastic mobile products for iOS and Android, with probably the best Bitcoin exchange apps on the market today. The apps provide full functionality of the website-based exchange and require two-factor authentication combined with email verification. It allows pin locking and a unique feature which lets users disable the app at a distance in case the device is lost or stolen.

I just bought my first digital currency on Coinbase - try it! https://www.coinbase.com/join/52ab87a9f0c22b6e2e000003

Coinbase API is also top of the line, allowing access to the exchange functionalities through a third-party app, product or service. Many merchants and traders use this API on their websites to enable Bitcoin payments.

Support Findings about Coinbase

Coinbase support is very professional, with guaranteed 24 hour email response time, which is much quicker during the work week. They also offer instant chat support which operates according to US business hours.

One of the problems we encountered with the Coinbase support is the “canned response” issue, where the support team doesn’t try hard to resolve the problem but has a series of replies sent by default, neglecting to explain the issue or to help solve it efficiently.

They also have a community, where users can post questions and get answers from other users. Their FAQ section offers little information, so it’s best to avoid it.

User Experience

There’s a lot of controversy surrounding Coinbase in the Bitcoin community. Numerous complaints online include the following issues:

Tracking how users spend their cryptocurrencies

Coinbase tracks how their users spend Bitcoins. They are also inclined to close or freeze accounts of the customers that used BTC to pay for gambling, adult services, darknet stuff or any other shady business.

Affiliate reward abuse

Coinbase officially offers an excellent referral program which attracted many affiliate merchants, but there are numerous cases where the partners haven’t been paid accordingly.

Participating in cryptocurrency debates

Coinbase has a history of taking sides in many internal Bitcoin discussions. This is okay for individuals, but the exchange of this type and size should remain neutral and simply follow the market movements instead of trying to dictate them.

Security

Coinbase offers the most robust security in the entire Bitcoin exchange market. Over 97 percent of coins are kept in cold storage. The private keys used for authorization of cold storage transactions are held in fragments between offline hard drives and paper, in different locations with backups in case of losing any pieces.

They offer two-factor authentication for logins and withdrawals and allow customization for maximum daily transaction limit. Passwords are hashed and encrypted.

They offer email notifications and use PGP email encryption.

The exchange hasn’t been hacked in the past.

Conclusion

Coinbase is one of the largest Bitcoin exchanges and the largest Bitcoin storing company in the world. It holds over 600,000 customer wallets, and it’s integrated into the US banking system.

Pros

• High liquidity
• Integrated debit and credit cards
• Newbie friendly

Cons

• Major violations of users privacy
• Puts investors before customers

Coinbase may be the largest Bitcoin broker service in the world, but advanced traders may want to look for a more reliable option.

I just bought my first digital currency on Coinbase - try it! https://www.coinbase.com/join/52ab87a9f0c22b6e2e000003

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