With all of the news about bitcoin and other cyber currencies lite Litecoin and Ethereum, a common question that arises is how to buy bitcoin in the United States. If you are new to the cyber currency arena, then you may find it a bit intimidating to work your way around all of the new acronyms, lingo, and simply how to do business when all you may want to do is simply buy your first piece of bitcoin or another crypto-based currency like Litecoin. For those readers who find themselves in the United States (or are United States-based), we have included the basic directions to get started with owning your own bitcoin today. For this example, we have chosen to use Coinbase just for ease of use. If you have a preferred method that we have not addressed yet, please feel free to leave us information or comments below to help everyone out.
Steps to Buy Bitcoin in the United States
Step 1: Launch your computer’s Web browser and sign up for a Coinbase account. You will need to navigate to the company’s Website here and make sure that you have access to your email account, checking account, and if desired, a U.S. credit or debit card while you create your first online wallet to store bitcoin, Litecoin, and more.
Step 2 : Connect your bank account to your Coinbase account. Coinbase provides a direct link to most major banks in the United States from the connection screen from which you will be asked to access your account and choose the applicable checking or savings account to connect to the site. If you want to enjoy a larger deposit or withdrawal limit than $10,000 (at the time of this writing the limit), you will need to also upload a copy of your photo ID. Once you have a verified account setup and associated with your Coinbase account, you will be able to make your first purchase of bitcoin or altcoin such as Litecoin. You can also enter a debit or credit card as another form of payment to buy bitcoin with an initial monthly limit of $750 USD. Coinbase will make two small debits against your card in these cases that you will have to enter the two “cents” numbers into the back-end of the system to validate the account.
Step 3: Start buying and selling bitcoin as you deem fit. The Coinbase interface is pretty straight forward to buy coins of your desired currency for those supported by the interface. If you are new to the application, you will want to make sure to have your mobile phone handy as it seemed like I was asked several times to authenticate my account via a code sent to my phone requiring entry on the main site. Other than that, everything worked as advertised.
Step 4 : Make sure that you read the relevant FAQ and disclaimers on the Coinbase site before completing your purchase of Bitcoin. When using a checking or savings account as your primary means of funding, you will get credit for the purchases that you make on that day (ie the price of the coin); however, the purchase will not show up in your bitcoin wallet until after the ACH process clears the Coinbase bank (can take upwards of four days or more).
Step 5 : Understand the required fees associated with each form of funding for purchase of Bitcoin with Coinbase. The company will charge you a transaction fee that you can see before you complete your purchase of the coin(s). That’s it. If you have any questions on how to buy bitcoin in the United States, please let us know.
How Can You Get Started Buying Bitcoin with the New Coinbase Deal?
If you live in the United States, the easiest way to get started with buying bitcoin, litecoin, and more is to signup for a free account at Coinbase here. If you buy or sell $100 or more of digital currency then you will get $10 free of bitcoin (and we will too!) until the company discontinues their offer. Enjoy!