In this article I will introduce you to the world of Bitcoin, explain how this cryptocurrency works, why it has become so popular and how you can easily invest in it. I will mostly focus on how to use your iPhone and iPad to trade Bitcoin. Do mind though, that the decision to invest, continue to buy or start selling your Bitcoins and cash in the profits, is 100% yours and I won’t risk any predictions.
What is Bitcoin?
Bitcoin is a cryptocurrency and payment system that has reached worldwide availability. A cryptocurrency is a digital asset that can be exchanged between holders. It uses cryptography to ensure that transactions are secure and to control the creation of additional coins. The verification and the transfer of assets is also achieved with the help of cryptography. What makes Bitcoin different from any other digital currency is that Satoshi Nakamoto’s coins are managed without relying on a single administrator or a central bank.
How To Invest In Bitcoin
Buying Bitcoins directly and storing them might be too complicated if you’re new to cryptocurrency trading. However, if you just want to be part of the Bitcoin frenzy and invest some money that you do afford to loose, the best way is to do it with the help of an exchange. Investing in digital currencies trough an exchange platform is done within minutes and is easily accessible with the help of a popular iOS app called Coinbase!
Fact: Coinbase has just hit the U.S. No.1 spot in the App Store for the most downloaded iPhone app of the moment, overtaking traditional leaders like YouTube, Facebook Messenger and Instagram.
How To Setup Coinbase App On Your iOS Device
Coinbase is currently used by more than 10 million customers. It’s compatible with any iPhone, iPad and iPod touch running iOS 10 or newer.
1. Grab Free Bitcoins: Before you proceed with downloading Coinbase on your iPhone and iPad, signup with the service using this link and you’ll get a bonus of $10 worth of Bitcoins if you invest $100 or more in this popular digital currency!
Fact: Note that you have to verify your email address and your phone number, during the process! The procedure is easy and straightforward. Just follow the steps appearing on your screen
2. Download Coinbase – After you signed up with the service using the tip provided in Step 1, download Coinbase from the App Store. When you open the app you’re prompted to signup or login. Chose to login and use the credentials that you configured above!
3. Verify Your Identity – Before you’re able to buy and sell Bitcoins you also have to verify your identity, by uploading your ID.
4. Add Your Bank Account – The next step is to link your bank account in order to be able to fund your Bitcoin purchase. Depending on your state and country, the steps might vary. Just follow the on-screen suggestions and you’ll be ready in no-time. To fasten the procedure you can add your credit or debit card to Coinbase. However, the downside of this is that the transaction limits are lower. Users from outside of the United States might not have the credit / debit card funding option available.
How To Buy Bitcoins From Your iPhone
After your identity is verified and a payment option is confirmed you’re ready to buy and sell Bitcoins:
-> Go the the app’s Home screen and check the current Bitcoin price.
-> Tap on Buy and set the amount of Bitcoins that you want to purchase. If you’re not in the United States you have to use your local currency.
-> Select the Wallet in which you want to deposit your Bitcoins, confirm your payment method, authenticate the transaction and you’re done! Now, you’re also a Bitcoin owner!
How To Sell Bitcoins
Whenever you consider that it’s time to sell your Bitcoins and cash in you have to proceed as follows:
-> Return to the Coinbase Home screen and tap on Sell.
-> Withdrawing money from selling the Bitcoins available in your Coinbase wallet is only possible to your bank account. So make sure that you have a bank account added. You can’t withdraw to a credit/debit card.
-> Enter the amount of Bitcoin you want to sell and choose the bank account (in case you added more than one). Authenticate the purchase and that’s it!
Do you intend to invest in Bitcoin? Share your thoughts in the comment section available below!