Note: I'm not 100% sure this is the right section; if its not, please move the thread


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Hey all,

The question "How can I use bitcoin" and all of its variances is something that I come across a lot as a gold seller.
Therefore, I decided to make this guide on how to use one of the most well known exchanges, Coinbase.

Table of Contents:
- Registering your account
- Verifying your account
- Depositing funds
- Buying/selling bitcoin
- Sending bitcoin
- Withdrawing funds

Getting started

To get started, visit Coinbase by clicking here.
You will see the following page:



To register your account, fill in the form you see on the home page.



After you've done so, you'll land on the following page:



I'll now walk you through the verification.
Go to your email account, and open the email you've just received in your inbox.
In there is a link to verify your email.



You can now get a glimpse of the coinbase site



Click on "Buy/Sell Bitcoin" on the top left. You will see the following screen.



You'd never guess it, but you're supposed to click on the big "Complete now!" button :O

You'll now have to enter your phone number:



After clicking on Next, you'll get a text with a 7-digit code. Enter it in the designated space to verify your phone number.



Afterwards, enter your actual, legit details.



After clicking next, you will go to the Identity verification.



Click on "Start verification" and select the kind of document you'll use to verify yourself afterwards.





Choose your file, and upload it. Please note that your document HAS to be in colour, or coinbase wont be able to check it.
This process it automatic, and is rather quick

Once you verified your ID, you will see a similar page to this:



It will ask you to send a small amount (i.e. €0.01) to a listed bank account. This is done to verify your bank account.
On this part, you will have to go to your own online banking site. Copy/paste the information coinbase shows you.
Make sure to double check everything before you send the transfer.

NOTE: The above picture is NOT an exact match for the one you will see, so obviously, do not send it to the above information but to the one that appears on your page instead.

You will now have to wait until the banktransfer arrives at coinbase. Once this has been the case (or if your country has a different verification protocol than mine), you can buy and sell bitcoin on Coinbase!
Depositing works in much the same way, though some countries may have direct upload options.
Uploading is generally done at a 0 cost!



How to buy bitcoin:

The process of buying bitcoin is rather straightforward.

Again, click on Buy/Sell Bitcoin in the upper left corner.
This time, you will view a page similar to this:



You can click on the up and downward arrows on the left to switch between buying a certain amount of bitcoin or certain amount of €/$/GBP etc.

Enter the amount you want to buy. If you'd enter 1 BTC (or its equivalent in bits), you'd get the following screen:



Assuming you have enough funds in your balance, all you have to do is press "Buy Bitcoin Instantly" to purchase your bitcoin, and they will directly appear in your wallet!



How to send bitcoin:

Click on Send/Request on the left. The following screen will appear:



Enter the recipients coinbase email to directly send a payment to them, that will skip the required confirmations.
If they aren't using coinbase, enter their bitcoin address.

After you enter the amount, you can add an optional message before you send it.



Press "Send Funds" to send - it is that easy

Always be sure to double check the email or bitcoin address the other gave you to be sure it arrives properly.
I recommend always asking them to confirm it when you copy/paste the bitcoin address.

Incoming transfers require 3 confirmations before they can be used to transfer to someone else or be sold on the exchange.
Avoiding explaining how the bitcoin network works in its entirety, it is basically an average 45 minute wait.

Selling works the same way as buying bitcoin - only you need to click on "Sell bitcoins" on the top of the page.





Withdrawing funds

Click on your USD Wallet or EUR Wallet on the left.

On the top of the page, you will find something similar to this:



Click on "Withdraw", and you will see the following:



Your linked bank account will automatically appear on top.
Select the amount of € or $ or GBP you want to withdraw, and click on Withdraw.



Confirm your transfer, and your funds will be sent to you in generally 1-3 business days.
For SEPA transfers, the fee is €0,15 EUR regardless of the amount you withdraw.






I hope this explains the basics of working with Coinbase.

Enjoy,
Sebas613



Note: Currently, Coinbase is running a referral promotion where you get paid if someone buys over €100 via coinbase after being verified.
If you buy €100+ via the links here, I'll send you €10 in bitcoin after you've done so while this promotion runs. This means you can earn some free money as well!

 

Thanks for making this, I'm sure this is going to help a lot of people become more familiar with BTC

 

Damn, really in depth.
I just use blockchain.info, only use it for getting paid, then just sell it to some exchange (mostly bitonic.nl) and they send the €€ to my bank account.
Nice guide regardless!

 

Thanks

Yeah, I use bitonic / bitmymoney a lot. However, these two only work if you're from the netherlands or belgium. Coinbase works for the whole of europe + the USA.

Plus, the rates on coinbase are usually better for selling than bitonic/bitmymoney, though bitonic/bitmymoney do sometimes have better buy rates.

 

Bump