Don’t you feel left out when your next door neighbor is bragging about having invested in digital cash, and you are totally clueless in how to step into this digital currency world? It appears pretty daunting initially. But once you get seasoned, you will enjoy it. It looks like we are stepping into such a kind of future where the most simplest thing that we execute will change its way. What you need to keep in mind is that Coinbase is the only user-friendly digital currency exchange that’s available at your disposal. Basically, it is a good place to start with, and once you’ve purchased some digital coins with your dollars, you won’t have to deal with traditional banking anymore!
Firstly, you will have to convert your present currency (USD) into bitcoin. For that, you have to:
- Navigate to your app store to download Google Authenticator
- Then, go to www.coinbase.com
- Click on Sign Up
- You will then be asked to setup a two factor authentication. Use the Google Authenticator for it\
You need to keep in mind that Coinbase has a limited offering. The website only offers 4 types of digital currencies: Bitcoin, Bitcoin Cash, Ether, and Litecoin. As you all know, Bitcoin is the most famous of all. Ether comes second in popularity. And lastly, Litecoin was developed by former Coinbase employees.
If you wish to access more cryptocurrencies, you will need to have an account on a more exuberant cryptocurrency-exchange. Ideally, it should be based in Asia, where the lion’s share of trading is taking place. For that:
- Go to www.binance.com
- Make an account
- And as you did previously, set up the two factor authentication using Google Authenticator
You will not be able to fund these accounts with your USD checking account. However, using Bitcoins, you can do it in no time! The Coinbase website will just charge a certain amount for transferring your bitcoins out.
However, there’s one alternative that you can use. Coinbase offers another trading platform called GDAX.com. You can sign into GDAX. com with your Coinbase account. GDAX provides faster transaction processing, and it doesn’t charge a penny on transferring your Bitcoins out.
Just go to the Withdraw screen and copy the withdrawal code, which consists of the long string of characters. Now, go to the Funds screen available on Binance. You can deposit your Bitcoin just by pasting it in the GDAX withdrawal code.
And bam, you can now buy and sell any kind of cryptocurrency that you want!