There is no denying that investing in cryptocurrency has been the talk lately, specially among those who dream of becoming the next millionaires or probably billionaires. Well to be fair, bitcoin analyzers say this digital currency (and investment opportunity) is here to stay, but are also very open to the fact that all cryptocurrencies are volatile.
If you are into this new tech that has taken the internet by storm since its inceptions in 2008, I take you through how you can easily and securely buy and sell various popular cryptocurrencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum (ETH).
Coinbase has become so far the most prevalent mobile wallet app in this type of transactions. That’s because the app is user-friendly; letting iPhone and Android users alike trade with cryptocurrency without much hustle.
Besides focusing on security and privacy like all other cryptocurrency wallet apps, Coinbase adds convenience, letting users transact with ease right on their favorite mobile banking app. This has hugely made the world of cryptocurrencies more accessible to the average person. Ideally, trading with any digital currencies on Coinbase is somewhat straightforward once your account is set up. Nonetheless, there are tidbits that will help you spurn away potential headaches along the way.
How to Buy or Sell Bitcoin-Cash, Bitcoin, Ethereum and Litecoin
Choose the digital currency you want to buy or sell
Ready to go? Okay: open the Coinbase app and begin a new transaction by clicking on your preferred digital currency, the main screen opens. You can relax there a bit to get some information right about the currency -the current pricing, the graph highlighting its highs and lows over the previous hour, day, week, month and so forth.
Once satisfied you can know tap on the buy or sell button depending on what you want to do. A new page will open which gives you the option to change to a different cryptocurrency in case you decide to change your mind. Ideally, this is to help you not to have to go back to the previous steps again –which could otherwise be time wasting.
Buy your cryptocurrency
Inside the sales page, decide and choose the account you want to transact with, in this case, the account you want to pay off with, for your digital currency purchase. Bear in mind that there can be wait times -but that depends on the means of payment you are using. Credit and Debit card, as well as your USD wallet, are instant, but bank transfers may take three to seven days to complete the transaction.
In case you want to select your funding source, tap on the “Payment” button. The options should be on the Payment Method Page. After making your selection, you’ll automatically be taken back to your previous destination, the sales page -where you can now enter the amount you want to part with.
To be precise, at this point, you should be looking at the USD box, located at the left side of your screen. After you’ve inputted the amount, the value of the coin will populate either in the BCH, BTC, LTC or ETH box -automatically. You can as well enter the amount you wish to purchase in the cryptocurrency box located on the right-hand side, which will then show its dollar value right on the USD box.
As it is obvious, keep transaction fees in mind, which basically will depend on the amount you purchase. Meaning, you’ll do a bit of math since fees are not included in the amount. So if you’ve purposed to buy $100 worth of bitcoins via a bank transfer, you’ll have to type 102.99 -the extra amount being the fees charged for the service. Another important point to note is that there are limits to abide by, these could be your bank’s weekly transaction limits and so on.
Once you are decided on the amount and are satisfies with paying the fees, click on the blue “Buy” button located on the screen if you are on iPhone, or tap “Next,” found on the upper-right corner for Android users. A confirmation page pops up, and here you should see the summary breakdown of the purchase with the rate, time of arrival, payment method and Coinbase fees. If okay with everything finalize the transaction by clicking “Confirm buy.”
Selling your cryptocurrency
Well, when it comes to selling Bitcoin Cash, Ethereum, Litecoin, or even Bitcoin the process is exactly the same as that of buying. The only thing you’ll need to consider -after you’ve reached “Sell,” is choosing the account you want to be paid with. In this case select “Deposit to” either your bank account or USD wallet right within the “Destination Account” page.
After deciding on the account to deposit your cash, you’ll be taken back to the sales page. Now, input the digital money amount or its dollar value and don’t forget to factor in the fees. If done, tap “Sell” if you are on iPhone or Next if on an Android device, (the button placed in the upper-right corner.) You can now finalize the transaction if you are satisfied with the summary breakdown by tapping on “Confirm sell.”
It’s that simple!
This article was curated from Google News. You can read the original article here.