With all the massive increases in the price of bitcoin everyone is trying to get in on this incredible investment opportunity. There are lots of ways to do so but simply buying bitcoin with your debit card is one of the easiest. And when it comes to buying bitcoins with a debit card there are also multiple ways to go about this.
In this short post I’ll be going over what I consider to be the easiest way to do so. This is exactly how I started buying my first bitcoin and how many others get started in the cryptocurrency world because of how easy this is.
What You Need
In order to be able to buy bitcoins this way you will need the following…
- a debit card
- a bank account
Why do you need a bank account?
You will need a bank account because in order to verify ownership of your debit card tiny transactions will be withdrawn through your debit card and you will have to verify the amounts by logging into your account. And don’t worry, these are less than $1 in total. They will be withdrawn by the service you will be using to buy the bitcoin which I will go over now…
Top Pick: Coinbase
Coinbase.com is where I buy bitcoin and where I tell my friends and family to buy bitcoin. Why? Well because it is one of the more safe platforms out there, it is based right here in the United States which provides some level of trust due to the laws governing it, and they make it extremely easy to use so that anyone can jump on and purchase bitcoin.
Once you buy your bitcoin you can store it in your wallet right at Coinbase if you want to. They even provide an insurance policy that covers all potential bitcoin that could be lost in the event of someone hacking their platform. You can read more on their insurance policy here if you would like.
How To Go About Buying
Ok, so as mentioned, Coinbase is super easy to use, which is why so many people buy their first bitcoin here.
The first thing you will have to do is create an account with Coinbase which really won’t take all that long. You will use your email address and create a password and you can even enable 2-step verification for an extra layer of security against hacking.
Before you can buy any bitcoin you will first have to link your debit card to Coinbase. To do this you will have to go to Settings in the top menu, then go over to Linked Accounts, and then click on Link New Account. You can then select Credit/debit Card and enter your card information. After that you will agree to have 2 small transactions placed on your card (less than $1) and you will have to login to your bank account and verify the amounts of these transactions. After doing that they will see that you really do own your debit card and you will be able to but bitcoin.
To buy bitcoin with your debit card you just hooked up you will have to go to “Buy/Sell” up in the main menu of the site. You will click there and then you will click on Bitcoin. There are other cryptocurrencies that they sell but of course you are looking to buy bitcoin.
Then, under payment method make sure that your debit card is selected. Next you will be able to enter in either the amount of bitcoin you want to buy or the amount of dollars you want to spend on it. Then click the buy button and you will have to confirm your transaction. And guess what….. that’s it.
Simple as that. The good thing with using your debit card is that you will get your bitcoin instantly. You can refresh your account right after purchasing it and you will see that you have it in your wallet. Now it is yours and you can do whatever you want to do with it.
Once you have your bitcoin in your Coinbase wallet I would suggest storing it in a cold wallet for safety.
What a cold wallet is, is an offline storage device. What I use is a TREZOR device. Its kind of like a flash drive. You plug it into your computer, transfer the bitcoin to it, and then you can unplug it and keep it safe somewhere.
The reason cold storage is recommended is because it is unhackable. Coinbase has a good insurance policy and all, but still, I would rather keep my bitcoins safe myself.
How Safe Is Coinbase Really?
In the cryptocurrency world there is definitely some risk that you have to be willing to accept. There are no big governing bodies that are regulating what goes on. This is good and all but it also brings about more risk.
Overall Coinbase is definitely legit and I trust them but you still have to know that you are taking risk when investing in bitcoin, no matter where you go.
The reason I first started using Coinbase was because they were based in the US and it seemed that I could trust them. You have to be careful with places that sell bitcoins in some other countries. In the US there are a lot of laws out there that protect customers and if you get involved with places outside the country I would recommend doing extra research.
I have been using Coinbase for over a year now and have never had any problem with them. This is now what several of my friends use from me recommending them to it.
Final Thoughts & What I Recommend
There is no doubt that using Coinbase is the easiest way to buy bitcoin with your debit card. They make is super easy and they do charge small fees for using their service, but for all the newbies out there this is definitely what I recommend.
Unfortunately if you do use Coinbase you won’t be able to use a prepaid debit card. You will need a debit card that is hooked up to your bank account. There aren’t any platforms like this that accept prepaid debit cards that I know of. What you will have to do if you are looking to buy bitcoin with a pre-paid card is you will have to go to a peer to peer exchange like LocalBitcoins.com, but this is more risky and you will likely end up paying way above market value for the bitcoin.
If you have any other questions or concerns just let me know in the comment section below. You can use my Coinbase referral link here to sign up and you will get $10 of free bitcoin.