What is Coinbase?
Coinbase is the arguably the most popular, and easiest, way to buy and sell bitcoin, bitcoin cash, ethereum, and litecoin.
Coinbase is a bitcoin wallet. With Coinbase, you can easily and securely buy and use bitcoin.
Getting started with Coinbase is easy. Simply sign up with Coinbase and convert any supported currency to bitcoin with your bank account, credit or debit card. You can also do wire transfers from your bank.
Sign up through my link and you’ll get $10 worth of bitcoin for the first $100 you invest! Pretty cool. You might even say it’s groovy if you’re from my era.
I hear the cries of “but is it safe?” from my play-it-safe peers. While nothing in this brave new world is fool-proof, we can take necessary precautions. How many of us have relented to online banking and online payment of our bills due to convenience?
Coinbase is similar. They institute a two-step verification process, meaning that in addition to your username and password, you’ll enter a code from your mobile phone, adding an extra layer of security for your account.
But hey, I’m still as wary as you. So what did I do? I uploaded cash to a credit card I purchased at Walgreen’s. It’s not tied to my bank account. I then used those funds to set up my Coinbase account.
And when you get it all set-up, a “paper” wallet is the safest option. Please, please, please keep your private key safe and accessible when you want to recover or cash out. There are too many stories about folks losing their private key and, when they realize they have millions of dollars at stake, they are frantic to recover!
Keep your private key on a flashdrive (or multiple flashdrives) and secure them or print on paper and store in a safe place.