In this day and age where technology has innovated, it quickly changed society over the past decade. It changed the way we make payments, it changed how we’re able to interact with each other, it even allows us to view places we’ve never been.
Along with the technology, the uprising is cryptocurrency & blockchain technology. Cryptocurrency is also known as “crypto” is a digital asset that functions on a cryptographic database that can’t be hacked, encrypted, or tracked also known as the “Blockchain network”.
Certain cryptocurrencies have use cases that can tokenize data & exchanges between the blockchain networks such as “Cosmos” and others like “XRP” which is designed for cross-border payments and fast transactions across the world instantly for less than a penny. The thing is that many people don’t know how to invest in these assets, and that’s where we teach you!
There are exchanges like Coinbase, Binance.US, & Kraken that allow users to purchase their first cryptocurrency using a linked verified bank account or debit card. To start off, users must first create an account with either exchange-listed. We’ll use Coinbase For An example,
1. When First Downloading Coinbase at “https://www.coinbase.com/signup”, On Your IOS, Android, or MAC, you’ll come across this page when creating your account. You’ll provide information such as your Name, Email, & Phone Number to verify the SMS associated with the account.
2. After Creating Your Account, You’ll have to verify your email address. You’ll come across a page like this that’ll pop up. Verify your email & continue.
3. Once you Verified Your Email Address, You’ll be brought to an identification verification task, Users must go through a KYC (Know Your Customer) verification process which allows the exchange to verify your identity using an ID to verify the user and it’s also required to further link your bank account or debit card. Once the user’s identity is verified, they will then proceed to link their bank account information by providing the information needed by the exchanges.
4. After Uploading Your Documents for your ID, you’ll get ready to link your Bank Account or Debit Card on Coinbase. It’s better to link your actual Bank Account because of the large amounts you’re able to invest rather than a small limit with a debit card.
5. After finishing setting up your account information, you’ll see crypto’s on the home page such as Bitcoin, Ethereum, Stellar Lumens, & More. You might see initials like XTZ which stands for Tezos and others like LINK which is known as ChainLink. Each crypto has its own use case so that’s why it’s critical for every individual to do their own research.
6. When clicking on crypto, it’ll give the option of “Buying” or “Selling” the crypto that you selected. When clicking “Buy”, it’ll give the user the choice to put an amount they’re comfortable with. After previewing the amount that the users enter, it’ll show how many crypto’s you’ll get for that amount inputted.
For example, if a user is making a purchase of $100 to crypto that’s worth 0.15 cents, they’ll receive 626 coins of what crypto is chosen to be an investment. Therefore they received 626 coins for $100 dollars! Here’s an example down below,
7. After the user confirms their purchase, it’ll show your balance in the crypto chosen in the “Portfolio” section.
Congratulations you’ve just made your first crypto purchase and are on the way to financial freedom! It’s very important to build financial literacy by educating yourself on current events economically!
To find more information on prices of crypto’s or the information on specific crypto, you can view more information on Coin Social Story
Written by Anthony Collins, owner of Juice Crypto’s Academy