How to Buy Bitcoin From an ExchangeFeeling lost? Learn how to gamble with Bitcoin
There are three steps involved in buying bitcoin:
- Creating an Exchange Account
- Buying Bitcoin from the Exchange
- Depositing Bitcoin into your Wallet
Creating an Exchange Account
To purchase bitcoin, you’ll want to use an exchange, which is like the stock market for cryptocurrencies where you can exchange one currency for another—in this case, a fiat currency like USD for Bitcoin.
There are many exchanges to choose from, and we recommend using Coinbase.
Before the exchange can be used to buy or exchange Bitcoin, you will need to complete Know Your Client information to verify your account. This just means providing basic details like a name, address, and telephone number, along with providing a scanned copy of government-issued identification. The exchange may also require a photo of your face with your photo ID clearly legible within the same image using a webcam. It may take a few business days for Coinbase to verify your account.
Buying Bitcoin on the Exchange
To buy bitcoin on Coinbase, you’ll need to connect your bank account (or credit card) with Coinbase in the Settings menu and following the instructions in the app.
After you’ve connected your bank account, buying bitcoin is as simple as clicking the Buy button and entering in the amount of USD you’d like to spend on Bitcoin (Coinbase has a $25 minimum). Once you’ve confirmed the amount, just click Buy and your Coinbase account will be funded with Bitcoin.
The next step in the process is depositing Bitcoin into your wallet.
How to Deposit into Your Bitcoin Wallet
At this point, you should have already created your Bitcoin wallet. Sending Bitcoin to your wallet via Coinbase is a quick and easy process worth trying out. Simply click on your wallet within the Coinbase app and you will see your available Bitcoin, the currency equivalent of the crypto and your transaction history. Next, click send and type the exact amount you want to send. If you want to send all of your Bitcoin, click the two arrows in the top right.
From there, get the deposit address from your Bitcoin wallet and paste it into the “TO” box in Coinbase – just like you’d enter someone’s email address. You will be prompted to a confirmation page, where you’ll be asked to confirm the transaction. Click confirm send and you are done! You will see the transaction show up on your wallet history.
Now that your wallet is funded with Bitcoin, you can deposit into your casino or sportsbook.