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How to buy cryptocurrency
This is part of Velvet Basics, our newsletter on how to join the world of Web3. Today's topic: Purchase ETH using Coinbase in 10 minutes.
We’re back with another quick lesson on joining the world of Web3. Today, we’re buying digital currency using Coinbase.
What you’ll learn today: How to purchase ETH in 10 minutes.
Commitment: Ten minutes. You can do it all on your phone.
Why should I buy crypto?
Buying cryptocurrency is one way to start engaging with the Web3 internet. You can use it as an investment that might grow over time, like buying stocks in a public company. And you can spend it on things like NFTs and DAOs (more on that later).
In the future, you might use your currency to buy the latest single from Nas, tickets to Art Basel, or some Gucci sneakers for both you and your online avatar.
Buying crypto will be our first step into the web3 world. Let’s do it together.
How to buy ETH in 10 minutes (including account set up)
Coinbase lets you securely buy, sell, and manage hundreds of cryptocurrencies. Today we’re going to take $20 USD and buy ETH - a currency you can use to buy things on platforms like OpenSea, Foundation, Royal, and others.
First, download the Coinbase app and create your account:
Get started with the Coinbase app.
Download from the App Store.
Go through the steps to create your account.
Use a password manager like 1password to store your information.
Verify your account with the email address you entered.
Step two, secure your account and verify your identity:
Keep your assets + identity safe.
Set up two-factor authentication with your phone number.
Enter your personal information and answer a few rounds of questions.
Your account should be verified right away.
Next, connect your bank account
This is the most annoying part, you can do it!
Choose the bank you’ll use to buy digital currency.
Authenticate with your bank or debit card using the Plaid integration (Note: Account setup won’t work with a credit card).
Make sure to check all the boxes under additional information (Otherwise, you’ll have to go through the process again).
Finally, buy some ETH
You’ve made it to the fun part, *party dance*
Tap on Ethereum or any other currency you want to buy.
Enter in the amount you want to spend - start with $20 USD.
You did it! Navigate to the assets tab to see your growing portfolio.
Other features to try out on Coinbase.
Dollar-cost averaging: Learn more here.
Read their article feed for ongoing education.
Deposit some of your paycheck each period into Coinbase.
‘Learn and earn’ - take short quizzes to earn crypto rewards.
Now you’ve got some crypto, welcome to the club 🕺🏾You’ve joined 106 million people around the world who hold cryptocurrency.
Next up in our basics series:
Until next time 👋 Team Velvet
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Obligatory note: We are not financial advisors or lawyers, and are not affiliated with any of these companies or recommendations. All thoughts are our own.