No doubts, the United States is one of the leading countries in the blockchain technology. Just as of 27th July, 2020, a US Lawmaker introduced Crypto-Currency Act of 2020. But the big question is, is the USA a die-hard crypto country?
Is Purchasing or Bitcoin Investment Legal In The United States?
In 2013, the Financial Crimes Enforcement Network (FinCEN) bureau understood the necessity to regulate transactions relating to the exchange of cryptocurrencies.
In the first quarter of 2014, the USA Internal Revenue Service released a guide about taxation of operations with regard to Bitcoins and other virtual currencies. So, we can say that the USA is a crypto friendly country.
In fact, Rep. Paul Gosar announced on Monday that he has introduced the Cryptocurrency Act of 2020 while under self-quarantine after he was exposed to the coronavirus.
The bill clarifies which federal agencies regulate which type of crypto assets. “It’s crucial that America remains the global leader in cryptocurrency,” said the lawmaker.
Payment Methods on Coinbase for Crypto Users in the United States
The payment methods available for the USA users on Coinbase is 4. As an American, you can either use Bank Account or Credit/Debit Card to get purchase digital assets on Coinbase.
By recommendation, the best method is using your Credit/Debit Card as transaction is instant.
The best way to buy Cryptocurrencies on Coinbase in the United States
The best way to buy Cryptocurrencies on Coinbase is firstly buying Bitcoin (BTC) using either your credit card, Debit card or other payment options you want to go with.
With Bitcoin firstly purchased, you can easily use it and purchase other cryptocurrencies on Coinbase.
And lastly, you will get $10 for free if you buy up to $100+ in BTC worth on your first purchase.
How to Invest/Buy Bitcoin & Cryptocurrencies on Coinbase in United States of America
Step 1. Sign up and Create Coinbase Wallet Account
To get started, visit Coinbase.com, which the link will open up the page below.
Enter your email address and click on “Get Started”.
When done, click on “create account”.
Lastly, you’ll be asked to verify your account. It’s simple. Just click the link sent to your email address which will take you to the next step.
Step 2. Choose your Account Type
Upon verifying your account via your email, you will be asked to choose between a “Business account and an Individual”.
Personally, I think, “Personal account type” is good unless you have other serious transactions.
Step 3. Verify your Identity
To enable you to purchase Bitcoin (BTC), you need to prove your identity which adds extra layer security to your account.
· Verify your Phone Number
Very quickly, to verify your phone number, go ahead and select your country and enter your phone number.
· Verify your ID
Verification is important to prevent identity theft or fraud. All you’ll need to present is a simple photo ID to make sure it’s really you. This takes 1–2 minutes, so, no need to worry.
When you’re done, go ahead and click on “Next” to move on.
We’re almost done.
Step 4. Set up your preferred Payment Method
To buy cryptos on Coinbase, you can either use your credit card or link your bank account. So which do you wish to use?
For the instant purchase of Bitcoin, you want to use the most popular and the fastest option which is “using Credit/Debit card”.
If credit card, then click on it, if not, click on “Bank Account”.
Step 5. Buy Bitcoin
Having linked your credit card in the last step or your bank account, go ahead and enter the amount of Bitcoin (BTC) you want to buy and you’re done.
·Get an extra $10 on your first purchase
Coinbase will give you an extra $10 if only you buy up to $100 BTC in your first purchase. So, if you buy $200 worth of BTC, you will get an extra $10 which will add up to $210.
Upon entering your preferred amount, go ahead and click the “Buy Bitcoin Instantly” button, and you’re done.
Those are the 5 important steps you need to buy Bitcoin (BTC) on Coinbase Exchange. That is all.
Frequently Asked Questions about Investing/Buying Bitcoin (BTC) in the United States and on Coinbase
1. Can I Buy Bitcoin In the United States Using Credit Card?
Yes, you can. Just as we’ve shown above, all you need to do is create your crypto account on a crypto exchange like Coinbase, verify it for Credit card purchase, enter the amount of Bitcoin you want and that is it.
More so, you have other instant buy options to use.
2. How can I withdraw Bitcoin/Cryptocurrencies on Coinbase from the United States?
Yes, you can easily withdraw your funds using PayPal, Debit card, Wire, or Bank Transfer.
3. What is the best bitcoin wallet for crypto Users in the United States?
If you’re a beginner, I recommend you store your funds using Coinbase wallet. However, if you are on budget, then get a crypto wallet you’re in charge of like Ledger or Trezor and secure your crypto assets confidently.
4. How do I get free $10 on Coinbase?
To get the $10 tip, all you have to do is purchase $100+ Bitcoin (BTC), and you will get an extra $10 to your account. I like the first encouragement.
5. How I Do Resolve My Photo ID Verification On Coinbase?
If the device used for accessing your Coinbase account has a good camera then you can do this without hassles.
However, if you need further help, then get the Coinbase mobile app, because, with it, over 90% of customers are able to resolve issues with ID verification by using the Coinbase mobile app and the camera on their mobile phone. Once the app is installed, go to Settings > Identity Verification.
6. How Do I Contact Coinbase Support If I Need Help?
Coinbase has many avenues for a reach-out which you can find here.
Ready to Invest or buy bitcoin on Coinbase from the United States? If yes, then visit Coinbase.com and get started.
#Have a blessed day.