The value of bitcoin hit a record high of $11,342 this week, and mainstream interest in the cryptocurrency has skyrocketed.
The easiest way to get involved is by signing up to a bitcoin wallet service. You can also “mine” bitcoin using a supercomputer – an unrealistic option for most people – or set up and control your own wallet, but using a third-party service is far simpler.
Using the app Coinbase, which lets anyone trade bitcoins for a small fee. If you’re going to do this, tell your bank you’re about to buy bitcoin. Coinbase makes it easy to convert your local currency into and out of bitcoin.
Step by Step Guide using the app Coinbase
- Sign up for Coinbase
This first step is to sign up for a Coinbase account. This will give you a secure place to store your bitcoin, and easy payment methods to convert your local currency into or out of bitcoin.
2. Connect Your Bank Account
After you sign up, connect your bank account. You’ll need to complete some verification steps before you can use the account. Once the verification steps are complete, you can start a purchase.
3. Buy and Sell Bitcoin
After starting your first purchase, we’ll complete your buy and deliver your bitcoin. (Sells work the same way but in reverse). The price of bitcoin changes over time, so we’ll show you the current exchange rate before you buy.