How to Buy Bitcoin with Apple Pay on Coinbase: A Step-by-Step Guide
Bitcoin, the world's first decentralized cryptocurrency, has become increasingly popular in recent years. With its increasing adoption, many people are looking to buy Bitcoin using different payment methods.
One such payment method is Apple Pay, a mobile payment and digital wallet service provided by Apple Inc. Coinbase, one of the largest and most reputable cryptocurrency exchanges, now offers the option to buy Bitcoin with Apple Pay.
In this article, we'll guide you through the process of buying Bitcoin with Apple Pay on Coinbase. We'll explain what Bitcoin and Coinbase are, the benefits of buying Bitcoin with Apple Pay on Coinbase, how to set up your Coinbase account, and how to buy Bitcoin with Apple Pay on Coinbase.
Read Also: Buy Crypto with Apple Pay on Binance
What is Bitcoin and Coinbase?
Bitcoin is a digital currency that operates independently of a central bank. It uses a decentralized network called blockchain to facilitate secure and transparent transactions. Bitcoin can be bought, sold, and traded on cryptocurrency exchanges like Coinbase.
Coinbase is a digital currency exchange headquartered in San Francisco, California. It is one of the largest and most reputable cryptocurrency exchanges in the world, with millions of users in over 100 countries. Coinbase allows users to buy, sell, and trade various cryptocurrencies, including Bitcoin.
Benefits of Buying Bitcoin with Apple Pay on Coinbase
Buying Bitcoin with Apple Pay on Coinbase has several benefits, including:
- Convenience: Apple Pay allows users to make payments quickly and securely using their Apple devices. By using Apple Pay on Coinbase, you can buy Bitcoin easily and securely from your iPhone or iPad.
- Security: Apple Pay uses advanced security features such as biometric authentication and encryption to protect users' financial information. By using Apple Pay on Coinbase, you can be assured that your transaction is safe and secure.
- Speed: Buying Bitcoin with Apple Pay on Coinbase is a fast and easy process. You can complete your purchase in just a few clicks, without having to enter your payment information manually.
- Low Fees: Coinbase charges a low fee for buying Bitcoin with Apple Pay. The fee is 1.49% per transaction, which is lower than many other cryptocurrency exchanges.
Setting up your Coinbase account
Before you can buy Bitcoin with Apple Pay on Coinbase, you'll need to set up your Coinbase account. Here's how:
Signing up for Coinbase
- Go to the Coinbase website and click on the "Get Started" button.
- Fill out the registration form with your name, email address, and a strong password.
- Click on the "Create Account" button.
- Coinbase will send you an email with a verification link. Click on the link to verify your email address.
Verifying your identity
- Log in to your Coinbase account and click on the "Settings" button.
- Click on the "Identity Verification" tab.
- Follow the prompts to verify your identity. You'll need to provide your full name, date of birth, and address.
- You'll also need to upload a photo of a government-issued ID, such as a driver's license or passport.
- Coinbase will review your identity verification and notify you once it's been approved.
Linking your payment method
- Log in to your Coinbase account and click on the "Settings" button.
- Click on the "Payment Methods" tab.
- Click on the "Add Payment Method" button.
- Select "Apple Pay" as your payment method.
- Follow the prompts to add your Apple Pay account information.
- Coinbase will verify your payment method and notify you once it's been approved.
Buying Bitcoin with Apple Pay on Coinbase
Now that you've set up your Coinbase account and linked your Apple Pay account, you're ready to buy Bitcoin. Here's how:
Step 1: Accessing the Buy/Sell page
- Log in to your Coinbase account.
- Click on the "Buy/Sell" button.
Step 2: Choosing Apple Pay as your payment method
- Select "Bitcoin" as the cryptocurrency you want to buy.
- Select "Apple Pay" as your payment method.
Step 3: Entering the amount of Bitcoin you want to buy
- Enter the amount of Bitcoin you want to buy in the "Amount" field.
- Review the transaction details, including the current Bitcoin price and Coinbase's fee.
Step 4: Confirming your purchase
- Click on the "Buy Bitcoin" button.
- Follow the prompts to confirm your purchase.
- Once your purchase is complete, your Bitcoin will be deposited into your Coinbase account.
Conclusion
Buying Bitcoin with Apple Pay on Coinbase is a fast, easy, and secure process. By following the steps outlined in this article, you can buy Bitcoin using your Apple Pay account in just a few clicks.
Remember to always exercise caution when buying and trading cryptocurrencies, and to do your own research before making any investment decisions.
FAQs
1. Is buying Bitcoin with Apple Pay on Coinbase safe?
Yes, buying Bitcoin with Apple Pay on Coinbase is safe. Coinbase uses advanced security features to protect users' financial information, and Apple Pay uses biometric authentication and encryption to secure transactions.
2. What is the fee for buying Bitcoin with Apple Pay on Coinbase?
Coinbase charges a fee of 1.49% per transaction for buying Bitcoin with Apple Pay.
3. Can I buy other cryptocurrencies with Apple Pay on Coinbase?
No, at the moment, Coinbase only allows users to buy Bitcoin with Apple Pay.
4. How long does it take for my Bitcoin to be deposited into my Coinbase account?
Once your purchase is complete, your Bitcoin should be deposited into your Coinbase account immediately.
5. Can I use Apple Pay to sell my Bitcoin on Coinbase?
No, at the moment, Coinbase only allows users to buy Bitcoin with Apple Pay. You'll need to link a different payment method if you want to sell your Bitcoin on Coinbase.