The Boomer’s Guide to Investing in Bitcoin on the Coinbase Exchange

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to do it. When you’ve persuaded yourself, take a deep breath and get started.</p><h2 id="ed24">First things first: prepare to collect free Bitcoin or cash</h2><p id="ea9b">I suggest you sign up for Rakuten and RetailMeNot before you open your Coinbase account. When you pull up the website Coinbase.com, new-member rebates and codes will pop up. You can only claim this free BTC or cash back when you sign up for the first time.</p><figure id="bd0b"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*B-HRAK3La3_5B5sFfeIW1g.png"><figcaption>Author’s screenshot from Feb. 16, 2024: Here are some codes for cash back or free Bitcoin for new account holders.</figcaption></figure><h2 id="b34c">Get ready to establish your identity</h2><p id="ce28">To open an account, Coinbase will require you to go through a Know-Your-Customer (KYC) verification. So you’ll need to have your driver’s license ready and take a selfie. You might want to make sure your hair is presentable, but otherwise don’t worry about what you look like for the selfie. That’s just a formality to make sure you are who you say you are.</p><p id="fa0f">It may take a day or two for your account to become active. There may also be a delay if you choose to pay by credit card. But once your credentials are in the system, you can freely buy and sell Bitcoin.</p><h2 id="960

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6">What’s next?</h2><p id="904b">One BTC now costs around $50,000, but pay whatever dollar amount you want for a fractional share of Bitcoin. If you’re a small trader, invest$ 200–400. Larger players can invest up to $1,000. You may want to add to that position over time using smaller buys here and there.</p><p id="844f">There are cheaper ways to buy and sell Bitcoin than by using Coinbase. But if your account is$ 10,000 or less, I don’t think it’s worth wading into the weeds. <b><i>Keep things simple.</i></b></p><p id="f831">Bitcoin purists will tell you that you shouldn’t store your Bitcoin on Coinbase. For instance, you can buy a hardware wallet and store it there. But again, <b><i>it’s simple to store your Bitcoin on Coinbase</i></b>, and there is a very, very small likelihood of Coinbase getting hacked.</p><p id="8d42">Once you’ve dipped your toes into the Bitcoin waters, you might be tempted to buy other cryptocurrencies. Bitcoin is the best known cryptocurrency, but there are literally thousands of others. You can buy, sell, and trade cryptocurrencies (otherwise known as crypto) and hold them on the Coinbase site.</p><p id="7e6c">To wrap things up, invest in Bitcoin on your own so you can benefit directly from the asymmetrical growth this asset offers your portfolio.</p><p id="7127">Happy Bitcoin buying!</p></article></body>

It’s a lot easier to buy Bitcoin directly than it used to be

Depiction of a Bitcoin token. Photo by Kanchanara on Unsplash

On Jan. 10, 2024, the US approved the first-ever spot Bitcoin exchange-traded funds (ETFs). You can now invest in 11 funds that directly track the price of Bitcoin. But, as NerdWallet cautions, there’s no guarantee those funds will deliver exactly the same returns as Bitcoin itself.

So why not buy Bitcoin yourself and save the middleman?

Buying Bitcoin (also known by its symbol BTC) used to be high-tech and daunting. These days, it’s easy to buy BTC using Coinbase, the granddaddy of cryptocurrency exchanges. You can also hold your BTC fairly securely on the Coinbase site.

Probably the hardest part of buying Bitcoin on Coinbase is convincing yourself to do it. When you’ve persuaded yourself, take a deep breath and get started.

First things first: prepare to collect free Bitcoin or cash

I suggest you sign up for Rakuten and RetailMeNot before you open your Coinbase account. When you pull up the website Coinbase.com, new-member rebates and codes will pop up. You can only claim this free BTC or cash back when you sign up for the first time.

Author’s screenshot from Feb. 16, 2024: Here are some codes for cash back or free Bitcoin for new account holders.

Get ready to establish your identity

To open an account, Coinbase will require you to go through a Know-Your-Customer (KYC) verification. So you’ll need to have your driver’s license ready and take a selfie. You might want to make sure your hair is presentable, but otherwise don’t worry about what you look like for the selfie. That’s just a formality to make sure you are who you say you are.

It may take a day or two for your account to become active. There may also be a delay if you choose to pay by credit card. But once your credentials are in the system, you can freely buy and sell Bitcoin.

What’s next?

One BTC now costs around $50,000, but pay whatever dollar amount you want for a fractional share of Bitcoin. If you’re a small trader, invest $200–400. Larger players can invest up to $1,000. You may want to add to that position over time using smaller buys here and there.

There are cheaper ways to buy and sell Bitcoin than by using Coinbase. But if your account is $10,000 or less, I don’t think it’s worth wading into the weeds. Keep things simple.

Bitcoin purists will tell you that you shouldn’t store your Bitcoin on Coinbase. For instance, you can buy a hardware wallet and store it there. But again, it’s simple to store your Bitcoin on Coinbase, and there is a very, very small likelihood of Coinbase getting hacked.

Once you’ve dipped your toes into the Bitcoin waters, you might be tempted to buy other cryptocurrencies. Bitcoin is the best known cryptocurrency, but there are literally thousands of others. You can buy, sell, and trade cryptocurrencies (otherwise known as crypto) and hold them on the Coinbase site.

To wrap things up, invest in Bitcoin on your own so you can benefit directly from the asymmetrical growth this asset offers your portfolio.

Happy Bitcoin buying!