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Coinbase Exchange Tutorial - How To Buy Bitcoin On Coinbase - YouTube
Channel: Immersive Tech TV
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- In today's video, I'm going
over an in-depth tutorial
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on how to buy and sell
cryptocurrency on the Coinbase app,
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how to set up its security features
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and how to navigate the
overall Coinbase exchange
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on both their app and website.
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(upbeat music)
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Hey guys, this is Erik,
of Everyday Investing,
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my new YouTube channel,
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linked below, in the
video description box.
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So if you are new here today,
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definitely subscribe
to Everyday Investing,
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my new YouTube channel linked below.
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Also at any point, feel free to check out
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the description box below.
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I'll include a recap of
all the points I covered
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in today's video.
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So before I start today's
tutorial on how to use Coinbase,
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if you are not familiar with the app,
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feel free to first check
out my Coinbase review video
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where I first talk about
what Coinbase actually is.
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If you'd like to see that video,
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it's actually part one of the series.
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Feel free to check it out in
the video card right here.
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But, if you're ready for part two
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and ready to start the
tutorial, let's get started.
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I'll be sharing my screen with you.
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First, I'm gonna be going over
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the desktop interface on the computer.
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Secondly, I'll be covering the mobile app.
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Okay guys, so once you create
an account on Coinbase,
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and login this is gonna be
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the dashboard on the desktop version.
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As you can see there is a chart here
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with the price breakdown,
the price changes
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over the last hour, the
last day, last week,
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the last month, the
last year and all time.
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And you can see different
price fluctuations
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throughout the day,
throughout the week, etc.
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And again, you can see the price changes
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for Bitcoin, Ethereum
and Litecoin as well.
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So, right now we're gonna
leave it on Bitcoin.
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Underneath that, you'll
see the recent activity
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which just has your recent
transactions of buying,
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selling or transferring Bitcoin
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and other cryptocurrencies from Coinbase.
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And on the right side,
you'll see your portfolio,
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which just has a breakdown of the amounts
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in your Bitcoin wallet,
your Ethereum wallet,
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your Litecoin wallet,
your US dollar wallet
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or equivalent country's currency.
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And above that, you just
have your total balance
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of all the wallets.
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Okay, to the right of that you
have your Buy and Sell tab,
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which is where you'll go to
buy and sell cryptocurrency
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from the desktop exchange.
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So, you can choose if
you want to buy Bitcoin,
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Ethereum or Litecoin.
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Let's say you wanna buy
Bitcoin in this example.
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Underneath that, you'll
see payment method.
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Here's where you can choose,
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do you wanna buy with your bank account,
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with a credit or debit card?
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it's up to you.
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Now, if you buy with credit or debit card,
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the cryptocurrency is delivered instantly
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to your Coinbase account,
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but it is at a higher fee of 4% fee.
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But if you purchase from a bank account,
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it's a lower fee, 1.5% fee,
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but it takes four to five business days
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after you purchase with
your bank account before
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the cryptocurrency is delivered
to your Coinbase account.
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So you have a couple options there.
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Now let's say you wanna buy
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with your credit card
for instant delivery,
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let's say $50 worth of Bitcoin,
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you just type in 50,
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and it'll convert it instantly
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and you'll purchase the
equivalent Bitcoin amount
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which is as you can see .01909837 Bitcoin,
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you would just click buy instantly,
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and it would buy the Bitcoin instantly
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and deliver it to your Coinbase account.
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As you can see there are limits
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where it says increase limits.
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When you first join,
there are limits to buying
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with your bank account, with
your credit card account
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but these limits can be raised
by verifying certain things
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and just by purchasing cryptocurrency.
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And again, the Cell tab,
very similar process.
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You can choose, do you
want to withdraw your money
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to your bank account or
to your PayPal account,
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and again, the PayPal account
is instant withdrawal,
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but it's a 4% fee,
whereas the bank account,
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it's four to five business days,
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but it's a 1.5% fee.
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So you just have to
choose which one you want.
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And again, you just withdraw
the certain amount you want.
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Same way as you would buy.
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One more thing I wanna show you guys is
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not only can you buy a
specific US dollar amount,
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but, you can also buy and sell
a specific Bitcoin amount.
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So let's say, you wanna buy .1 Bitcoin,
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it'll then convert it to the
equivalent US dollar amount.
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So it works both ways, conversion.
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Next up, we have the Send Request tab,
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which is where you go to send
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or request cryptocurrency
to your Coinbase account.
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Basically, you'll just in here,
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you'll go to your mobile
wallet or desktop wallet,
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Copay, BitPay for Jack's wallet,
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something like that, you'll
get the receiving address,
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you'll copy that, and in
here, you'll paste it,
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and once you paste it in here,
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you can then choose how
much you wanna send.
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So say you wanna send to
that particular wallet,
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you wanna send change this to US dollar,
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let's say you wanna send
$25 worth of Bitcoin.
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Underneath here, you'll show
you how much you currently have
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in that Bitcoin wallet.
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And you can write an
optional message transfer,
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and you'll just send funds.
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It'll send the equivalent
Bitcoin amount of $25.
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Conversely, you can also send
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if you wanna send Bitcoin,
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you can say I wanna send 1/4 of a Bitcoin.
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It'll then send 1/4 of a Bitcoin,
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and again, just send funds.
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And it's the same
process to request funds.
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Again, you just paste
the address right in here
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and again you choose how
much you wanna request
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whether it be Bitcoin, US dollar
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or other cryptocurrency
within the Coinbase app.
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Next up, you have the Accounts tab.
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And this page basically is a breakdown
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of all your cryptocurrency
wallets in Coinbase.
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As you see you have your Bitcoin wallet,
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your Ethereum wallet,
your Litecoin wallet,
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your US dollar wallet and the BTC vault.
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Now I won't go into too
much detail on the BTC vault
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but essentially, it's just a further layer
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of security for your Bitcoins.
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If you transfer money
from your Bitcoin wallet
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to your BTC vaults.
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Once it's in the BTC
vault, it's more secure
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because, if someone ever
hacks into your account
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or they have access to your account,
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and they try to transfer out any Bitcoin,
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48 hours will still have to pass before
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the Bitcoin transfer is initiated
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which gives you time
to cancel the transfer.
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If it's in your Bitcoin wallet,
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and someone hacks your account,
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it could be transferred instantly.
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So it's just a layer of security,
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but there's a further layer of security
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I'm gonna go over in a minute
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that I like even more than the BTC vault.
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Next up, you have the Tools page.
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And again this just shows addresses
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you may have sent and
received from in the past.
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Any recurring transactions
that you set up.
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Any other reports as well as history
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of your buying and selling
cryptocurrency on Coinbase.
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The last one is the Settings tab.
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This is where you'll set
up your user profile,
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any changes to your
personal preferences here.
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And, the security,
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this is the one I like
a lot, security tab.
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Coinbase is really secure platform
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so I really appreciate that.
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This is the one right here,
two factor authentication.
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This is a very secure feature
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you wanna definitely set that up.
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You can set it up through your phone,
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or also through an authenticator app
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such as the Google Authenticator app
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or the Authy Authenticator app.
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You definitely wanna set that
up as a level of security
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because if someone ever hacks,
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they gain access to your username,
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your email and your password
into your Coinbase account,
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they still won't be able to
transfer any cryptocurrency
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without the second authentication factor
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which would be your phone.
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So you definitely wanna go into security
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under the Settings tab,
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verify your phone, and set up
the Google Authenticator app
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or Authy app, to get
that level of security.
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Next to that, you have payment methods,
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which is probably one of the
first areas you'll be going to
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when you first create
an account on Coinbase.
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Again, I've already set
up my payment methods.
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I'm gonna blur them out
here for privacy reasons
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but, this is where where
it says add payment method.
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this is where you'll go
to add your bank accounts,
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credit or debit cards
and your PayPal account
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to buy and withdraw cryptocurrencies.
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The last thing I wanna show
you is up in the right here,
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where it says invite friends,
if you click on that,
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that's where you go to get
your referral link right here.
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And as you can see if you invite a friend
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and they join Coinbase
through your referral link,
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if they purchase $100
worth of digital currency,
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cryptocurrency, within
their first 180 days,
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both they and you will receive
$10 worth of free Bitcoin
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to your Coinbase account.
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So it's a pretty cool incentive
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to spread the word.
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Share Coinbase with your friends
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so both of you can get
rewarded with free Bitcoin.
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Alright, so as you can see,
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there's a lot of functionality
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in the dashboard version of Coinbase.
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You can set up payment methods,
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buy and sell cryptocurrencies,
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set up two factor authentication,
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and even edit your settings
and personal preferences.
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Now that we've finish the
first part of the tutorial,
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we're gonna now hop on to part two,
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which is the mobile app version.
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Let's get to it.
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Alright, so inside the mobile
app version of Coinbase,
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you'll see it's very similar
to the desktop version.
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You'll see on the home screen there's
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a chart with the current price changes
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in Bitcoin, Ethereum and Litecoin.
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And as you can see just
like the desktop version,
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the charts will show you
the price changes over
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the last hour, the last day,
the last week, the last month,
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the last year and since all time.
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Right beneath that chart,
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you'll see your cryptocurrency wallets,
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Bitcoin wallet, US dollar
wallet, Litecoin wallet
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and your Ethereum wallet,
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as well as the amounts in each wallet.
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In the bottom,
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you'll see buy and sell buttons.
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That's where you'll go to
buy or sell cryptocurrency
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So let's say you wanna
buy, just click on buy.
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It will open up the buy menu
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and you can choose if
you wanna buy Bitcoin,
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Ethereum or Litecoin.
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For the purpose of this video,
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let's say we're gonna buy Bitcoin,
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and let's say we wanna
buy $20 worth of Bitcoin.
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So you type in 20 US dollars
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and as you see, it converts it instantly
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to the equivalent Bitcoin amount.
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You would be purchasing .00764190 Bitcoin,
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and where it says debit from,
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you can choose, do you wanna purchase this
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with your bank account
or with your credit card.
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Again, credit card has
higher fees, 4% fee,
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but it gets delivered
instantly to your account.
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Whereas if you buy from a bank account,
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the cryptocurrency will
take four to five days
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before the Bitcoin is in your account.
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So it's up to you.
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And if you don't wanna purchase
a specific dollar amount,
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but you wanna purchase let's say,
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a whole one Bitcoin,
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you just type in one Bitcoin,
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and you can purchase the
whole Bitcoin as well.
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Or if you wanna purchase, let's say,
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.333, 1/3 of a Bitcoin,
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you can do that as well.
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It'll convert it to the
equivalent US dollar amount.
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So that's pretty cool.
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And back on the home screen,
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you'll see it's also a very
similar process to sell.
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Just click on sell button,
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and again you'll be able to sell
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Bitcoin, Ethereum or Litecoin.
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And you just choose the
amount of cryptocurrency
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or US dollar currency that you wanna sell.
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And again, on the bottom, you just choose
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do you wanna deposit
and withdraw your funds
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to your bank account or
to your PayPal account.
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So you have options there as well.
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That's pretty much it on
the home screen of the app.
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Again on the side menu it's just a summary
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of the same things, buy and sell,
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a summary of your wallet accounts.
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You can see the balances in them.
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And then of course, in
the bottom invite friends.
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That's where you'll find your
referral link within the app.
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The last cool feature on the app
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is this little bell in
the top right corner.
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If you click on that bell,
that opens up the alert tab.
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So basically, in the app,
you can set up mobile alerts
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so you don't have to
constantly be checking Coinbase
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to see the price of Bitcoin
or Ethereum or Litecoin.
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You can set up an alert
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so if the price of bitcoin
drops to a certain amount,
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at that point, you could
open up the app and buy.
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So you just click on
the bottom, lower right,
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and, it'll show you the current price
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of Bitcoin which is 2602.
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Let's say I don't wanna buy
any Bitcoin at this price
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it's too high for me,
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but I'm willing to buy if it hits 2400.
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So I'll lower, I'll
scroll, till I hit 2400,
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and I'll hit create alert.
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So now, the instant that Bitcoin
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the price drops below 2401,
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I'll get a notification straight
to my phone from the app,
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and I'll be able to open up the app
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and purchase Bitcoin then.
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So that's a pretty cool feature to have
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so you don't have to constantly
be checking your phone.
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And there you have it.
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That pretty much sums up how to navigate
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the Coinbase exchange on both
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the desktop interface and the mobile app.
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If you found the video helpful
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and would like to join
Coinbase and give it a try,
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I've put my referral link
down in the description below
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where you can get a free
$10 worth of Bitcoin
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on Coinbase just for signing up.
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So thanks for checking out
today's Coinbase tutorial.
[716]
Definitely subscribe
to Everyday Investing,
[718]
my new YouTube channel, linked below.
[721]
And, if you'd like to see my review
[723]
for my favorite hardware
Wallet for storing your Bitcoin
[725]
and other cryptocurrencies
offline, securely, long term
[729]
after you buy it off in exchange,
[730]
feel free to check out
[731]
my Trezor hardware
wallet review right here.
[733]
Lastly, if you have any questions
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on the Coinbase tutorial
or the Coinbase app,
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feel free to leave them down below.
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I'd be happy to answer them for you.
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Thanks again for watching
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and I'll catch you guys in the next video.
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