Hello and Welcome to my video where I will show you how to buy or sell BitCoin. Now if you’re like me, you don’t want to get ripped off and you don’t trust any of these websites out there-and you shouldn’t, because there are so many websites out there that are scamming people and that are ripping people off that it’s becoming dangerous to get involved in these websites because there is such a high risk of simply loosing your money.
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So the purpose of this video is to show you the safest method I have found for buying and selling BitCoin. I’m going to show you two ways to do this however, both ways that I’m going to show you allow you to instantly buy and sell BitCoin. With that being said lets get going – The first website that I’m going to show you is called bitstamp bitstamp.net I’ve already created an account I’m already logged in – this is kind of the overview page and I like BitStamp it’s my #2 pick but I like it it’s got this really cool live price of the bitcoin right this second and this is going to change instantly within seconds another crazy thing just to point out how crazy BitCoin is right now today the price of a BitCoin has fluctuated $150.
What is BitStamp?
So you can imagine how much money people are making and losing by buying and selling, trading. So this price is actually going to fluctuate any second now I’m surprised it hasn’t already let me just quickly refresh the page, if we scroll down just a little-there it goes-if we scroll down just a little bit we can see live trades and you can see these are coming in every second we can see how much money people are working with- another cool thing is the “live order book” so if I click on order book I can see how much money people are pushing around.
And they’re pushing around quite a bit of money, uh, you know…$14,000, $22,000, $35,000, but people are pushing well into the hundreds-of-thousands of dollars-Here’s $140,000 so we’re talkin’ BIG money here. $68,000 and it’s not uncommon you can see there are plenty of transaction that are well over $20,000 I haven’t seen any $1,000,000 transactions here’s a $200,000 transaction. So people are pushing serious cash around, so whether you are pushing 1 BitCoin or 100 BitCoins, this service, “BitStamp” could work for you. Now lets get into the limitations and what we need to do to set up our account and allow us to use BitStamp.
So let’s just say you created a Bitstamp account, we need to then become verified, and we do that by just clicking on “Account” and we click on Verify Account, now BitStamp requires us to provide 2 forms of identification-you can see they list that here the first form is a Passport, ID Card, or Drivers License – the second form that we need to present is a proof of residency-this could be a bank statement, utility bill, tax return, so if you want to use BitStamp you’ll need to verify your account to buy, sell, buy, sell instantly.
And so if we “Deposit” money into our BitStamp account, we’ll then most likely want to get it out of our BitStamp account. So first lets just start with how we would get money into our BitStamp account so lets just say we’ve verified our account, now it’s time to deposit money from our bank account into our BitStamp account- so that’s going to take a few days depending on where you live and there’s just no way around that, there’s really no way to speed that up right now.
Maybe by the time you watch this video but, at least now you would have been aware of BitStamp and you can learn more about it, so, if you live in the European Union or these select countries, its going to take 1-3 business days to get the money from your bank account to your BitStamp account. If you live in the rest of the world, which includes the United States, it’s going to take 2-5 business days, remember business days does not include weekends for that money to transfer from your bank account to your BitStamp account. So you’re going to have to wait this amount of time no matter what, so you should really just get the ball rolling as soon as possible if BitStamp is the website you want to use.
So “Withdrawing” is kinda the same thing, we need to choose where we want to withdraw the money – to our bank account in Europe, those select countries that I showed on the last page, an International bank like lets say in the United States, or if we wanna transfer BitCoin away to another wallet. But to do any of this we need to be verified so that’s why we would need to verify our account before we do any of this. Once we’re verified, we can click on the buy/sell we can buy BitCoins and we can sell BitCoins instantly, and that’s great.
What is CoinBase?
However, I have chosen not to go with BitStamp-I have chosen to go with CoinBase. CoinBase is another website that allows you to buy and sell BitCoin. Very similar to BitStamp, we would need to create an account, and then in order to buy and sell instantly, we would need to verify our account. Coinbase has far more steps that are needed to verify that you are who you say you are, but it’s totally worth it because of the freedom that they give you to buy and sell on the fly and then of course transfer that money to your bank account, and that’s how you would “cash out”.
So lets just quickly take a look at CoinBase, once you create an account, you can basically, you’d be brought to this screen here this is kinda like your overview screen, you can see that I’ve bought some BitCoin recently, I’ve made a few transactions, so we would click on Buy/Sell, and we can see here that we have the option to buy BitCoins, sell BitCoins, and we have our payments methods, but before we can do any of this just like BitStamp, we need to verify our account.
So lets click on , and you an see that I’m level 1, but when you create your account you’re level 0. To be able to buy, sell, buy, sell, instantly, you would need to get to level 2 but if you’re at level 1, you can stay somewhat anonymous, you have a 10 BitCoin buy limit and a 50 BitCoin sell limit, but there are still further limitations to that. So lets just quickly take a look at CoinBase’s limits and verifications and what you need to do to get verified. So Level 1, verify an email address, verify a phone, and you link a bank account. I’ve already done these 3.
I would definitely suggest opening a new bank account instead of linking your savings account just to protect yourself 100% I’ve already done that, complete a purchase. A purchase will take 4 business days to process until the BitCoin is in your account so you can see that I’ve already done that but it’s still pending because it takes 4 days and it hasn’t been 4 days yet. Once 4 days is up, this will be complete and then we can verify our identity using the last 4 digits of our social security number. Once we do those 2 things, we’ll then be able to verify a Credit Card– which will work kind of the same way as linking a bank account where they will make 2 small transactions on our Credit Card, we then verify how much those transactions are and that’s how we verify that’s our credit card and that we can link it.
And then of course the second half of the instant buy verification is to verify the Credit Card, which is this step, and then complete Level 2 which includes completing a purchase so in order to get the instant buy feature, you would need to complete a purchase which takes 4 days so just to recap, for CoinBase, if you signed up today you would need to link a bank account so that you can transfer money to buy bitcoin, which takes another 3 days, so that’s a total of 8 days.
Now if you already have BitCoin, you can instantly transfer it to your CoinBase account and then begin the complete purchase process which will make your total time only 4 days until you’re able to instantly buy and sell buy and sell. That kinda gives you an idea of the limits and the verification of CoinBase, compared to the limits and verification of BitStamp.
So that’s how you would buy or sell Bitcoin using those 2 methods I just showed you and remember the goal here was the safe method and so those 2 methods are on the safe side, obviously we can’t control the value of BitCoin, but if we’re using those methods to buy and sell BitCoin, we should be able to buy and sell quickly and therefore cash out at the correct time.
So I hope you found this video helpful, I hope it now exposed you to those 2 services, you can now do a little bit more research on your own-figure out which one is going to be best for you, if you can give me a thumbs up on this video-leave me a comment-all feedback is welcome. Ok…lets start a discussion here this is such a hot topic right now. In the coming days weeks months I’ll be releasing more videos showing you deeper inside my account and probably some tips and tricks for trading this currency, so once again thank you so much for watching and GOOD-LUCK