We will also be using credit cards in this step-by-step guide to make the purchase. Credit cards are good for low amount and fast transactions for cryptocurrencies, however, do note that the transaction charges incurred could be in the range of 4% to 5%.
Before we start, here are the list of items which you will
need to prepare beforehand:
Smart phone with
(eg Passport, NRIC,
Credit Card with
access to online banking
to verify charges.
In the following steps we are using Coinbase as the Bitcoins exchange to purchase the Bitcoins and Blockchain as the funding wallet to transfer the Bit coins after purchasing from Coinbase.
Register for a Coinbase account
NOTE: The Steps listed below may or may not vary as per the country of your residence
Click on the registration link: https://www.coinbase.com/signup
to launch the registration page in your browser.
Fill in your First Name, Last Name, Email Address and choose a password.
(Note that Western names tend to have their First Name and Last Name in different orders. Do follow the order as per your identity to avoid problems later with the automated verifier)
Click on the checkbox “I’m not a robot”
Click on the checkbox to certify that you are above 18 years of age and agree to the agreements and policies
Verify your email address
After you have successfully signed-up in the step above, an email will be sent to the email address that you had entered.
Access your email inbox and search for the verification email which Coinbase sent to you. (Note that if the email has not been received, it could be in the junk mail)
Click on the “ Verify Email Address” to confirm with Coinbase that your email is valid.
Verify your mobile number
After you have successfully verified your email address, you will be directed to verify your mobile number.
Select your country (in order for Coinbase to know your country code)
Enter your mobile number.
Click “Send Code”.
Check your mobile for the one time code.
Enter the one time 7-digit code received.
You will receive a text message “Welcome to Coinbase” on your mobile.
Update your profile
After successfully verifying your mobile number, you will be redirected to the Coinbase dashboard. Here you will update your identity in Coinbase, make sure your details are correct as per your identity documents as you will require to verify them at a later stage.
At the dashboard page, click on “Settings”.
Click on “My Profile”, complete your Personal Details and click “Save”.
Verify your identity
This is the critical step that you must complete successfully, otherwise Coinbase will not permit you to make any cryptocurrency purchases. Please note that Coinbase is required to comply with anti-money laundering and terrorism financing regulations and therefore Know-Your-Customer (KYC) checks and verification are a standard procedure.
Click on “Limits”.
Click on “Submit ID”.
Click on “Photo ID”.
Click on “Mobile Camera”.
You will receive a text message with a link to verify your identity in your smart phone.
Follow the instructions to upload the Front & Back of your Photo ID
Follow the instructions to upload the Front & Back of your Photo ID After you have submitted both the front and back of your Photo ID, you will be presented with the following screen. Click on “Back to Limits”.
Your ID documents are now being verified against the identify profile that you had provided earlier using Coinbases artificial intelligence software. Do note that verification could take between 5min to 15mins. Please be patient.
NOTE: Due to COVID 19 the verification process may take longer however you will be notified as soon as the process is complete.
The steps above could also be used for Passport or Drivers License instead if you prefer to use those documentations.
Link your credit card
After your documents are verified, you will be informed that your account is incomplete. To complete your account setup, you will need to link a payment method. For this guide, we will use credit card as the payment method. You may also use any other payment methods as may be feasible.
Click on “Settings”.
Click on “Payment Methods” then click on “Link a New Account”.
Select the “Credit/Debit Card” option.
Fill in your Credit Card details and click “Add Card”.
Verify your credit card
You will be presented with a screen requesting you to input 2 values to verify your credit card.
Proceed to login to the internet banking portal of your credit card issuing company.
Check the latest transactions to your credit card. You should notice 2 transactionsfrom Coinbase with a charge amount between $1.00 to $1.99. Note these charges.
Key in the charges observed and click “Verify Your Card”.
After your card has been verified successfully, you will receive a confirmation message with your credit card information linked.
Finally, you will receive a confirmation message that your Credit card successfully verified!. You will now be able to begin your first cryptocurrency purchase!
Once you have done this, you are ready to purchase your Bitcoin!
Next, you will be taken to the main screen for your account. To buy Bitcoin, click on “Buy/Sell” in the top menu and choose “Buy and “Bitcoin” in the interface. From this screen, you can either type in the amount of USD you wish to send from your credit card, which will show the amount of Bitcoin you will receive, or you can enter in the amount of Bitcoin that you wish to purchase, and Coinbase will show you how much that will cost in dollars.
Coinbase will quote you a timeframe by which the bitcoins will be available in your account. These estimates tend to be a bit conservative, and it's likely that your Bitcoin will be ready for you to use well before this deadline. You can proceed with the next steps in our guide (creating a Blockchain.com wallet) while you're waiting in order to save time.
The next step takes us to Blockchain.com. At Blockchain.com, you click “Sign up” in the upper right-hand corner or “Create Your Wallet” on the left side of the page:
You only need to supply a valid email address and create a password to get a wallet at Blockchain.com. No documents demanded or required! Fill out the fields and then press the “Continue” button. You may download the Bitcoin wallet on your mobile through Apple Store for any ios or Google Play store for Android. After your wallet is set up, you'll get an email from Blockchain.com asking you to verify your email address. This is a straightforward step to complete because you only need to click on a link in the message.
The next step is optional, but it's very important, and we recommend that you complete it as soon as possible. Once you have signed up with the site, you can request a backup recovery phrase. This is the ONLY WAY for you to restore your wallet in case you misplace your password. Additionally, this 12-word string works in any compatible application to import your wallet, so it's a good form of insurance in case Blockchain.com becomes unavailable in the future for some reason. First, go to the Security Center within your Blockchain wallet:
You will be given a mnemonic phrase of 12 words as three sets of 6 words at a time. This phrase unlocks your private keys. It keeps your account safe and means that only you can access your bitcoins.
** KEEP THIS PHRASE SOMEWHERE EXTREMELY SAFE **
If you lose or forget your password, this mnemonic phrase will be used to help recover your account. If you lose this phrase as well as your account password, any Bitcoin that you have will be no longer be accessible.
You also have the option to print out a Recovery Sheet if you so desire. However, the normal backup phrase process involves you writing down the words manually. It doesn't really matter which one you select.
The words will be shown six at a time. Take care to write them down accurately because any errors you make could compromise your ability to get to your bitcoins in the future. After you write down each series of words, click “Next” to continue to the next words: Fortunately, you have a chance to make sure that you copied everything down correctly in the final step of the Backup Recovery window. It will request that you type in six of the words. Only if you successfully input the right strings will the system allow you to complete the Backup Recovery Phrase process:
Now that this security measure is out of the way, you’re ready to begin using Blockchain.com and Coinbase
once the Blockchain wallet is ready the next step is to transfer the BTC purchased in Coinbase to the Blockchain wallet we just created. To transfer the BTC from Coinbase to Blockchain Go to “Request” in Blockchain wallet near the top of the page.
Once you click on the “Request” tab your Bitcoins wallet address is listed under the QR code which is usually alpha numeric.
Highlight and copy the entire address, or press the “Copy” button, and now head back to your Coinbase account. Click the “Send” button at the top of the Coinbase main screen. In the “Recipient” box, paste the Bitcoin address from the Blockchain wallet as well as typing in the amount of Bitcoin that you wish to send to the Blockchain wallet.
Coinbase will calculate a miners fee that will be added onto your transaction. This is an incentive paid to BTC miners who maintain the distributed ledger and keep the entire Bitcoin network running smoothly. In most cases, this fee will be less than $1. Thus, you won't be able to send the entire sum of bitcoins you purchased earlier; a small portion will need to be dedicated to this fee.
Hit the blue “Continue” button to proceed:
Coinbase will show you a summary of your send transaction. If everything is correct, hit the blue “Confirm” button:
After hitting send, you will return to the main screen where your transactions page will show that you have sent the Bitcoin and that it is still waiting to be confirmed by the Blockchain. The transaction will read complete once it has been confirmed enough times:
If you would like to see the progress of confirmations, you can go back to Blockchain.com, and from the main page, paste you Bitcoin wallet address in the search bar:
And you will get a screen telling you how many confirmations your transaction has received. Confirmations will begin generally in about 10-15 minutes:
You might have to wait for a certain number of confirmations (perhaps six) before your Bitcoin will be ready to spend. Once this has happened, your Bitcoin can now be sent to your preferred site.
To transfer Bitcoins to BuyLDN from your Blockchain account, click the “Send” button in your Blockchain wallet.
Paste in the address provided to you by the site you are depositing to or you may also scan the QR code.
For example: on BuyLDN checkout page once you click on “Place Order Now” and move to the next page and select “Bitcoin” as the cryptocurrency you will be taken to the last page to scan the QR code or copy the Bitcoins address. At this point use the scan QR code option or you may also click on copy icon on the left hand side corner besides the BTC address to copy the address. Please paste the copied address from BuyLDN website to the Block chain wallet, also enter the BTC amount or the USD amount to be paid which you will see on the BuyLDN check out page below the QR code and the BTC address.
BuyLDN CHEK OUT PAGE:
Blockchain will present you with an overview of the details of your proposed transaction. Assuming there are no mistakes, press the blue “Send Bitcoin” button. Or choose “Go Back” if you want to change something.
After you click on “SEND BITCOIN” the payment will show as successfully made on the BuyLDN site after 1 confirmation is received on the transaction. You will also receive a confirmation on the payment receipt from BuyLDN.com. In case if you do not see the transaction as complete on BuyLDN ; however your Bitcoin Blockchain wallet shows as “SENT” with the status as “COMPLETED” please email us the image of the BTC sent whichshould also clearly show the Bitcoins wallet address to which the BTC have been sent for further investigation.
BuyLDN will show a time of 20 minutes to complete the BTC or Bitcoins transfers. In case if the transfer is not completed in 20 minutes your order will be cancelled. OR if the transfer completes on the 20th minute and the order gets cancelled please email us the image of the transfer from your Blockchain wallet to our support team at:sales@BuyLDN.com