No matter what company you use to do your initial conversion of fiat to crypto it is either inconvenient (credit card fees are crazy high and very low limits) or it takes foreeeeever to deposit (bank ACH transfer is about 5 business days). This is about to change in a huge way! Cryptocurrency has made some major strides this year and there is a flood of beginners and newcomers into the Bitcoin & crypto markets. Of course, the first challenge is setting up a wallet (which I talk about in this article) and then exchanging your fiat (USD, EUR, etc) for Bitcoin or another cryptocurrency.
Kick Out The (USD) Jams
Coinbase has been the #1 US website for exchanging US Dollars for Bitcoin, Ethereum, & Litecoin for the past few years. While I like the ease of use of their site and trust their services, any purchase of crypto from them takes a long time to get to your CB account from your bank account (typically about a week). Ultimately this might stop some impulse buys for some traders, but for the very average consumer new to cryptocurrency it seems like a large hurdle to have to jump through to get started.
Instant Bitcoin Purchases On Coinbase
Coinbase director of communications David Farmer announced late last week that instant purchases of cryptocurrency from your bank account are coming to Coinbase immediately for some and VERY soon for the rest of their user base. Here is exactly what David had to say on the subject:
"We are excited to announce the ability for customers to instantly purchase digital currency using a US bank account. Previously, customers who purchased using a bank account had to wait several days before receiving their digital currency. Customers can now buy up to $25,000* and receive access to their digital currency immediately.
Our mission is to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange. Instant purchases make it significantly easier and faster for customers to invest in the digital currency ecosystem. Reducing the time to receive digital currency has been a highly requested feature and we are pleased to provide this improved experience for our customers.
Instant bank purchases are now live for many of our customers in the US, and we will expand availability over the coming months. You will receive an email when instant purchases become available for your account."
This is an absolute GAME CHANGER folks! When I heard this news my 'Stache Sense started to tingle and I knew that this was the beginning of a new wave of investing and one step closer to mainstream adoption. Coinbase does a large amount of the US volume of USD <> BTC transactions and with people being able to essentially "impulse buy" it will dramatically increase this I believe.
A Win For The Small Guys
This is good news for those just starting out in cryptocurrency as well because it makes Bitcoin, Ethereum, & Litecoin more accessible then it has even been in it's history. Now when you sign up for a new account that thrill and excitement that pushed you to do it in the first place will still be there when you get your Bitcoin instead of having to wait about a week and that thrill is now gone. This is what I call the "Crypto X Factor". Bitcoin and cryptocurrencies are "new & exciting" and humans LOVE new & exciting.
Get $10 Of Free Bitcoin From Coinbase
If you have not already signed up for a Coinbase account you can use my referral code to sign up and then we BOTH get $10 in Bitcoin for free. I don't talk about, or push referral programs ever, but I firmly believe in the services that Coinbase offers and that above all they are trustworthy. I only promote services and products that I have tested myself and personally support. So if you have been thinking about getting into the cryptocurrency world then consider Coinbase as an EASY first step. If you have been reading my articles and like what I do, then consider signing up for Coinbase using my referral code (https://www.coinbase.com/join/528cecfc5c70882c0500007e). DO NOT just sign up because I told you to do so, and DO NOT use my code if you are not cool with giving me a referral and $10 in free Bitcoin for both of us. Even if it is not through Coinbase, I think now is a great time to invest in cryptocurrencies, just make sure to do your own research!!!