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In the world of cryptocurrency,coin condoms Bitcoin Cash (BCH) has gained significant popularity as a digital asset that offers faster transaction speeds and lower fees compared to Bitcoin (BTC). If you already own Bitcoin and want to diversify your portfolio by purchasing Bitcoin Cash, Coinbase is a reliable platform that allows you to do so. In this article, we will provide a step-by-step guide on how to buy Bitcoin Cash with Bitcoin on Coinbase.
Step 1: Create a Coinbase Account
The first step to buying Bitcoin Cash with Bitcoin on Coinbase is to create an account on the platform. Visit the Coinbase website and click on the "Sign Up" button. Fill in the required information, including your name, email address, and phone number. Once you have completed the registration process, you will receive a verification code via email or SMS. Enter the code to verify your account.
Step 2: Verify Your Identity
To comply with regulatory requirements, Coinbase requires users to verify their identity. Log in to your Coinbase account and navigate to the "Verification" section. You will need to provide a government-issued ID, such as a passport or driver's license, and take a selfie with the ID. Coinbase will review your information and may request additional documents if needed.
Step 3: Link a Bank Account or Credit/Debit Card
To buy Bitcoin Cash with Bitcoin on Coinbase, you need to link a funding source to your account. You can link a bank account or a credit/debit card. To link a bank account, navigate to the "Accounts" section and click on "Link Bank Account." Follow the instructions provided to link your bank account. To link a credit/debit card, navigate to the "Accounts" section and click on "Link Credit/Debit Card." Enter your card details and follow the instructions to complete the process.
Step 4: Deposit Bitcoin into Your Coinbase Account
Once your funding source is linked, you can deposit Bitcoin into your Coinbase account. Navigate to the "Accounts" section and click on "Bitcoin." Click on the "Deposit" button and enter the amount of Bitcoin you want to deposit. You will receive a unique Bitcoin address to send your Bitcoin to. Copy the address and use a Bitcoin wallet or exchange to send the Bitcoin to your Coinbase account.
Step 5: Buy Bitcoin Cash with Bitcoin
After your Bitcoin deposit is confirmed, you can proceed to buy Bitcoin Cash with Bitcoin. Navigate to the "Buy/Sell" section and select "Bitcoin Cash." Enter the amount of Bitcoin you want to use to buy Bitcoin Cash. You can choose to buy a specific amount or specify the price you are willing to pay. Once you have entered the desired amount, click on the "Buy" button.
Step 6: Confirm Your Purchase
Before finalizing your purchase, Coinbase will display a summary of your transaction, including the amount of Bitcoin Cash you will receive and any fees associated with the transaction. Review the details and click on the "Confirm Buy" button to complete the purchase. Your Bitcoin Cash will be immediately available in your Coinbase account.
In conclusion, buying Bitcoin Cash with Bitcoin on Coinbase is a straightforward process. By following these step-by-step instructions, you can easily diversify your cryptocurrency portfolio and take advantage of the benefits offered by Bitcoin Cash. Remember to always research and understand the risks associated with cryptocurrency investments before making any decisions.
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