Updated December 24, 2018 – How to Avoid Coinbase Fees.
Coinbase is a very popular gateway to access the Crypto world.
And for good reason. It’s easy interface and seamless connections to major banks make it the ideal way for most people to buy Bitcoin, Bitcoin Cash, Ethereum and Litecoin.
But it’s expensive. As you can see, it costs $14 in Coinbase fees just to buy $1000 of ETH.
Over time paying those high Coinbase fees start to add up quickly and can eat into your crypto investment funds.
Well you’re in luck. There is a way to pay zero Coinbase fees.
Instead of buying Bitcoin/Bitcoin Cash/Litecoin/Ethereum directly from Coinbase, Deposit USD into your USD wallet.
Click “Accounts” – “USD Wallet” – “Deposit”
Now go to GDAX.com and click “Create Account”.
You may not know this, but GDAX is Coinbase’s own trading platform. So once you’ve created your GDAX account it will give you the option to link your GDAX and Coinbase accounts.
Now that your GDAX and Coinbase accounts are linked, all you need to do is move some USD into GDAX to buy Bitcoin/Ethereum with.
This step couldn’t be easier. Just click on “Deposit”
Then click on the link for “Coinbase Account”, enter the amount of USD you want to transfer and click “Deposit funds”
Now you have a USD balance sitting in your GDAX trading account.
All you have to do is select whether its Bitcoin, Bitcoin Cash, Ethereum or Litecoin that you want to buy.
Now click on buy at “Limit” (not “Market”).
Choose your desired trade price and amount.
Then click on the “Advanced” drop-drop ensure the “Post Only” box is checked.
Now click Place Your Buy Order.
Note – to ensure you don’t pay any Coinbase or Gdax trading fees (known as maker/taker fees) it’s essential that you select a “Limit” order and that you check the “Post Only” box.
There you have it. You’ve successfully bought your favorite cryptocurrency at the your specific price all without paying Coinbase’s transaction fees. No Coinbase fees or Coinbase commissions. But you still get the safety and security of the Coinbase/Gdax platform.
I hope you’ve found this helpful (and it saves you some money).
In this guide we’ll show you how to reset your Google Authenticator’s two-factor authentication (2FA) on Binance. Follow these simple, graphical instructions to safeguard your digital assets in the unfortunate event you lose access to your mobile device.
This process to reset your two-factor-authentication is not difficult, but this is a very important. Should you lose access to your exchange account and wallet, there is no guarantee you can regain access to your assets in a timely manner. This could mean losing opportunities to buy, sell, or trade.
It is imperative you follow the precise order of events in this guide to avoid getting accidentally locked out of your own account on Binance. Begin on your computer, not your mobile phone. Log in to your account on Binance using your old 2FA, then look at the default screen.
To get started, look toward the bottom right of the screen. You will see the ‘Google Authentication’ security system with Binance. The icon for this is the same as that on your mobile phone’s Google Authenticator. Select ‘Disable’ (1) to continue.
Before you proceed any further, take note of the warning (1) atop the page. No withdrawals are permitted from your Binance account for 24 hours following the disabling of Google Authenticator (2FA). If you need to move any assets from your account in the short term, do so now.
If you are ready to proceed, enter your Binance account’s login password (2). Open your mobile device’s Google Authenticator application and pull one last Binance code from it to enter in the ‘Google Authentication Code’ line (3). Press ‘Submit’ (4).
You will be prompted at this point with a ‘Success!’ indicator and a green checkmark and redelivered to the default Binance account screen.
On your mobile phone, open Google Authenticator. Highlight the 2FA code generator associated with your Binance account so it turns light blue. Once it is highlighted, select the garbage can icon (1) on the top-right of the screen.
The Google Authenticator application will provide you with an indicator at this point making it clear that you need to turn off the two-factor-authentication for your Binance account. You have already completed this step through the computer website, so select ‘REMOVE ACCOUNT’ (1). Now you can set your mobile phone down and look back at the Binance website.
Congratulations! You have removed your old two-factor-authentication code from your account and it is now vulnerable. We need to create a new one (and record the codes this time) to re-establish 2FA and safeguard the security of your account.
Look again at the ‘Google Authenticator’ on the bottom right of the screen. Now that your original 2FA code was disabled on your account and your mobile device, it is time to enable a new one. Press ‘Enable’ (1).
You will see a prompt to install the ‘Google Authenticator’ application (1) at the top of the ‘Download App’ tab. You do not need to reinstall your Google Authenticator. Once you deleted the old Binance 2FA code generator, the data was removed from your application. Select ‘Next Step >’ (2) to proceed.
Open the Google Authenticator application on your mobile device. Press the red “addition” button in the bottom right of the app, then point your phone’s camera at the QR code (1) on your computer screen. If the QR code does not automatically register on your Authenticator application, you can manually enter the 16-digit code (2).
Take this time to save a screenshot of your webpage and print the image so you can save the QR code and 16-digit code for any future need. Alternatively, you can write down the 16-digit code. The QR code is only for convenience and is not completely necessary; only the 16-digit code is critical to keep.
Press ‘Next Step >’ (3) to continue.
This ‘Backup Key’ screen is yet another reminder to manually record your backup key (1). This 16-digit code is the same from the previous step. Binance further encourages this action by stating that a Google Authenticator reset support ticket takes at least seven days to resolve (2). Select ‘Next Step >’ (3) to proceed.
This is the last step in the process. To finalize activation of your new 2FA code through Google Authenticator, enter your 16-digit backup code in the ‘Key’ line (1). On the ‘Login Password’ line (2) you should enter your Binance account’s login password.
Look at your mobile device and re-open the Google Authenticator application if you closed it. Enter your time-sensitive 6-digit Binance 2FA code on the ‘2FA Code’ line (3), then select ‘Enable Google Authentication’ (4).
Properly backing up your Binance two-factor-authentication code is something that simply needs to be done. The cryptocurrency market is incredibly volatile, and not having access to your funds or Binance exchange account because you misplaced or destroyed your mobile device is a nightmarish scenario. Even though Binance claims it takes a minimum of seven days for a Google Authenticator reset through the support ticket system, there is a strong chance it could take much longer than that. In the world of cryptocurrency investing, that is essentially an eternity.
As long as you follow the steps in this guide in order, you will encounter no problems resetting and saving your Google Authenticator 2FA code.
Good luck, stay safe, and happy investing!
Are you new to Bitcoin, Ethereum and cryptocurrencies? Is your head spinning trying to understand confusing new terms?
Don’t worry, we’ve put together a short glossary explaining the most important concepts – all in plain-English.
An address is used to send and receive transactions on a network (e.g. Bitcoin). Usually an address is a very long string of numbers and letters. Typically there are two parts to each address – the Public Key (often just called the “address”) and the Private Key. While generally you can receive assets (incoming transactions) using only your Public Key, you cannot spend assets (outgoing transactions) unless you have the Private Key. See Public Key and Private Key below.
Any cryptocurrency that isn’t Bitcoin. Examples include ether, dash and litecoin.
Acronym for “Anti-Money Laundering”. Laws and regulations designed to prevent the proceeds of criminal activity being converted into (“laundered”) money that appears to come from legitimate sources.
The most well-known cryptocurrency. Bitcoin was the first decentralized cryptocurrency to run on a global peer to peer network, without the need for middlemen and a centralized issuer or backer.
Blocks are chunks of data that carry permanent records of action on the blockchain network.
A record of all transactions that ever occurred. The record or “ledger” grows with each transaction by the addition of new “blocks” to the end. Learn more about the Blockchain here.
An acronym for Bitcoin. A BTC is a single unit of the Bitcoin currency.
This refers to the practice of storing cryptocurrency offline to increase security. Common examples include a hard drive or USB drive, a hardware wallet and a paper wallet. Contrast storing your digital currencies in online wallets or at exchanges. Here is a good explanation of cold storage.
Also known as tokens, cryptocurrencies are representations of digital assets where encryption is used to regulate the generation of currency units and verify the transfer of funds.
An abbreviation for “decentralized application”. A Dapp is an application that is open source, has no central point of control with its consensus data stored on a blockchain.
Distributed ledgers are ledgers in which data is consensually shared and stored across a decentralized network of decentralized nodes. A distributed ledger may be public, private or permissioned.
Where a single token (a bitcoin for example) is spent twice. This problem is unique to digital currencies because such information can be reproduced with relative ease.
Launched in 2015, Ethereum is open-source, public, distributed computing platform and programming language based on blockchain technology.
A government issued currency with status as legal tender, but is not backed by a physical commodity (e.g. gold).
An unregulated means by which a new cryptocurrency project sells its own tokens in exchange for legal tender or other cryptocurrency.
See Private Key and Public Key.
Acronym for “Know Your Customer”. KYC is the due diligence process of a business identifying and verifying the identity of its clients. KYC typically applies financial institutions and other regulated entities.
Market capitalization of a cryptocurrency is the price per unit for the currency, multiplied by the current number of outstanding units in the market. This gives the overall ‘value’ of the cryptocurrency.
Mining is the process where new units of currency are generated by rewarding computers for solving highly complex math problems. This is a computer intensive task and most users join mining pools to combine processing power of multiple machines.
A node is any individual computer that connects to a cryptocurrency network. Typically, the more nodes a network has, the safer the network. Unlike mining, where users receive bounties for successfully confirming transactions, running a node does not provide any financial incentive.
This is the address used to publicly receive cryptocurrency. In the same way that your email address is public, anyone in the world can know your public address in order to send you tokens (e.g. Bitcoin).
A Private Key is a string of letters and numbers that allows you to access (and spend) the tokens or currency in a specific wallet. Private Keys act a lot like passwords to be kept hidden from anyone but the owner of the wallet. Read more here.
An algorithm that rewards users based on the number of coins you own or hold. The more you invest in the coin, the more you gain by mining with this protocol.
An algorithm that rewards users based on the amount of computational power the user provides.
A cryptographic code that allows a user to receive cryptocurrencies into his or her account.
The name used by the unknown person or group persons who created bitcoin. Bitcoin was launched in 2008 and by 2011, Nakamoto vanished with his frequent forum posts and e-mails going silent. Claims in 2016 by Craig Wright, an Australian entrepreneur, that he was Nakamoto were met with skeptisim.
Smart contracts are self-executing contracts with the terms directly written into lines of code. Smart contracts typically exist across a distributed ledger which allows contracts to be carried out between anonymous parties without the need for a central enforcement authority.
A “token” is a representation of an asset, usually for something that has a value. The most common example is coins but crypto tokens can represent a wide variety of assets ranging from shares in a company to voting rights of an entity.
A Russian-Canadian programmer and writer primarily known as a co-founder of Ethereum. You can follow Buterin on Twitter here.
A software program that stores Private Keys and enables the user to view and create transactions on a specific blockchain.
A “whale” is a very wealthy investor or institution active in the cryptocurrency markets.
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With new digital assets and crypto projects being launched every day, it can be difficult to keep track of everything.
The cryptocurrency industry has experienced massive growth in the recent months. Some of the popular cryptocurrencies available today include Bitcoin, Ripple, Ethereum, Dash, Bitcoin Cash and Litecoin. But that’s not the end of the list. The latest data confirms that there are 900 more cryptocurrencies in the industry and the number keeps on growing.
But if you’re new to this space or want to learn more about cryptocurrencies, you’re in the right place.
First, keep track of all the latest developments and breaking news on our Coin Street Facebook Page.
Then head on over to these 10 websites that can quickly get you up to speed on all things Bitcoin and Cryptocurrencies.
If the company can’t be summarized by a good tagline, that is a huge red flag. A solid tagline communicates that the company has a strong value proposition that is memorable and relates to people’s needs. Bitcoin is easy for normies to understand: Digital store of value. Uber: Taxi with one push of the button. Netflix: Cable TV without the BS. Is Gems tagline memetastic?
Decentralized mechanical turk.
Immediately we know Gems is taking on Amazon’s mechanical turk business. Not totally sure what mechanical turk does? Neither was I.
The MTurk web service enables companies to programmatically access this marketplace and a diverse, on-demand workforce.
Okay so it’s a wrapper to programmatically access cheap labor. Typically it is used for data cleaning. Reading through the whitepaper Gems looks to be doing the same thing, but cutting out the middleman.
Tagline: Communicates that there is a big market they are disrupting. Has a meme ring to it.
Probably the most important, and often overlooked factor in early stage investing is the market. If everything is moving in your favor all you have to do is jump on board, case in point => crypto.
These guys are taking on an existing market. Data cleaning is a pain, especially for AI jobs, which is obviously an exploding industry. Their previous startup was related to GIF searches and employed AI, so they would be familiar with the market. Amazon is a stiff competitor though.
Grit. That is what you should be judging when looking at a team. Ian Balina reckons you should look at it like HR, judging experience and such. Mark Zuckerberg? Na man. Startups are tough. I had a startup which failed and it drove me to the ground. You need some thick skin, even with 30 mill in the bank. So what do these guys have?
Both dudes went to Harvard before dropping out. Both got a scholarship from Thiel, who is mega rich. Both started a GIFs company that is now successful. These guys are hand in hand.
Beyond a thick skin what the team needs is an idea of what it’s like to be married, which I am pretty sure these dudes are. Oh, and they’re brothers.
So what we are really looking for here is how quickly advisors can plug the startup into THE SYSTEM. The reason Y-Combinator is so good is because you get rocket fuel into the in-crowd of Silicon Valley. All those years of social network just sidestepped.
I hadn’t actually looked at the advisor section before writing this article but was levelled by my first look. Not just shilling, these guys has the co-founder of Twitter (not the annoying one) and another dude from ReCapatcha on their list. ReCaptcha is the master of crowdsourcing cheap labor, having gotten you to complete AI data mining by selecting which squares have cars when creating all those new accounts for crypto bagging. They also have a bunch of dudes from successful ICO’s on their list, Augur, District0x and such. And I was hoping to find something negative so I don’t look like I’m seriously shilling…
Product market fit is the mystical metric that Silicon Valley has a great deal of trouble articulating what it actually is. From talking to founders who have experienced this phenomenon, it really seems like this is more a feeling then a metric. It is the difference between when a girl is really keen or just pulling you along for attention. It’s overwhelming. Rushing ahead of you. VC’s try to get a hint of product market fit by looking at the MVP and early traction.
Unfortunately MVP’s aren’t really the norm in crypto universe. Yet. That’s partly due to the economics behind ICO’s, and mostly due to the bubble-verse we live in.
These guys don’t have an MVP, which suggests they are riding the gravy train. However they do have an extremely strong team, have shown they can deliver on previous projects, and have a proof of market given Amazon’s Turk capabilities.
But no Minimal Viable Product. Who said crypto wasn’t risky?
Edit: Founders have stated they will be releasing prototype on testnet shortly. They also have a first iteration available here: https://blog.gems.org/gems-pre-alpha-development-update-55ec585cea15
1/5 => 2/5
Market cap rumoured to be 25mill which is a comfy range. Unclear about presale bonus for very early investors.
Heaps of hype, heaps of potential. Solid team. Judging by the traction so far it will probably be a small max cap ICO so you wouldn’t be betting the house on it even if you tried. Market Cap target probably similar to Request (0.5–1 billion depending on ecosystem sentiment). I’ll be cashing out when it gets to that level or judge by progress of product.
Not financial advice yada yada.
Ok, so you want to buy Bitcoin but you don’t know where to start.
This guide will show you how to get started quickly and securely.
Beware of smaller sites that offer lower fees and other benefits. There are a lot of sites trying to scam you. Stick to our recommendations of time proven, verifiable and reliable exchanges.
Coinbase is the world’s largest and safest portal to buy Bitcoin. It is fast an easy to register an account and verify your identity.
This first step is to sign up for a Coinbase account.
This will give you a secure place to store your bitcoin, and easy payment methods to convert your local currency into or out of bitcoin.
Press the ‘sign up’ button and fill out your name (make sure this is exactly how it’s written on your photo ID), email, password and location.
If you use this link to sign up to Coinbase you will receive ten dollars worth of free coins when you spend over $100 (or the equivalent in your currency). (We’ll also get ten dollars for recommending you to Coinbase!)
Go to the email account you used to sign up for Coinbase.
Open the email from Coinbase and click the link to verify your sign-up.
Just like your bank account, Coinbase has to follow US Government regulations. As a result, it takes identification verification very seriously.
I know, it slows you down and is a bit of a pain. But its by following the rules that has given Coinbase its reputation for being a trusted service.
To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.
Using a credit/debit card means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).
Once your payment details are verified, click ‘Buy/Sell’ on the top menu.
Select ‘Bitcoin’, and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.
Once you’re happy with the amount, click the big ‘Buy’ button.
You’ll be asked to confirm your purchase.
Press the ‘Confirm Buy’ button.
Congratulations! You now own some Bitcoin.
There is an more advanced way to buy Bitcoin that avoids paying Coinbases fees. If you’re interested in learning about that, you can read our quick guide here.
In a staggering development, the seller of a luxury one-bed apartment in Miami Beach has indicated that ONLY Bitcoin will be accepted.
The price? 33 Bitcoins.
That’s nearly $550,000 if you’re still more comfortable with “old” fiat money.
Is this a gimmick?
Almost certainly. And likely a fantastic way to attract serious media attention to the property listing.
The biggest question we have is: will the seller be changing the listing price on a daily basis to keep up with the inevitable Bitcoin price fluctuation.
This afternoon during the December FMOC meeting, Janet Yellen, Chair of the Federal Reserve was asked by Steve Liesman of CNBC (a popular crypto currency news channel) if the Fed was worried about the stock market going up by triple digits every day. More importantly, Yellen was asked what is, with the ever increasing price and visibility of the most-popular cryptocurrency, the Fed’s policy on Bitcoin.
You can watch her answer below.
Why is this important? It’s just another brick in the wall solidifying the Bitcoin base. And adding layers to Bitcoin’s growing credibility.
Remember, this isn’t the first time that Bitcoin has popped-up at one of the Janet Yellen’s appearances. Back in July, someone held up a ‘buy bitcoin’ sign during Yellen’s testimony to Congress.
If you followed that person’s advice, congratulations. At the time Bitcoin was trading at around $2,400. It’s currently nearer $17,000.
Here’s the full transcript of Janet Yellen’s thoughts on Bitcoin:
You asked about Bitcoin and there I would simply say that Bitcoin at this time plays a very small role in the payment system. It is not a stable source of store of value and it doesn’t constitute legal tender it is a highly speculative asset and the Fed doesn’t really play any, role any regulatory role with respect to Bitcoin other than assuring that banking organizations that we do supervise are attentive. That they’re appropriately managing any interactions they have with participants in that market and appropriately monitoring anti-money laundering Bank Secrecy Act responsibilities that they have. I don’t believe there’s been anything specific about that.
Just generally banks have Bank Secrecy Act anti-money laundering responsibilities and this applies to Bitcoin as it does in if every other realm.
In an unexpected twist, financial giant, J.P Morgan has announced that Bitcoin could be on the verge of turning into a more traditional asset class like Gold.
Analyst Nikolaos Panigirtzoglou wrote in a report seen by the Telegraph that the CBOE Global Markets and CME Group proposals to offer Bitcoin futures has the potential to elevate cryptocurrencies to an emerging asset class and represents a maturation of the hotly debated crypto currency.
Whether or not his views are sanctioned by his boss Jamie Dimon is another matter. As recently as last month Mr Dimon, who is a long standing and high profile crypto critic, called people who buy Bitcoin stupid and warned that it would blow up.
However his firm have previously shown that they are more open to Bitcoin, or at least blockchain technology than their leader might have you believe. J.P Morgan sit on the Ethereum Alliance as partners and are apparently open to investment and investigation into all manner of blockchain technology. They even have their own blockchain centre of excellence and Ethereum-esque blockchain ledger technology called Quorum.
As Nikolaos Panigirtzoglou, a global markets strategist at JPMorgan said:
“The prospective launch of bitcoin futures contracts by established exchanges in particular has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors.”
These are interesting times indeed. And with the launch of Bitcoin futures contracts only hours away, the story is set to get even more exciting.
Bitcoin continues to set new all time high prices. And it seems like the media is bombarding us with all things Bitcoin. It’s no surprise then that friends and relatives will start asking questions.
While it may be a hot topic, many people really struggle to grasp what Bitcoin is. This seems to be particularly true for older generations, less familiar with the digital and online world in general.
So, are you sick of having to explain what Bitcoin is and how Bitcoin works to friends and relatives?
Well, thanks to the guys at Visualistan.com you can just send them this helpful “What is Bitcoin” infographic.
Are you interested in learning more about crypto and Bitcoin? Check out our free Bitcoin for Beginners course here.