Brief Summary
This video serves as a cryptocurrency class focusing on using Coinbase, particularly with USDC. It explains what cryptocurrency and USDC are, why USDC is preferred for its stability, and how to use Coinbase for buying, sending, and receiving USDC. The video also covers adding payment methods, security tips, and troubleshooting common issues.
- Introduction to Cryptocurrency and USDC
- Step-by-step Guide on Using Coinbase
- Security Measures and Troubleshooting
Introduction to Cryptocurrency and USDC
The class begins by defining cryptocurrency as a digital currency, with a focus on USDC. USDC is a stable coin with a one-to-one value to the US dollar, regulated and backed by the Federal Reserve. USDC is favored because it's faster and cheaper than bank transfers, and it maintains a stable value, unlike cryptocurrencies like Bitcoin and Ethereum, which are subject to market fluctuations.
Why Use USDC?
The instructor shares a personal anecdote about losing money due to Bitcoin's volatility to highlight the importance of using a stable value currency like USDC. He emphasizes that while USDT is an option depending on location and conversion methods, the class will focus solely on USDC within Coinbase. It's crucial to note that Coinbase does not support USDT, and sending USDT to Coinbase will result in a loss of funds. USDC is widely accepted across crypto exchanges and can be directly sent to banks without conversion or gas fees.
Creating a Coinbase Account
For those new to Coinbase, the instructor provides a referral link that gives both the user and the instructor $30 upon the user's first purchase. Creating a Coinbase account involves downloading the Coinbase app, not the Coinbase wallet, and clicking "getting started." Users must enter their email address, fill out the required information, and verify their email and phone number. Identity verification, including uploading a government ID and possibly a picture, is also required.
Adding Payment Methods to Coinbase
Adding a payment method to Coinbase is straightforward, with options including linking a bank account, debit card, or PayPal. Using a bank account is recommended for large transactions and is the only way to deposit money, but it may take 7 to 10 days for the funds to clear. Debit cards offer instant purchases with associated fees, allowing for immediate trading and transferring. PayPal also allows for instant trade and transfer, potentially offering larger sums of money.
Buying USDC on Coinbase
Buying USDC on Coinbase involves clicking "buy and sell," then "buy," and selecting USDC. The user enters the desired amount of USDC, chooses a payment method, previews the purchase to review fees, and confirms the transaction. Once confirmed, the USDC will appear in the Coinbase wallet within approximately 30 seconds.
Transferring USDC
Transferring USDC to another wallet or exchange requires navigating to the "send and receive" section in the Coinbase dashboard, selecting "send," and choosing USDC. The user enters the recipient's wallet address, specifies the amount of USDC to send, and selects the network, which should be Polygon. It's crucial to ensure the recipient also uses the Polygon network. Before confirming, the user should review all transaction details, including the network, amount, and fees.
Receiving USDC
To receive USDC, users must bind their wallet address. They click "send and receive," select "receive," and choose USDC as the asset. The copied wallet address is then shared with the sender. Processing time depends on network speed, typically taking 48 to 72 hours to leave the sender's account and appear in the recipient's Coinbase account. Once in Coinbase, the USDC can be cashed out to a bank account, usually within 24 hours, especially with larger banks.
Tracking and Troubleshooting USDC Transactions
To track a USDC transaction, users can click "assets" and select USDC to view past transactions and check the transaction status on the blockchain. If there are delays, verifying the correct network is essential. Users should wait up to 30 minutes for the transaction to process before seeking assistance.
Final Tips and Summary
The instructor provides final tips, emphasizing the importance of verifying the wallet address before sending USDC and choosing the correct network (Polygon) to avoid losing funds. He advises using Coinbase security features like two-factor authentication and being mindful of transaction fees. If issues arise, users can contact Coinbase customer service via phone or chat.
Q&A
The session concludes with a Q&A segment where the instructor addresses questions from the audience, including inquiries about transferring money in USDC in Canada, transferring money from Coinbase to LSSC, and funding someone's Coinbase to LSSC in New York. He clarifies that when using USDC on the Polygon network, there is no conversion of money, and the transfer remains in USDC throughout the process. He also touches on the use of Coinbase wallet versus Coinbase exchange, preferring the latter for its simplicity and ease of use for beginners.
