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Data from CoinMarketCap also indicates that the total cryptocurrency market capitalization slumped today to under 300 billion for the first time since Nov. Coinbases simple interface aims to make it easy for first-time buyers to purchase bitcoins. That may seem like a small and unlikely way to use it, but as bitcoin matures, this could become increasing viable and important as bitcoin matures.

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Once your photo ID is verified, the ID verification process should be complete. You will not be charged for these transactions. Update: This story originally stated that Coinbase said it has received explicitly approval from 25 states to offer its bitcoin debit card. - Buy Over 100 - And Get Free 10 USD Now Only

Debit does have a benefit (think Square Cash) where you can get instant purchases though, so if there are benefits of having instant buying and withdrawals, then that would be good. The other 80 percent of those transactions are mere speculation, where bitcoin is traded as a commodity in search of a profit. For example, you cannot send Bitcoin and Bitcoin Cash to the same wallet, or one will be lost. Coinbase, available to users in over 30 countries as of 2017, is the world's largest Bitcoin broker.

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How Fast Does Coinbase Send You Bitcoins? Instant buy available with credit card as backup.

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While Coinbase is beginner focused, the process of setting up an account, adding funds, and purchasing currencies can still be less than straightforward. When you make a purchase with a bank account, the price you pay is locked in the moment you purchase, but you will not receive your cryptocurrency until 4-5 business days have passed. You will be required to upload a clear photo of the front and back of the idea.