When you think about your mama, hopefully you’ve got in mind someone who loves you, takes care of you, and helps you out in any way possible. And while Coinmama won’t make you dinner or do your laundry when you visit home from college, they will make buying Bitcoin and Ethereum a whole lot easier than it normally is.
In this Coinmama review, we’ll talk about why allowing a new onramp for US Dollars and Euros is so important. We’ll also discuss Coinmama fees, Coinmama verification, and our thoughts about Coinmama vs Coinbase. We hope you find this Coinmama review informative and thorough. Now without further ado, let’s get right into it.
Apart From Coinmama, Why Is Buying Bitcoin and Ethereum So Difficult?
If we had a nickel for every time a new crypto trader asked why it’s so hard to buy Bitcoin and Ethereum…we’d have more fiat money to put into crypto.
Seriously though, buying Bitcoin and Ethereum takes some time and knowhow. This is because cryptocurrencies are a different kind of asset class than has ever existed before. It’s a strange thing to be able to transfer value based in physical money into digital space for a virtual currency, which can later be traded back for fiat money.
For this to happen, regulators have to make a lot of rules for the way companies like Coinbase can operate. Coinbase has to be very careful about the way they operate. Apart from Coinbase, there are very few exchanges which trade Dollars for Bitcoin and Ethereum, specifically because of the regulatory burden required of these exchanges.
By keeping a liquid stash of Ethereum and Bitcoin, Coinmama can accept your cash and credit payments and return to you with your coins in no time. In this way, they are acting almost like a friend, who might sell your some of their Bitcoin for cash you pay them through a non-official channel. Coinmama is still regulated, but not in the way Coinbase is.
Another reason that it’s difficult to buy new Bitcoins and Ethereum is because the market is flooded with demand. Literally hundreds of thousands of new investors and cryptocurrency users spring into the market each day. Exchanges like Coinbase simply can’t keep up.
For this reason, we’re always happy to see new “onramps” (ways for people to bring conventional currencies into the crypto space) come into existence. It takes some of the burden off of more familiar exchanges, and gets more people into crypto investment than would be able to do so otherwise.
Coinmama Legit? Coinmama Safe?
Abbreviated questions like these are very common in Google trends searches, and we are happy to be able to answer in the affirmative in both cases. Coinmama is a legit company who provides a simple service just as they say they will. Coinmama Reddit is a good place to explore user experiences. You won’t find many complaints.
How to Create a Personal Bitcoin and Ethereum Wallet
There is no Coinmama wallet in which to store Bitcoin or Ethereum. When you set up your order for the first time, Coinmama sends your order straight to a wallet that you control on the internet or on your computer/device. But what is this wallet and how do you set one up?
First of all, every cryptocurrency in the world is stored in a wallet or some kind. However, these wallets aren’t the leather credit card burritos carried in your dad’s back pocket. These are pieces of digital software which control the “private keys” for your coins – secret codes that are processed from origin to recipient every time a coin is transferred.
When you buy a Bitcoin with Coinmama, they will never hold that coin for you. Instead, they will send it from the Coinmama Bitcoin wallet to your personal wallet in one single step. To complete this trade, of course, you must have a existing wallet before you transfer the money. There are many wallets. We happen to like Exodus – it’s free and intuitive. It also holds both Bitcoin and Ethereum, plus a bunch of other altcoins.
This is a Coinmama review, but to use Coinmama you’ll have to use a wallet like this. Download Exodus from Exodus.io. Inside, you’ll see tabs for Bitcoin and Ethereum. In both regions of the software, click “receive”. This will show you the public address for your Exodus Bitcoin wallet and Exodus Ethereum wallet.
If you want to buy Etheruem from Coinmama, copy your Exodus Ethereum address and paste it into the requested line on your Coinmama order form. Complete the rest of the order as already described. This will give Coinmama the information they need to deliver your Ethereum (or Bitcoin if you copied your Exodus Bitcoin wallet address) when your order is complete.
When your coins arrive in your Exodus wallet, they are now in your control to hold, spend, or transfer to another wallet. Keep your Exodus password safe and your coins should be safe too.
Final Thoughts on Coinmama
We hope that this Coinmama review has been thorough and helpful. To sum up, we think Coinmama is a convenient and easy way for people to turn fiat currencies like US Dollars and Euros into Bitcoin and Ethereum. Bitcoin and Ethereum are good choices for investments in themselves, but they’re also great ways to invest in other cryptocurrencies (altcoins) like NEO and ARK.
Coinmama is also a great place for new crypto traders to learn some of the ropes. In order to work with Coinmama you’ll have to be able to download a digital wallet for Ethereum or Bitcoin, and no what an address is. This is pretty foundational stuff, but you’d be surprised how many people would like to trade crypto, but haven’t yet wrapped their minds around these simple concepts.
Regardless of why you use Coinmama, we think you’ll find it fast and intuitive, the perfect way to get Bitcoin and Ethereum ASAP.
Bestbitcoinexchange also offers a valuable Coinmama review for those that want a second opinion.