Using the app Coinbase, we bought and sold bitcoin to better understand how the cryptocurrency works. Following is a transcript of the video.

Using the app Coinbase, we were able to buy and sell bitcoin. This is what the Coinbase app looks like on an iPhone. When you first open the app, you’re presented with the latest price of bitcoin. You have to enter some basic personal information to create your account. The final step before entering financial information was two-step verification for security. Adding a payment method was simple and straightforward.

The process of buying was easy. In January 2017, $5.00 bought 0.0055313 bitcoin. Coinbase charges small fees for trading, this cost 19 cents. And that’s it, now we own bitcoin (or at least a small fraction of a bitcoin). To sell bitcoin, Coinbase only lets users pair their bank account.

This video was originally published January 18, 2017.

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