A Beginners Guide To Buying and Storing Crypto Currencies
Investing in crypto currencies can be a profitable investment if we select the right coin to invest. But selecting right coin at right time along with right strategy is not so easy. And before that you need to buy some crypto currency and store it safely in your wallet. But question is how to buy and store crypto currencies. In this article, I will share my experience of buying and storing them safely in a wallet. Let’s get started:
There are various platforms available that let us buy different types of crypto currencies and most popular are Coinbase, Bittrex, Bitfinex, Cex.io, Bitstamp etc.
I will explain how to buy from Coinbase because it is the most trusted way to buy and also it provides one of the most secure storage for your coins (in case you don’t want to use hardware or paper wallets).
In a world of ever-increasing technological advancement, people are becoming more and more disconnected from their physical money. As the adoption of cryptocurrencies grows, people are wondering how they can take their first steps into the fascinating world of crypto. In this guide we will outline the process of buying and storing crypto currencies.
Step 1: Find a Platform to Buy From
There are a number of platforms you can use to buy Bitcoin, Ethereum, Litecoin and other alt-coins. The most popular place to purchase cryptocurrency is Coinbase. Coinbase has an easy-to-use interface and offers both bank transfer & credit card purchases for Bitcoin, Ethereum, Litecoin and other alt-coins.
Step 2: Get a Wallet!
After you have purchased some coins from an exchange you must store them in a wallet until you are ready to use them. A wallet is a secure digital vault that stores your Bitcoins or other cryptocurrencies. There are many different types of wallets available for mobile, desktop and hardware use. For beginners I recommend using the Exodus wallet which is an all in one application that allows you to store many different types of cryptocurrency as well as exchange between them instantly inside your wallet (Exodus is only available on desktop). If you want to store your coins on a mobile device I
In many ways, the cryptocurrency market is a classic example of irrational exuberance. Just recently, the average price of Ethereum, one of the most popular cryptocurrencies in general circulation, has risen fourfold. The total value of all digital currencies has nearly doubled since the start of 2017, with a market cap of around $42 billion at the time of this writing.
It’s no surprise that as prices have risen, so has interest in these digital assets. Even my grandmother has been asking me about Bitcoin, and she’s not even on Facebook!
But despite prices having surged over the past few months, there are some who think they will continue to rise further still. There are even those who think cryptocurrency will replace traditional fiat currencies like U.S. dollars and euros in the not-too-distant future. If either is true, there’s still plenty of upside for investors who get into cryptocurrencies early.
The problem for newbies who want to get involved is that it can be difficult to figure out how to buy a cryptocurrency (and where you can buy it from) and what you need to do once you’ve got your hands on some cyber cash.
Don’t worry though: This beginner’s guide explains everything you need to know about how to buy and
The biggest thing you can do to protect yourself is educate yourself. I spent 100 hours reading about crypto before I bought my first Bitcoin. If you are planning on buying crypto, you need to make sure that you are educated on the risks and rewards. It is a volatile space so you need to be prepared for the ups and downs of the market. Don’t invest more money than you can afford to lose.
The second most important thing is to use a hardware wallet such as Trezor or Ledger Nano S. This will allow you to safely store your coins until it is time to sell them. Another option is paper wallets but these are less secure due to being a physical object that can be lost of destroyed.
The third most important thing is being careful where you buy your coins from. Use established sites like Coinbase, Gemini or Kraken. You should never buy directly from an individual via something like LocalBitcoins unless you really know what you are doing and have done this many times before. It is very easy for people to take advantage of beginners if they don’t have their wits about them and think they are going to get a great deal when in actual fact they will probably lose all their money.
So, educate yourself, use a hardware wallet and don
What is a Crypto Currency?
Crypto currencies such as Bitcoin, Ethereum, Ripple and Litecoin are digital assets that can be exchanged between users in a peer-to-peer network. This decentralised network of trust is secured by cryptography, which is why these currencies are also known as crypto currencies.
How to buy Crypto Currencies?
There are several exchanges in the world where you can buy and sell crypto currencies for local fiat money or for other crypto currencies. To get started, you need to register on one of these exchanges, verify your identity (typically with a picture of an ID document and a proof of residence) and deposit some fiat money into your account.
The exchange will typically show the current market price of the crypto currency you want to buy. By placing a market order you instruct the exchange to buy the coin at the best available price. Alternatively, you can place a limit order where you specify the price you want to pay for each coin. If a matching sell order comes into play at that price point, your limit order will be executed (otherwise not). Most exchanges charge a small fee for each transaction (the “maker fee” and “taker fee”) and offer different payment methods (bank transfer, credit card, etc).
We have written this guide to help beginners and experienced investors alike. We’ve included a lot of information, but left out anything that sounds too technical or complicated. We do explain some of the technical terms in the “Glossary” section at the end.
It’s important to understand that crypto currencies are digital assets, not stocks or bonds. Their value has nothing to do with any company’s earnings or debt; it is determined entirely by supply and demand. Also, crypto currencies are not regulated by any government. That means they operate without supervision from central banks, which also means they are not insured like bank accounts are.
Crypto currencies are a new kind of asset class, so there is no historical data to use as a guide. This means projections about the future value of any coin can be wildly different, depending on who you ask.
There are currently more than 1,500 different kinds of coins or tokens available. Because there is such a wide variety to choose from, we’ve included a list of the top 100 coins ranked by market capitalization at the end of this book. However, we have not personally investigated every coin listed in that table and cannot guarantee that each one is legitimate and meets our standards for security and transparency.
By now most people have at least heard of Bitcoin and other crypto currencies, as they are breaking records day after day. However, most people do not know what they are actually good for, and why they have value.
So let’s start with the basics: What is a Cryptocurrency? A cryptocurrency is a virtual currency which uses cryptography for enhanced security. The main benefit to using something like Bitcoin over the traditional banking system is that it’s decentralized, meaning it’s not controlled by any government or central authority like a bank or Paypal.
Why are cryptocurrencies so valuable? There are several reasons. First of all, they are decentralized and free from any central authority. This means that no one can control them and that no one can stop you from using them. Furthermore, transactions using cryptocurrencies are irreversible and cannot be reversed by anyone once sent.
Another benefit over traditional currencies is that because there is no central authority controlling the currency, you can send money almost instantly anywhere in the world without needing permission from your bank or paying high fees for international transfers.
When you buy something online with a credit card or Paypal account, the merchant will usually charge a fee (around 3%). This is called the merchant discount rate. When using cryptocurrencies such as Bitcoin to pay for