There’s a lot of hype and a lot of confusion about buying cryptocurrencies. This blog tries to explain how to buy your first amount of cryptos. The process is pretty simple, but it requires you to do your own research and due diligence. There are many websites out there which will tell you that cryptocurrency is very easy, that you can earn a ton of money with it and that it’s basically free money if you just buy some altcoins.
This is not true. Just like stocks, mutual funds, real estate and other types of investments, cryptocurrency is a type of investment. Cryptocurrencies are not easy money, they’re not some get-rich-quick scheme; they’re an investment which will require work, time and effort in order to be successful.
In this blog I try to give you all the information and links necessary for you to decide for yourself whether this is something for you or not. In the end it’s up to you to make an informed decision; I’m just here to help you with the process and point you in the right direction.
I’m no expert on cryptocurrencies myself, I’m just an average guy who bought some Bitcoin when it was still $200-$300 per coin back in 2013, got lucky and has been investing
Welcome to the wonderful world of cryptocurrencies. In this blog post I will go through how you can purchase your first amount of cryptocurrencies, in this case Bitcoin.
Buying Bitcoin is not as hard as you think it is. If you have ever bought anything online with your credit or debit card, then you have all the knowledge that you need.
This guide consists of three parts: 1) Choosing a cryptocurrency exchange (Coinbase) 2) Installing a Bitcoin wallet (Coinomi) 3) Buying your first amount of Bitcoin on Coinbase.
Lets get started!
There are plenty of options for buying cryptocurrencies, as well as different types of cryptocurrencies. You can buy Bitcoin, Ethereum, Litecoin, Dash, Ripple and Monero. And you can also choose between different exchanges that offer these currencies.
What you need to know is how to do it in a secure and safe way. In this blog post I will explain the most common ways to buy cryptocurrencies and introduce the exchanges I prefer to use when buying them.
When buying cryptocurrencies there are two things that matter: your personal security and the security of the exchange you buy from.
I will explain how to keep your personal security safe first, then move on to the exchanges themselves.
Make sure that you’re using a computer or phone with an up-to-date anti-virus/malware program installed. A lot of malware specifically targets cryptocurrency wallets. In addition, if you have a firewall or router that contains a built-in firewall make sure it’s enabled as well.
Create unique passwords for each exchange or service you use. It’s a good idea to use a password manager like LastPass or KeePassXC so that each password is unique and complex enough not to be easily guessed by hackers.
Use 2-factor authentication whenever possible! If your
Buying cryptocurrencies have never been easier, however, there are a lot of steps to take before you can actually own your first satoshi. In this article I am going to explain how you can make your first purchase as easily as possible.
Let’s start with the basics. Cryptocurrencies are digital currencies that use cryptography for security purposes. The most well-known cryptocurrency is Bitcoin but there are many others. Some of them are quite popular like Litecoin, Dash and Ethereum.
You can buy these currencies on exchanges, which are websites where people buy and sell cryptocurrencies for other cryptocurrencies or for fiat money (the regular money from the country you live in).
I will explain how to buy cryptocurrencies using two different methods:
A) Register an account at an exchange and deposit fiat money (euros, dollars or whatever currency you use) into your account. Next you can buy cryptocurrencies with this money.
B) Register an account at an exchange and deposit Bitcoin into your account. Next you can buy other cryptocurrencies with this Bitcoin.
A cryptocurrency exchange is an online platform where you can buy, sell and trade cryptocurrencies. Some exchanges allow you to trade through fiat currencies, such as Singapore or US dollars, while others allow you to buy cryptos using another digital currency like bitcoin (BTC) or Ether (ETH).
There is a growing number of services and merchants accepting Bitcoin all over the world. You can use Bitcoin to pay them and rate your experience to help honest businesses to gain more visibility. You can also buy Reddit Gold with bitcoin, and give it out as gratitude for the user who posts your favorite cat pictures!
The Bitwala debit card is a prepaid Visa card that lets you pay anywhere in the world with none of the usual fees attached. Plus, it lets you convert your crypto into fiat currency at any point of time, allowing you to spend your crypto wealth in real life.
Cryptocurrency exchanges are websites where you can buy, sell or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you
1. Create an account on Coinbase
Coinbase is a service offering a variety of services related to cryptocurrencies, such as Bitcoin, Ethereum and Litecoin.
It is a great platform for beginners looking to get into the cryptocurrency space and it has been around since 2012.
One of the best features of Coinbase is how easy it is to use. You can simply sign up for an account, connect your credit card and start buying cryptocurrencies.
The platform also offers you the option of depositing funds through bank transfer which will take about 5-7 days to be fully credited to your account. This can allow you to make larger purchases without having to pay any fees on top of your purchase.
If you want to sign up for a Coinbase account, please use my referral link: https://www.coinbase.com/join/57a3f3d1
The most popular exchanges to buy cryptocurrency are Coinbase, Binance, and Kraken.
Coinbase is the largest cryptocurrency broker in the world, so they have quite some (slow) support and other issues. You can buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash with credit card or SEPA bank transfer on Coinbase. The fees are higher than other exchanges, but you get USD from your bank account onto Coinbase immediately.
Binance is the largest altcoin exchange in the world by volume. They list hundreds of different cryptocurrencies for trading and you can deposit money with Euro (SEPA), Dollar wire transfer or credit card. The fee structure of Binance is very competitive and they offer a lot of different options to buy cryptocurrencies like Ethereum, Ripple or Bitcoin Cash with Bitcoin or Ethereum.
Kraken is another popular exchange that lets you buy crypto with fiat currencies like EUR and USD. Kraken is one of the biggest exchanges in Europe and America and offers a large number of cryptocurrency pairs like Monero or Dash against Bitcoin or Ether.