In this blog post we will be going over the various ways to buy your first cryptocurrency. By the end of this blog you should have a firm understanding of where to buy your first cryptocurrency and how to purchase your cryptocurrency.
There are two main types of wallets, Software and Hardware. Most people probably already have some sort of Software wallet, as they come as part of exchanges such as Coinbase, Binance and Bitfinex. However, these are considered quite unsafe if you are thinking about storing large amounts of funds in them. This is due to the nature of them being hosted online, which leaves them vulnerable to hackers.
Software wallets are still good for day-to-day use though, but if we are purchasing larger quantities of Cryptocurrency then it is best to look at Hardware wallets instead. Hardware wallets are basically an external device that can only be accessed on the device itself or by using a pin code, similar to a bank card.
The safest hardware wallet is probably ledgers Nano S, which is what I personally use. You can find more information about it here: https://www.ledgerwallet.com/products/12-ledger-nano-s
The next step is to actually purchase your first cryptocurrency! There are many places
How To Buy Your First Cryptocurrency
We’ve had many friends ask us the process of buying your first cryptocurrency. It can be quite confusing to purchase your first cryptocurrency, so we’ve simplified the process for you in this article!
In this article, we will be using Coinbase to buy Bitcoin (BTC) with USD. If you are looking to buy a different coin, check out our “How To Buy Altcoins” guide.
The first thing you will want to do is create an account on Coinbase. Signing up for an account on Coinbase is very simple and only requires an email address and phone number. You will also need to verify your identity by scanning either a driver’s license or passport. Once you have created and verified your account, you can easily link your bank account to begin purchasing Bitcoin (BTC) or Ether (ETH).
Next, you will want to move some money into your Coinbase account so that you can purchase Bitcoin. If you’re interested in other cryptocurrencies as well, take a look at our “How To Buy Altcoins” guide here! Now that we have money in our account, we can easily purchase any of the cryptocurrencies available on Coinbase.
The cryptocurrency market has been on the rise in 2017 and it’s showing no signs of slowing down. We’ve all heard stories of people who invested in bitcoin years ago and are now millionaires. So how can you get your first cryptocurrency?
Whether you’re a total newbie or someone who has a small amount of experience with bitcoin, I’ll teach you how to buy your first cryptocurrency today.
This article will cover:
-How to purchase your first cryptocurrency
-Which cryptocurrencies are best for beginners
-Which wallets are best for beginners
-A step by step guide to buying your first coins
Before proceeding, I highly recommend you to read my previous post on “What is a cryptocurrency”.
After reading my post, if you’ve made your mind to buy your first cryptocurrency then let me help you with it. No matter which cryptocurrency you want to buy, there are some basic steps that I’m going to teach you in this post. After the completion of these steps, you will have your first cryptocurrency.
So, let’s begin:
If you don’t have any bitcoin, don’t worry. This article will teach you how to buy your first cryptocurrency using Coinbase.com and then how to transfer it over to Binance.com so you can trade other cryptocurrencies for it.**
My first experience investing in cryptocurrency was buying a few .01 Bitcoins on Coinbase. I immediately regretted it as the price quickly dropped below what I had paid. After that, I started to look at other cryptocurrencies and saw huge potential in them.
I did some research and decided to buy some Dogecoin on Cryptsy.com. At this point, Dogecoin was only $0.0003 per coin, and I bought 50,000 of them for a total cost of $15.
I then moved my Dogecoin to an online wallet [DogeVault](https://www.dogevault.com/) where they were safe until I needed them again. When the price reached $0.007 each (which it did in less than a month), I sold everything for a total profit of around $170 – not bad for a $15 investment!**
First of all, what is cryptocurrency?
Cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems. The decentralized control is related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger.
Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System, corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto. As of September