There are a lot of places to buy Bitcoin, or other cryptocurrencies. A lot of people also want to sell them, so the prices are volatile.
When you’re starting out, it’s important to know where to find the easiest way to get started.
I’ve written about this before: when I was first learning about cryptocurrencies, I had trouble finding a reliable place to buy them. The most obvious option is to go through an exchange like Coinbase, which is easy enough and has lots of great features… but it charges a fee and involves some amount of work setting up an account and verifying your identity.
This month I discovered a new way that doesn’t involve much work at all: Coinsquare is an exchange that just lists cryptocurrency coins. (They also have a fiat currency exchange, but we’re going to focus on the digital money part, because it’s easier.) You can buy Bitcoin or Ethereum there without any signup or verification required. And they have very low trading fees… typical costs are zero for paying in Canadian dollars, or around 0.5% for using Euros or U.S. dollars.
So that makes Coinsquare my pick as the most straightforward way for newbies to get started with cryptocurrency.
Although there are many articles on the Internet about how to buy your first cryptocurrency, it is easy to get confused. This article will focus on the practicalities of buying your first cryptocurrency, rather than how to find a good exchange or where to find the best price.
If you want to buy Bitcoin, it is quite easy. You can either pay for it via PayPal or a credit card, or you can use a cryptocurrency exchange like Coinbase or Kraken. Upon purchase, you will be asked to enter a password and email address – this is your “private key.” This private key allows you to send and receive money from anywhere in the world, as well as being used to identify yourself when trading other cryptocurrencies.
If you want to buy your first cryptocurrency, it helps to know how. Here’s a step-by-step guide.
First, you will need to find out what cryptocurrency you want. There are thousands of options, and the list keeps growing. You can use a search engine like Google or Bing to find out what’s popular right now, or visit Coindesk which has one of the most extensive listings. If you want bitcoin, there are several sites that let you buy it directly with a credit card: Coinbase is probably the easiest, but BitPay and Circle both also offer this service.
Second, you need to decide on an exchange. These will let you trade one cryptocurrency for another in exchange for “fiat” money: most commonly US dollars, but also other currencies such as British pounds and Euro. The best place to start is Coinbase because it is the biggest exchange in terms of volume.
To open an account at Coinbase, go here: https://www.coinbase.com/join/5a1e3bcdff3a4f4c8d7a9531
Cryptocurrency is a technology that runs on computers all over the world. These computers are special because they can do things that ordinary computers cannot: they can do math. And they can do it fast, and they can keep track of lots of different currencies.
So what is cryptocurrency? It’s like money but better. Some people use it to buy stuff, but you don’t have to. The most important thing about cryptocurrency is that it is digital, which means you can have it without having anything physical at all.
Most countries have some sort of government-backed currency. When you go to the store, for example, the cashier gives you something called money that is made by a government.
Cryptocurrency doesn’t have a government backing it; it only has the security of math. As long as enough people believe in it, the value of your cryptocurrency will be pretty much guaranteed to be stable.
The other thing that makes cryptocurrency different from paper money is how easy it is to get hold of some. To put it simply, anyone anywhere in the world can get hold of a cryptocurrency wallet for free by going online and downloading a piece of software from a website run by someone else – just like getting an email account or joining Twitter or Facebook or Gmail
I am not a currency or investment expert. All I can tell you is that I have been doing this for a while, and I am now making money from it. So if you are interested in how to get started, then hopefully this will help you.
I will try to keep this as simple as possible, but if there are any questions, then feel free to ask me.
You probably have heard of Bitcoin, the most famous cryptocurrency. But there are other cryptocurrencies out there – Ethereum (which runs the programming language Solidity and uses the same system as Bitcoin), Litecoin (which uses high-speed software called Scrypt and is designed to be mined using consumer hardware) and Zcash (which was designed to hide transactions on the blockchain). There are also many other cryptocurrencies that don’t yet have any value at all, but could have value in the future.
The good news is that buying cryptocurrency is easy. The bad news is that it’s not easy. You need a wallet and some cryptocurrency – Bitcoin or Ethereum or whatever. But first you need about $100 worth of fiat currency, which in America costs about $93 at today’s exchange rate.
Cryptocurrencies are the most exciting financial innovation since the invention of the stock market. In the same way that AI and robotics will eliminate many kinds of manual labor, cryptocurrencies will automate and democratize finance.
The first step is to buy some Bitcoin. It’s easy enough to do if you live in or are planning to visit one of the places where it’s relatively easy to buy bitcoins, such as Coinbase.
Once you have some bitcoins, determining how much to invest can be tricky. Everyone thinks they have a better idea than everyone else, so it’s important to understand why people say a particular amount is “just right.”
I’ve found it best to start by looking at what people in the community say about their preferred investment amount. If there is someone saying $50 a month, I’ll try that. If there are many people doing that, maybe I’ll try $100 a month. Then I’ll see how I feel after a few months or even a year or two.
I switched from receiving bitcoins to buying and trading them. I did this because I wanted to make money and also because I wanted to learn more about the markets.
Bitcoin is a volatile market and you can not be sure of your profits. The price of bitcoin will rise or fall depending on a number of factors, most importantly on demand and supply. Even if the price rises, it can fall again quickly. This means that you need to be prepared for sudden changes in the value of your investment.
The best method to get started with bitcoin is to trade crypto-fiat currencies, such as USD or EUR, rather than buying bitcoin directly. You can then use your crypto-fiat currency as collateral for a margin trading position with a regulated broker who will ensure safe storage of your coins (unlike online wallets).