How to buy Bitcoin and other crypto
Bitcoin, Etherereum and other cryptocurrencies become popular for several reasons. First, you can pay crypto to buy goods or services on the internet. Second, the price of bitcoin as well as other cryptos grows from time to time. So people begin to understand that it is a good way to invest money. Even if you are not going to buy, to stay up-to-date, it is good to know how the things work with such innovations.
What about the most popular Bitcoin exchanges?
So what are the ways you can get some bitcoins for example? You can buy them for fiat currency at the exchanges.
Perhaps, Coinbase (US-based) is good to begin with. It is easy to use as soon as you don’t have to deal with cryptokeys or QR. You can trade Bitcoin, Ehereum or Litecoin right from your bank account. It charges comparatively high commissions on transfers though and there are no stop-loss orders or margin trading. In this regard, Kraken (based in the US) offers more options with more currencies. Bitstamp (Luxembourg) may be quite reliable too.
Bitcoin sign up: step by step
What you have to do if you want to buy some cryptos?
– register at the exchange with a username and password. Be ready to prove yourself with your ID;
– transfer fiat money from your bank account following the instructions;
– make a buy order and choose the sum you want to purchase;
– get some cryptocoins in your wallet.
When selling, you need to make a sell order correspondingly. Each transaction implies some fees.
Cryptocurrency: where to spend
If you just need BTC or ETH to pay for goods at online stores, most likely there are other options as well including old-fashioned fiat money. That means you can avoid transaction fees to buy cryptos if you can pay non-digital money right away. Yet if you bought some several years ago when they were cheaper and want to spend them now when their value is higher, that will be a definite win.
Another case when you need cryptos can be when you use Ethereum in token sales or when you want to build your own apps on platforms.
Some tips to protect your money and avoid possible risks
Naturally, if you deposit your money, you worry if it is safe. Bitcoin price history witnessed some sad events when its value fell due to hackers, scammers, technical issues or software errors. Yet, as cryptocurrency markets mature, the situation improves. It will be good if you
– choose a good password and the two-factor authentication;
– transfer your money to wallets which you can control or keep your assets offline;
– use both paper and hardware wallets;
– better have a backup;
– have a separate wallet with some amount of money for your daily expenses.
In the case of force majeure circumstances, simple negligence, user mistakes or just bad luck you will still have access to your wallets.
Don’t forget that values are volatile so be ready for leaps. You may gain, and you may lose. Never be tired to learn more, follow the news, consider the circumstances, think twice and be wise!