If you know anything about cryptocurrencies, you would know that you can’t just walk into a store and order some doughnuts, coffee with a dash of milk and a couple of cryptocurrencies on the side.
Cryptocurrencies are a little more complicated than that but not so much that you can’t get your hands on a couple or more.
Cryptocurrencies are digital currencies meant for peer-to-peer transactions that use complex encryption for security purposes. They can be stored as assets or used as a means of exchange. They make transactions easier, safer and cheaper. As assets, they are quite valuable. Examples include Bitcoin, Litecoin, Ripple, Iota, etc.
Where to Buy Cryptocurrencies
A trusted site to buy cryptocurrencies, specifically Ethereum, Bitcoin and Litecoin is Coinbase. All you have to do is create an account, verify it and then pay for your purchases in USD using a wire transfer or card (debit or credit). If you are living outside the United States, you may transfer an equivalent of the amount in your currency.
Other sites are Livecoin and Poloniex. These allow you to even purchase the cryptocurrencies using any others you may already own. CoinMarketCap is equally a site that allows the purchase of cryptocurrencies with your local currency.
Additional top sites are:
- Gate.io – If you are looking for some of the newer cryptocurrencies, then this is the site to check out.
- Changelly – It is easy to use and is effective for changing cryptocurrencies.
- Bitmex- It has been in the been in the business for quite a while but is still as efficient.
- Binance- It allows a limited number of users so try to see if you can you can register. It also comes with its Mobile App. It is a popular choice so do it give it a try.
- KuCoin- This offers a unique selection of cryptocurrencies.
- Paxful- This U.S based site accepts currencies for all Bitcoins.
- Coinmama- This Isreali site accepts Euros and U.S dollars.
How to Buy Cryptocurrencies
Some points you must first consider before purchasing cryptocurrency are:
- The risk: Cryptocurrency is a volatile market. So, you must be well aware of the risks before you purchase any. Don’t rely on hearsay. Read up. Ideally, you should start by buying an amount you can afford to lose.
- The different types: Think of it like different brands of the same product. They are essentially all meant to make transactions easier, but they each have different capabilities and unique selling points.
- Where to store them: Cryptocurrencies are kept in a ‘wallet’ which carries your key meant to ensure only you have access to your coins and no one else. The wallet may be online or come with a Mobile App or paper wallet.
- Know the exchange platforms: It is not enough to have the cryptocurrencies. You should know the easiest and most lucrative ways to dispose of them.
- Latest tech news: Before you buy and even after you have bought, keep abreast of the latest technology news. Don’t just fold your arms and expect your cryptocurrencies to appreciate like real estate.
When you have fulfilled these points, use the means of exchange required by the exchange site as discussed above.
Therefore, cryptocurrencies aren’t as mystic as many make them seem. They are worthy investments but to be made wisely.