How to buy cryptocurrency?

How to buy cryptocurrency?

Bitcoin is the «mother of all cryptocurrencies», being born in 2009 and having first introduced the blockchain technology that underlies the whole crypto phenomenon.

It is a decentralized digital currency, as it does not belong to any government, bank or credit institution, and is programmed in an open source language.

How to buy cryptocurrency?
How to buy cryptocurrency?

Bitcoins are stored in a special electronic wallet (the so-called Wallet) or physical (bitcoin keys) and are accepted as a payment method now in many countries of the world.

Transactions (such as purchases and sales) take place via a peer-to-peer network and are completely traceable and secure. To trade with this digital currency, just use your bitcoin address.

Since the birth of Bitcoin, today we can count 62 cryptocurrencies; their purchase, their sale and their traceability is almost all done on the internet.

On the internet you can easily find dozens if not hundreds of websites offering the possibility to buy bitcoins and other cryptocurrencies by credit card, postepay top-ups, bank transfers, etc …

Doing business with cryptocurrencies is becoming easier and easier for everyone. Virtual coins are an increasingly widespread and appreciated phenomenon by those who have money to invest in the most disparate ways. There are many solutions available.

For those who work in the virtual currency sector, it is now clear that buying gold or other financial assets is not as convenient as they have always wanted us to believe. Trading is actually much better especially in expanding markets such as virtual currencies.

The first thing to do if you intend to buy crypto coins is to pay close attention to how, where and when you choose to take them. In this sector too, attention and experience are required to do business that is really convenient and to avoid being sidetracked at the first opportunity, you would risk leaving the business even before you have understood how things work and start making real money. If you want instead you could decide to invest in dozens of «altcoins» (alternatives to bitcoins) and get to increase, if not double your starting capital in a short time.

In fact, as in any investment activity, buying, or rather, trading virtual currencies requires two main variables that must meet and get along, that is, the variable of time and then above all the variable of the capital available.

There are two main solutions to buy and sell cryptocurrencies among the best known such as Bitcoin, Monero, Dash, Ethereum. Exchanges for direct sales and with low commission costs and online trading brokers through the use of specific tools such as contracts for difference. In this regard, we will observe the main characteristics and differences.

On exchanges it is possible to buy cryptocurrencies directly by contacting high liquidity platforms of digital coins and with low costs on the purchase commission. Among the best solutions, Poloniex, Bitstamp, Coinbase, Kraken, Bittrex, The Rock Trading and Sprectrocoin. They are also alternatives to the classic trading systems in CFD and with solutions that also have good online reputations.

To begin a phase of purchase of cryptocurrencies on the Exchanges platforms, a first online registration must be made, including, among other things, information on identity card, telephone number, email, residence and choice of the Wallet on which to make a payment.

These data will be used to confirm the identity of the new user and to proceed with the opening of a new account for the direct purchase of cryptocurrencies.

For a purchase of virtual coins on the Exchange, this platform must be chosen in the first place. Solutions such as Kraken, in fact, allow you to buy cryptocurrencies in exchange for real currencies such as the Euro, Dollar and Yen and accept traditional systems such as wire transfers and credit cards as payment methods.

There are also other solutions such as Bittrex and Poloniex, where it is possible to buy cryptocurrencies with other cryptocurrencies and where the purchase order must be made in a short time, since the conditions applied by the Exchange also vary based on the liquidity and volumes of cryptocurrencies. available.

This is the order in order for those who want to buy cryptocurrencies:

  • # 1. Choice of the Exchange platform in which to buy cryptocurrencies.
  • # 2. Registration on the Exchange indicating the main data required for the verification of the new user.
  • # 3. Choice of payment system for account management and to finance the purchase of cryptocurrencies.
  • # 4. Access to the Exchange and direct purchase of the desired cryptocurrency.
  • The purchase transactions on the Exchanges are supported by high liquidity and low purchase commission costs.

Do not forget that before starting to buy Bitcoin you must also create your digital purse (technically called wallet), i.e. the file inside which the coins will be saved. It is not difficult: all you have to do is choose a client, that is a software, among those available on the Internet and follow the instructions contained in it. Many of the sites I mentioned allow you to create both the wallet and the purchase of cryptocurrencies.

In addition to being able to buy Bitcoins as seen above, you can also fill your digital purse in another way. Like? By making mathematical calculations to the computer processor or its GPU, that is to the processor of the graphics card. This activity is called mining and its complexity increases with the passage of time.

The creation of digital coins, however, requires a high computing power and what follows is a great energy expenditure, due to these problems that make the practice of unsuccessful, even for those who use rely on a specific video card. At this point, the mining pool, affiliations and the use of ASICs came into play.

The last thing to know for the purchase of Bitcoins is the right evaluation of the exchanges that we would consult:

  • # 1. Payment method — Find a bitcoin exchange that accepts your preferred payment method, SEPA transfer or card. Each payment method carries different fees.
  • # 2. Speed ​​- Buying bitcoins quickly can be difficult, especially in large quantities. You may have found the best Bitcoin exchange, but if the verification takes a week and you need bitcoin right away, then you will have to look elsewhere. Initial verification can often take several weeks.
  • # 3. Commissions — Each Bitcoin exchange applies different rates for its services. Exchanges that work on orders have a high trading volume and often offer commissions of 0.25-0.50% per trade.

Written by: zalkeo1

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