The global cryptocurrency market will reach $1.40 billion by 2024, according to the latest reports. With easy access to information, more people have ventured into cryptocurrencies as assets. Others leverage the benefits of digital currencies in their daily online transactions. Whatever your motivation to purchase cryptocurrency, it’s important to learn the best way to do it.
This post explores the steps for buying cryptocurrency and identifies different places to make your purchase.
How to Buy Cryptocurrency
The mention of cryptocurrency to many people refers to bitcoin. However, there are hundreds of other digital currencies to choose from on the market. Each of these coins has its strengths, drawbacks, and potential as an investment option.
Before making any crypto purchase, make sure you review the coin extensively. Other steps when making cryptocurrency purchase include:
- Setting up a wallet: A cryptocurrency wallet stores both private and public keys and facilitates transactions in your coins. You can choose from online, mobile, hardware, and paper cryptocurrency wallets. Examples of wallets include Mycelium, Bitcoin Core, Coinbase, Exodus, Robinhood, Trezor.Copay, BRD Wallet, among others.
- Fiat currency to cryptocurrency: At this stage, you can now purchase cryptocurrency using your ordinary currency. You can buy a digital currency from ATMs, face to face meets with sellers, or through exchanges.
- Complete transfer of cryptocurrency: You should send your bitcoin address to the seller. This ensures the bitcoins end up in your account. The encrypted address is unique to your wallet.
- Send cash to the seller: Whether you transact through an ATM or exchange, you will send your cash to the bank account provided by the seller.
- The bitcoins should reflect in your wallet within no time if the transaction is successful.
- Spend your cryptocurrency: You can now transact with your coins. If you want to play at an online casino such as bspin, you will create an account with the casino and transfer your bitcoins to your account. The casino provides a unique address for you to send the bitcoins.
This is a straightforward process that applies to most cryptocurrencies. However, you should confirm any extra requirements for the unique cryptocurrency you wish to buy.
Where to Buy Bitcoins
Some of the best places to buy bitcoins and other cryptocurrencies include:
- Coinbase: It is the ultimate beginner Bitcoin exchange due to its easy to use interface. It also comes with a wallet for its customers.
- Wirex: Yiu can buy cryptocurrencies with your debit cards, credit cards, and bank transfers. It offers some of the best exchange rates.
- Coinmama: This is a fast, secure, and safe platform for the purchase of cryptocurrencies. It is a buy-only platform and has no built-in wallet.
- Robinhood: If you want the cheapest cryptocurrency transactions, Robinhood is the best platform. There are no fees and you can buy and sell cryptocurrency on the platform. It is a mobile-first exchange and as not yet spread globally.
- Square Cash: It is also a free app to sell and buy cryptocurrencies. Your cash is help within your Square Cash account and can use it whenever you want.
Wrapping Up
Cryptocurrency is no longer a buzzword but a reality in the financial industry. More businesses and consumers have embraced digital currency and new currencies are emerging. It is also a great investment to add to your portfolio. These tips will guide you when making your first cryptocurrency purchase.
Disclaimer: This a paid post, and should not be treated as news/advice.
