How to buy Bitcoin – ABOUT CRYPTOCURRENCY

Cryptocurrency is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are frequently called altcoins, as a blend of alternative coin.

BUY CRYPTOCURRENCY

Below are some reliable websites to buy Cryptocurrency.

COINBASE

is the best place for a beginner to buy bitcoin. Coinbase is insured and you can buy with a credit card or linking your bank account. It is one of the few exchanges that accept United States Dollars (or Euros if you are in Europe). Currently, Coinbase offers several cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash.

Open an account and get $10 of bitcoin when you buy $100 or more bitcoin!

LEDGERWALLET

If you are going to hold more than a few hundred dollars, you should consider a hardware wallet. These wallets will securely hold your private keys. The Ledger Nano S is a top hardware wallet. Buy it directly from the manufacturer. It is available on Amazon but if you don’t get it from an official reseller there is a security risk (and you could lose your coins). Even though the company has a link to Amazon, just buy it directly from Ledger so you don’t have to worry about it.

If you are looking to buy altcoins, first you will probably need to buy Bitcoin, Ethereum, or Litecoin to send to an exchange as most do not accept fiat currency (US Dollars, British pounds, etc.). Also find out if you need a special wallet for the coin. Exchanges do not have every altcoin listed, so you may very well end up having several accounts. When transferring between Exchanges, try to use coin that has the lowest fees (currently its Litecoin).  Due to the increased demand many exchanges may stop opening new accounts periodically. Many of these have a fairly easy setup process, you give your email address, they send you a link to confirm your email and have 2 Factor Authentication which additional security measure that requires input of a numeric code, typically Google Authenticator app that you install on your smartphone. If you don’t already have this installed you should do this immediately.

EXCHANGE CRYPTOCURRENCY

Below are the exchanges you should open accounts with to start:

CHANGELLY

is easy to use cryptocurrency exchange service between digital currencies. Changelly aggregates and suggests the best currency rates among the largest crypto trading platforms. If the coin you are interested in is available here, this should be your first choice until you get more comfortable with buying or selling coins.

EXODUS

You probably don’t want to hold your coins on the exchange. To hold your coins (actually the private keys) securely you must get a wallet. Exodus offers an easy to use interface and it supports multiple coins (including ERC tokens that use the Ethereum blockchain). You should buy a small amount of coins and send them to your wallet and back to Coinbase just to get the hang of it.

BINANCE

has extensive altcoins available for transferring in and out. (May not always be accepting new customers if so you can check back every so often)

CRYPTOPIA

Cryptopia has extensive altcoins available as well as fiat New Zealand Dollars

Remember to make sure you have a compatible wallet for any cryptocurrency you buy and want to take off the exchange.

TRADING STRATEGIES

If you are interested in advanced trading  strategies, these exchanges are for you:

  • Bitmex only accepts Bitcoin for transferring in and out. Offer swaps and futures on the more major cryptocurrencies.
    Visit Bitmex
  • SimpleFX offers CFD’s (Contract For Difference) on Cryptocurrencies, Commodities, Forex, and stocks.
    Visit SimpleFX
  • If you are interested in trading, a good resource is TradingView a social network for traders, with a platform for technical analysis.
    Visit TradeView
Finally, learn as much as you can. Read, watch videos, and talk to people. Consider taking a course or two. A few hundred dollars may save you from making $1000’s of mistakes!

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