Cryptocurrency is a new type of currency that was originally created to help secure transactions while protecting an individual’s finances. Cryptocurrencies are digital currencies, differing from traditional formats printed and used in everyday purchases. Some of the most popular cryptocurrencies currently on the market include Bitcoin, Litecoin, Altcoin, and Dogecoin. If you are ready to move forward with your purchase of
cryptocurrency, there are a few steps to take to ensure your finances remain secured with each investment.
Online Marketplaces and Communities
It has become easier than ever to Buy Cryptocurrency using online markets and communities, providing ample opportunity to newcomers and those who have been onboard with the cryptocurrency train since its origin. Coinbase is currently the largest cryptocurrency exchange in the US and provides safe and secure transactions whether you are buying or selling digital currency.
Alternative online markets that focus on cryptocurrency include
Take some time to review each of these exchange communities to learn more about their interfaces and setup before moving forward. It is recommended to first utilize an exchange such as Coinbase, when you are first getting started with cryptocurrency and are just becoming familiar with the process.
Obtain a Virtual “Wallet”
While buying, selling, and transferring cryptocurrency is not extremely challenging, you first need to obtain a virtual wallet for yourself before any transactions can take place. A virtual wallet stores your accumulated cryptocurrency and provides an interface to manage your finances while making sales or purchase of more coin.
One of the easiest methods to obtain a virtual market is to register on Coinbase, where a free wallet is provided to all users. Using Coinbase is extremely convenient when you are first starting out with cryptocurrency as it does not require you to seek a third-party in order to begin buying and selling.
Sign up for your wallet using Coinbase,
MyCelium, or Blockchain.info.
Choose an email address and password that are not connected to your everyday accounts while utilizing a password generator for maximum security. Keeping your virtual wallet safe from potential hackers and thieves is a top priority in the cryptocurrency market. Without a secure login, you run the risk of losing your entire wallet and the money you have invested in cryptocurrency without much recourse available.
You may be asked to download an app for your iOS or Android phone which is required in order for you to begin making and completing transactions. Review virtual wallet services and communities to determine whether you prefer a mobile-based wallet or if you are looking for desktop virtual wallet solution.
Once you have installed the appropriate application and confirmed your wallet account, return to the cryptocurrency exchange of your choice (Coinbase, Bitstamp, Bitpanda, CEX.io, or Kraken). Connect your virtual wallet with your exchange account information. In many cases, you are required to link your bank account information to your exchange account, which is why it is essential to verify the authenticity of any cryptocurrency exchange you join before sharing personal and highly sensitive financial details.
Head over to the exchange’s “Buy” or “Sell” section of the website to see available offers and to monitor the market value of the type of cryptocurrency you are interested in obtaining. When you are ready, visit the “Buy” area of the site and enter in the amount you wish to purchase. Purchase Bitcoin directly from other users or by utilizing an exchange to receive fair pricing based on the current market value. Complete your purchase using your bank account, credit card, or another digital transaction platform (depending on the exchange you have chosen).
Getting involved with cryptocurrency does not have to feel foreign or impossible, even if you are unfamiliar with the possibilities. Simply registering as a member of a cryptocurrency exchange provides a plethora of useful information to help you get acquainted with all of the possibilities of the future of digital currency.