How to buy Cryptocurrency

Thanks to the introduction of cryptocurrency to the world, there is an additional way to invest. Upon its introduction in 2009, cryptocurrency has gone to raise both questions and praises. While some believe in it to be the currency of the future, some feel it’s just currency used by persons involved in shady deals. 

But times are changing. Governments are legalizing cryptocurrency for use in their countries. Companies are accepting it as a mode of payment. As the day goes by, more transactions are being done via cryptocurrency. However volatile it may be, it’s a good venture if you decide to invest time and resources in it. 

You can either trade or buy cryptocurrency. Either way you wish to participate in Bitcoin, the advantages are limitless. As a decentralized network that functions on the Blockchain technology, Bitcoin is secure and accurate. There are thousands of computers checking every transaction on the platform. Buying bitcoin is easy. 

Once you have a smart phone, you can make purchase with some few easy steps. All you will be needing to get started is a digital wallet, your personal ID document, internet connection, a verified payment mode. Once you have these, you are good to with making your first purchase of Bitcoin. 

Getting a Bitcoin Wallet

This is the very first thing you need to sort out. You need a secure bitcoin wallet where you can store your coins. You need to ensure that it’s a platform that you trust. The wallets referred to here aren’t the traditional wallets you have in your pocket. They are software powered applications developed by different firms for the purpose of safekeeping. 

These wallets are connected to your bank account, which makes it easy to make purchase of bitcoin or withdraw the money back. There are numerous wallets out there, but Coinbase is the most popular in the United States, as they offer a greater level of security. 

Connect to a Bank Account

To make purchase of bitcoin, you need to connect the wallet to your bank account. You can also connect the wallet to your debit or credit card. You should know that there will always be extra fee charged for these transactions. 

Join a Bitcoin exchange

Exchanges are like marketplaces where you can change bitcoin for local currencies. You get to exchange bitcoin for the local currency used by the exchange platform. As of now, big ecommerce platforms now use their platforms for such exchanges. You can find this on Amazon, eBay, Etsy, etc. 

The Best Bitcoin Wallets to use

Coinbase: This is the best bitcoin exchange for beginners, and it is widely used in the United States. With this platform, you can securely make purchase of the digital currency and also store it. The app charges a 1.4% fee for U.S transactions from a bank account or coinbase USD wallet. 

CashApp: This leads the peer-to-peer money transfer market. The app is designed by Square and makes it easy to buy and sell bitcoin on the go. 

Robinhood: This is the best app to use if you are on a budget. 

Final take

Buying bitcoin is a good way to invest your cash, once you can deal with the volatility. If you are an investor with only an appetite for low-risk, then it is best you stay away from bitcoin.

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