If you’ve been paying attention, you’ve probably seen articles that claim that the average daily trading volume for the cryptocurrency market is equal to that of the New York Stock Exchange. First of all, it’s not just a claim. It’s an actual fact. Second of all, it probably has you wondering how to buy cryptocurrency.
There are a few different ways how to buy cryptocurrency. It depends on what you are using to buy the coins, and also which coins you are buying. So let’s discover how to buy cryptocurrency.
The Easiest Coins to Buy
If you want to know how to buy cryptocurrency, you need to know that there are some coins which are easier to buy, and others which are a little bit harder. The easy ones will let you use fiat, like US dollars or Euro, so you know how to buy cryptocurrency.
Bitcoin is the easiest coin to buy with fiat. You just go to an exchange like Coinbase or Coinmama. You can buy bitcoin with a credit or debit card, and you will instantly see the bitcoin in your account. If you want to know how to buy cryptocurrency without a 4% credit card fee, you can also buy bitcoin with a bank transfer. However, that transaction is not instant. You can also buy Ethereum or Litecoin with Fiat, through exchanges like Kraken.
How to Buy Cryptocurrency Altcoins
Altcoins can be a little more difficult to buy, because you can’t buy them with fiat currency. You can only purchase them with other cryptocurrencies like Bitcoin or Ethereum.
Before you can learn how to buy cryptocurrency altcoins, you need to take a few steps with the bitcoin you purchased with fiat.
Your Bitcoins should be stored in a safe wallet. There are five different types of wallets. Some are easier to use. Others are more secure. Once you pick a wallet, transfer the bitcoins you bought in the exchange to your wallet. Every wallet has two addresses. The first address is where you can receive coins. The second is your password protected address where you can send out coins.
Once your coins are secured in a safe wallet, go to an exchange, find the coin you want, and click buy. Every exchange is slightly different, but the mechanics behind it are the same. You type in the amount of coins that you want to buy, enter in your account information, and the trade takes place. Because of the blockchain, this exchange does not always happen immediately, and sometimes there are some delays while you want to see the coins arrive in your account.
Be aware that not all coins work in all wallets, so you want to make sure if you buy a coin that you will have a place where you can store it. And now you know how to buy cryptocurrency.
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