Category: CRYPTO BUSINESS
So you’ve seen the news - the prices for coins like Bitcoin and tokens like Ethereum have gone through the roof. It has become clear- crypto is here and it’s not going everywhere. And now you want in.
You understand the basics of cryptocurrency and the blockchain - that stuff is simple (and it’s supposed to be) but there’s something that you just can’t get yet - how to actually buy and sell cryptocurrency.
Well this guide is for you.
How to Buy Cryptocurrency
For some, cryptocurrencies are investments - a great way to make a profit in the short or long-term. For others, cryptocurrencies are a tool - a means of exchange and, ultimately, a replacement for government issued currencies.
Either way, you need to acquire the cryptocurrency somehow. How do you do that?
Well, first you need to understand which digital-assets count as cryptocurrencies. Currently, most experts name Bitcoin, Ethereum, and Litecoin as the main cryptocurrencies. Getting these coins is pretty simple:
Make an account on Coinbase (https://coinbase.com).
Buy Bitcoin, Ethereum, or Litecoin using fiat.
Sounds easy? Well… it is!
Of course, Coinbase MAY be unavailable in your country. There are plenty of other services available to you, including Circle, ShapeShift, and Local Bitcoin.
Important: Never leave anyone in charge of your cryptocurrency! In order to ensure your complete authority over your money, transfer your funds as soon as possible to an electronic wallet. There are many good wallets available on the App Store and Google Play.
How to Buy Altcoins and Tokens
Now, you’ve probably heard that crypto has become so much more than just Bitcoin. Especially since the rise of Ethereum, new alternative coins - “altcoins” - are being released everyday. While it may be true that many altcoins are no good, and that some are even scams, many are actually good investments.
In the future, many altcoins may be the primary currency for certain industries. Others may be used as stores of value, safeguarding against volatility in the market (stablecoins). Assuredly, many altcoins will have very high values in the near future.
To get altcoins, follow the following procedure:
Find an exchange you can trust (I use bittrex.com) - Figure out which is the most popular exchange in your country and go with that.
Send your Bitcoin to the exchange. On the exchange you will have something called a “hot-wallet.” This is the money you can do to purchase altcoins.
Set a bid. Exchanges work sort of like an auction. You should be very careful that you make a bid that makes sense. Pay attention to all the latest charts to make sure you offer a bid that isn’t too much, but will also allow you to buy your coins.
How to Sell Cryptocurrency
Selling cryptocurrency basically works as a reverse of what you just did. Now, instead of setting a “bid” price, you set an “ask.” Use the tools on the exchange to set an ask price that will find you a buyer - be realistic! It should not take too long to see your cryptocurrencies - just be patient.
Only a couple decades ago, ATMs didn’t exist. Back then, if you need cash, you had to go to the bank. This made life quite a hassle.
Just recently, the same situation existed for cryptocurrencies. If you wanted to get some crypto fast, you had to go through some complicated procedures involving exchanges or finding a buyer or seller on your own.
Now cryptocurrency ATMs are making things a lot more convenient. They are popping in cities all over the world, and allow you to buy or sell cryptocurrency - usually Bitcoin - right from the ATM.
Recent news has reported that things are going a step further. For example, in Japan, major banks are starting to allow patrons to store Bitcoin and pay for financial services with crypto. Users of these banks can even withdraw fiat cash from their regular ATMs, even if they deposited the money as crypto earlier!
A few years ago, acquiring cryptocurrency was a pain. It has gotten a lot easier lately, and it looks like it will only get easier as time goes on. Pay attention to this blog for the latest updates - things change fast!