With the flurry of media attention recently surrounding cryptocurrencies, it is hardly surprising that a wave of new investors in these volatile currencies has been created. Perhaps you are driven by the stories that you’ve recently seen, or the current market direction has finally given you the impetus to bite the bullet and take a risk on cryptocurrencies, in any case, you will need to learn how to buy cryptocurrencies if you want to invest in them.
There are many different cryptocurrencies out there to choose from, but the process of buying them remains the same. Here’s a quick guide to help you get started with buying cryptocurrency.
Find a Wallet
You have a number of options available for storing your cryptocurrencies and you should be aware of the advantages and drawbacks of each one. For example, there are Bitcoin exchanges and online wallets which will hold your coins for you. Many people keep their cryptocurrencies in an exchange so that they have easy and ready access to them when they need to make purchases. You will almost certainly have heard of at least one of the high-profile breaches which has resulted in these exchanges having a significant amount of cryptocurrency stolen.
If at all possible, then the most secure way of storing your coins is always going to be in your own virtual wallet. These wallets will allow you to store, receive, and transfer cryptocurrencies with ease. Rather than storing the money itself, in the way that your real wallet does, these cryptocurrency wallets instead store the public and private keys which you need to be able to send and receive money.
If you are looking to buy one of the more well-known cryptocurrencies, such as Bitcoin or Litecoin, then Coinbase is a safe bet. If you are looking for Ethereum, then learn how to buy Ethereum at Crypto Head. This is one of the most popular exchanges operating today and, while it does occasionally experience some downtime issues when things are particularly chaotic, it does generally work without any issues.
You can use Coinbase either through your web browser, or by downloading the Coinbase app to your phone. Buying currency from within the app can be done either using a credit or debit card, or by setting up a bank transfer.
Kraken is a little bit more complicated than Coinbase, but it pays off for those who are able to make the switch. The app for Kraken also leaves much to be desired, and so it is a service best accessed through a web browser. Much like canvas, Kraken makes purchasing cryptocurrencies remarkably simple, reducing the transaction down to something akin to usual online shopping.
Cryptocurrencies are the current hot topic of the investment world. As well as buying the currency itself, investors are beginning to invest in them using financial tools such as futures and options. An increasing number of countries around the world are beginning to implement some kind of regulations, and many others look set to follow suit in the near future.