The cryptocurrency world seems a little…cryptic. There are hundreds of cryptocoins, all kinds of wallets to hold cryptocoins, numerous methods to collect the cryptocoins and it’s easy to get overwhelmed. So lets talk about one of the easiest ways to get cryptocoins. Purchasing them.
There are a few important things to realized regardless of how you get cryptocurrency.
These are things you should do before making any investment decision. I’m willing to bet you research the restaurant you plan to visit or the television you plan to purchase. Investing in cryptocurrency is no different. Good and bad investments could deplete your investing capital to zero. So it makes sense to improve your odds by taking on good cryptocurrency investments.
After you have done your research, found a coin or two that peak your interest it’s time for the easiest way to get cryptocurrency, buy it. Here are a few steps to start you on your way.
1. For your first step, open a Coinbase account. Coinbase is a reputable and easy to use broker that will allow you to take money from your bank account or credit/debt card and purchase one of the standard base cryptocurrencies. You use a base cryptocurrency to buy or trade other cryptocurrencies. The base standard is Bitcoin (BTC) but other options such as Ethereum (ETH) and Litecoin (LTC) are also available. The Coinbase account will give you wallet addresses that you can use to move the base cryptocurrency to other places…such as an exchange.
2. Your next step is to open an account with an exchange such as Bittrex. An exchange allows you to trade/buy cryptocurrencies. In the exchange you will use the wallet address from Coinbase to purchase whatever cryptocurrency you researched and want to purchase. Not all exchanges offer all the possible cryptocurrencies. Do your research to find the exchange that offers the cryptocurrency you are interested in. See our exchange breakdown for more information on each exchange: Exchanging with an exchange
3. When you make your purchase you can leave the cryptocurrency in the exchange if you are planning on trading it when it goes up in price or move it to your own personal wallet (see our Wallet article: Online and Software and Hardware Oh My! Storing Cryptocurrency in Wallets) to hold until you are ready to cash it out, trade it or use it to make a purchase.
And that is it. The quick and easiest way to get cryptocurrency. Whether you are purchasing to trade or purchasing to HODL (Hold On for Dear Life) in the hopes the price will go up, this quick method will get you in the cryptocurrency game. If you are interested in just getting your feet wet in cryptocurrency without using your own money check out our article Getting Your Feet Wet with Cryptocurrency Faucets. Good luck and do your research!
Disclaimer: Cryptocoinkb.com articles are for informational purposes only. When making any investment you run the risk of losing some or all of your investment. Readers are encouraged to do their own research and make their decisions solely based on that research, their own opinion and risk tolerance.