One thing that has set the 21st-century aside from other centuries is the advancement of technology. Within the last two decades, everything in the world of technology has evolved like never before. Today, every industry is enjoying these innovations in one way or another. The finance industry is one of those beneficiaries, with the most talked about subject being cryptocurrency.
Every media outlet and finance expert has been talking about cryptocurrency and its economic impact. Bitcoin, in particular, has already demonstrated its power, which is evident in the 14 million units currently in circulation. Since its inception about a decade ago, Bitcoin has constantly grown in value with each passing year, thanks to the speculations put forth by investors.
Are you planning to invest in cryptocurrency? If you’re a beginner, then there are a lot of things you need to learn before putting your money to work. For one, go through the crypto buying country guide to understand the process and what’s required of you. This article aims to cover how and where you can make your investment dream a reality. But before that, let’s discuss some of the benefits.
Benefits of investing in crypto
With its ingenious design, Bitcoin transactions remain transparent and difficult to hack. The sophisticated blockchain and mining techniques employed ensure that every user can see what’s going on without exploiting it. Also, for one to corrupt the process, they’ll need to control over 51% of the blockchain. This is not only almost impossible, but it also defeats the whole logic of hacking in the first place.
Cryptocurrency doesn’t have a central organization tasked with overseeing operations. Instead, it uses a peer-to-peer network where one can transact with the other without restrictions put in place by traditional central bodies like banks. Also, this means that high transaction costs are not applicable since there is no middleman.
- Growing in popularity
If you’re looking for a long-term investment, then cryptocurrency might just be the ticket. More and more people are learning about the industry and very soon more users will board the train. Experts predict that Bitcoin and other cryptos will dominate the financial landscape in the near future. Therefore, opting for virtual investment today may save you a lot of trouble and competition likely to arise in coming years.
How to buy cryptocurrencies
So, you’ve decided to invest your money in cryptocurrency but don’t know where to start? Worry not! Here you’ll find all the necessary information you need as an upcoming investor.
The very first step for every crypto investor is to create an exchange account – more on this later. Some of the basic requirements of this process include your personal ID documents, a secure internet connection, and a preferred mode of payment. Experts recommend that you also create an independent wallet on top of the exchange account. With that in mind, here is how to buy crypto.
- Select an exchange
For you to transact cryptocurrencies, you’ll need to register for one of the cryptocurrency exchanges. This way, you’ll be able to not only buy and sell but also hold your coins. It’s usually a good idea to find an exchange agency that provides its users with an option to withdraw their money to personal online wallets. Of course, if your primary objective is to trade, then this feature may not be necessary.
- Link your payment option
The next step is to connect your payment option to your exchange account. Depending on the organizations involved, you might need comprehensive personal identification documents which include your national ID, social security number, driver’s license, your source of funds, and so forth. If you’ve ever set up a brokerage account, then this might not be an easy step for you.
It’s worth noting that not all exchange accounts support the same payment option. For instance, some accept credit cards and bank transfers only, while others have additional methods. Therefore, as you choose your preferred crypto exchange, make sure to keep this in mind.
- Place an order
Do you have everything set up thus far? If so, you’re halfway there. You can now place an order depending on your investment budget. Cryptocurrencies have grown in recent years to a point where their liquidity is almost on the same level as other stock brokerage options.
Depending on your selected exchange provider, you can access various types of orders. Some of the main choices on offer include markets, limits, and stop-loss orders. Other crypto exchangers have the option of recurring purchases. That means you won’t have to worry about placing an order at any specific time of the day or week since it’ll be automatic.
- Safe storage
After buying, it’s imperative that you store your crypto coins outside of the exchange account. For one, it’ll ensure that you’re the only one who can control the private key used to access the funds. It also protects your funds from exchange hacks, which, in return, will give you peace of mind.
Where to buy crypto
With the ever-advancing technology available to the public, the number of crypto exchanges is constantly growing. One of the major concerns for any investor when entering the cryptocurrency market is safety and security. As earlier mentioned, blockchain technology, in itself, is one of the safest because of its design. However, it’s still important to transact through one of the reputable exchanges to further enhance the security of your funds.
So, where is the best place to buy your crypto? Well, this depends on your needs and level of experience in the market. If you’re a beginner, then the likes of Cash App might be ideal for you. For those who want to trade altcoins, Binance is the most popular exchange in that regard. Other platforms to place your order include Coinbase and Bisq.
You can also use P2P exchanges like Paxful and Remitano.
Cryptocurrency is one of the most trending topics in the world of finance today. It has gained a lot of popularity and continues to attract more people. If you’re planning to join the rest of the investor community, then all you need is a good exchange account and enough knowledge to either store or trade cryptos. While at it, make sure to choose an exchange that best fits your needs.
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