Did you know that nearly $2 billion was stolen from crypto scams in the United States this year?
Many people are interested in investing in crypto, but some mistakes lead to high risks.
If you want success with digital currency and are wondering, ‘how do you buy cryptocurrency,’ here are a few tips to know.
Keep reading to discover the best ways to invest your money so you don’t get scammed and can watch your wallet grow!
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Find a Virtual Wallet
Before you can start investing in crypto, you need somewhere to put your money.
Since you won’t have fiat cash, you’ll need a virtual wallet that can track cryptocurrencies and other forms of payment. Most phones and devices come pre-installed with a virtual wallet, but you aren’t limited to these options. Apple Pay, Google Pay, and Samsung Wallet are often used because of their convenience.
If you aren’t impressed with these applications, you can use third-party crypto wallet sites. Crypto wallets, especially multisig wallets are among the safest places to store your cryptocurrency. If you’ve ever heard the phrase, “not your keys, not your crypto”, then you know the importance of keeping your private keys in a secure place. Hence why most crypto holders keep their investments in a dedicated cryptocurrency wallet. Think about which wallet would be most compatible with your devices and method of payment.
After you install or download a virtual wallet, you’ll get prompted to create an account. Follow the instructions and store your password and codes in a safe place in case you forget them.
Research Your Crypto Options
When it comes to finding the best crypto, you’ll have thousands of options to compare.
There are many types on the market, making it confusing for beginners to find the most suitable choices. Each form of crypto is targeted toward a specific market and serves a unique purpose.
You can learn more about two of the most popular options below to help make a decision.
If you haven’t heard of Bitcoin, you may want to rethink your investment plans.
When it comes to earning Bitcoin, you are low risk since the company is reputable. Bitcoin is the original form of crypto that’s paved the way for other forms of digital currency. Although there have been fluctuations, Bitcoin has remained profitable.
There are a few platforms that work best with Bitcoin, but most are compatible. Kraken and Cash App should be at the top of your list for buying and storing Bitcoin. Since this form of currency has been around the longest, more businesses are accepting it as payment.
A popular alternative to Bitcoin is Ethereum, which also uses blockchain tech to secure transactions.
This form of currency is directed toward people using smart contracts. These contracts help people transfer currency without having to go through a central authority. The decentralized process is making it easier than ever to work with people around the globe.
Most people that invest in Ether do so because of browsing, financial, or gaming reasons. It can also support supply chain management processes. Most financial experts are recommending people invest in Ether in the next year, as its demand continues to grow.
How Do You Buy Cryptocurrency Online?
To buy crypto, you must visit a reputable crypto exchange site or platform.
You can find websites, apps, and programs that allow you to buy and sell digital currencies. You must determine which digital currency you want since not all wallets are compatible.
If you’re looking for brokerage crypto companies, Robinhood and TradeStation are highly rated. You can also look into Coinbase or Binance.US if they are more applicable to your investment.
Crypto.com is a mobile app that can also help you get quick access to digital currencies. You can monitor prices and projections on these platforms to manage investments.
Make Your Investment
Now that you’ve selected a digital wallet and crypto exchange platform, you can make investments.
You can link debit and credit cards to your exchange account to purchase your preferred form of crypto. This process is similar to making an online purchase and will require your bank account or card details. You can select the amount of crypto you want to buy and a wire transfer will occur as quickly as you select the submit button.
Depending on the platforms you select, it could take several days to see the transaction in your account. Always write down or track your purchases in case one doesn’t process correctly.
If you decide to buy crypto with a credit card, proceed with caution. The sites may allow these purchases but they typically attach hidden fees and pose a higher risk.
Businesses are adopting new forms of tech to have the capability of accepting cryptocurrencies.
You can buy anything from a cup of coffee to a vehicle with your crypto, but the seller must be willing to accept it. Certain companies have been advertising crypto purchases. Before you go somewhere to use your digital wallet, make sure they will accept your payment.
If a business doesn’t take crypto, you can visit a Bitcoin or digital currency ATM. At these ATMs, you can withdraw cash and won’t be held back.
Cryptocurrency Can Get You Closer to Retirement
Whether you’re sick of stocks or want to find a profitable hobby, crypto is a great solution.
If you’re still wondering, ‘how do you buy cryptocurrency?’ you may want to take a step back. It’s better to revisit the basics and get a foundation of knowledge for the industry. Once you understand the basics of crypto, you can use blockchain tech to your advantage.
Don’t be afraid to enter this investing opportunity without an open mind, talking to others can also put you on the right path.
If you want to learn more about money management and working with crypto, check out our page for the latest content!