A Step Wise Guide to Buying Cryptocurrencies

Karan Balwani

January 23, 2019 1:18 pm

Article

A Step Wise Guide to Buying Cryptocurrencies
4738 Total Views

Cryptocurrencies recently completed 10 years of existence. Still, there are quite a few people who do not completely understand cryptocurrencies and blockchain technology.

We know that purchasing your first cryptocurrency can be an overwhelming experience. The extreme volatility of prices tends to put additional pressure on the average consumer. Coindelite is here to help you purchase digital currencies through this step-by-step guide.

Why Invest in Cryptocurrencies?

It’s a common concern among users and investors that despite the falling prices, people are still buying. One of the core reasons behind this is the fact that blockchain technology has come a long way. The applications of this technology has enabled companies to change the way we approach healthcare, investments and even entertainment. Common wisdom says that you should always buy low and sell high. Since the markets are already down, it’s a great opportunity to put some money aside as investment.

 

  1. Stay Alert

The world of cryptocurrencies is well-versed with exit scams. You might have read in the paper about several ICO projects who duped users and investors by raising millions of dollars and disappearing. You can read reviews online and get an idea of the legitimacy on a project, however, conducting personal research will yield the best results.

 

  1. Get a Wallet

Just as you need a physical wallet to store your fiat currency, digital or hardware wallets are needed to store cryptocurrencies. A hot wallet is an app or software installed on a computer or a smartphone that lets you trade and manage your holdings. A cold wallet is a plug-and-play device which allows you to store your digital currencies offline, making it more secure.

 

  1. Choose your Service Provider

In order to buy and sell your preferred cryptocurrencies, you need to choose from a growing list of cryptocurrency exchanges. Some of the most widely known exchanges are

Of course, you can choose other exchanges as well, however, it’s better to go with the trusted names in the industry for added safety.

 

  1. Create your Account

Regardless of the choice of exchange, you will need to create an account on the platform by providing the required personal details to start trading.

 

  1. Select your Payment Method

Once the initial setup is completed and your account is created, you will be asked to select your preferred mode of payment to buy cryptocurrencies. You can use credit cards and fiat currency to buy the desired crypto. Later on, you can use your existing cryptocurrency holdings to purchase others.

 

  1. Transfer your Crypto to the Wallet

You might have read a lot of news about cryptocurrency exchanges being hacked, and the threat is real. It’s always a lot safer to transfer your cryptocurrency into dedicated wallets to ensure that your funds are protected.

 

  1. Start Trading

Congratulations! You have successfully purchased your first cryptocurrency. Now you can use them to purchase all kinds of products and services.

 

Popular Digital Currencies

Here are some of the most popular digital currencies in the market right now

 

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