How to Buy Cryptocurrency

How to Buy Cryptocurrency

It’s still the very early days of cryptocurrency. If you’re wondering if you’re too late to the party – absolutely not!

It’s easy to get started with cryptocurrency. This page will provide you with an understanding of how to acquire, buy, and invest in different types of cryptocurrencies.

There are a lot of different reasons to buy cryptocurrency. If you’re looking for a means of exchange for goods and services, you’ll likely want to find a cryptocurrency that’s a stable store of value. If you’re looking for an exciting investment to diversify your portfolio, cryptocurrencies can be a great choice.

How can I start buying and investing with cryptocurrency?

Once you understand what cryptocurrency is and how it works, getting started is easy.

To start using cryptocurrencies, you’ll just need:

  • A way to buy the cryptocurrency of your choice. These include:
    • Exchanges.
    • Crypto ATMs.
    • Local sellers.
  • An electronic or hardware wallet to store your cryptocurrency securely.
  • To find sellers who accept cryptocurrencies as payment or exchanges where you can buy and sell more coins.

Option 1: Cryptocurrency Exchanges

Cryptocurrency exchanges are one of the easiest and quickest ways to start buying cryptocurrency.

Cryptocurrency exchanges allow you to buy and sell cryptocurrency for your local fiat currency or other cryptocurrencies.

Exchange rates are updated in real time as buy and sell orders come through.

Depending on the cryptocurrency exchange you choose, you’ll be able to:

  • Use your local fiat currency (i.e. USD, EUR) to purchase units of a cryptocurrency.
  • Trade one cryptocurrency for another.
  • Track price changes.
  • Set alerts and auto buys or sells.
  • Place market of limit orders.
  • Transfer cryptocurrency from your exchange wallet to your private wallets.

The best cryptocurrency exchange for you comes down to where you live, what type of cryptocurrency you want, and your investing experience.

Option 2: Peer-to-Peer Trading

Peer-to-peer cryptocurrency trading can be a good option for those looking for potentially lower cryptocurrency prices, for those who are not able to use an exchange, or for those looking to transact offline.

P2P cryptocurrency exchanges essentially match you with buyers and sellers of bitcoins. Some facilitate in-person transactions while others carry out transactions on a platform.

To use a peer-to-peer cryptocurrency exchange, you’ll need to set up a profile, pick your prices, and provide the necessary details to the seller to complete the transaction.

As with any peer-to-peer exchange:

  • Take the proper precautions and meet in a public space when meeting a stranger in person.
  • Never provide your private information, especially your cryptocurrency wallet’s private key.

Option 3: CryptoCurrency ATMs

More and more, cryptocurrency ATMs are popping up in cities all around the world.

These machines work just like a normal ATM, except you’re able to exchange fiat currency for the cryptocurrency you want. To use a cryptocurrency ATM, you’ll just need to:

  • Locate one near you.
  • Provide your cryptocurrency public address to send the coins to.
  • Enter the amount you want to buy.
  • Provide payment with your local fiat currency.

Option 4: Accept Cryptocurrency

Finally, you can also acquire cryptocurrency by accepting it at your business, selling a product, or performing services.

To accept cryptocurrency as payment, you’ll need to set up a wallet address to receive payment and facilitate a method for the transaction.

You can do this with a QR code that your customer scans with their wallet application or with the use hardware that’s specifically designed for cryptocurrency transactions.