Crypto is exciting. It is taking over the world. You need to be part of the change. The technology is awesome. It has the potential to change the manner in which we view money and digital content.
Investing in digital currencies looks promising and you don’t want to be left behind. You can buy your cryptocurrencies from various sources, both online and offline. They can be purchased or sold like any other currency through exchanges.
Cryptocurrencies can be exchanged for goods and services directly with other people. Let us learn simple steps on how you can buy your first bitcoin or other alternative coins such as Ripple, Ethereum, and Bitcoin cash among others.
Buying Cryptocurrencies from exchanges
Some exchanges are full-service meant to provide services to institutional traders, while others offer simple wallet facilities limited to buying and selling.
In Kenya, you can buy your bitcoin, Ethereum and bitcoin cash locally from an exchange known as Remitano. You can also buy your bitcoin locally at LocalBitcoins which deals in bitcoins only.
International exchanges that provide this service include Bittrex, Coinbase, Bitfinex, Spectrocoin etc. You can purchase directly online using a credit card or use the exchange enabled bank transfer services or PayPal services
Locally, Mpesa services are more convenient and faster. In case of bulky transactions, bank transfers are encouraged.
All exchanges have wallets which function more like your bank account. They can store both your cryptocurrencies and fiat currencies. For security purposes you may require to have an alternative wallet from that provided by your exchange.
Online services are a better option if you intend to be a regular trader or speculator. However, you will have to disclose your true identity by submitting genuine identification documents satisfy any requirement as dictated by the exchanges. This ensures traders are protected from fraudsters who may pose as sellers or buyers.
In some international markets, one can buy Bitcoins from Bitcoin ATMs which offer anonymity. They are most efficient if one is in a hurry. The Bitcoin ATMs are just like the common ATMs at the banks, only that they also offer cryptocurrencies. Most of them accept paper money for cryptocurrencies. However, this method is associated with higher charges compared to buying through exchanges. They are also limited to few countries and even in those countries they are only found in big cities only. If you are travelling across the globe and need a Bitcoin ATM, you can look up for any near you at Coin ATM Radar.
This is a reputable long-serving service that enables you to trade Bitcoins within your local area. You can link up with a seller near to you, meet in a restaurant or any safe area and exchange currencies. It is most convenient when one is travelling internationally. You just need to log into the site and get a seller within your circles. Apart from flexibility in the payment services, it also gives you an opportunity to meet other crypto enthusiasts within your area. However, they are a bit more expensive and less secure compared to other exchanges.
Currently, there are more than 20,000 cryptocurrencies in the market. This makes it a bit difficult for the exchanges to provide services for all of them. It is easier to access if you have Bitcoin, Ethereum or Litecoin. To have easy access to the alternative coins, you might consider first purchasing a fraction of bitcoin.
Maybe you are thinking that for you to buy a Bitcoin you have to accumulate money to afford it. But that is not the case. You can start with a fraction of bitcoin, called a Satoshi. You can even start with 1 USD and build your empire upwards. This applies to all cryptocurrencies.
You can work and earn in cryptocurrencies. More options are coming up each day in the market on how you can own cryptocurrencies, including some sites offering to trade gift cards for the digital currencies. Another way to own a Cryptocurrency is working for them. By involving yourself in activities such as mining and trading can get you being paid in terms of cryptocurrencies.
It is comfortable saying you will buy this or that Cryptocurrency someday…Maybe you have been saying so for days or months or even years. How about getting yourself out of the “someday” attitude and buy your Cryptocurrency today? You can start with LocalBitcoins for faster transactions and limited regulations. Not as a get quick scheme but an investment and to be part of a revolution to a new financial technology.