Learn All Things Bitcoin

By:Oral Christie

Table of content

  1. How to Buy Cryptocurrency
  2. How to Use Cryptocurrency

How to Buy Cryptocurrency

Find exchanges that will work in your country. There are hundreds of cryptocurrency exchanges all over the world. For regulatory reasons, not all exchanges work in all countries. Additionally, exchanges may only take traditional money from certain countries.


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Limit your choices to exchanges that take traditional money. If you're buying cryptocurrency for the first time, you'll have to use traditional money – known as fiat currency in crypto circles – to buy your coins. For this reason, there's no point in registering with an exchange that only accepts cryptocurrency for payment.[3]
Determine how you want to use cryptocurrency. There are some exchanges that prohibit or limit withdrawal of cryptocurrency from your account. This would be fine if you simply want to buy cryptocurrency as an investment. However, if you plan to use your cryptocurrency regularly to buy goods and services, you'll want an exchange with fewer limitations.[4]
Decide what types of cryptocurrency you want to buy. If you're just getting started with cryptocurrency, Bitcoin – which represents about 47 percent of cryptocurrency on the market – is a simple and safe bet. However, given that there are thousands of other coins available, it's worth looking into at least a few others before you make a final decision.[5]
Compare fees at different exchanges. There are different types of fees charged by exchanges, and these can vary widely. The most basic fee is a network or miner fee, which will also be the lowest (typically only a few cents USD per transaction).[6]

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Evaluate the exchange's user interface. If you can't figure out how to use the exchange, you're not going to get much enjoyment out of trading cryptocurrency. Look for a straightforward, intuitive interface that you can easily navigate.[7]
Research the exchange's reputation. Do some research off the website of the exchange itself to find unbiased articles and reviews. Read about the history of the exchange and its founders. If you can't verify an exchange's legitimacy, don't invest your money there.[8]
Assess the exchange's security. Exchanges can be vulnerable to hackers, so it's important to thoroughly assess the exchange's security. First and foremost, the site itself should be secure ("https://" rather than "http://"). Beyond that, personal and financial information you transmit to the site should be encrypted.[9]
Gather materials for verification of your identity. Because of the level of security required, setting up an account at a cryptocurrency exchange is a little more involved than setting up your usual online account. Have basic identification and payment information handy, as well as keeping your mobile phone nearby and your email account open.[10]
Provide the requested personal information. On the home page of the exchange, click on the button to sign up or create an account. You'll be taken to a form that looks like many you've likely filled out in the past to set up an account on any other website.[11]

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Verify your email and set up 2FA. Once your information is received, the exchange will send an email to the address you provided. That email will include a link or code that you'll use to verify your email address. The exchange also will send a text message to your mobile phone with a code you must enter to access your account.[12]
Upload a government-issued photo ID. To complete the registration process, some exchanges require you to scan both sides of a government-issued photo ID and upload the scanned images to the exchange. Acceptable IDs include a driver's license or passport.[13]
Take a selfie with a specified logo or written phrase. On most exchanges, you'll have full access to the exchange without going through this additional step. However, some exchanges may limit the size or volume of your trades until you complete this step.[14]
Connect your method of payment. After you've verified your identity and opened your account, you'll need to connect that account to the source of traditional money you'll use to buy your cryptocurrency. Depending on the method you choose, it could take 3 to 5 days for the connection to be completed.[15]
Place your order. When you're ready, click the link to buy cryptocurrency and identify the type of cryptocurrency you want to buy and the amount you want. You don't have to buy a whole coin. Since cryptocurrency is infinitely divisible, you can buy any fraction of a coin. The easiest thing to do is buy a certain dollar amount, without paying attention to how much cryptocurrency you're actually buying.[16]
Wait for your payment to process. You typically won't see the cryptocurrency in your account right away. While processing time depends on the exchange and the method of payment you used, it may take up to a week for your cryptocurrency to appear.[17]

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How to Use Cryptocurrency

Decide what types of cryptocurrency you want. There are many different cryptocurrencies out there. Which cryptocurrency is right for you depends to a large extent on what you want to do with it. Newer cryptocurrencies may be more volatile, and likely won't be widely accepted as payment for goods and services.[2]


Choose a cryptocurrency exchange. There are hundreds of cryptocurrency exchanges, but not all exchanges work in all countries. Different exchanges also offer different types of cryptocurrency, accept different methods of payment, and charge different fees.[3]

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Create a trading account. To buy cryptocurrency, you must register as a user and verify your identity. To start, you'll provide basic information about yourself, including your name, address, phone number, and email address. You'll need to scan both sides of a government-issued photo ID to verify your identity.[4]
Connect your method of payment. If it's your first time buying cryptocurrency, you'll have to use fiat currency, which is national currency such as dollars or euros. Most exchanges will allow you to pay by connecting your bank account, or by using a credit or debit card.[5]
Place your order for cryptocurrency. Typically, you'll specify the type of cryptocurrency you want and the amount of "coins" (or fractions of a coin) you want to purchase. You may also have the option of specifying the amount of money you want to spend. The amount of cryptocurrency you get for that money depends on the value of that cryptocurrency.[6]
Keep your private keys secure until you're ready to spend your cryptocurrency. When you go to spend your cryptocurrency, you do so by giving the merchant or other person your private key. Anyone who has your private key has control over the cryptocurrency.
Use cryptocurrency for purchases from online retailers. Many online retailers large and small accept various cryptocurrencies. More popular and established cryptocurrencies, such as Bitcoin, are typically more widely accepted.[7]

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Buy goods or services from local merchants who accept cryptocurrency. There are some small businesses that have started accepting various cryptocurrencies. If you've set up a mobile wallet, you can exchange cryptocurrency for goods and services from these merchants. The process works similarly to how you would pay with your phone using a credit or debit card.[8]
Build an investment portfolio with your cryptocurrency. Rather than spending cryptocurrency, many people choose to hold it in the hopes its value will increase exponentially. If you're thinking about doing this, keep in mind that any cryptocurrency is a relatively risky investment.[9]
Download software for more control over your crypto transactions. With a software or desktop wallet, you don't have to rely on the availability of a service to complete cryptocurrency transactions. Software wallets give you more security and flexibility than many other types of wallets.[10]
Try an online wallet if you have a small amount of cryptocurrency. Online or web wallets aren't as secure as other types of wallets, so they aren't ideal for large amounts of cryptocurrency. However, if you only want small amounts and plan to use them mainly to purchase goods and services from the internet, a web wallet may be the best option for you.[11]
Use a mobile wallet for convenient, easy access to your cryptocurrency. While mobile wallets provide you the most freedom of access to your cryptocurrency, they may not necessarily be the most secure. However, they are user-friendly and can be a good for beginners.[12]
Buy a hardware wallet to secure larger amounts of cryptocurrency. Hardware wallets are offline devices that only store cryptocurrency. Since no additional software can be installed, they aren't vulnerable to hackers like other wallets. These devices start at around $100, so are best for larger amounts of cryptocurrency that you plan to hold for investment purposes.[13]
Hold cryptocurrency for long-term investment with a paper wallet. A paper wallet stores both your public and private keys on a piece of paper in the form of a QR code. Since it's just a piece of paper, it's completely invulnerable to hackers.[14]

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