Digital currency is taking off with the advent of time. Different types of digital currency like Ethereum, NEO, Bitcoin, Litecoin, Stratis, Ripple, and other different digital forms of money reach the highest peak. New digital currencies are introduced on daily basis. Investment in digital currency is providing people with a chance to increase their wealth. Bitcoin is worth a large number of dollars and Ethereum is worth several hundred now.
For the coins that were once just pennies, investors have profited from it in a previous couple of years.
Tips to Buy Your First Digital Currency Coin
Digital Currency is not a normal investment or a stock. Moreover, it not like anything the vast majority have ever experienced or seen. You don’t get the shares rather you get the tokens or digital coins. The coins are better than a paper dollar charge since they support a bigger purpose, as in case of Ethereum, it is based on a decentralized platform that is helping to invest money as well as create a business opportunity by creating smart contract platform.
Digital Currency Exchange
If you want to purchase Digital Currency, the first step is to go with available exchanges. There is a chaos of exchanges out there, with the varying performance. Some are less dependable than others and some can be very constrained, so it’s critical to pick the correct exchange, to begin with. When looking at the exchanges, make sure to take a look at the money charged for buying Digital Currency and the fiat currency transfer (or instalment) strategies being advertised. Hardly any exchanges will offer to transform Digital Currency specifically into money for you, yet there are some you can benefit from. If you would rather take a more direct way in purchasing Digital Currency, you can select to use a peer to peer service, for example, BitQuick or LocalBitcoin. They offer a more extensive array of the payment alternatives and let you buy Digital Currency straightforwardly from a dealer without the trade middleman. So, make a point to be protected in the event that you intend to do trade for the cash in person.
My suggestion would be to open your account within one of the famous exchanges like Coinbase or Coinspot. If you are based in Australia, I would recommend to also try BTC markets.
Digital Currency Wallet
Digital wallets are utilized to store the Digital Currency until the point when you are prepared to spend them or trade them for cash. Different types of wallets range in terms of the platforms and features they can be utilized on, and security, so it’s essential to pick one that works for you.
My recommendation is, to begin with, use a wallet that makes exchange simple. These wallets are offered by exchanges so you don’t have to specifically do anything. Once you purchase digital currency using any of the exchanges, they provide you a wallet to store your digital currency.
If you are an advanced user and like to store your digital currency externally, I would highly recommend using wallets like Jaxx or exodus.
Hardware wallets are also very famous for extra security and long-term retention of your digital currency.
Select the Payment Strategy
Exchanges acknowledge different options of instalment alternatives in view of what they will use. This creates a difficult situation for some exchanges since some instalment techniques have been used to scam sellers for a fast buck previously.
- Master and Visa cards are commonly acknowledged by most exchanges, with a few restrictions.
- Bank transfer are more all in or all out, and PayPal exchanges may not be permitted.
- Coinbase takes into consideration all these instalment techniques, which is the reason it remains the best option for the beginners.
Buy Digital Currency and Store them in your wallet
You will get the information from the exchanges about the available Digital currencies you can purchase. Because of its unstable nature, Digital Currency costs can change drastically by trade and from minute to minute. That implies that regardless of whether you have a considerable measure of cash to use, you’ll presumably be purchasing a small amount of a Digital Currency, for instance, paying $500 for 0.06 Bitcoin (unless you are a big investor). That is the place the market is at the present time, and nothing to stress over as long as you watch out for the numbers.
Get ready to use it
Regardless of whether you want to trade your Digital Currency or utilize it to buy something, be prepared to do as such immediately. The rate at which the value of Digital Currency change the sooner you will use it the more profit you will generate (in some cases only)
I would say, pay attention to the market value before trading. It is important that you make your exchange account and plan how you are going to use the Digital Currency, once you have purchased the currency. That way when the time comes, you’ll not be confused because you will know how you are going to invest your digital currency.
How to Buy Your First Crypto Coin
Since you know the technology behind blockchain and digital money let’s move to the most exciting step i.e. purchase your first crypto coin. A number of platforms can be used for this, however, Coinbase is considered as one of the most reliable platforms to buy top 10 digital currencies i.e. Litecoin, Ethereum or Bitcoin. The explanation behind this choice depends on the way that Coinbase is a standout amongst the most reliable platforms to purchase Bitcoin, Litecoin or Ethereum. It’s easy to utilize and as a beginner, you will get complete instructions on how to proceed. The platform is accessible in many countries around the world.
So here is a quick guide
1. Create an account and check your email
2. Go through the verification process (for 2 step verification, use Google Authenticator)
3. Connect your credit card or bank account
4. Purchase your first Coin ie Ethereum, Litecoin or Bitcoin
5. Check your wallet in the accounts to check whether the purchase was beneficial.
It’s essential to realize that by far most of the exchange trades are in Ethereum or Bitcoin. Since you as of now have your first digital coin, you can participate in the other digital currencies. Some of the currencies are not available on the public exchanges and you have to directly buy from the providers and the good thing is that all the digital currency companies accept Ethereum & Bitcoin as a medium of exchange.