Acquisition of Crypto: simple steps to buy your first Bitcoin

Technology

Chances are you've talked to a friend of Bitcoin. Or maybe you've heard of this "crazy digital currency" in the news, but you have not tried to get any because you think it might be difficult. These days, the acquisition of cryptocurrency is actually very simple, with various avenues you can take to buy your first coins.

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The simplest methods to buy cryptocurrencies

In the early days, the acquisition of bitcoins was not so easy and people jumped through all kinds of circles to get some. Nowadays, the crypto ecosystem is vast, with multiple exchanges and various digital resources sold for legal currencies. People can buy cryptocurrency using methods such as credit and debit cards, cash, Paypal, money order and even basic barter agreements. If you are looking for ways to buy a cryptocurrency like bitcoin cash (BCH) – or any other digital asset – then this article is for you.

The non-custodial portfolio

The first thing you should do is study the digital currency you wish to purchase so that you understand what you are buying. After choosing a cryptocurrency to invest, such as BCH or ETH, you should get an unofficial portfolio so that you can conserve resources in a safe place. An ethereum portfolio (ETH) will not work with BCH and vice versa. The reason for getting an unofficial portfolio before buying coins is because you probably do not want to leave your resources with a central exchange. By storing cryptocurrencies in an exchange, unless you are trading them, your coins are vulnerable to the risk of theft.

Bitcoin.com has a dedicated list of wallets that you can review. There is also the non-custodial Bitcoin.com wallet, which allows users to store, send and receive money in bitcoins and core bitcoins (BTC). Once you have a wallet on your mobile or desktop phone, you can choose how to buy a digital currency. There are three main ways to do this – through an exchange, an ATM cryptocurrency or a peer-to-peer service.

exchanges

Exchanges are trading platforms that allow you to buy and sell cryptocurrencies for other digital or fiat resources. An exchange is a quick enough way to get bitcoins until you're comfortable with the process. For example, you will need a means of payment, because you are online and you can not use cash. Trading platforms allow customers to buy cryptocurrencies in their local currency and you can usually pay using a credit card, Paypal and bank transfer depending on the exchange in question. Bitcoin.com hosts a service called Buy.Bitcoin.com, a quick and simple method where users can purchase Bitcoin Cash (BCH) and Bitcoin Core (BTC) with a credit card.

The exchanges will also require identification and will want to verify your identity in some way. The trading platform may require an identity document or proof of residence. Two things that you typically have to wait before actually buying coins in a bag are a verified identity and a validated payment system. Once they are in order, the platform will allow you to buy cryptocurrencies and from there you can send them to your unofficial portfolio. Take a look at Bitcoin.com vast list of cryptocurrency exchanges.

The Automated Teller Machine (ATM)

Yes, cryptocurrencies also use ATMs and you may find one in your area. At present there are more than 4,100 digital asset distribution devices worldwide and others are installed every day. In order to locate a car in your area, Coinatmradar.com it is a great resource. There are a lot of bitcoin core ATMs (BTCs) (sometimes called BTMs) that sell the coin at a cost of between 6-10% per transaction.

There is also an increasing amount of bitcoin (BCH), dash (DASH) and ethereum (ETH) cashiers. Crypto ATMs are not like bank ATMs because instead of receiving money, you give the machine some paper invoices and the device will send digital resources to your wallet, after you give the ATM a valid public address. Some ATMs for cryptocurrency do not require identification, but there are some providers who force the ATM user to provide an image ID.

Peer-to-peer services

<img class = "alignright wp-image-274114″ title=”Acquisition of Crypto: simple steps to buy your first Bitcoin” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/unknown.png” alt=”Acquisition of Crypto: simple steps to buy your first Bitcoin "width =" 340 "height =" 51 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/unknown.png 580w , https: //news.bitcoin.com/wp-content/uploads/2019/01/unknown-300×45.png 300w "sizes =" (maximum width: 340px) 100vw, 340px”/>The last method to acquire cryptocurrency is in a peer-to-peer manner. In other words, you can buy coins from a friend who already has digital currencies or you can choose to use a service like Openbazaar.org, Localbitcoincash.org, Bitquick, Paxful, or Localbitcoins.com. These services allow anyone to buy from a person who sells coins in person or online using a escrow system to keep honest negotiations. Each peer-to-peer market operates slightly differently and depends on the service you can pay for your digital currency with cash, Paypal, Moneygram, Vanilla, gift certificates or bank drafts.

After negotiating with a seller, you can receive coins in relatively little time, but it's a good idea to look for the platform you're using and make sure the seller has a reliable reputation. Typically, these traders have conducted many trades and most platforms, such as Localbitcoin, have a reputation system.

Learn the basic steps and feel comfortable

The purchase of a digital currency is quite simple, and after doing so once you understand some of the concepts involved such as sending and receiving coins. It is a good idea to read how to send bitcoins from one portfolio to another and the basics of the digital currency you decide to buy. Finally, one last thing to remember is that it is not necessary to purchase an entire currency for the purchase of currencies such as ETH, BCH or BTC. People can buy a small part of the digital currency they want and can even make recurring purchases of small amounts of cryptography. After doing it a few times, you will quickly learn how to buy and use digital resources.

Do you think that the purchase of cryptocurrencies is easy? How would you recommend people to buy their first digital coins? Let us know what you think of this topic in the comments section below.

Disclaimer: Readers must exercise due diligence before taking any action relating to the aforementioned companies or their affiliates or services. Bitcoin.com and the author we are is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use or reliance on any content, goods or services mentioned in this article. This editorial is for informational purposes only.

Image credits: Shutterstock, Bitcoin.com, Openbazaar and Localbitcoincash.org.

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