How to buy Bitcoin?
For the novelty of cryptocurrency, Blockchain is still a bit of a terrifying experience. If you are looking to join the early majority and buy Bitcoin online for the first time, here are five things you should know:
1. A seller of Cryptocurrencies online of good reputation will verify the identity of it.
Think about when you opened your bank account. Most likely, you have to do it in person, provide an identity card issued by the government, such as a driver’s license or a passport, enter your social security number or national identification, and complete a number of forms. In other words, you had to show your intention to open the account, and prove that you were who you said you were. Cryptocurrency sellers, such as Coinmama or Luno, allowing you to buy Bitcoin with credit or debit cards, are not banks, but are still providing a financial service and, as such, need to verify your identity.
How? If you return in time to the beginnings of Bitcoin, it was created as a decentralized peer coin equally with a degree of anonymity. As a result, in addition to being used by many, many usual people who are enthusiastic about Bitcoin’s technological capabilities and see it as an investment strategy, unfortunately also became an avenue for money laundering and scammers. Identity verification seeks to mitigate the risk raised by bad actors, while also complying with many of money laundering regulations, most countries have instead.
How can verification see? Unlike banks, they almost always require you to open an account in person, if you buy online cryptocurrency, you, well, online. You can not just walk towards the website and show your identification card. So, how do you show that you really are, and what do you want to buy Bitcoin online? In addition to requiring an identification card issued by the government, many Crypto providers will also ask for a photograph of your identification card. In that way, the provider knows that the person in identification coincides with the person who opens the account.
Be careful when providing your documents; After all, it is your identity that we are talking about. However, do not be alarmed if you ask you to provide a copy of your identity card or other personal information when you create an account to buy cryptocurrency online. While it may still be possible to buy small amounts of Bitcoin online without providing identification, for higher quantities purchased with a credit card, a debit card or by bank transfer, any reputable service requests its identification.
2. You need a special wallet.
Most new people for cryptocurrency do not realize they need a place to store it. Unlike Fiat’s currency (which is dollars, euros, yen and other currency supported by the government), which is stored in your bank account, or under its mattress, cryptopence is not only virtual, it is also decentralized, Which means that he lives outside the banking system. So, how do you keep your cryptocurrency? In a wallet that is intended only for Crypto. Crypto Concurrence portfolios come in different forms; They can live online, at their desk, as a mobile application, in a thumb unit, or even paper. What is the wallet to choose for your crypt, you will be given a wallet address, which is a series of letters and numbers that you can use to receive cryptocurrencies, as well as a secret code, or private keys, which will allow you to access His holdings of cryptocurrencies and to sell or exchange them.
An important thing to keep in mind is that each cryptocurrency has its own block of blocks, that is, the technology that allows Crypto to exist, and so each cryptocurrencies has a different format for your wallet addresses. That means that your Bitcoin wallet address and the Ethereum wallet address will be different, even if you have a multifunction wallet that allows you to see all your participations in one place.
How do you choose a wallet? Do your research. The hot portfolios, or the portfolios that live online provide easier access to their funds, but they are more susceptible to piracy. The cold wallets, or the wallets that live offline (such as paper wallets or external units) are safer for storage, but harder to recover if they are damaged or lost. Many people with various Crypto wallets choose to spread their assets in more than one wallet.
If you are buying Cryptocurrency for the first time, you will have to configure a wallet.
3. You are nothing without your private keys.
We mention the previous private keys, but what are they? Private keys are the password to your cryptocurrency wallet; A very long, intricate set of numbers and letters associated with your wallet address in particular. You need them to send your cryptocurrency, or to withdraw.
Unlike your bank password, which is generated (and what is probably not very safe), your private keys are generated automatically, are part of what makes the blocks of blocks so impenetrable, and can not be restored if They lose them. . some cases, where the wallet provider maintains their private keys, they can be recoverable, but do not count on it; The Internet is full of stories of people who lost their private keys and with them, millions of dollars in Bitcoin.
How does that happen? Part of it is due to the way Blockchain technology works, and what makes it so safe. Part of it is due to the decentralized nature of cryptocurrencies: a double-edged sword that puts you fully in charge of its own economy, but it is also totally responsible for it. But the long and short, is that if you lose your private keys, even if you have a cold wallet that is damaged, it loses all its participation in cryptocurrencies. It is imperative that you keep your private keys somewhere safe, and know where that place is.
Another thing to keep in mind? If someone has access to their private keys, they have access to their entire cryptocurrency. Not only should you keep it safe, but you should also give your private keys to anyone who does not provide your bank account password. Then, if someone suggests managing your money, and requests your wallet address and private keys, all your alarm bells should leave.
You can also get Bitcoin for mining, but this has become very difficult to do by the average person. Most mining is now made by huge companies with very expensive and highly specialized equipment, with which a typical person or computer can not compete. So, unless you have a lot of experience and a lot of money to spend on this, buy or Gane Bitcoin.
The amount of bitcoins in motion has been decreasing in recent months. There are fewer and fewer entities willing to sell their bitcoins.
The scarcity of BTC in the market augurs the future upwards in the price of cryptocurrencies. In other words, the lower the supply of circulating units, the more expensive it is to obtain them. Specialists in the project that will soon reach $ 30,000 per unit. If he was considering investing in cryptocurrency, he would no longer take me.
New in Crypto? Here are 6 tips for you.
If you have lost the first 10 times that people told you to buy Bitcoin, you are not alone. Even Bitcoin’s most orders may not have the guts to maintain an asset that seems to be increasing ten times in value every year, and it is not surprising to find many people who continue to think about how to cryptocurrency before it is “too late”. If you are thinking about investing in the original cryptocurrency, here are some things to know before diving.
1. Decide why you are buying Bitcoin.
Before buying any cryptocurrency, it is important that you understand what cryptomotor is, why they were created and will establish what you intend to do with them.
Cryptocurrencies were created to provide the world with a decentralized financial system that does not trust any government or financial institutions. Instead, the pair payment network instead works globally, which allows any person, including the unbanked populations of the world, to get involved, in turn to celebrate financial inclusion. Cryptocurrency is about changing the financial control of organizations to the hands of people. Buying Crypto allows you to be part of this global movement.
Some people choose to buy Bitcoin or other cryptocurrencies to invest in a new kind of asset, while others can choose to buy it as an alternative payment system. Crypto offers a faster and cheaper medium to send funds across borders, and it is also becoming a viable player in the remittance markets. While the world of cryptocurrencies and Fiat are merging rapidly, with the advent of Crypto cards, people can use Bitcoin and other smooth cryptocurrencies through card transactions. Understanding what you want to do with them (Store in the long term or use day by day) will also help you determine what type of wallet you may need.
2. You will need a Crypto wallet in order to buy bitcoin.
Once you buy your first bitcoin, you will most likely see that the platform that bought it has created an account for you. Although it is not as risky these days to store Bitcoin and cryptocurrency in an exchange (as it was 5 years ago), these tokens and coins are stored on their behalf by the exchange. Once registered in bitcoin exchange, each user receives access to his personal Crypto wallet. Each wallet represents a different cryptocurrencies, however, all can be accessed on the instrument board.
Alternatively, you may want to remove the Crypto and keep it on a paper or hardware wallet (find the most suitable Crypto wallet for you here). Regardless of what wallet we use, it is worth investigating which method is the most suitable for the amount of bitcoin and type of investor that you want to be / negotiate you make. In addition, different cryptocurrencies use different wallets. This means that you can not store Bitcoin in an Ethereum wallet, or Ethereum in an XRP wallet. Do not try to send your coins to the wallets of a different block block or you can find your lost coins forever!
3. You will have to complete an identity verification process.
The identity verification processes are a necessary obstacle to crossing so that anyone can get their hands on Bitcoin in the safest way. The law requires all exchanges of online reputable cryptocurrencies to verify your identity before allowing you to buy, sell or market Bitcoin and other cryptocurrencies.
The process is quite simple, to identify and stop fraud, terrorists and criminals seeking to use cryptocurrency for malicious activities, the exchange will collect your personal data and verify against the well-known databases of potential criminals. If you find a suspicious partner, you will require you to provide additional documentation to identify yourself more.
In general, this process involves the documentation that demonstrates: who you are, where you live, and if you are who you say you are. This could include the identification of the Government, the passport or the residence permit, bank statements with their address and, in general, the need for an image of you that was taken recently and in accordance with the instructions of the platform. Stay away from platforms that do not require this step.
4. Educate and do your own research (“Dyor”)
The community of cryptocurrencies can be useful, but more often than not, individuals are looking to increase the value of their portfolio by sharing their own “recommendations’ ‘ for you with the hope that you can buy them. These groups and mentalities of the hives are common in cryptocurrencies and are not necessarily a bad thing; cryptocurrencies investors may have carried out an adequate investigation. However, you should always look for your own research.
There are many resources on the Internet that are not biased and try to transmit information fairly and objectively, such as our bitcoin exchange blog, for example. The blog is designed to help you better understand cryptocurrencies as a whole and get information about the latest trends and how they could affect markets.
5. Cryptocurrency is not only Bitcoin; There are a lot of fish in the sea.
Most people who are aware of cryptocurrencies are known from the media. In truth, there are more than 9,000 cryptocurrencies, and Bitcoin is the first, the most popular and the most successful. However, many coins have emerged since then that serve as similar roles but different from Bitcoin. Each cryptocurrency is designed to solve a problem, each one that comes with its own case of use.
Then, while Bitcoin provides a value and means of exchange, Ethereum, the second most popular cryptocurrencies, allows the execution of “intelligent contracts”. These are digital agreements that are automatically executed when the default conditions are met (think of vending machines that dispense the sodas when putting their coins on them). CainLink, another popular cryptocurrencies, allows the data to be communicated and in the chain safely through intelligent contracts, connecting the world of Blockchain to the real world.
Ultimately, although these tokens may not be as large as Bitcoin, they are well prepared as commercial or investment opportunities due to their possible growth and their utility compared to Bitcoin, which is known mainly and remains a value store . Always do their research and enjoy learning about the complexities and innovation that have materialized from the invention of cryptocurrencies.
6. Buy Bitcoin does not mean that you will be rich
Many people like Bitcoin to gold rush, where individuals could become rich overnight, finding gold. While there are similarities, it is worth noting that Bitcoin is like all other investment instruments: it is high risk, it is based on human perception and could go in both directions.
If you plan to invest in Bitcoin, there are some phrases that you often hear: Do your own research (Dyor), invest what you can afford to lose and manage your risk. There are safer and more established ways to get Bitcoin profits that simply put all your eggs in a basket. Consider things like time, reading the markets, learning to establish a loss of loss, could be the difference between losing everything and doing a good return on investment. But these are things to consider long-term, for now, here are only 6 tips you should know before buying Bitcoin.
As a final bonus advice: always make sure that you store your cryptocurrencies behind a safe and strong password (one single) and whenever possible, enable 2FA. This provides an additional layer of security. It is important to remember that cryptocurrencies are more than just in Bitcoin and being rich, and similar to how technology is the central part of our lives today, Bitcoin and Blockchain technology may need to immerse yourself from time to time to make it more consistent , reasonable and constant growth. Monitoring progress and updates on Blockchain technology, cryptocurrencies and Bitcoin with bitcoin exchange, where we build tools that facilitate the purchase and sale of digital currencies. We help connect and enter what an infinite information labyrinth would be surrounding block blocks: our mission is to make the digital currency easy to use, easy to operate and instantly for anyone. Here are 6 tips on how to buy bitcoins.