Do you want to know how to buy cryptocurrency?
If you’re a newbie in the world of crypto and want to make some cool cash buying cryptocurrencies like Bitcoin, Dogecoin, Ethereum, and other cryptocurrencies – you’ve found the right article.
Investing in cryptocurrency can help you with another source of income but there are risks involved with trading cryptocurrency. Risks aside, cryptocurrency yields a good Return on Investment (ROI) if you learn the ropes well.
In this article, you will learn how to buy cryptocurrency. It doesn’t matter your level of knowledge of cryptocurrencies. You’re sure going to understand the basics and most importantly how to buy any type of cryptocurrency.
What is Cryptocurrency?
Cryptocurrency is a digital currency created as an alternative way of payment for goods and services. Cryptocurrency transactions are verified and records are accurately kept and maintained using cryptography.
In simple terms, cryptocurrencies are popular options for online payments. Cryptocurrencies can function both as digital currency and as virtual accounting systems.
Cryptocurrencies are stored in digital wallets, if you lose your wallet or access to them, your entire cryptocurrency investment will be gone.
Types of Cryptocurrency
Before we dive into how to buy Cryptocurrency, it is important to know the different types of Cryptocurrencies there are.
Cryptocurrency has been divided into different major aspects. But, we’ll just be talking about 3, which include;
1. Payment cryptocurrency
2. Utility Tokens
Just as the name implies, Payment Cryptocurrency is used as a medium of exchange. It is a general-purpose cryptocurrency.
Payment cryptocurrencies are deflationary (can cause a reduction in economic activity) they have a limited number of digital coins that can be created.
Examples of payment cryptocurrencies include Bitcoin, Litecoin, Monero, Dogecoin, and Bitcoin Cash. After learning how to buy cryptocurrency from this post, you can decide to use your digital currency to buy a product or service.
Tokens are any cryptographic asset that runs on top of another blockchain.
A Utility Token is designed to serve a specific purpose or function on the blockchain, which is called a use case. They grant users the right to perform different actions on a specific blockchain network.
Other types of tokens include Service tokens, Non-Fungible Tokens (NFTs), etc.
Stablecoins are another type of Cryptocurrency that has its value tied to another asset class, such as gold or a flat currency, in order to keep its value stable.
Stablecoins are designed to provide a store of value. So stablecoins are actually pegged to a physical currency, most commonly the U.S. dollar or the Euro.
The most well-known stablecoin is Tether’s USDT, which ranks behind Bitcoin and Ether as the third-largest cryptocurrency by market capitalization.
How To Buy Cryptocurrency
Now, this is where the main juice is. It is advisable to read every sentence carefully so you can digest and pick what will work best for you when you want to buy cryptocurrency.
1. Choose a Crypto Exchange
The first step in buying cryptocurrency is picking a crypto exchange platform. A cryptocurrency exchange platform allows you to buy cryptocurrency in any quantity.
A trusted platform to buy Cryptocurrency is SnappyExchange. For more details visit SnappyExchange.com and continue reading this post.
For beginners, many crypto exchange platforms offer user-friendly and easy-to-understand purchase options. This is to ensure that they are not overwhelmed or confused.
If you don’t want to go for a Cryptocurrency Exchange, you can opt for a Cryptocurrency Broker.
A crypto broker serves as a middleman between the person buying and the person selling the cryptocurrency. The crypto broker is responsible for communicating with the exchange company for you. Most cryptocurrency brokers charge higher fees than exchange companies.
Each exchange has its own fees, security measures, and supported cryptocurrencies, so it’s important to research and compare your options before deciding which one to use.
2. Create and Verify Authenticate Your Account
After your final decision on which exchange to use, you should sign up to open an account. Some platforms may request that you verify your identity.
You may not be able to buy cryptocurrency until you complete the verification process. It is important that you have some identification documents such as a driver’s license, Identity card, or any other means of identification with you.
3. Deposit Cash to Invest
When you want to buy Cryptocurrency, you should make sure there’s money in your account. You can make payments with your debit card or link your bank account to your crypto account.
4. Place Your Cryptocurrency Order
You have the option of buying any cryptocurrency of your choice. From Bitcoin to Ethereum and many others. Once there’s money in your account, you can now buy your cryptocurrency.
5. Select a Storage Method
It’s important to have a secure storage method for your digital currencies because you can lose your investment if it’s hacked or you forget your access codes.
Alternative Ways to Buy Cryptocurrency
If you don’t want to buy cryptocurrency from an exchange or broker, here are a few options you can opt for.
1. Crypto Exchange-Traded Funds (ETFs)
They are well-liked investments that enable you to quickly and easily purchase exposure to hundreds of different assets. Exchange -Traded Funds allow you to invest in many cryptocurrencies at once.
2. Invest in Companies Connected to Cryptocurrency
You can invest in companies with tangible products or services. You can buy shares in companies that use or own cryptocurrencies.
How To Buy Cryptocurrency From SnappyExchange
There are different exchange platforms to buy cryptocurrency from, but SnappyExchange is one of the most trusted platforms to buy cryptocurrency.
Here are a few guidelines on how to buy cryptocurrency on SnappyExchange.
Download the SnappyExchange App
If you don’t have the SnappyExchange App on your Android or iOS, you can download the app from the play store.
After installing the app, register your details and sign up. Make sure your details are correctly imputed.
Verify your Email
After signing up, you will be required to verify your email. Open your Gmail app and click the “verify” icon from the mail sent to you by SnappyExchange.
Click the Cryptocurrency Icon
Go back to the app and click on the cryptocurrency icon on the homepage, select any coin of your choice and choose the buy option.
You can make your research on what coin to buy and how much you should invest in it. You can also buy more than one coin, if you like.
Click “Complete KYC”
Without completing your KYC, you won’t be able to buy cryptocurrency. To complete your KYC you will be asked questions about your identity.
You’d need your means of identification like a driver’s license, voter’s card, international passport, or national identification card.
You will also be required to make a selfie video of yourself saying a script that will be given to you.
How much crypto do I buy as a beginner?
As a beginner, it is advisable to buy a little quantity of digital currency, for a start. Depending on the platforms, you can start with $5 or $10.
Should I invest in Cryptocurrency?
Investing in cryptocurrency is a personal choice as it comes with different risks but has a great ROI in the long run. Therefore, you might want to make in-depth research and consider all risks before investing.
It’s important to note that buying cryptocurrency involves some level of risk. The value of cryptocurrencies can be volatile and can fluctuate significantly, and there is a risk of fraud or hacks. It’s always a good idea to research a cryptocurrency and its underlying technology before making a purchase.
Nevertheless, buying cryptocurrency is a good investment. If you learn the ropes well, you can make a fortune from it. But, be prepared to lose money.
No business comes without risk, right? Download the SnappyExchange App today and sign up to begin buying cryptocurrencies.
Drop a comment if you found this article enlightening. Don’t forget to share with a friend who might need to buy cryptocurrency, soon.