Many people hesitate to get involved in the cryptocurrency realm because the purchasing process seems so complex and unfamiliar. However, purchases of Bitcoin or even one of the many alternative coins can be completed in minutes. By following the following methods, any cryptocurrency can be in your hands easily and safely.
Utilize Bitcoin exchanges
If you want to own Bitcoin directly and avoid the hassle and potential fraud of person-to-person transactions, Bitcoin exchanges provide the safest route. You can exchange your traditional currency for Bitcoin with willing sellers. In the United States, Coinbase, BitFinex, BitStamp, and Gemini are especially popular.
Consider purchasing Bitcoin derivatives
Bitcoin derivatives provide investors the opportunity to invest in Bitcoin without having to purchase and store crypto assets. This attracts investors for many reasons. Firstly, storing Bitcoin presents a challenge and there is always the risk of being hacked. Also, Bitcoin purchasers can be defrauded, and since the coin is sold anonymously across international borders, there is no recourse.
Many mainstream exchanges provide Bitcoin derivatives, including the Chicago Board of Trade and NADEX. Both of these exchanges are regulated, so there is no risk of being swindled. Of course, success depends on your skill and luck as a trader of derivatives, so be sure to study up on trading techniques before risking your money.
Altcoins derivatives are not yet traded on any major exchanges, though if Bitcoin is any indicator, they will be in the future.
Research various altcoins
If you want to invest in altcoins without a difficult and risky process of buying, storing, and selling them, several major cryptocurrency exchanges provide the opportunity, according to Blockgeeks. Kraken, BitFinex, and BitStamp have started trading in altcoins like Ethereum, Ripple, Litecoin, and Monero. Rather than using traditional currency to purchase altcoins, these exchanges allow traders to change their Bitcoins for altcoins.
Always store your cryptocurrencies off the exchange
Any user will tell you the same thing: keep your cryptocurrencies in your wallet and off any public exchanges, as many of these platforms are still very new and untested. Several have been hacked and gone bankrupt. If the exchange loses your coins, you are likely to have no recourse for your losses. So, always keep your cryptocurrency close.
Choose your wallet carefully
As with all things crypto, you have several choices available in the online world. Some wallets are simple and easy to download. Others offer more advanced features suited to serious crypto traders. Bread Wallet, Exodus, and Copay as suitable for most users, as they offer simple interfaces and can be easily downloaded at no cost.