Dipo Olowookere
Cryptocurrency is the digital currency that can be used to buy goods and services. In recent months, the interest of people in this form of currency has increased many folds due to its trading for profit, with speculators at times causing the prices of cryptocurrencies to soar many times.
How much potential cryptocurrencies have?
Some people believe that some cryptocurrencies such as Bitcoin have the potential to replace the current currency system that is traded in terms of gold. Bitcoin and Ethereum are two well-known cryptocurrencies, but new cryptocurrencies are also being introduced and invested in.
Ethereum is the second-largest cryptocurrency which has gained huge potential as a long-term investment. When the legality of cryptocurrency is questioned, the monetary regulatory authority Central Reserve Bank argues that there is currently no legal framework applicable to these types of currencies.
Bitcoin, Ethereum, Ripple, EOS etc. are some of the examples of cryptocurrencies having some or more monetary value. The past four years have seen cryptocurrencies become prevalent in every region of the world.
How to buy Cryptocurrency Online?
Coming to the point of how you can buy cryptocurrency online, it can be bought through exchanges and stockbrokers, or from other owners. The risk of investing in digital assets is always kept in consideration while buying the currency as Bill Gates says that people should think wisely before investing in Bitcoin or any other cryptocurrency if they have less money than Elon Musk. This implies that everyone on this earth should invest wisely.
Where to buy cryptocurrency online?
For buying cryptocurrency online, four major steps are to be performed. Firstly, one has to choose where he or she wants to buy the crypto. They can use any of the mediums of their comfort including exchanges and traditional brokers.
How to buy Cryptocurrency at Cryptocurrency Exchanges?
Cryptocurrency exchanges are online websites that help you in buying cryptocurrency in exchange for your local currency. Payment methods used at these exchanges are bank transfer or payment through credit card. Some of them also accept Paypal. There are a lot of exchanges with different levels of security. The most common methods followed at these exchanging centres are as described below:
- First step is to register yourself with your credentials;
- Second step is verifying your identity. This can be done through your identity card, passport or driving license;
- Next step is further verification to secure your account called two-step verification.
Once you are done with the above, you can start buying cryptocurrency online on the exchange. You can buy and hold your cryptocurrency or exchange it with any other cryptocurrency.
Precautionary steps while trading online:
- Check the security of the exchange;
- Transaction fee;
- The number of payment methods available;
- The amount of time needed to activate your account;
- Checking the user reviews related to a certain exchange.
Summing it up, you can buy cryptocurrency by following the above simple steps. You should search for the best broker exchanges for cryptocurrency such as Coinbase, Coinmama, CEX.io, Bitstamp, Kriptomat etc.
