A Beginner’s Guide on Where to Buy Cryptocurrency
By | Bailey Merton
Over the past few months, cryptocurrency news has been hitting the headlines. This has prompted more and more people to read about crypto coins. Most of the research has been about where to buy cryptocurrency. If you’re new to the world of cryptocurrency, then worry not. In this guide, we will look at crypto coins and how you can buy and sell cryptocurrency.
Introduction to Cryptocurrency
Cryptocurrency, otherwise known as crypto coins, are a decentralized form of digital assets. They can be used to purchase goods and pay for services just as you would using fiat money. Crypto coins work on a platform known as a blockchain. Crypto coins are decentralized, unlike regular money that governments and other stakeholders control. This means that transactions are private and there is no limit on the number of crypto coins that one can own.
There are various types of crypto coins in the market as of today. We have the famous Bitcoin and other coins such as Ethereum, Dodge Coin, and Lite Coin, among others. In the crypto world, the other coins aside from Bitcoin are known as altcoins, meaning alternative coins.
Guide on Where to Buy Cryptocurrency
You are probably asking yourself, where can I buy cryptocurrency? These days there are various platforms and crypto websites where you can purchase or sell cryptocurrency. However, it would be best to exercise caution as there are plenty of scammers in the market. For newbies, you can open an exchange account. Opening one is a simple process, and you will only need to provide an email address to set up your account. If you search for where to buy cryptocurrency on Google, you will get many hits from exchange account websites.
After, you will be required to upload a copy of your passport or national ID as proof of identity. Once your account is verified, you will then add your mode of payment. You can opt to add your bank account or credit card. After you’ve done all of that, you are now good to go and you can buy or sell crypto coins.
Using Peer to Peer Platforms
An issue that has come up with using exchange accounts is the transactions could take time. If you need to do a quick transaction, then P2P websites can be an option. One great advantage is that, aside from the faster transactions, you also get to do them anonymously and you do not need to prove your identity. Herein, you advertise whether you want to sell or buy crypto coins. The system will pair you with an interested buyer or seller. Once you agree on the price, you can proceed to complete the transaction.
Where to Buy Cryptocurrency: P2P Websites vs. Exchange Accounts
According to most people, exchange accounts are much more secure than P2P websites. Also, the exchange accounts offer competitive market rates. On the other hand, P2P platforms have their benefits in terms of anonymity and faster transactions. If you’re new to crypto trading, you should use exchange accounts as you learn your way around. After you have identified any legit P2P platforms, then you can start using them.