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how to get started with cryptocurrency

How to buy cryptocurrency?

2017-07-04 05:00:53

Most of us have heard about cryptocurrencies. The most famous one of them is definitely Bitcoin which at least in my mind is connected a lot with two things. Firstly, illegal money, considering bitcoin transactions are pretty much anonymous. And secondly, people who bought Bitcoin early enough, might have made millions, considering the price of Bitcoin has gone up around 10 000 times.

Bit if you're new to this game like me, after checking different cryptocurrency sites, I must say, it's all Japanese to me. And I don't speak any Japanese. And even if you started educating yourself about the topic, there's a steep learning curve.

Currently, the most famous cryptocurrencies might be Bitcoin, Ethereum, Litecoin, Ripple, and Stratis.

To start, based on what I have found, there's no one single wallet where you can have all your of your different cryptocurrencies. Different cryptos tend to have their specific wallet. Three most popular places where you can open an account and buy certain cryptocurrencies for US dollars are https://www.coinbase.com/, https://www.kraken.com/, and https://www.gemini.com. In Coinbase you can buy and sell bitcoin, ethereum, and litecoin. Kraken allows you to buy and sell just bitcoin while Gemini offers you the option to trade both bitcoin and ether. If you want to trade smaller cryptocurrencies, you can open an account in http://www.poloniex.com/, but you'll need an account with Coinbase for that as well, as you can buy the other currencies using bitcoin or ether and you need to transfer these from your Coinbase account to Poloniex.

In Europe, you can also check out sites such as https://www.bitpanda.com/, http://bitstamp.net, http://bitcoin.de, https://www.coincorner.com/, https://coinmotion.com/. Still Coinbase seems to be the most trusted one so far.

I'm as new to this all as one can be, but once I get some spare money on my bank account, I will try it out for a small amount, and once I'm in the game, will update you with some new info I have discovered.





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