How to buy cryptocurrency: detailed instructions in the new realities

The turnover of cryptocurrencies is growing. And, according to a number of experts, it is digital coins that will become an asset that will be used by most of humanity in the coming years. Whether this is so, time will tell. In the meantime, let’s figure out where you can now buy cryptocurrency, which one to choose and how to store it.

Wallets are not only leather

Before acquiring this or that digital currency, you need to find a place to store it. Unfortunately, virtual coins cannot be put in a pocket or hidden under a mattress. Here you need a special crypto wallet, that is, a place intended only for storing digital money.

They are of different types:

1. hot wallet is the most common online version for which you do not need to install special software on your computer or smartphone;
2. cold wallet – presented in the form of software for PC. The main disadvantage is the large size, which can reach several tens of gigabytes. However, more “light” cold wallets have recently appeared.
3. a paper wallet is a QR code that can be printed out and kept in a secluded place. The cipher gives access to the storage with the cryptocurrency.
4. A hardware wallet is a flash drive-like device that contains information about a digital account.

The choice of a cryptocurrency wallet depends on the preferences of the user. Moreover, if you wish, you can start several digital wallets at once.

Which cryptocurrency to choose?

Very often, when talking about cryptocurrency, they mean only bitcoin. This is a mistake that people who are far from digital technologies and modern trends make.

Of course, BTC is a classic of the cryptocurrency world, but now there are thousands of other coins that are also worth paying attention to.

The rating of digital money can be found on popular resources, for example, Сoinmarketcap. The list there is compiled on the basis of the size of the capitalization of a particular cryptocurrency.

However, before choosing a coin, you should decide what goal you are pursuing:

• for a long-term purchase, it is important to understand the future development of the crypto project;
• It doesn’t matter to an active trader how long this or that token will last, he pays attention only to its volatility and liquidity.

It would be ideal to distribute funds when forming a cryptocurrency portfolio. For example, invest 50% in the most popular coins from the TOP-10, a third – in tokens from the TOP-50, and invest the rest of the money in new and promising projects.

Where to buy cryptocurrency?

There are several ways that you can use to buy digital coins.

The most common is the acquisition of currency on crypto exchanges. There are quite a few of them, but due to a number of events, not all of them are now available to Russian and Belarusian citizens.

The list of cryptocurrency exchanges that have imposed sanctions on residents of certain countries is constantly updated, so you should follow the news. Some sites simply restrict the use of cards that fall under the international restrictions of banks. Among these, for example, the most popular crypto exchange is Binance.

If you still found a suitable site, then you need to perform several actions:

1. Create an account and go through verification, the latter can take from several hours to several days.
2. Put money from a bank card on the balance of your personal account. Some exchanges allow you to immediately make transactions for fiat, that is, for dollars, hryvnia, rubles.
3. Exchange traditional money for cryptocurrency. This is usually done quickly and at the current rate for digital coins.

On exchanges, you can exchange cryptocurrencies one for another, as well as sell them, withdrawing money to a card linked to your account.

Another way to buy digital coins is a crypto exchange. These services did not set restrictions for individual citizens or banking structures, so everyone can use them. It is enough to go to the site of the exchanger, enter your data and the address of the wallet to which the cryptocurrency should be received.

You can also exchange, buy and sell virtual coins directly in the crypto wallet. The main thing is that the platform you choose should have the function of acquiring assets immediately from a bank card.

Recently, another way to acquire digital money has become widespread – through telegram bots. Most of them are developed by cryptocurrency exchanges or exchangers. Telegram bots allow you to buy, sell and exchange digital coins.

Whatever method you choose, remember about scammers who are always ready to capitalize on your ignorance. Check the services before transferring your money there and entering personal data. If something worries you, be sure to read the reviews of users of the exchange or exchanger.

Sources: Invest-top, RBC

Disclaimer. Investing in any financial asset carries the risk of losing capital. Nothing in this text can be considered an investment recommendation or an offer to buy/sell any financial instruments. For all their actions in the stock market, each investor bears full responsibility independently.