A QUICK-START START GUIDE TO BUYING CRYPTOCURRENCY, SUCH AS BITCOIN
Here is how to start in the world of cryptocurrencies, in six simple steps:
1. Decide which cryptocurrency you wish to own. Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH) are probably the easiest to buy directly. Below are the current prices of some or the more popular coins.
2. Choose a suitable wallet that can hold the keys to your chosen cryptocurrency. If you are only looking to buy a small amount, Jaxx Liberty supports lots of cryptocurrencies. If you are looking to invest large amounts of money, I would recommend using a hardware wallet, such as Ledger Nano S.
5. Buy the cryptocurrency you want. An exchange can offer many cyptocurrencies for purchase. However, not all are transferable to your own wallet, so choose carefully. Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH) are most probably fully featured on any exchange. I have written a short post on how to do this for BTC with Bitpanda.
6. Transfer the control of your cryptocurrency from the exchange’s wallet to your own. This is very important to do, so that you have control over your crypto. Here is a post showing an example with Jaxx, but it would be the same procedure for any wallet.
You now own some cryptocurrency!
As you can see, I have tried to keep this explanation as simple as possible. The whole process is still a bit clumsy at present. Longer term, it needs improving to enable mass adoption. However, it can be fun being classed as an ‘early adopter’.
- Inconvertible paper money made legal tender by a government decree <https://en.oxforddictionaries.com/definition/fiat_money>. ↩