The best way to understand Bitcoin, Litecoin, Ether, SHIBA INU and other cryptocurrencies is simply to buy some and try them out.
I always recommend everyone to buy $1 worth as an interesting learning experience. The most important rule of buying crypto is only invest what you are willing to lose completely.
That being said I will show you one of the best way to buy Bitcoin, DOGE or any other cryptocurrencies using Binance.
Requirements:
- A place to buy it — an exchange
- A place to store it — a wallet
Steps:
- Buy Bitcoin or other cryptocurrency
- Transfer coins to your wallet
- Security
STEP 1: Buy Bitcoin (Binance.com)
This is one of the oldest and most trusted exchange platform that facilitates trades between Bitcoin and hundreds of other cryptocurrencies.
Why Binance?
- Low exchange fees — Binance offers the lowest fees @ 0.02 – 0.1% per transaction. Fee is further reduced by 25% if you own Binance’s BNB token.
- Live market rates — Binance is a peer-to-peer trading platform that facilitates a trade between two individuals. Price of Bitcoin will go up when the demand for Bitcoin goes up and the price goes down when there is less demand for it.
Create Free Crypto Trading Account at Binance!
https://accounts.binance.com/en/register?ref=ZCHG1PVU
STEP 2: Transfer Coins To Wallet
Coinomi.com — This is a multi currency wallet and allows you to hold Bitcoin, Litecoin, Dogecoin and other cryptocurrencies.
Coinomi also allows you to hold Ether & Binance chain based tokens such as SHIBA INU.
Why coinomi?
- No additional transfer fees — Usual blockchain fees apply
- No third-parties — For the first time in history cryptocurrency allows you to be your own bank. Owner of the secret key(private key) owns the coins in that particular wallet. Coinomi only provides the platform to access the network. Private keys are not saved on their servers.
Download Wallet
https://coinomi.com
STEP 3: Secure Your Wallet
As you know there is no intermediary between you and your crypto account. This means you are responsible for your own security.
Any Bitcoin wallet has two sets of digital keys.
- Public key — The sender will send coins to this address/key. This address can be shared with anyone you wish to receive crypto from.
- Private Key — This key can be used to transfer funds from your wallet. Whoever knows this secret key will have access to your wallet. So keep it safe and secure!
Private/public key example:
Since Coinomi is a multi-coin wallet, you don’t need keep the private key of every coin you own. They offer something known as “seed phrase".
A seed phrase is new key generated by your cryptocurrency wallet. It combines multiple private keys into one — your wallet uses this new key to associate you with all your coins.
As long as you have your seed phrase, you’ll have access to all of the coins associated with the wallet that generated the phrase — even if you delete or lose the wallet.
Seed Phrase Example:
Conclusion
Now it’s easier than ever to buy Bitcoin, Ethereum and more. When you trade with Binance, you can buy crypto with debit/credit card, or choose from over 20 convenient payment methods.
Make sure to write your seed phrase on physical paper or etch it on a piece of metal!