Bitcoin buying instructions. How to profitably purchase cryptocurrency.
Where to start your journey in the field of digital assets, how to store them correctly and what are the main risks of this industry.
There are various ways to invest in digital assets.
The first and easiest of them is through crypto exchanges. To do this, it is enough to create an account on them and transfer money to it. It is worth remembering that a commission is charged for depositing funds, which on average can be 3-5%.
Another way to buy cryptocurrency is through an exchange. There you can buy bitcoin and other digital assets using bank cards, electronic payment systems, and even cash.
Often, commissions in exchangers are lower than on crypto exchanges, and average 1-3%. However, then you will still need to create an account on a crypto exchange or crypto wallet in order to store the purchased coins.
The third way is to buy digital coins "off-hand". They can be purchased from other users with cash or bank transfer.
How to store cryptocurrency correctly
The easiest and most convenient way is to keep your cryptocurrency on the exchange. This will allow you to quickly exchange your assets for fiat or stablecoins. At the same time, it is believed that trading platforms are not the safest place, since they are all subject to hacker attacks.
You can also store digital assets in browser-based crypto wallets, such as MyEthereumWallet, in applications on your phone or computer. Some of them provide the ability to pay for goods and services using cryptocurrencies or exchange them for traditional money and other coins.
The safest way to store cryptocurrency is by using a hardware wallet. However, in this case, the user does not have the ability to quickly get rid of their cryptocurrency if unforeseen circumstances occur. To sell your coins, you will need to use the services of a crypto exchange or exchanger, and this takes time.
The main danger
The riskiest way to buy cryptocurrency is "with hands". There is a possibility of losing not only funds during the exchange, but also endangering your life. Adding to the risks is the fact that the digital asset sphere is poorly regulated, which makes it difficult to prove your case in court.
When buying coins using exchangers, there are several risks at once. The main one is to contact an unscrupulous service or scammers. You can also make a mistake when filling out an application for the purchase of an asset. In this case, the funds will simply "burn out". They will not be able to be returned, since it is impossible to reverse the transaction on the blockchain.
When investing in cryptocurrencies through trading platforms, you should use only the most famous of them - they are more reliable. In the case of small exchanges, there is a higher risk that they will go bankrupt or not be able to resist a hacker attack due to weak security systems.
The beginning of the way
For an inexperienced investor, the safest place to start is by creating an exchange account and funding it with a small amount. You can buy stablecoins with it, such as USDT, TUSD, BUSD, and others. These are fixed-rate cryptocurrencies that are backed by the US dollar.
By storing capital in stablecoins, the user does not take risks, since he is protected from the volatility of the price of cryptocurrencies. This will give the user time to get acquainted with the exchange interface and its capabilities.
It is advisable to invest in leading cryptocurrencies in terms of capitalization, such as Bitcoin, Ethereum, XRP, Litecoin, and others. The lower the coin is in the rating, the higher the chance that this project is abandoned or may turn out to be so in the future.
It is safer to invest in cryptocurrency in parts and after a strong fall in its rate. This strategy is called averaging and is used to find the best price for investing in digital assets.
It will be helpful to keep all receipts for the purchase of cryptocurrency. They may be needed in the future if you need to explain the origin of funds, for example, tax.
And most importantly: it is recommended to invest in digital money only those funds that are not a pity to lose.
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