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How to buy Bitcoins and other Cryptocurrencies


You probably already heard about the fantastic growth of Bitcoin and other Cryptocurrencies. Golden times have come! Year ago, some people bought Bitcoins for $ 730 apiece and everyone looked at them like a maniacs, predicting a collapse in the near future. Now, everyone could register profits and go out for more than $7500! Not a bad growth for one year, right? Bitcoin has grown in price almost ten times! No one bank in the world would give such a deposit interest. Will not discuss what happened during last 10 years when Bitcoin rate raised from 0.01 US$ and everyone who have spent just 5.00 US$, now became a millionaire.

Today media speaks about Cryptocurrencies, and many people have a question, how to buy Bitcoins and other Cryptocurrencies? We must say we do not agitate anyone; we do not encourage buying, and if you do not understand what it is, you better close the post and pass by. If you decided to invest money in Bitcoins or other Cryptocurrencies, remember that you are doing it at your own risk. Please always invest only the money that you can afford to lose.

If you need to know what Bitcoin is, watch this video:

So, let us start with the fact that Cryptocurrencies are very popular now. Everyone wants to invest in them and earn fabulous interest. Many actually earn. For example, the Bitcoin rate for the year increased by more than 900% against the dollar.

If you decided to buy a Bitcoin or any other Cryptocurrency, the first thing to do is get a Crypto Wallet. In a simple way, this is where you store the Cryptocurrency.

Any Crypto Wallet consists of two strings of numbers and letters. The first chain is usually shorter. This is your Public Key or simply the Wallet address that you use to receive the transfers and to identify your wallet in the Blockchain. This is such an analogue of a bank account. This number and QR code tied to it you can show to friends and use to check the Wallet balance. The second chain of numbers and letters is Your Private Key, or a secret key, or simply your PIN and passport in one. This number you never show to anyone and it is better not to store it in an unencrypted digital form. Knowing this number, intruders and rogues will be able to empty your Wallet and rid you of all your Bitcoins and Altcoins. The QR code next to this key also needs to be stored in the same way as you usually store your cash or access to bank accounts.


There are several options for starting with Cryptocurrency


Paper Crypto Wallets

The most simple and clumsy - a Paper Crypto Wallet. To make a Paper Wallet visit Bitcoin.com or Bitaddress.org. All that you need to store Bitcoins is printed on paper.  It is better to print in several copies and put in a secure place so that in case of which the Bitcoins are not lost. To transfer Bitcoins, you must give the person who transfers the number on the left (which is short). To check the balance, you need to go to blockchain.info and in the search field to drive your address and check the balance.


To spend, you still have to make a Crypto Wallet described below.

Online Crypto Wallets

Online Crypto Wallets such as COINBASE or XAPO (These Wallets have the Mobile Apps). Here everything is simple, click the link, register, and then everything as usual, follow the instructions. There it is hard to make a mistake. There you can immediately see the balance, and the interface looks like a bank-client. To transfer Bitcoins, get your address in the Wallet and give it to the one who transfers. To transfer from there, just go to the Crypto Wallet by your login and password, and send, using the public key of the recipient. For security reasons, you will need to send a copy of the documents to verify.     


Hardware Crypto Wallets

Hardware Crypto Wallets such as Trezor or Ledger – physical devices like USB-flash. Here, the same, everything is simple, go to trezor.io, buy a device and follow the instructions. In fact, this device just keeps your public key and that is it. It also works for Altcoins.


Cryptocurrency Exchanges

When you have a Crypto Wallet and its Public address, you can buy Bitcoins or other Cryptocoins. The easiest way to do this from any place in the World is to visit Cryptocurrency Exchanges like, for example, COINBASE or LocalBitcoins. You register there and look at the course. If it suits you, you contact the seller and continue to agree on the deal. There you can pay with credit cards or bank transfers. These resources are more or less anonymous, on LocalBitcoins, for example, you can buy Cryptocoins without providing documents. Financial operations go through the systems. Accordingly, everyone is sure that you will not be scammed. All sellers have ratings, and they value them very much. Just in case: do not send big amounts of cash at once to the seller, in which you are not sure.


Usually there are limits on remittances and money withdrawals. Wire transfer, usually in dollars, makes the transfer of cash. Once the money is in the account and passed verification, you can buy Bitcoins and Altcoins at the exchange rate. Small amounts of Cryptocurrency can be stored on the exchange. I would not risk big sums, because hackers periodically crack them.

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