Cryptocurrency has been a trend for a while now, and many people either own crypto or are interested to get some. Some even believe that cryptocurrency will be the payment method of the future, and the early buyers have earned a lot by just purchasing and holding. If you are interested in learning how to buy and use cryptocurrency, then keep on reading.
What is crypto?
First things first, what is a cryptocurrency, and what makes it so special? There must be a reason why so many people purchase it, and why it has become such a big deal. Cryptocurrencies are decentralized currencies, which means that they are not controlled by a national bank or a financial Institute. Furthermore, the coins are only to be found digitally, and the value of them is set only from supply and demand. The prices of crypto can fluctuate a great deal, and if you want to learn how to buy bitcoin in France, you should first look at the price of bitcoin now. Bitcoin is the biggest and most valuable cryptocurrency to this date, and many want to buy this as their first one.
How to buy crypto
The process of purchasing cryptocurrencies is super easy. The process is quite like buying stocks in the stock market, but you do it in a different place. Since cryptocurrencies are decentralized currencies, you cannot buy them on the regular stock market, but you do need to locate a crypto exchange. There are many different ones out there, and it can be a good idea to choose a large and well-known one. Also, make sure that the exchange you want to use offers the cryptocurrencies you are interested in. It can, for example, be Bitcoin, Ethereum, Dogecoin, Litecoin, etc.
Once you have found a crypto exchange you would like to use, you can start by creating your profile. You do this by providing the site with the needed information, to verify you as a user. When the profile is created, you need to choose a payment method and make your first deposit. Now you can have a look around and find your way to the first cryptocurrency you want to purchase. Once you have found it, you simply input the amount of fiat currency you would like to spend on it and proceed with the purchase. Easy as that!
Before you buy
While it has become very easy to buy crypto, it does not mean you should do so right away. It is important to know just what you are buying, as with any investment. The value of cryptocurrencies can fluctuate greatly, and it is important to be aware of the risks when investing. Also, there are thousands of different cryptos out there, that all differ from each other. By investigating your many crypto options, it will be easier for you to choose the one you believe will be a success.
How to store cryptocurrency
Since cryptocurrencies are decentralized, you cannot store them in your regular wallet with fiat currency. However, other wallets are specifically made to store crypto. These crypto-wallets can be either digital or analogue and are often referred to as hot or cold wallets. Hot wallets are software that can be found on your digital devices. Most crypto exchanges have a wallet built into them, where your tokens are placed after purchase. This is a quick and easy way to store crypto, and you can access them to use or monitor with a few taps.
However, if you own large amounts of crypto, it might not be a good idea to store them like this, as they can be hacked. Therefore, many store them in cold wallets, which is a kind of hardware, like a USB stick. This requires some time when you want to retrieve your crypto, but you can always rest easy knowing that no one can access your crypto online via hacking.