Buying Cryptocurrency Just Got Easier
Despite the global epidemic wreaking havoc on all major economies, the cryptocurrency sector has continued to grow. Crypto is currently seen as a secure asset in the face of market turbulence and inflation. People are holding less cash and more crypto to protect against market volatility arising from the current economic and societal climate.
Cryptocurrencies are becoming mainstream as more countries attempt to regulate the market. Buying cryptocurrencies may appear difficult, but it is much simpler once you know the details. With the increasing global demand for cryptocurrencies, many user-friendly solutions have come up for people to buy cryptocurrencies effortlessly. In this article, we will go through some easy ways to purchase cryptocurrencies.
Buying cryptocurrency with cash or a credit card from a crypto ATM is easier and less intrusive. Usually, these machines are available in the form of a small kiosk with a touchscreen interface. A crypto ATM is similar to a standard ATM, but it processes Bitcoin and other cryptocurrencies instead of cash. In a nutshell, it is an electronic machine that facilitates the exchange of cash for cryptocurrencies and is located in a physical place.
Some crypto ATMs offer two-way transactions, allowing you to purchase and sell Bitcoin or other major cryptocurrencies.
How To Use Crypto ATMs To Buy?
The following steps will help you to purchase cryptocurrency from an ATM easily:
Step 1: Locate a Bitcoin ATM in your area
After you've decided to buy cryptocurrency from an ATM, you'll need to find one that's nearby. You could use PayDepot's interactive map to find a crypto ATM near you. You may narrow down your search results by using criteria such as country, region, postcode, and so on.
Step 2: Keep your crypto wallet ready
Before visiting a Bitcoin ATM, it is a good idea to have a Bitcoin wallet downloaded to your mobile device and ready to use (and backed up). This way, when you go to purchase crypto, you won't have to worry about generating a Bitcoin wallet receiving address.
Step 3: Input relevant details at the Crypto ATM
The crypto ATM will ask you which cryptocurrency you would like to buy and how much. It will then ask you to authenticate yourself by entering relevant ID proof; you'll need to enter your cellphone number and receive an SMS code for verification.
The ATM will then ask where you wish your crypto to be sent — this is when your Bitcoin wallet receiving address comes in handy. After that, scan your wallet QR code using the ATM's scanner; it will ask you to confirm the address in your wallet. Make sure to double-check it before continuing.
Step 4: Deposit cash and receive the coins
The next step is to deposit the money into the machine; the total amount needs to be equivalent to the value of the cryptocurrency you wish to purchase. You should be able to put in any amount of money as long as it falls within the BATM's minimum and maximum limits. You should see the quantity of Bitcoin you're buying in your local currency on the screen, as well as the coin ticker amount (for example, it may say 2000.00 USD and 0.1387446 BTC).
Complete the transaction when you're ready. This will cause the machine to print a receipt with the transaction information on it. After that, it will just take a few minutes for your crypto to arrive in your wallet.
Cryptocurrency exchanges are online platforms that work similarly to stockbrokers, allowing you to purchase and sell digital currencies such as Bitcoin and Litecoin. The top cryptocurrency exchanges make purchasing and selling cryptocurrencies easier with minimal costs and solid security features.
How To Use Exchanges to Buy Crypto?
The following steps will help you to purchase cryptocurrency from an online exchange:
Step 1: Choose an exchange
The first step in purchasing cryptocurrency is to select an exchange platform. When it comes to purchasing, selling, and trading Bitcoin, each exchange has its own set of rules.
The ideal exchange for you will vary depending on your requirements. Still, newbies should search for exchanges with easy web and mobile interfaces, a wide range of learning materials, and easily available technical support.
Depending on the exchange, you can swap one cryptocurrency for another, swap fiat money (such as the US dollar) for cryptocurrency, or vice versa. Market rates determine prices.
Step 2: Open an account
The next step is to register with the cryptocurrency exchange of your choice. This account will function similarly to a bank account. The exchange will ask for KYC (Know Your Customer) information and payment choices when you register. You may be required to submit details, a photo ID, and proof of address for KYC.
Step 3: Fund your account
To purchase, you'll need to fund your account. Although it varies by platform, several crypto exchanges allow users to buy cryptocurrency with their debit or credit cards in fiat currencies like the US dollar or the Euro.
Fees are something else you keep an eye on. You can incur deposit/transaction fees. The costs you pay to deposit or withdraw money from your account are usually determined by the payment method you use.
Step 4: Place an order
On your exchange's web or mobile platform, you can easily place an order with the click of a button. Select the "buy" option, then the type and amount of cryptocurrency you want to buy, and confirm the order.
Step 5: Store your coins in a crypto wallet
To protect your cryptocurrency from hacking or theft, store it in a secure location. A crypto wallet is a physical device or online software that securely stores the private keys of your cryptocurrencies. Some exchanges include built-in wallets that let you save your funds directly on the site. However, it is safer to store funds in your private crypto wallet.
Over the last several years, the process of purchasing and selling cryptocurrency has become a lot easier, as more people have gotten involved and have finally started to use them for transactions.
When it comes to purchasing cryptocurrencies, you'll have various options, including crypto exchanges, online brokerages, and Bitcoin ATMs. However, it is critical to select the most suitable and user-friendly way for purchasing your cryptocurrency. Follow the steps outlined above to ensure a seamless purchase the next time you buy cryptocurrency.
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