People all around the world have been insanely attracted to cryptocurrencies because of their obvious profitability. Here’s one illustration of it: if you had invested only a thousand euros in bitcoin a year ago, you would have already made nine thousand euros of net profit, which means you would have a yield of one thousand percent. Another thing you have probably read about on the internet is that cryptocurrencies are quite unpredictable, and their value goes up and down all the time. People also write that the cryptocurrency market is like a blown-up balloon only waiting to burst, but they’re also very pleasant predictions for the future, saying the value of certain cryptocurrencies will grow immensely by 2024. We are witnessing a global collapse of the economy, so investing in a currency no one controls, might be a smart option.
As most people are, you have probably been thinking about buying some of the cryptocurrencies, but you’re not sure how to buy your first coins? We give you a complete guide 2020 on how to buy your first cryptocurrency coins.
The purchase itself is a simple process and can be done in 10 minutes. All you need to have is a computer or a smartphone, and a credit card. The process is automatized and performed via cryptocurrency exchange offices, but before purchase, it’s useful to gather information on which coins to purchase, which have the brightest future on the trade market.
Many analytics have stated their opinion about the course of Bitcoin, the most famous cryptocurrency.
What other economists also say is that it will continue to be the leading cryptocurrency soon, not allowing other coins to overtake.
Ethereum, the second most famous cryptocurrency, doesn’t have that high mark as bitcoin. Mainly because in the last period the rate of Ethereum has become quite unpredictable. Different predictions say the price of Ethereum will rise in 2020 by 4000%, which will affect many buyers to grab the opportunity and buy. However, other rising cryptocurrencies can provide income for those who decide to buy them.
Not to go to too far into predictions of each cryptocurrency, but to sum up in short which ones are the most likely to give you an average income of 177% in 2020: Ethereum (ETH), Litecoin (LTC), Binance Coin (BNB), and Monera (XMR).
All in all, you have to be aware that the cryptocurrencies are very volatile and you should not invest in buying them more than you are ready to lose.
Where to buy your first coins and how to pay?
Cryptocurrencies can be bought in exchange offices and on trading platforms. There numerous exchange offices and platforms that offer different coins. The usual procedure in both of the cases is to open the account (register), select the coin you wish to buy, and then pay for it. Purchase complete.
The two most suitable methods for beginners are buying through an online exchange or buying through a Bitcoin ATM. All of the buying options can be accessed via laptops, or mobile phones (apps are available both on IOS and Google play).
It is also important to know that many services for buying and trading cryptocurrencies do not offer all of them. The cryptocurrency market is growing day by day, and by now there are thousands of different cryptocurrencies, so it makes sense that you can’t buy them all in one place. You need to find a crypto exchange that offers to buy the coins you are looking for. So, turn to the all-knowing Google and research which exchange platform offers your desirable coins. In addition, different payment methods should be considered. The most common and reliable forms of payment for the purchase of coins are credit cards, bank transfers, and cash. Of course, Different service providers different payment methods, so you need to choose a service that accepts your preferred payment method.
Some services offer exchange between--- different cryptocurrencies, while others offer exchange between--- cryptocurrency and fiat (classic) money.
Trading fees
Different methods of buying and selling have different trading fees. Also keep in mind, that crypto trading platforms have lower fees compared to crypto exchange services. Why is that? Different types of exchange offices are created for different needs and their activity takes place on different principles. As a basic rule, remember that trading services are often more complicated and not easy for beginners, while exchange offices are usually simpler for beginner users.
Where do you keep your coins?
Before you decide to buy a currency, read a little about it, see what “idea” is behind it, who is the team that made it, and how they intend to raise its value. The more information you have about a particular currency the easier it will be to buy it. Or it won’t. Same as with stocks. You will not buy it until you see how a certain company operates, what its results are, what it plans to do in the near and distant future. So, do not let yourself get carried away by others’ enthusiasm not based on facts. Collect the facts yourself and decide.
Once bought, your coins are being safely kept in digital wallets. Digital wallets are used to store access to your cryptocurrencies. From a user perspective, we can make a comparison with a bank account. You will essentially store your coins in the same way you store your traditional (classic) currencies (e.g. dollars) in your bank account. However, you need to understand that a crypto wallet does not physically store your coins in the form of a digital file. It only protects your balance data (available funds) with a pair of cryptographic keys (public key and private key).
So, you have successfully purchased your first cryptocurrency coins and stored them in your digital wallet. Now, you can decide whether you would like to learn more about the trading platforms such as Forex Brokers Rating and the ways you can earn profit from your coins.