When it comes to talking about investing in digital assets, This website show up in the picture at first. These are digital assets that are entirely protected by cryptography and are based on blockchain technology. Cryptocurrencies are hard to fake and double-spend because banks or governments do not control the consensus of this technology.
Cryptocurrencies were only invented in 2009, with the Bitcoin cryptocurrency being the most well-known. If you are planning to invest in a cryptocurrency, here are simple yet effective steps to follow. Read on to know more in detail.
- Choose a reliable crypto trading platform.
As the easiest way to get into the crypto market, you’re forced to use a crypto exchange because it’s so easy. You can buy, hold, sell, trade with other coins and traditional money, and more on cryptocurrency exchanges. There are many different types of exchanges. In general, exchanges can be Decentralized (DEX), Centralized (CEX), or Hybrid Exchanges, which are a mix of both types of exchanges called the hybrid exchange.
When it comes to investing in cryptocurrencies through reliable crypto trading platforms; one such option is Bitcoin Era, which is popular among the crypto investors and traders.
2. Connect Your Exchange to a Payment Method. This is the second step.
In order to buy cryptocurrency from your chosen crypto exchange platform, you need tolink your bank account to do hassle-free dealings with cryptocurrencies.Some things to think about when you do this step are that there are fees for bank accounts, debit or credit cards, and transaction fees. Coinbase is a good choice because it has a 1.49 percent fee for bank accounts, and it is suitable for people who are just starting to buy cryptocurrency.
3. Make your first payment to buy cryptocurrencies
You can use it after you have added a payment method to get money into your exchange platform, like Coinbase. After this step, you usually have to set up your two-step authenticator. On Coinbase, this is done through Microsoft Authenticator, Google Authenticator, and many other different apps.
The exchange platform you have signed up for will most likely have a long list of currencies you can buy. When you buy crypto, you will enter the amount of money you want to buy it with. You can make the purchase every day, week, or month or make a single purchase.
4. Stay aware of the Internet scams
When you are planning to get started with Bitcoin or crypto investment, you should be well aware of the fact that there are many scam websites established on the internet that are nothing but hacking systems to hack other’straded cryptocurrenciesthrough their wallets.
Keeping that in mind, you should beextremely selective about which websites you visit. They make money by getting your login information and accessing your money. Use your browser’s address bar to pay attention to URL endings and the site information icon on the screen.
In addition, there have been many cases of hackers from the other side of the world hacking these exchange platforms and making money off of your investments. This is why steps like the ones below are so vital for the safe storage of your cryptocurrency purchases:
• You can use a secure email service, like Proton Email.
• You can use an Authenticator, like Google Authenticator.
• using your SIM card to get confirmation codes, not
• putting your passwords on paper
• getting your computer virus-free and making sure it doesn’t have any
• making sure that every URL on the crypto exchange platform of your choice is correct
• Using a cryptocurrency wallet, as well
The last and most important thing you can do to keep your cryptocurrency safe is to choose a cryptocurrency wallet that offers utmost security. These wallets are “hot” and “cold” wallets. With these wallets, you can transfer your crypto from an exchange account like Coinbase to your “hot” or “cold” wallet very quickly.
Finally, when planning to buy your preferred form of cryptocurrency, always take note of these aforesaid mentioned points. The above steps should help you buy a cryptocurrency the right way and make the most out of your crypto investment journey as well.