What is required to buy bitcoin, or any other cryptocurrency

You can read about bitcoin and cryptocurrencies here.

To buy bitcoin, or any other cryptocurrency, other than having money to buy it we are going to need a digital wallet.

Wallet for cryptocurrencies

There are various types of wallets. Thus the most safe ones are considered to be hardware wallets. But they also need to be connected to the internet to check for transactions, etc…

There are also software wallets, they are divided by wallets that read the whole block, or a part of it. A wallet that reads the whole block is slower when it comes to synchronizing, so it’s required for it to be on all the time. Transactions and data reading are precise.

The wallets that read a part of a block are synchronized on a server. The con of this type is that it doesn’t synchronize from the start of the block. So you can lose some money that you have, but with better synchronization the issue is solved. These types of wallets can hold more types of currencies and have their own phone app.

There are wallets that you don’t need a mobile app for. You access those ones by just simply going to the website of the wallet and entering your password. The con to this is that the password is easier to steal, and there are a lot of fake websites.

You can also use your wallet in a exchange office. The con to this is that you can get easily scammed, plus these exchange offices are often under attacks from hackers.

Buying of bitcoin or any other currency

Here you have two options. To buy directly from the internet, or from an exchange office.

By buying directly I mean to find another person who would sell their coin. There are websites for this that are meant to find people buying/selling. Be ware of scams when doing it this way, bitcoin needs 6 confirmations before it accepts the money in your wallet.

The second way of buying is through a stock market, i.e. STEX (referral link). On this website after creating an account you will need to verify yourself. Verification usually takes 3-5 days. After that you can transfer an amount of money you want from your credit card and buy the desired currency.

The pro is that you can sell your coin. You sell it by sending the exchange address to the exchange. When it’s gone through the standard procedures it can be put up for sale. Because you have FIAT centers (FIAT is the name of standard money), it’s transferred to your bank account through the SEPA protocol. SEPA protocol is used in banking in EU, and if you are not from EU you can easily open a bank account from EU as a non-resident online.

Read the text What are cryptocurrencies and bitcoin

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