4 Steps to getting into Crypto Currencies

in #bitcoin7 years ago (edited)

A lot of folks are starting to show an interest in crypto currencies. Though this is a good thing, but there are some pitfalls beginners fall into. These mistakes are rather common and can end up costing beginners a few thousand dollars worth of cryptocurrency if they are not careful. With the following pitfalls in mind, we have listed out 4 simple steps to buy Bitcoin, alt coins and how to store them securely.

Step 1: Buy Bitcoins:

Bitcoin is the "Base currency" in the crypto world. To start buying cryptos, buy bitcoin first by converting U.S. Dollars to bitcoin.

Services that Convert USD to Bitcoin: Coinbase 122.png

Step 2: Store Bitcoin

"Wallets" provide safe storage for your cryptocurrencies. Some wallets store only bitcoin. Other wallets store multiple cryptos

Some of the trusted wallets are: Jaxx122.png

Step 3: Buy Cryptos

"Exchanges" allow you to use bitcoin to buy 100s of other cryptos. Simply transfer bitcoin from your wallets to the exchanges. Some exchanges have wallets, but they're less secure than wallet-only services

Trusted Exchanges : Bittrex , Kraken, Gemini

Bittrex.png

Step 4: Store Cryptos

Various wallets allow you to safely store your cryptos off the exchanges, which can be vulnerable to hacks.

Other Trusted Wallets: myEtherWallet, Jaxx

122.png

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