“Are you ready to start investing in cryptocurrencies like Bitcoin, Ethereum and Ripple?
There are a few steps required before moving forward with the purchasing of Bitcoin and other altcoins. Firstly, this is not an endorsement for cryptocurrencies; these are largely untested markets which are volatile but have the potential to be beneficial.”
Step 1: Wallets
A wallet is required for storing your digital currency. The wallet stores your private key which gives you access to your currency of choice. This private key gives you the ability to move across multiple exchanges without the need to stick to the exchange you initially used to purchase your digital currencies.
Step 2: Creating a Wallet
You can store your digital currencies on either software or hardware wallets. A hardware wallet looks kind of like a flash drive and gives you the ability to detach your wallet from the internet. A software wallet is essentially an application which you can connect your traditional bank account.
The easiest way to set up a wallet is via a third party like an exchange. There are various exchanges to choose from like EZBTC, Kraken, Quadrigacx or Binance. Research which one(s) best suits your needs and register.
Step 3: Registering
Once you have chosen an exchange, you will need to register for their services. You will then need to become verified with the exchange. This will require your standard personal information like name, email and password however, various other verification requirements may be needed to access certain services.
Step 4: Buying coins
After browsing the exchange and learning its different properties, go to the exchange’s “Buy” section and choose which digital currency you would like to purchase. Some currencies such as Bitcoin can be divided up to 8 decimal points, so you are able to buy portions of 1 coin.
P.S. With a brand new account, you will start out by “funding” the account first. Most exchanges allow you to add your banking information.