In spite of receiving meaningful consideration within the monetary and funding world, many individuals have no idea how to buy the cryptocurrency Bitcoin, but doing so is as simple as signing up for an app or service. With cryptocurrency’s popularity on the rise, now’s a greater time than ever to delve into the weeds and learn how to buy Bitcoin, and other cryptocurrencies.
This is a breakdown of all the things you’ll want to know with a view to begin shopping for bitcoin.
Step 1: Get a Digital Wallet
In order learn how to buy bitcoin and carry out transactions on the bitcoin network, individuals have to run a program referred to as a “wallet.” Cryptocurrency balances are maintained utilizing private and non-private “keys,” that are a series of numbers and letters linked by the encryption algorithm used to create them.
Step 2: Verify Your ID
For US purchases, the securities and exchange commission and know your customer laws requires all users who open a cryptocurrency wallet and purchase bitcoin, or any cryptocurrency, to verify their identity. Numos uses a third party to carry out their verification, which usually take 2-3 minutes providing your ID is current.
Step 3: Payment Method
Most exchanges will require either a credit, debit card or bank transfer as a form of payment method. The quickest being a credit or debit card. However, small spend limits and delays in processing can mean that purchasing cryptocurrency with a credit or debit card can be tricky. With Numos, we can process up to $15,000 in one transaction with a credit or debit card, following ID verification.
Remember, a cryptocurrency exchange and a cryptocurrency wallet are not the same things. You will need to use an exchange like Numos, to purchase cryptocurrency with an already established wallet.
The world of cryptocurrency is a vast, but potentially troublesome one: cryptocurrency’s privacy makes it an attractive target for scammers. As such, always use secure internet connectivity when using your wallet and never share your wallet credentials with anyone.