A Beginner’s Guide » World Business Outlook

The world of cryptocurrency is becoming more advanced and is attracting new followers and investors every day. If you’re interested in purchasing cryptocurrency but never have, this article will detail the safest and easiest ways to purchase cryptocurrency in 2024. Don’t be afraid to purchase cryptocurrencies – you do not need a computer science degree to buy cryptocurrencies. It’s extremely easy, in fact, we are going to show you how to buy cryptocurrency in less than ten minutes.

Why do people buy cryptocurrency?

Before we start with how to buy crypto  let’s look at some of the reasons people are putting so much time and energy into it:

•  Banks and Governments are Decentralized – Cryptocurrencies such as Bitcoin are independent from banks and governments.
•  Incredibly High Growth Rate – The value of some coins has grown considerably beyond 1500% and 2000% in some cases.
•  Diversification of Fixed Income Investments – Cryptocurrencies can be offset from regular investments such as stocks.
•  Fast, Affordable, and Safe Transfers – Sending money internationally is considerably cheaper than sending money through banks or other forms of payment.

Please keep in mind that cryptocurrency is still in progress and the crypto market is volatile so only invest what you can afford to lose.

Is it possible to purchase cryptocurrency?

Exchanges are of two types: centralized (CEXs) and decentralized (DEXs).

1. Centralized Exchanges (CEXs)

The most common choices to purchase crypto are CEXs. Examples include-

Best for beginners is Coinbase (Best for beginners)

Binance (Biggest fees lowest exchange)

Kraken (Excellent security and customer service)

Pros:

• Convenient to use
•  Liquidity 100 on a scale of 1 100

Various payment options (bank transfer, credit card etc.)

Cons:

• KYC identification must be conducted
• Possibility of hack; avoid exchanges that have lax security systems

2. DecentralizedExchanges (DEXs)

• DEXs eliminate the counter party, the user is able to trade peer-to-peer without an intermediary. Examples include-
• Optimism (ethereum) Uniswap (ethereum)
• PancakeSwap (binance smart chain)

Pros:

• KYC is unnecessary
• Coming out more personal

Cons:

• Difficult to learners
• Increased potential of frauds

3. Peer-to-Peer (P2P) network

Purchase directly with the sellers. Examples:

LocalBitcoins (Closed, though similar ones are available)

Paxful

• Flexible ways of payment (PayPal, cash)
• No third party

Cons:

Possibility of phony (escrow protection)

4. Crypto ATMs

Physical devices at which you can purchase Bitcoin in cash.

Pros:

• Does not require a bank account

Cons:

• Expensive rates (5-10 percent)
• Scarcity of supply

The Process of Safe Purchase of Crypto

Step 1: Confirm, Register your Account

Most of the exchanges require the verification of identities (KYC).

Step 2: Deposits fund Deposits

Prices: Pay in bank transfer, by credit card or PayPal (various fees).

Step 3: Buy your favorite Cryptocurrency

Select any of the currencies to invest in such as Bitcoin (BTC), Ethereum (ETH) or other alt coins and place an order.

Step 4: Stash Your Cryptocurrency in a Wallet

Laving much on exchanges is not recommendable. Use:

Simplicity through the use of hot wallets (Exodus, Trust Wallet).

Max security: cold (Ledger, Trezor).

What is the Best Cryptocurrency to Purchase?

First of all, one may prefer Bitcoin (BTC) and Ethereum (ETH).

And in the case that you are interested in the riskier investment, yet the higher-return one, some research on such altcoin should be done:

• Fast app chain displayed by Solana (SOL).
• Green friendly smart contracts in Cardano (ADA ).
• MA describes Polygon (MATIC) Ethereum Scale.
• No investment should be undertaken without research.

Traps to be avoided, when possible

Buying to Blind Faith – Do not be a hype coin victim.

Security 1: Never use 2FA and hardware wallets.

Panic Selling – The crypto is unpredictable; however, be a long term investor.

Note: Unregulated Exchanges Unregulated exchanges indicate exchanges which are not subjected to the rule of any government. Unregulated exchanges lack control by the government hence not advisable. You should use respectable, controlled exchanges only

Final Thoughts

It is easier than ever to buy crypto, and the security levels must be at the top of the priorities. Begin with small amounts, make sure you have safe transactions and keep your crypto in cold storage where this is possible.

Well, are we going to play? Sign up on a safe trading platform and get your first step to rich money!

Blog as received in the mail