How to buy Bitcoin and Ethereum as simply and securely as possible

16.10.2017 / 16:24

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In recent months the meteoric price rise of cryptocurrencies such as Bitcoin, Litecoin and Ethereum has led to more and more people in to investing.

The number of possibilities, different opinions and new technologies can seem overwhelming and prevents many from even getting started.

The first step is to find an exchange that will accept your fiat currency (USD/EUR/GBP…) with a transfer method that is available to you. There are a great deal of such exchanges, some regulated some not, all over the world, and it is highly advised that you check for yourself which one you trust with your money.

If you are not willing or able to send a bank transfer or credit card payments you still have the option of buying in person with cash using localbitcoins.com. This person-to-person service supports all currencies and many payment methods such as cash, Neteller, Webmoney, Skrill, Moneybookers, PayPal, Western Union and more.

Exchanges are not considered a safe place to store your cryptocurrency long term, for that you will need a ‘wallet’. This means a piece of software, a hardware device or an online service which stores your private keys to your crypto funds.

There are a lot of options for cryptocurrency wallets and many have proven in the past to be insecure or fraudulent, therefore it is best to keep an eye on the wallet provider you use and always follow best practices for securing your wallet. These include picking a strong password that you will remember, enabling multi-signature, encrypting the wallet and routinely backing it up on several locations such as on USB keys.

The simplest and most secure way is to have a dedicated hardware crypto wallet.

Source: Finance Magnates

Jr Trader Alexander Kumanov

Varchev Traders

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How to buy Bitcoin and Ethereum as simply and securely as possible

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