You are just about ready to get into Crypto, ready to take the plunge. Excited to be trying this Bitcoin thing out. Wait one final question... "I have $$$, how do I buy some STEEM or Bitcoin?"
After asking your crypto mad friend and hearing about wallets, exchanges, converting Bitcoin to STEEM, you begin to have second thoughts... In this post I will outline options for you to help you or your friend to get started with cyrptocurrency.
$teemit is the answer
By far the easiest way is to get started is to get a Steemit account and start writing. You get free STEEM when you open an account and you also earn STEEM when you write, vote or comment on articles. You can then exchange your hard earned STEEM for Bitcoin, Ether, Dash... you name it.
Ok you know about Steemit but you want to convert some Dollars
What about Altcoins?
If you want to get some SPUDS, unfortunately Potatocoin is no longer available. If you want to invest in another altcoin; Monero, Dash, Factom, ... , you first need to get your hands on some Bitcoin.
Bitcoin is the Gateway
Bitcoin can be exchanged for the crypto currency of your choice. The main exchanges for trading altcoins don't let you deposit cash, you need to top up your account with another crypto currency. If you have Bitcoin you can easily load your account with Bitcoin and start trading.
How to convert Cash to Digital Currency
The main entry point from cash to cryptocurrency is via online exchanges.
Open an account with an Online Exchange
In my opinion the easiest and cheapest way to get Cryptocurrency is to open an online account with a reputable exchange.
- Yes you need to go through an account verification procedure, but once done you can transfer Dollars or Euros to and from your regular bank account with ease.
Popular Exchanges
The Exchanges below will let you open an account and transfer cash from and to your bank account, or top up with credit card. When you have transferred funds to your exchange account you can then buy whatever coin is listed on the exchange through their website or app.
If you want a coin that is not listed then you need to use another "trading" exchange but the two main ones do not support cash deposits and withdrawals so you will need to get some Bitcoin first.
US Exchanges
- Bitfinex https://www.bitfinex.com/
Supports: Bitcoin, Ethereum, Ethereum Classic, Zcash, Monero, Litecoin, and Dash - Kraken https://www.kraken.com/
Supports: Bitcoin, Ethereum Iconomi, Ripple, Litecoin, Melon, Augur, Monero, Stellar Lumens, Ripple and ZCash
European Exchanges
- Bitstamp https://www.bitstamp.net/
Supports: Bitcoin and a Ripple
I will update this list with any that are included in the comments
Account Verification Process
A major turn off when joining an exchange is the account verification procedure. They ask you to upload personal documents such as passports to the website.
Do some research about the exchange your giving details to and if your not happy then do not provide your details but this is process is becoming increasingly commonplace. Below I have provided a screenshot of the details requested by Bitfinex.
Info Currently Requested by Bitfinex
Other Options
- There are many other ways of getting Bitcoins and Cryptocurrency. You can download a wallet app to your phone and top up some of them with your credit card which will automatically convert to Bitcoin, Ether or whatever other currency is supported.
- There are some sites called faucets that give away free currency. Usually in return for completing a task.
Related Posts
You may also be interested in reading the following posts:
- Understand what Digital Wallets do and how to secure them.
Secure your Wallet Today - Details on how to exchange Digital Currency to Fiat by the @cryptofiend
How to Easily Exchange Bitcoins & Altcoins for Fiat Money with Bittylicious
Please Share your Tips
Please share your thoughts on the easiest way for a newbie to get started and in your part of the world which is your favourite exchange, I will add them to this list.
If your new to crypto remember a few points; Start with small amounts, learn how to store your currency in wallets, backup the wallets and send and receive. Also do not leave large amounts of funds on exchanges as they are susceptible to cyber attacks and there are numerous examples of problems with exchanges in the last few years.
Thank you for reading this. I write on Steemit about Blockchain, Cryptocurrency, Travel and lots of random topics.
Images are from https://pixabay.com/ unless otherwise stated
If you want to get started with some bitcoin but you are not in US or EU, or you don't want to give exchange your personal information, then you can try looking for local peers in localbitcoins.com
As a new person you may be cautious to Terry out this method with people you don't know. Maybe exchanging with your friends is a better option.
Have you used localbitcoins? I haven't yet. How was your experience?
Yes, I use that a couple of times. First, always trade with the one with good rating.
Escrow is automatically enabled in the platform, and so far i have no issue with them.
That is good to know. I will have to try it out.
Very informative for the beginners! For Canadian users I would recommend Quadriga or Kraken to get your BTC via E-transfer or Wire. Also, if you are a Canadian forced into buying on credit, Coinbase and CoinMama will assist you. Though expect fees between 5-12% on credit card purchases; which is why I would advise against this practice.
Thank you for this, good to know. I didn't know about Quadriga.
Glad to help! It's definitely one of the best for us Canucks
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Your reward is an upvote and 0.041 SBD extra promotion.
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Thank you very much for sharing that topic. Thanks to you I discovered Bitfinex, Kraken and Bitstamp. Do you have some good experience with those sites ? Does somebody else have positive or negative feedback about those accounts ? Thank you very much for sharing.
I have used Bitstamp and have had no issues and the other two are also well known. There are two key things to be careful about with exchanges:
You can mimimise the latter by only leaving your coins on the exchange for a short amount of time and storing them in a wallet or secure location.
Thank you for your feedback.
I totally agree with you.
Because security reason, it's important to store a short amount on the exchange. Security of of personal data is also very important. I'll join Bitstamp and see for myself. Thanks again for sharing.
Your very welcome, a friend of mine was asking about this stuff yesterday and It's much easier now than in the past, but still not trivial, to get started.
Good points in this blog. I was about to start a similair discussion. It's surprising how much uneducated investors the crypto space has. You still see people invest in this shady and scammy coins. I was researching a way to find more info about the current cryptocoins on the market. Does anyone know about: https://www.coincheckup.com I'm using this site that gives in depth reports on every tradable cryto in the market.