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Getting Started: How to Buy Bitcoin Easily

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Bitcoin

Cryptocurrency is an exciting new form of digital money, and Bitcoin is the most popular and valuable. If you’re like many regular people or investors around the world, you are interested in getting your hands on some Bitcoin but you aren’t 100% on the easiest way to do it.

As a relatively new technology, naturally, there is a learning curve to using cryptocurrencies. Properties like being ‘decentralized’ mean that Bitcoin doesn’t act quite like real money. To store, buy or sell Bitcoins safely, you need a whole new set of tools and skills. Bitcoin technology is still in its infancy, but with the right knowledge and by taking the appropriate steps, the whole process of buying Bitcoin can be easy, safe, and potentially profitable too.

1. Buy From a Trusted Exchange

There are many ways to get Bitcoin. You can mine Bitcoin with your computer, earn it by playing games or exchange pretty much anything for Bitcoin with people in your community at special-purpose marketplaces.

However, the easiest way by far is to buy it straight from a trusted Bitcoin exchange like CEX.IO. This exchange processes millions of dollars of trades and transactions every day in Bitcoin and all sorts of other cryptocurrencies. With CEX.IO, you will be able to get off the ground and trade Bitcoin for fiat currency quite quickly. You’ll also get some level of protection (unlike with a local trader) and can even pay quickly with your credit/debit card issued by VISA or MasterCard.

Still, to make sure that buying Bitcoin stays easy, check whether the exchange:

  • Accepts your native currency (you don’t want to get hit with multiple conversion charges);
  • Supports your preferred payment method (e.g. card payment, bank transfer, cryptocurrency payment);
  • Is legal in your country and is likely to stay in the future;
  • Is compliant with all laws that might be relevant to your state.

2. Verify Your Account

Most cryptocurrency exchanges require you to verify your identity on your account. This is to make sure that they stay within the bounds of important regulations. These include Know Your Customer (KYC) and Anti Money Laundering (AML). To verify, you’ll need to send photos of your face, along with photos of your identification documents (like a passport or driver’s license) and your payment cards. Don’t worry, this is a standard procedure in the industry, and as long as you choose a reputable exchange, your information should be safe. Do, however, always be on the lookout for phishing scams and other types of scams pretending to be someone else to extract your information.

Once you have verified your account on, let’s say CEX.IO, you’ll be able to buy Bitcoin pretty much instantly. Sometimes without even entering your card information again. You can also upgrade your verification level with more documents to increase your daily and monthly buying limits and thus reduce your barriers to buying Bitcoin even further.

3. Choose An Exchange With Good Customer Support

Whether you’re just starting with Bitcoin or an experienced trader, customer support could be highly valuable down the road. Choose an exchange with a reputation for providing fast and helpful support to its users, especially in times of difficulty. The last thing you want is to be stuck waiting for a reply to your support ticket while your funds are frozen in your account. Do some googling and check out some independent review sites for real customer reviews before setting up an account with any exchange.

4. Secure Your Bitcoin

Buying from an exchange does still carry risks. One of the most dangerous is attackers accessing your account. It’s essential that you set up Two Factor Authentication on your account for whatever exchange you use. If an exchange doesn’t offer Two Factor Authentication, don’t use it!

Storing large amounts of Bitcoin in your exchange wallet is also dangerous. This has been proven multiple times in the past with big scandals like the Mt. Gox bankruptcy, where millions of Bitcoins were stolen from the Mt. Gox exchange servers. Most of the Bitcoins were owned by the users of the exchange, and they ended up losing all the money they had stored there.

There are a few steps to take to make storing your bought Bitcoin easy and to avoid losing your money. Only keep small amounts of Bitcoin on your exchange wallet. Once you’ve built up some savings, move them to your own Bitcoin wallet. If you have a lot of Bitcoin, you might want to consider a hardware wallet for the highest level of security. You also need to keep a safe backup of your private keys.

5. Check You Can Withdraw Your Funds

Don’t overlook how you’ll withdraw your funds in the future. Buying Bitcoin is just one part of the equation. It’s likely you’ll one day want to sell it or withdraw it back to your original currency. It’s essential to look into this before you buy. Some exchanges allow you to buy Bitcoin in many countries but only withdraw in one or a few of those. You don’t want to be in a position where you can easily buy Bitcoin but can’t get rid of. It doesn’t matter how much your Bitcoin grow in value if you can’t cash out.

6. Stay Well-Informed

The cryptocurrency industry is quickly growing and evolving. Make sure you stay informed with updates and changes to the Bitcoin technology, your Bitcoin exchange’s rules and terms, and all laws and regulations that might affect you.

7. Only Buy What You Can Afford

Most importantly, make buying Bitcoin easy for yourself by being smart with how much you invest. Many people have made fortunes with cryptocurrency, but many have also lost everything in seconds. Keep the process easy and manageable by starting off slowly and building your portfolio as you get more comfortable with how Bitcoin and cryptocurrency technology works.

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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