New to cryptocurrencies? This is the essence.
Buying your first bitcoin or found another interesting cryptocurrency? It might be hard to find out what exactly you need to buy your first bitcoin. To understand this we will explain everything.
First you have to know how to save your bitcoin and keep them secure.
1. Different places to keep your Bitcoin or other cryptocurrency
There are several ways to save your bitcoin or other cryptocurrency. You will have to keep your cryptocurrency in a ‘wallet’ It is good to know that for bitcoin there are a lot of options choosing the right wallet. If you are buying a different cryptocurrency you will have to use the corresponding wallet.
Hardware Wallets (best)
Hardware wallets are probably the most robust form of security you can have for your Bitcoins or any other cryptocurrency. They allow you to send and receive cryptocurrencies on any computer. The way the hardware wallets achieve maximum security is by storing your private key and signing your Bitcoin transactions offline so someone trying to “hack” your wallet remotely won’t be able to do so.
Ledger is a Hardware Wallet
Ledger wallet is a hardware wallet and it is the most secure way to store your bitcoin or altcoins. It looks a little bit like a USB stick but it is totally different.
Trezor is a Hardware Wallet
Trezor is also a hardware wallet and it is the most secure way to store your bitcoin or alt coins.
A software wallet is a piece of software you store on your computer. A lot of cryptocurrencies have their own software wallet. This is also a secure way to save your cryptocurrencies.
Wallets on a Exchange platform
Exchanges can be used to trade cryptocurrencies for different cryptocurrencies. For example you can trade your Bitcoin against Litecoin. It looks a lot like the stock markets or Forex trading. Exchanges are less safe to keep your cryptocurrencies as exchanges can be hacked or go bankrupt.
You can read our guides about different exchanges here:
Once you installed or got your wallet you would like to use it is time to buy your first cryptocurrency. You can buy cryptocurrencies on different websites. We reviewed a few platforms you can read the articles and guides here:
If you hold your cryptocurrencies on an exchange, make sure you secure your account.
2. Buying Bitcoin or other cryptocurrencies
You can use several platforms to buy your cryptocurrencies. We reviewed a few platforms that we like. Click the articles to read more about them and buy(or sell) cryptocurrencies straight away.
3. Sending funds to your wallet or exchange
When you buy cryptocurrencies like Bitcoin, Ethereum or Neo, the platform where you just bought your cryptocurrencies will ask your wallet address. It looks something like this: 1F1tAaz5x1HUXrCNLbtMDqcw6o5GNn4xqX.
You can find your wallet address in your private wallet. To find your wallet address most of the time you have to go to the ‘Receive page’ where you can see your wallet address. Make sure you double check your wallet address when you copy/paste it to the platform where you bought your cryptocurrencies. Really, double, triple check this. There are stories about Malware that changes the wallet address you have on your clipboard. So make sure you double, triple, quadruple check it. Also when you fill in the wrong address you can/will lose your cryptocurrencies you just bought.
When you send your cryptocurrencies to an exchange platform and need some help? you can check out the guides we wrote.
4. Trading and Selling
When you finally sent the cryptocurrency to your wallet you can either hold it for a long term, trade it or sell them later. You can sell your Bitcoin or other cryptocurrencies back to EURO/DOLLAR on the same platform where you bought your cryptocurrencies (scroll up). When you want to sell your altcoins, keep in mind not all of the platforms support evrey altcoin. This means you might have to sell your Altcoins back to Bitcoin or Ethereum and then sell your Bitcoin or Ethereum back to EURO/DOLLAR
If you would like to trade your cryptocurrencies against different altcoins and need some help on how to trade? check out these guides.