If you are confused about how to buy and sell cryptocurrency, follow this simple step-by-step guide. We are even going to show you how to get some free Bitcoins.
STEP 1: Download and install a cryptocurrency wallet – how to buy and sell cryptocurrency
Here’s the thing. Every blockchain needs the wallet that corresponds to the cryptocurrency of that particular blockchain. For example, if you want to buy Bitcoin, you, of course, need the Bitcoin wallet.
We are talking about a digital wallet that contains two identification keys, private and public.
How it works is simple and straightforward. Once the wallet is installed on your device, choose the “Receive” option and the wallet will generate a quite a long address.
The address is equivalent to your bank account; only you can create a limitless number of addresses if you want. And, as long as you keep your private key safe, nobody can impersonate you on the network.
STEP 2: Sign up on a cryptocurrency exchange
When you have your wallet and the address, sign up on one of the cryptocurrency exchanges that accept a conventional fiat currency like dollars or euros.
An example is Coinbase, currently the most popular cryptocurrency exchange where you can buy Bitcoins, Ethereum, and Litecoin for USD and EUR by wire transfer or with a credit card (mind the fees!).
Coinbase allows you to open a suitable crypto wallet for every cryptocurrency on the exchange.
However, if you want to meet with the person from whom you’ll buy or to whom you’ll sell cryptocurrency, you might want to go with Localbitcoins.
This particular exchange is available worldwide and even allows PayPal payments. In this moment, you can buy and sell cryptocurrency in 248 countries and 15563 cities across the globe.
STEP 3: Buy and sell cryptocurrency
The BTC/USD exchange rate is hanging around $7,000 for 1BTC right now.
Yeah, you missed the bus just like 7 billion other people, but don’t sweat it; you can still board the bus even if you have only $25 to spare.
You see, just as the dollar and euro have cents, Bitcoin has Satoshi, and you can buy 0.00000001 BTC or 1 Satoshi.
Why would you want to buy just a fraction of Bitcoin?
In the year 2140, the very last Bitcoin will be minted. If all goes well, Bitcoin will be what diamonds and gold are today. So, owning even that small fraction may turn out to be a hell of an investment in the long run.
How to buy and sell cryptocurrency on the exchange?
We recommend that you use your bank account because fees for credit card purchases are crazy.
That said, if you want to trade cryptocurrency, you have to start somewhere and that somewhere will drain a bit of extra money from your bank account. Just look at it as yet another part of the entire investment.
If you want to buy cryptocurrency, just enter the amount of the fiat currency you are willing to spend or enter the number of Bitcoins you want to purchase (add decimal points to buy Satoshi).
From there, it’s a straightforward process, although, it may take 3-5 working days for the transaction to complete and for you to see those first Satoshies or Bitcoins in your crypto wallet.
Once you start trading one cryptocurrency to another, the transfer process will occur in 10 minutes or less, depending on the type of the coin and the mining difficulty. And you won’t be paying the high fees common to our current payment processors.
And that’s basically it. That’s how you buy and sell cryptocurrency. If you want to learn more about cryptocurrency, check out Cryptocurrency Institute.
OK, now for the treat: You are likely burning to learn how to get Bitcoins for free.
How to get free Bitcoins
When Bitcoin was first introduced to the public, the community behind the cryptocurrency kept launching so-called faucet websites to raise the awareness; those who were actively participating in different activities on the faucet sites were getting Bitcoins.
Don’t forget that in the early days, Bitcoin didn’t have any monetary value so they were giving away Bitcoins to anyone who wanted them.
Today, as you are well aware, things are quite different. Nevertheless, it is still possible to get free Bitcoins. Although, the better name would be Satoshi.
So how do you do it?
STEP 1: Sign up at CoinPot
This is the service used by the bulk of faucet websites, especially those that really do give away free Satoshies.
STEP 2: Sign up at Bonus Bitcoin
After you log in, click the red button that says: “Claim from faucet.”
STEP 3: Scroll down on the faucet site and solve the captcha
On this particular faucet site, you can make the claim every 15 minutes. And every claim you made will get you anywhere between 9 and 26 Satoshies.
However, keep in mind that every time you solve the captcha you effectively allow a bot to register on some random website and start spamming the administration or even install some nasty virus. So it’s not really an ethical thing to do. And let’s not forget that you are being exploited for a lousy compensation.
That said, if you have the time to hang around doing nothing smart on your laptop, scroll up and click on the button that says: “EARN MORE – do offers and surveys.”
Choose Bitcoin Moon Mining and you can claim every 5 minutes by doing absolutely nothing except being exposed to like a gazillion flashy ads.
If you don’t have the entire day to make the claim every 5 minutes, leave the window open and collect the generated Satoshies when you get time. Every 5-minute claim will get you anywhere between 1 and 5 Satoshies.
Combined, and with the needed decisiveness, you can get 200-500 free Satoshies per day. It doesn’t sound like much but multiply that by 365 days and you’ll get close to a whole Bitcoin that will probably exceed $10,000 per unit in the near future.