The way to purchase crypto currency: six methods those are available today

19 Feb 2018

The way to purchase crypto currency: six methods those are available today

Recently, the topic of crypto-currency has gained increasing popularity. It is actively discussed in the media, and some experts even prophesy that soon crypto money will completely replace the usual ones. True or not, it's too early to judge, but to learn how to buy a crypto currency is now more important than ever. Moreover, it is not so difficult to do, as it may seem at first glance. In this article, we will talk about six proven ways to buy BTC and not only. Let’s begin! Today, mostly everyone consider BTC to be synonymous with the concept "crypto-currency" in general.

However, in fact, BTC is only one of the many types of crypto-currencies (there are about 900 of them all). Of course, it is the most popular and most promising, its appearance that laid the foundation for the emergence of all other crypto-currencies, and its market capitalization today is almost 40 billion dollars.

However, there are other top-end crypto-currencies - in particular, etherium, ripple, litecoin, dash, which demonstrate good growth rates. No one can say exactly which of the currencies will fire tomorrow. So if you are just starting to deal with the topic of crypto currency, you do not have to focus on only one relatively expensive BTC.

In any case, to buy a crypto currency, you need to acquire your own crypto-currency purse. A crypto-jar is a special program that stores keys on the performed transactions.

The fact is that when you acquire a crypto currency, you, in fact, buy the right to use it, because neither BTC, nor the ethers and others like them physically exist, and all operations for buying and selling crypto-currencies are transaction records that are stored in a multitude block chains. That is, managing your crypto-currency account, you manage records and keys, and they need to be stored somewhere. And for this, no card, no electronic wallet, no bank account - just a crypto-jar.

Сrypto wallets can be different - these are programs for the computer, and applications for the smartphone, and online platforms. Purses that are installed directly on the PC are the most reliable ones - only you have access to your data (provided, of course, you took care of at least the minimum necessary security tools). Applications for mobile phones are less reliable, but more convenient for those who are used to controlling their finances through a smartphone. Online purses are the most unreliable in terms of information security, but they give more opportunities for buying crypto currency, so they are popular among users.

Besides, Сrypto wallets are mono- and multicurrency. In particular, there are separate sites for storage of strictly BTC - for example, BitGo. However, based on what was said before, it makes sense to open a purse in which you can store not only BTC, but also other crypto-currencies. Such functional offers services Jaxx, HolyTransaction, Coinomi, Cryptonator, etc. And here we smoothly go to the first way of buying crypto currency - directly through the online wallet.

Method №1: crypto currency purchasing by means of wallet

Any Сrypto wallets has a currency exchange function. In other words, through it you can exchange ordinary money for BTC or other crypto currency (if the wallet is multicurrency). To do this, select the section "Exchange" in your crypto tope, enter the currency you will change (UAH, rubles, dollars), the method of payment (electronic wallet, bank card, payment through the terminal) and the amount of the transaction. In a few seconds your account will have its own crypto currency.

Benefits:
  • Rapid purchase of cryptocurrency;
  • Clear interface;
  • Integration with major payment systems;
  • Reliability and security of financial transactions.
Disadvantages:
  • Often unprofitable exchange rate;
  • Additional commission for currency exchange.
Please note that the exchange fee for different services is significantly different. For example, in the above-mentioned Cryptor, it is about 8%, and for HolyTransaction, Exodus, Keepkey - is several times less.

Method №2: Exchanging crypto currency

Due to crypto-currency frenzied popularity, a huge number of exchanges, specializing in their sale and purchase, appeared. Exchange crypto-currencies are web-sites where users can exchange some crypto-currencies for others (for example, BTC for airs) or for ordinary currency (euro, dollars, yuan, rubles).

The scheme of operation of these platforms is approximately the same: you register on the site, deposit money to the created account (transfer them from a bank card, through a terminal or from an electronic wallet), select the necessary crypto currency and its amount, send an order for a purchase (warrant) and wait for confirmation of the transaction. If everything went well, your account receives funds.
It should be noted that the exchanges are not very suitable for long-term storage of crypto currency. In fact, at any moment the exchange may face technical interruptions in work or even collapse, and in that case you simply cannot withdraw your money from it. Of course the level of security of the exchange is generally inferior to crypto collars, so after the transaction it makes sense to immediately withdraw funds to your main wallet.

The easiest way to buy a crypto currency on the exchange is to enter the necessary amount (for example, 5 BTC) and click "Search". The system itself will find suitable offers for you on the current course. This is fast and convenient, but in this case you are completely dependent on the current exchange rate.

The second way is more complicated and time-consuming, but potentially much more profitable. It consists that you do not buy a crypto currency at the offered rate, and you choose the suitable offer from the current list of trades. Choosing the appropriate option for the transaction, you send your application for the deal and ... wait. The fact is that orders on the offered exchange rate are executed instantly, and all the rest fall into the so-called glass of quotations and are executed only when the actual price reaches the value you have chosen. But, thus playing on the course, you can not only buy, but even earn a crypto currency.

Benefits:
  • Possibility to choose the most profitable purchase price;
  • The ability to purchase different crypto-currencies;
  • Additional earnings on exchange rate fluctuations;
  • Integration with major payment systems.
Disadvantages:
  • Long waiting for the order;
  • Availability of exchange commissions, and sometimes hidden fees.
Popular crypto-currencies stock exchanges are: Poloniex, Bittrex, EXMO.

Method №3: purchasing crypto currency through the exchanger

Surely you have exchanged electronic money for regular money through a special CONVERT THE CRYPTO CURRENCY. Crypto currency exchangers operate the same principle: in one field you enter the initial currency for exchange (for example, RUB or UAH), and in the other - the necessary crypto currency (for example, BTC) and its quantity. The system calculates and displays the amount that will need to be paid for the exchange. If you are satisfied with the offer, click on "Exchange" and write off money from your card, e-wallet or bank account. There is another option: indicate the amount that you are willing to spend on the transaction (for example, 1000 $), and the system itself will calculate how many BTC or other available crypto currency you can buy.

Benefits:
  • A large selection of exchangers (in the course of comparison, you can choose the service with the most profitable purchase rate);
  • Prompt exchange of funds;
  • Integration with different payment systems;
  • High security of operations.
Disadvantages:
  • Less profitable rate compared to manual search on exchanges;
  • Limitations on the amount of transactions (this drawback is conditional, since each site establishes its ceiling: one you can exchange not more than 200 dollars, another - not less than 1000 dollars, and on the third you will find a wider and convenient range of exchange);
  • Availability of a commission for currency exchange.
Exchange with the most favorable rate at the moment on exchanger monitor:  bestchange.com.

Method №4: purchasing a crypto currency through a mobile application

It is the ideal method for the laziest. Install a special application on your smartphone, launch it, enter the desired amount for purchase and pay it through Internet banking. After confirming the operation, the crypto money is sent directly to your mobile wallet. Installing the application, you automatically receive such a purse, but some services allow you to export currency to your main crypto.
Benefits:
  • Instant exchange;
  • High security of operations.
Disadvantages:
  • Most mobile applications only work with BTC;
  • Dependence on the course;
  • Restrictions on the amount of the transaction;
  • The ability to pay for currency only through Internet banking.
Popular applications: Bitxfy, BitcoinCore, BitPlay, Coinbase, Cryptocurrency trading - Tutorials & Exchangers

Method №5: purchasing crypto currency from other people

To use this method, you need to register on one of the exchanges that operate under the "person-person" scheme. It's something like Avito or OLX, but only for BTC. Some users place ads on the sale of crypto currency, while others buy from it.
When registering the platform, you automatically receive a free wallet, which will receive the currency you have purchased (later you will still withdraw funds to your main crypto-coin). In the search box, enter what you are looking for (for example, 10 BTC), and browse current offers.
If you like the offer, you send the seller a request for a deal. In response, he sends you his payment details and after payment transfers the agreed amount of BTC to your wallet.

Benefits:
  • Wide range of proposals for different courses;
  • The minimum threshold for operations;
  • Absence of additional commissions and hidden payments.
Disadvantages:
  • Possibility to purchase only BTC;
  • Dependence on available payment methods;
  • Less reliable than exchanges or exchangers.
The most popular exchange of such a plan is the Swedish platform LocalBitcoins, founded in 2012. It is designed primarily for European users, but the site also offers many suggestions for Ukraine, Russia, Belarus. You should pay attention to the region providing services and available methods of payment (via bank transfer, Webmoney, cash payment, etc.).

Method №6: purchasing crypto currency for cash

Of course, you can buy crypto currency, even if you do not have a bank card or an electronic wallet.
More opportunities are given by BTC terminals - special terminals, designed to buy crypto currency for cash. In them you can buy not only BTC, but also lightcoins, etherium and zetkash. The ubiquitous installation of BTC terminals is common practice for Europe, but it is very difficult to find them in the post-Soviet space. For example, in Russia there are only 2 such terminals, and in Kazakhstan there is only one such terminal.

Benefits:
  • The ability to buy a crypto currency without having a bank card or electronic wallet.
Disadvantages:
  • You can only buy BTC via conventional terminals;
  • Only residents of those cities in which they are still installed (and that, most likely, will have to be content with one terminal for the whole city) can use only special commons;
  • Limit the transaction amount;
  • Additional commission for depositing money into the account;
  • Dependence on the course taken by the provider;
  • Regardless of when you exchange currency on the site, the transaction will be conducted at the exchange rate at the moment of payment for the service through the terminal.
As you can see, there are a lot of working methods of how to buy a crypto currency, but none of them can be called ideal and universally suitable for all. Everywhere there are drawbacks and pitfalls.
If you are just starting to get acquainted with the crypto currency market, try first to get your hand in crypto-currency.trading operations on exchangers and exchanges (in the mode of the best offered option). Or, learn more about the services for buying foreign currency from other users. And when you manage to properly understand this sphere with all its nuances, you can try playing with orders on stock exchanges - compare prices, search for the best offers and conclude deals.
Who knows, maybe it's the cautious purchase of the first small amount of crypto currency that will be the beginning of a long way in building profitable crypto business.