How to Buy Cryptocurrency

If you’re reading this, then it’s safe to assume that you’ve heard of the term cryptocurrency and would like to know more. With no central bank and a finite number of coins (21 million), cryptocurrencies have been described as being ‘mined’ by computers solving complex mathematical equations. It has been an alternative currency since 2009 when the first decentralized cryptocurrency was created: Bitcoin.

Since their inception, cryptocurrencies have grown in popularity as a means to transact anonymously over the internet without interference from banks or financial institutions who control consumer spending habits and can limit access at will. There are now around 800 cryptocurrencies available on the internet with new ones being added every day! This article is going to focus on how you can buy your first cryptocurrency using a credit or debit card.

The first step is to login into an online cryptocurrency exchange and verifies your identity by uploading a photograph of your ids such as a driving license or passport. This verification process usually takes around 24 hours but can be sped up if you upload the same file twice. The second form of ID such as a utility bill is also required so that the exchange knows which address to send your new coins to.

Once you have been verified, you will need to make payment for the amount of cryptocurrency you want to buy using either a debit or credit card depending on what option has been made available. When choosing your payment method, it’s important to be aware that there are transaction charges involved with buying cryptocurrency this way which vary depending on where in the world you are based.

In the case of CoinBase, a 1.49% payment fee applies and must be paid for in dollars (USD) after your initial $100 free allowance. For new customers, this can be easily wiped out by just making one purchase so it’s worth considering before making your first buy.

CoinBase is great if you’re looking to get started with cryptocurrency quickly and easily but it does come at a cost when buying coins through direct debits from your account which starts from £4.75 ($6). The sign-up process takes less than 10 minutes and allows users to swap either fiat or cryptocurrencies for each other instantly by scanning QR codes on their respective wallets.

CoinBase also provides its own wallet which is ideal for storing any coins that you purchase until you are ready to sell them or use them to make a purchase. As we mentioned before, while cryptocurrency exists solely in cyberspace and isn’t overseen by any bank, it’s still important to store your currency in a safe place and this service provides the perfect solution alongside offering 100% insurance on all deposits made to CoinBase wallets.

CoinMama operates from Israel and has been around since 2013 with offices in both China and Japan. If you’re looking to buy larger amounts of cryptocurrency then this could be the best option as they allow purchases up to $5,000 per day instantly without having to verify your identity whatsoever! The downside to this is that the service only accepts payment via credit card and has a higher transaction fee of 5.9%.

To summarise, this guide shows you how you can use CoinBase to buy your first cryptocurrency by using a debit or credit card for instant gratification but be aware that fees will apply. Alternatively, CoinMama allows users to purchase larger amounts of cryptocurrency on the web instantly without verifying their identity but at a slightly higher cost.

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