Everyone seems to be excited about cryptocurrencies. As such, there are so many beginners who are wondering how they can get a hold of cryptocurrencies. Well, in this article, we will be answering this very question, and we will give you a step-by-step guide on how to easily get your hands on cryptocurrencies.
Let’s start by explaining what cryptocurrency is. In case you don’t know, cryptocurrency is a type of virtual or digital currency that is designed to work as a medium of exchange using cryptography to secure transactions, control the creation of additional units, and verify the transfer of assets.
Cryptocurrencies are basically lines of computer code that hold monetary value. The first cryptocurrency was Bitcoin which was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Cryptocurrency is entirely virtual money that is not regulated by any country or banking authority. So how do you get cryptocurrency?
Step One: Get a Cryptocurrency Wallet
To have any hope of acquiring cryptocurrency, you will first need to have a wallet to store it in. Most trading exchanges require that new users register with them before they can begin doing business there. The exchange will generate an address for your wallet so that other traders know where to send their crypto coins.
You have the option to either create a digital wallet by using one of the apps on your mobile device or download an app, which you need to install on your computer’s hard drive. You can also access your wallet via a web browser online. If you are not able to do this step, then you are advised not to proceed with the rest of this article.
Step Two: Get Bitcoins or Ether Coins
The most common form of cryptocurrency is Bitcoins which can be used in exchange for products and services across the web. They are by far the largest in terms of market value, user base, and popularity. However, there are actually hundreds of cryptocurrencies you can choose from on Bitcoin Evolution. The most popular and commonly used of these is Ether, which is the digital token of the Ethereum network.
There are two ways for you to get Bitcoins or ether coins: buying them from an exchange or by mining for them. Mining is actually a process that uses your computer to help verify transactions in the virtual currency system by solving complex algorithms. The resulting Bitcoins or ether coins will then be deposited into your wallet every time you successfully mine.
Step Three: Trade Bitcoins and Ether Coins for Other Cryptocurrencies
Once you already have Bitcoins or ether coins in your virtual currency wallet, you can now exchange them with other cryptocurrencies. The most popular method of doing so is through the use of an exchange, which is similar to how foreign currencies are traded. You can also trade Bitcoins or ether coins for other cryptocurrencies by sending them over the blockchain network directly from one user to another.
Step Four: Withdraw Your Coins in Cash
Now that you already have your cryptocurrency, it’s time to get money for it. There are a number of options at your disposal here. First, you can sell them over the exchange to other crypto traders. Second, you can use third-party payment processors or local Bitcoin sellers found in Craigslist and Facebook Marketplace to sell Bitcoins for cash.
So that’s how you can get your hands on cryptocurrencies. If you want to learn more about how Bitcoins and ether coins, along with other cryptocurrencies work, keep reading our articles. We strive to provide quality content and tools taught by crypto experts can help give you a better understanding.