You are just about ready to get into Crypto, ready to take the plunge. Excited to be trying this Bitcoin thing out. Wait one final question... "I have $$$, how do I buy some STEEM or Bitcoin?"
After asking your crypto mad friend and hearing about wallets, exchanges, converting Bitcoin to STEEM, you begin to have second thoughts... In this post I will outline options for you to help you or your friend to get started with cyrptocurrency.
$teemit is the answer
By far the easiest way is to get started is to get a Steemit account and start writing. You get free STEEM when you open an account and you also earn STEEM when you write, vote or comment on articles. You can then exchange your hard earned STEEM for Bitcoin, Ether, Dash... you name it.
Ok you know about Steemit but you want to convert some Dollars
What about Altcoins?
If you want to get some SPUDS, unfortunately Potatocoin is no longer available. If you want to invest in another altcoin; Monero, Dash, Factom, ... , you first need to get your hands on some Bitcoin.
Bitcoin is the Gateway
Bitcoin can be exchanged for the crypto currency of your choice. The main exchanges for trading altcoins don't let you deposit cash, you need to top up your account with another crypto currency. If you have Bitcoin you can easily load your account with Bitcoin and start trading.
How to convert Cash to Digital Currency
The main entry point from cash to cryptocurrency is via online exchanges.
Open an account with an Online Exchange
In my opinion the easiest and cheapest way to get Cryptocurrency is to open an online account with a reputable exchange.
- Yes you need to go through an account verification procedure, but once done you can transfer Dollars or Euros to and from your regular bank account with ease.
Popular Exchanges
The Exchanges below will let you open an account and transfer cash from and to your bank account, or top up with credit card. When you have transferred funds to your exchange account you can then buy whatever coin is listed on the exchange through their website or app.
If you want a coin that is not listed then you need to use another "trading" exchange but the two main ones do not support cash deposits and withdrawals so you will need to get some Bitcoin first.
US Exchanges
- Bitfinex https://www.bitfinex.com/
Supports: Bitcoin, Ethereum, Ethereum Classic, Zcash, Monero, Litecoin, and Dash - Kraken https://www.kraken.com/
Supports: Bitcoin, Ethereum Iconomi, Ripple, Litecoin, Melon, Augur, Monero, Stellar Lumens, Ripple and ZCash
European Exchanges
- Bitstamp https://www.bitstamp.net/
Supports: Bitcoin and a Ripple
I will update this list with any that are included in the comments
Account Verification Process
A major turn off when joining an exchange is the account verification procedure. They ask you to upload personal documents such as passports to the website.
Do some research about the exchange your giving details to and if your not happy then do not provide your details but this is process is becoming increasingly commonplace. Below I have provided a screenshot of the details requested by Bitfinex.
Info Currently Requested by Bitfinex
Other Options
- There are many other ways of getting Bitcoins and Cryptocurrency. You can download a wallet app to your phone and top up some of them with your credit card which will automatically convert to Bitcoin, Ether or whatever other currency is supported.
- There are some sites called faucets that give away free currency. Usually in return for completing a task.
Related Posts
You may also be interested in reading the following posts:
- Understand what Digital Wallets do and how to secure them.
Secure your Wallet Today - Details on how to exchange Digital Currency to Fiat by the @cryptofiend
How to Easily Exchange Bitcoins & Altcoins for Fiat Money with Bittylicious
Please Share your Tips
Please share your thoughts on the easiest way for a newbie to get started and in your part of the world which is your favourite exchange, I will add them to this list.
If your new to crypto remember a few points; Start with small amounts, learn how to store your currency in wallets, backup the wallets and send and receive. Also do not leave large amounts of funds on exchanges as they are susceptible to cyber attacks and there are numerous examples of problems with exchanges in the last few years.
Thank you for reading this. I write on Steemit about Blockchain, Cryptocurrency, Travel and lots of random topics.
Images are from https://pixabay.com/ unless otherwise stated