How to buy bitcoin and other cryptocurrency
The easiest way to acquire cryptocurrency is to purchase on an online exchange like Coinbase.
On Coinbase, you can buy major cryptocurrencies like
Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC). Or you can explore emerging coins like Stellar Lumens or EOS. For some cryptocurrencies Coinbase offers opportunities to earn some for free.)
One good approach is to ask yourself what you’re hoping to do with crypto and choose the currency that will help you achieve your goals. For example, if you want to buy a laptop with crypto, bitcoin might be a good option because it is the most widely accepted cryptocurrency. On the other hand, if you want to play a digital card game, then Ethereum is a popular choice.
Keep in mind that you do not need to buy a whole coin. On Coinbase, you can buy portions of coins in increments as little as 2 dollars, euros, pounds, or your local currency.
How do you store cryptocurrency?
Storing crypto is similar to storing cash, which means you need to protect it from theft and loss. There are many ways to store crypto both online and off, but the simplest solution is via a trusted, secure exchange like Coinbase.
Coinbase customers can securely store, send, receive, and convert crypto by signing into their account on a computer, tablet, or phone.
Want to transfer money from your wallet to a bank account? The Coinbase app makes it as easy as transferring funds from one bank to another. (Much like conventional bank transfers or ATM withdrawals, exchanges like Coinbase set a daily limit, and it might take from a few days to a week for the transaction to be completed.
What can you do with cryptocurrency?
There’s a wide range of things you can do with cryptocurrency, and the list grows with time. Here are a few ways to get started, from participating in everyday activities to exploring new technological frontiers:
Shop: Over 8,000 global merchants accept cryptocurrency via Coinbase Commerce.
Travel the world: Because cryptocurrency isn’t tied to a specific country, traveling with crypto can cut down on money exchange fees. There’s already a small but thriving community of self-titled “crypto nomads” who primarily, or in some cases exclusively, spend crypto when they travel.
Donate to causes: There are benefits to donating and accepting crypto, and many nonprofit organizations accept bitcoin donations.
Gift it: Cryptocurrency makes a great gift for friends and family who are interested in learning about new technology.
Tip someone: Authors, musicians, and other online content creators sometimes leave Bitcoin addresses or QR codes at the end of their articles. If you like their work, you can give a little crypto as a way of saying thanks.
Explore unique new combinations of money and technology: Orchid is a VPN, which helps protect you when you’re online, and a digital currency at the same time. Basically it’s broken down into two parts, the Orchid VPN app and the OXT cryptocurrency, and it all runs on the Ethereum network. Intrigued? Read more here.
Travel the world: Because cryptocurrency isn’t tied to a specific country, traveling with crypto can cut down on money exchange fees. There’s already a small but thriving community of self-titled “crypto nomads” who primarily, or in some cases exclusively, spend crypto when they travel.
Buy property in a virtual gaming world: Decentraland, which also runs on the Ethereum blockchain, is the first virtual world entirely owned by its users. Users can buy and sell land, avatar clothing, and all kinds of other stuff while partying in virtual nightclubs or mingling in virtual art galleries.
Explore decentralized finance, or DeFi: A wide variety of new players are aiming to recreate the entire global financial system, from mutual-fund-like investments to loan-lending mechanisms and way beyond, without any central authorities.
Typical fees are between 1% and around 3%. Pools with 0% mining fees do exist, too. However, their reliability is yet to be seen. Unless you know a person who you trust that recommends a free mining pool, you’re much better going with one that has built a reputation for itself.
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