How To Buy Bitcoins & Cryptocurrency


People ask me a lot of questions about
cryptocurrency – the most common one a really basic one, “how do I buy bitcoin
and crypto and what do I do with it once I get it?” Let’s talk about it Welcome to Cryptonomics, principles of
cryptocurrency and investing, thank you for pressing like and pressing subscribe
thank you for checking out the description and connecting with me on
all social media including Steemit and YouTube Facebook and Anchor everywhere
quality podcasts are sold. The question is, how do I buy Bitcoin and what do I do
with it? First step, go on your favorite search
engine and type in “Bitcoin exchanges in …my country” Crypto currency is legal in
most of the world but if you live in certain countries like Ecuador or
Venezuela or in Vietnam. Vietnam it’s actually legal to buy but illegal to sell.
even so there are ways to acquire crypto currency in those countries now of
course I would never recommend breaking the law, so this is purely factual
educational, this is what happens this is a accurate description of illegal
criminal activity that carries harsh penalties. In those countries you still
have options available buying and selling cryptocurrency isn’t
just something that happens in a formal legitimate exchange it’s also a thing
that can happen informally so you could go on sites like localbitcoins.com and
you can find a buyer or seller on there you can also go on Bisq that’s BISQ.network, this is a piece of software which is decentralized exchange and you can
put in your details, for example put in your bank details and
tell somebody to deposit a certain amount or agree to deposit money into somebody’s bank account so they can send you the cryptocurrency because these sites have no central hub in many
countries, it means it’s very difficult to stamp them out. Another way is just to go
to meetups so you can go on meetup.com find a crypto meetup in your area and
say that you want to buy. Most countries you don’t have to do that because you
could go the legal route and you’ll find a centralized exchange to buy your
cryptocurrency many cities in the world you can also find Bitcoin ATMs. Let’s say
you live in Australia, a good exchange for newbies is coinjar.com, very
simple interface but because it’s so easy to use they’ll tend to charge you
more than other exchanges. If you live in the US the easiest one to use will be
coinbase. Now once you buy the bitcoins what do you do with them? You could
just store them sit on them wait for them to increase in value and hope that
they do, or you can trade them for other tokens which you can then use or hold as
well or you can spend them or use them to support charitable causes. Storing
your bitcoins you can keep your bitcoins and other cryptocurrency on an exchange
now that’s not always the wisest thing to do because there is a chance that
exchanges might get hacked or they might just run off with your money, it has
happened, it’ll probably happen again but for small amounts it normally makes
sense to leave it on the exchange because exchanges do have a withdrawal
fee so you don’t want to just get your money eaten up by withdrawal fees. When
you do have a decent amount on an exchange it makes sense to withdraw it.
One wallet you can use on your desktop or laptop is Exodus, and that can
store all kinds of cryptocurrency on it That leads us to a really simple question. How do you withdraw? How do you send Bitcoin or another
cryptocurrency? so what will normally
happen is, you go to your withdrawal tab on the exchange and then it’ll ask you to
put in an address. You go to your wallet, for example the Exodus wallet and click on the receive tab and then you’ll copy
the address It’ll normally look like a 34 character
string full of letters numbers, looks like a bunch of nonsense so don’t worry
if you see something that looks like a computer error. That’s actually
completely normal. so you can tell this technology is still kind of in the early
stages copy that address from the receive tab in your wallet, and paste it
into the withdrawal field on the exchange and then you can press send. the exchange will normally alert you of any fee that you have to pay that and get
you to confirm that you want to withdraw it as a security measure. Welcome to the
future you’ve now used crypto currency next you can trade your Bitcoin for
other coins so you could trade it for Ethereum or Monero. Every coin is
different every coin is unique; every coin might crash or moon when BTChits peak. you can probably exchange your Bitcoin for other coins on
the same site where you bought your bitcoins but a lot of exchanges don’t have a lot
of trading pairs – they don’t have a lot of coins that you can buy on there. So if
that’s the case maybe you want to send the Bitcoin to an exchange such as binance, which is one exchange which has a lot of coins listed on there. So it
probably has the one you’re looking for. Maybe you don’t know what kind of coin
you’re looking for! There are some resources like coinmarketcap.com, coin
cap.io, cryptocompare.com, these sites will give you some basic information they
give you a link to the website of the project and they’ll also tell you on
which markets or exchanges you could buy the coins I’m recording this in April
2019. ICO hype has died down a lot but chances are it’ll probably come back
around again so if you’re interested in ICOS – that is initial coin offerings –
getting a coin before anybody else or before it trades on an exchange then you
can check out ICOwatchlist.com and that’ll give you a
list of upcoming ICOs so again every coin is different some
coins have opportunities for passive income so with Dash you can buy masternodes or get masternode shares. with NEO it pays GAS into your wallet every
couple of days which is worth money and you can sell that. Other coins
have certain utility so for example when you buy Steem you can use it to power
up and increase your voting power on sites like Steemit and DTube and that means
you have more influence you can decide more what becomes popular
and it helps you gain more money through the curation. Now as for spending your
Bitcoin. You can spend it on regular sites like overstock.com you can also
buy Amazon gift cards and other gift cards on sites like egifter.com and gyft.com. Some of these sites will even give you a discount when you
buy the gift cards in Bitcoin so that’s an easy way to get things for cheaper on
Amazon. Buy airline tickets using services like a abitsky.com. there’s one
thing that a lot of people have heard about and that’s darknet activities so I
guess Bitcoin still has this reputation of being a blank market currency. one
important thing to note is that bitcoin is not anonymous. So these days normally it’s Monero that people use on the darknet because it’s reputedly the coin
with the strongest privacy. So using a browser like Tor you can actually enter
the darknet find these hidden sites which are kept out of view, and you can
buy stuff like drugs, counterfeit US dollars or Euros or golden ak-47s. Now I
don’t know what kind of crazy coconut would order a golden ak-47
in the mail. Once again I don’t recommend that, not
telling anybody to do anything illegal educational purposes only, but hey…
welcome to the future. so that’s an overview that’s how you buy Bitcoin
using local bitcoins or bisq or using an exchange and that’s what you can do
with it once you purchase it. I hope that clears things up for some of you guys
just coming in, not knowing what all this stuff is about remember to check out my
video talking about why people should care about cryptocurrency the big ideals
of how cryptocurrency can affect the society and the long term including
diminishing the rate of large-scale wars so I’ll put a link to that in the
description along with the other sites that I mentioned here thank you so much
for listening, thank you for pressing like and pressing subscribe being a
crypto bro, check out the description and connect with me on all social media and
most importantly have a great day stay grateful

2 thoughts on “How To Buy Bitcoins & Cryptocurrency”

  1. It might also be worth mentioning that in many countries in the world, you can get crypto eftpos/visa cards that you can use to make purchases at retailers that don't accept cryptocurrency yet.

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