One of the best things about the continual evolution and popularity of cryptocurrency is there are now many more options to use it. Whether you want to purchase specific goods or services, NFTs or lend to others through DeFi apps, you’ll need to take some specific steps first. Whilst we aren’t quite at the point of universal acceptance of crypto payment, many businesses have adopted digital currency and there will be a steady increase in the coming years. Here’s how you can start buying and using cryptocurrency.
Choose an Exchange & Create an Account
Finding a reputable platform to purchase a cryptocurrency is crucial and there are many available. Coinbase, PancakeSwap, Cryto.com are all examples of exchanges where you can buy and sell cryptocurrencies. You’ll need to register an account similar to using a trading platform for stocks and shares, and this will be your hub for searching for cryptocurrencies, seeing the overall market performance and your own crypto coin balance. Registering may take some time to do as you will need to verify your account to start transferring real-world currency, but once done, you can set up your virtual wallet.
Choose a Cryptocurrency and Wallet
Part of the attraction of investing in a cryptocurrency is being part of their overall success. Once you have an account, you’ll be able to choose from the thousands of different cryptocurrencies available. As well as established cryptocurrencies such as Bitcoin and Ethereum, there are various altcoins to consider such as Floki that are part of the memecoin movement, providing power back to the user and having charitability at its core. After the success of Dogecoin from a popular meme to a top ten cryptocurrency, this has inspired many memecoin choices for those looking for an alternative. You’ll need to consider that choosing the bigger, established coins will cost more depending on your budget.
Once you have selected a cryptocurrency, you can then use existing money transfer options such as PayPal or a credit card to purchase. To store your new digital coins, you’ll need a virtual wallet that is accessible online. You can also download desktop or mobile wallets, and if you need to, purchase a hardware wallet that is a USB device. Offline wallets are more secure, but having an online wallet is easier to access when you need to.
Buy, Sell and Trade Online
Once you have your cryptocurrency stored in a virtual wallet, it’s ready to use online. There are many crypto marketplaces where you can buy NFTs as well as crypto-gaming transactions if this interests you, something that will become more commonplace with businesses exploring the metaverse. You can also use your digital coin with PlayToEarn platforms too. There is also a growing list of online retailers, businesses and services that will accept payment in cryptocurrency, such as Microsoft, Expedia, PayPal, Twitch and Etsy to name a few. You’ll need to check which digital currencies are currently accepted first to ensure you can do so without issue.
Offline, it is possible to use your cryptocurrency balance by using a specialised credit or debit card. This allows you to transfer your balance onto a digital pre-paid card as well as Visa and Mastercard options. This will depend on the cryptocurrency and exchange you choose, as many will only accept Bitcoin currently. You may also choose to earn interest on your balance by using DeFi platforms to lend to other users. The options available to use your cryptocurrency balance are developing constantly. The continual evolution into the mainstream will see an increasing number of businesses adopt cryptocurrency, helping you have further opportunities to buy and sell.