An Overview of Cryptocurrency
While the supreme court rescinded the RBI ban, more people have been considering buying bitcoin and other cryptocurrencies in India. Reacting to community reaction, a few cryptocurrency exchanges have slashed their fees as the Indian crypto sector persists to grow. Online web portals called cryptocurrency exchanges allow you to exchange local currency for simulated digital money. You can make payments using your net banking facility or credit card. One must first register themselves with their detailed information, validate their identity through KYC formalities, and undertake a two-step verification for security purposes. You can start buying cryptocurrency soon your KYC process is completed, and the account is set-up. In this article let us try to understand about how to Buy Cryptocurrency, how to Buy Facebook Cryptocurrency, how to Buy Libra Cryptocurrency, how to Buy Ripple Cryptocurrency, how to Buy a Cryptocurrency and Sell
How to buy cryptocurrency
Buying cryptocurrency through looks complicated, it is easy when you chunk the entire process into comprehensive stages. You need not understand complicated programming mathematics to buy cryptocurrency. Let us see the entire process of buying cryptocurrency simply.
Location for Buying Cryptocurrency
Before you dive deep into cryptocurrency, you need to understand where and how you can buy this currency. Before you finalize the thought to buy cryptocurrency check whether the regulation of your country supports you in the buying process. There are different places where you can place your order for cryptocurrency. For example,
- Online exchanges
- Bitcoin ATMs
- Person to person with Voucher cards
Some of the popular exchanges are shown in the following image
Selection of Payment Method
Choose the payment method through which you prefer to pay for buying cryptocurrency. Online transfer, credit card payment, and wallet payments are accepted. The wallets can be further classified into:
Some of the digital wallets may include:
- org (Desktop)
- com (Mobile)
- io (Desktop)
- io (Desktop/Mobile)
- io (Desktop/Mobile)
Check the transaction fees or charges to buy cryptocurrency on a website. Because often the charges on the transactions make the whole deal unattractive.
Secure your currency
As soon as you create your wallet, you need to take care of securing your coins by doing a backup. Because losing access to your wallet is similar to losing your physical currency. Soon after you launch your currency wallet, you will be given a phrase with 12-24 words. Some wallets show the phrase only once during the acquisition and hence you must make a note of the phrase as soon as you see the same. Please secure the phrase since those who have access to these phrases can directly access your currency. So, do not disclose it to anybody including to your children, parents, spouse, grandparents, blood relatives, or any close friends.
Make necessary arrangements to save this phrase even during natural calamities like fire, earthquake, flood, or any other disasters.
The 12 words backup phrase looks like below:
Sending & Receiving Cryptocurrencies
The most critical section of our currency wallet is your address. This is the address you can use for sending and receiving cryptocurrency. The address may look like below:
This is exactly like your bank account number which is unique across all the customers.
Track your transactions
This is the last and most important stage in the process of dealing with cryptocurrencies. Most of the cryptocurrencies including bitcoins run on public blockchains and hence get saved and viewed by anybody online. Also, the users can access them by using block explorer and this network shows the live feed of cryptocurrency transactions.
Buy Facebook Cryptocurrency
Now let me explain to you how to buy cryptocurrency on Facebook. Facebook has ultimately revealed the information related to its brand-new cryptocurrency titled ‘Libra’. This cryptocurrency enables you to do shopping with zero fees and allows you to send money to your people without collecting any charges from you. Facebook has designed its digital wallet for Libra known as Calibra Wallet that will be built into WhatsApp and Messenger.
Facebook won’t fully regulate Libra cryptocurrency, but in its place get just an only vote in its ascendancy like other founding representatives of the Libra Association, consist of Uber, Visa, and Andreessen Horowitz, which have financed at least $10 million each into the project’s functions. The alliance will boost the open-sourced Libra Blockchain and developer platform with its Move programming language, including sign up businesses to receive Libra for payment and even give customers rewards and discounts. Facebook is introducing a subsidiary company also called Calibra that manages its crypto transactions and keeps users’ privacy by never blending your Libra outlays with your Facebook information so it cannot be used for ad aiming. Your real distinctiveness will not be knotted to your freely visible transactions. But Facebook/Calibra and other founding members of the Libra Association will earn interest on the money users’ cash in that is held in the stockpile to keep the value of Libra secure.
Facebook’s bold bid to build a worldwide digital currency that encourages financial insertion for the unbanked essentially has more confidentiality and reorganization built-in than many anticipated. As An Alternative of attempting to dictate Libra’s future or wring tons of cash out of it instantly, Facebook is in its place playing the long-game by tugging payments into its online realm. In cryptocurrencies, Facebook witnessed both a menace and a prospect. They held the pledge of interrupting how things are obtained and sold by reducing transaction fees common with credit cards. That comes perilously close to Facebook’s advertisement business that affects what is bought and sold. If a rival like Google or an arriviste built a prevalent coin and could examine the transactions, they would learn what people buy and could influence in on the billions spent on Facebook marketing. In the Meantime, the 1.7 billion people who require a bank account might select whoever proposes them a financial services replacement as their online individuality provider too. That is another thing Facebook wants to be.
How To Buy Ripple Cryptocurrency
As you know cryptocurrencies are trending in the market and Reply is becoming an important alternative for Bitcoins. Ripple cryptocurrency is not available in every cryptocurrency exchange. However, there is no dearth for exchanges selling Ripple Cryptocurrency.
There two main routes to buy Ripple
- Direct Route
- Indirect Route
Buying Ripple through Debit cards, Credit cards and Cash mode are direct routes. Buying Ripple through an exchange is an indirect route. Buying Ripple Cryptocurrency using USD is one of the simplest methods yet, the exchange rates make the Ripple trading unattractive. If you want to buy Ripple cryptocurrency through cryptocurrency exchanges, Binance or Coinbase are the best exchanges. If you are planning to buy Ripple with the Binance website, then you need a Ripple account. Create your user id and password and have your email id linked t your Binance Site. Then transfer your Bitcoins into the account. To transfer Bitcoins to this account, you would require to click ‘funds’ and then hover to deposit withdrawals.
Then select the coin you are exchanging from and select the deposit button. Then copy the BTC address provided. Then log in to the exchange you have bought Bitcoins. Go to accounts and purchase Bitcoins. Very easy method.
Then go to your Bitcoin wallet on the left-hand side of the page and click ‘ Send BTC’. The transaction will be executed with minimal fees. Then Paste the Bitcoin address that you have used on Binance into the recipient box along with the amount.
The move back to the Funds section in Binance account then goes to deposit withdrawals and check total balance. Now you should be able to see the Bitcoins you have transferred. Now to exchange your Bitcoins with Ripple, Select the exchange on the top of the page. Then search XRP and choose from BTC.
Then decide the number of Bitcoins you prefer to transfer for Ripple and click on what amount you would like and click BUY XRP. The transaction happens so quickly the moment you click the button XRP should come under the total balance.
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