Buying Cryptocurrencies Online: Everything you Need to Know

Buying Cryptocurrencies Online: Everything you Need to Know

Cryptocurrency has been around for some time, but it is safe to say that this digital currency made headlines in 2017 due to its unprecedented rally. Leading the crowd was Bitcoin, the largest digital currency in the world in terms of market capitalization. At the beginning of January 2018, Bitcoin reached a price of $20,000 from a value of $750 in the same month in 2017. As a matter of fact, the top two cryptocurrencies in January last year were Bitcoin and Ether and the latter saw an even larger increase in its price.

Ever since, the market has decreased substantially, but cryptocurrencies remain an interesting field for a number of institutional and retail investors and also buyers and sellers. It goes without saying that every investor has different reasons for buying cryptocurrencies online and most usually go for them with the simple desire to earn a profit. However, there are several other reasons why people may choose to get involved in the cryptocurrency market:

Portfolio diversification: One rule of thumb for the investment world is to never put all your eggs in one basket. There are different approaches you can use for diversification and adding cryptocurrencies to your portfolio is one of them. This industry is quite different from traditional ones and this substantially increases the potential of maximizing the overall growth of your portfolio.

Easy to do: Another major reason why more and more people have begun to invest in cryptocurrencies is because it has become immensely easy to do so. Previously, the options were very limited, but these days you can buy USDT with PayPal or use cash, bank wire transfers and what not for making your purchase. There is no longer any need for you to have to mine cryptocurrency and you can now purchase it directly.

Increasing adoption: It is a well-known fact that the cryptocurrency market on a whole is in its very early stages. Their popularity has exploded only recently even though Bitcoin was first introduced in 2009. However, it is gaining traction steadily and even though the cryptocurrency market is still unregulated, a number of banks, institutions and organizations have expressed interest in them. This has prompted governments of different countries to take interest as well and the key component technology of Bitcoin, which is known as the blockchain, is also being adopted in different industries. Hence, cryptocurrencies are expected to be around for a long time as their adoption is on the rise.

Initially, there were only a handful of cryptocurrencies that people could invest in, but the number of cryptocurrencies has increased considerably in the last few years. There are more than 2,000 cryptocurrencies in existence and new ones are introduced on a regular basis. The market cap rankings of these cryptocurrencies are changing on a daily basis and there are numerous ways they can be bought or sold. Some of the top cryptocurrencies that you can invest in include Bitcoin, Ethereum (ETH), Bitcoin Cash (BCH), Ripple (XRP), Bitcoin SV (BSV), EOS (EOS), Stellar (XLM), Cardano (ADA), Ethereum Classic (ETC), Tron (TRX), Litecoin (LTC), Monero (XRM) etc.

When it comes to buying cryptocurrencies, you can use an exchange for making your purchase. Different payment methods are offered by different exchanges for helping you buy the cryptocurrency of your choice. You can buy TRON with credit card, but it is essential to bear in mind that purchasing via credit card requires you to verify your account and provide some documentation for this purpose. Credit card purchases are popular because they are quicker than most methods.

If you don’t have a problem waiting, you can always use the bank transfer or wire transfer method for buying your cryptocurrency on an exchange. This method usually takes anywhere between 3 to 5 business days, depending on the exchange you are using. Other than that, you can use online payment methods such as PayPal, Neteller or Skrill, which are ubiquitous and fast and don’t require a lot of hassle. Bitcoin ATMs can also be used if you are interested in buying Bitcoins.

Thus, investing in cryptocurrencies has become immensely easy and you just need to choose the right exchange for buying the coin of your choice.

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