Mollpü

Can someone please explain how to buy crypto currency?

4 posts in this topic

Posted (edited)

Can someone please explain how to buy crypto currency?

Hi there! I'm quite new to all of this and I have some trouble understanding how to buy crypto currency. Maybe someone could help me out with a step by step guide?

So far, I've made several accounts on different sites, e.g. poloniex, bittrex, holytransaction, bitshares - and block.io, blockchain, etc. The latter are wallets afaik, the former are exchanges. But none of them really help me out to understand how to buy coins. They all provide different addresses and wallets to move around different currencies from other sites/wallets or to exchange one coin for another, but I fail to see options how to buy coins with € or $ - that's really all I want to do, preferably GRC ofc.

 

If possible I'd like to use paypal or some other easy to set up account for online transactions with decent security measures. So my first step will probably be to create a new account for "real moniez" because I don't want to use my private paypal account with this crypto business (or am I being overly cautious?). Then I probably will have to decide which wallet and which exchange I'm going to use - maybe someone can tell me which are the most trusthworthy? Today I spent about three hours reading through reddit and steemit and people complain about all kinds of things. I'm not even sure if these worries are relevant for me because I won't be trading currency to get rich, I just want to add some GRC to my gridcoin client wallet.

 

But I also still need to know how to buy coins. I couldn't find a single setting or whatever that allowed me to link an actual bank account with one of these exchanges. Do I have to actually mine Bitcoin or whatever in order to be able to purchase other coins in the first place? That can't be right?

I'm from EU if that helps.

Please help me out here, I'm totally list. I just want to purchase some GRC with Euro or US Dollar -_-

Edited by Mollpü
Jimmy likes this

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First of all understand how crypto currency work and do regular backups. Check youtube there you should find great explanations about bitcoin. Poloniex and Bittrex are exchanges where you go to excahnge between crypto currency ONLY they don't support fiat. Many exchanges ask for personal details as crypto currency is also well known to be used for illegal activities (if you do these kind of things just mix your coins and you should be fine there).

 

Those addresses that you see - they are used for you to send your coins there - that address is like an email when you are sending to a paypal account.

 

PayPal is not a very common method that is alowed to buy crypto currency because it is vey easy to claim your money back and there is a high risk involved since cryptocurrencies are irreversible once you send the funds also buying with paypal is kinda expensive. Although I know that this website accepts PayPal  : https://wesellcrypto.com/

 

For do you live in the Europe Union? If so there are many options with SEPA... here are some exchanges : https://anycoindirect.eu/ , https://www.bitpanda.com/  , https://www.kraken.com/  , https://www.coinbase.com/  , https://cex.io/  ,  https://www.bitstamp.net/  ,  https://coinmate.io/home  , https://www.coinmama.com/  , and there are many other ways really some will ask for IDs verification of some sort. If you need more ways here is really long list of them https://pastebin.com/Q3S4NUpd

 

The most private way would be https://localbitcoins.com/  here you find a person to deal the trade with p2p, it may be complicated at first. FInd reputable person to do the trade with, it is done via escrow if you don't receive your bitcoin simply contact their support and all should be fine - if you chose the reputable seller most likely you won't have to contact their support.

 

After you buy bitcoin or some other alt you want to go to poloniex, bittrex or cryptopia create account there and trade for gridcoin. Don't leave your coins for to long on exchanges rather transfer them to your wallet that you own - gogole MTGOX and see why there were other similar cases like mtgox in the past.

 

If yo need further explanation on how to buy on certain exchange will try to cover it with my knowledge.

Mollpü and Yves like this

Exchange between cryptocurrency and e-wallets

       Changer     |      LocalBitcoins     |    

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Thanks for all your suggestions! I'll check them out this weekend and probably will return with some more questions :2_grimacing:

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