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Tuesday, December 7, 2021

How does bitcoin work?

So you want to buy your first cryptocurrency, but don’t know where to start? You’ve come to the right place. I’m Nate Martin and were going to go over how to buy ANY cryptocurrency in today’s 2-minute tutorial. Buying any cryptocurrency usually involves three steps – Researching before buying, getting a compatible wallet and buying the actual coins.

Whether you know which cryptocurrency you want to buy or you’re still debating, it’s highly recommended to do extensive research before investing your money. Sometimes a certain coin gets a lot of hype, but once you research it a bit you find out it’s not a very wise investment. Aside from Googling information about the coin, CoinMarketCap.com is a good place to start. The site lists all available cryptocurrencies and supplies detailed information about each one of them, aside from their price.

Next, its time to get a wallet for your coins. Cryptocurrencies are stored on programs called wallets that are installed on your computer or mobile phone. While each cryptocurrency needs a different type of wallet, most wallets can store multiple coin types. Make sure that the wallet you intend to use supports the coin you’re buying.

If you’re looking for added security, it’s probably better to use a hardware wallet, which is a physical device that connects to your computer and keeps your coins offline, away from the reach of hackers. Once you have your wallet, you’ll need to locate your cryptocurrency address for receiving payments.

Each coin has a different address format but they usually look like a long string of letters and numbers. You’ll need this for the final step. Finally, its time to buy your coins on an online exchange. Not all exchanges sell all cryptocurrencies.

Luckily, CoinMarketCap.com also lists the relevant exchanges for buying any listed coin. If you’re looking to buy several cryptocurrencies, we recommend choosing an exchange that already supports all of your desired coins, as the signup process at an exchange usually takes a while. Before we conclude, a word of advice – never invest any amount in cryptocurrency that you can’t afford to lose.

Cryptocurrencies are highly volatile and extremely risky, even the more established ones. If you find yourself getting confused by the large selection of wallets and exchanges around, check out our list of vetted wallets and exchanges in the description below. That’s it for today’s 2-minute tutorial.

I’ll see you…in a bit. If you’ve enjoyed this video, leave us a thumbs up and make sure to subscribe and click the notification bell so you don’t miss a review, news updates or the clearest information about Bitcoin and cryptocurrencies anywhere.

Read More: The Case Of The Future Cryptocurrency

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