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How To Buy Bitcoin Easily In 2021

Purchasing bitcoin is just like the way you exchange your fiat currency for a commodity

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Buying bitcoin does seem hard for many people, especially if you intend to buy it for the first time. However, that is not true. Purchasing bitcoin is just like the way you exchange your fiat currency for a commodity. For bitcoin’s case, you simply need to exchange your cash for digital currencies. This occurs through several ways, which this article has outlined five (5) mediums for you. By following these outlined procedures, you get to store and spend your satoshis. Before then, let’s take a look at what Bitcoin entails.

WHAT IS BITCOIN?

Bitcoin is a digitized currency invented by Satoshi Nakamoto in 2008. Running on blockchain technology, it is decentralized. Thus, no one can control it. Functioning as  electronic money, it gives room for every form of financial transaction as it uses the peer-to-peer network. The peer-to-peer network gives room for transactions to occur directly between two parties (the sender and the receiver). Although its value often fluctuates, it remains the m3ist valuable digital currency today. As of the time of this article, Bitcoin’s value closed at $52,621.15.

FIVE (5) EASY WAYS TO BUY BITCOIN

Thanks to blockchain technology, there are different ways by which you can purchase a cryptocurrency including Bitcoin. However, for the sake of this article, we shall only examine five. They include:

BUY WITH YOUR CREDIT/DEBIT CARDS

Investing in Bitcoin through your credit/Debit Card is an easy and fast method. It’s easy and fast because it is similar to making a payment for a specific commodity. That is, all you have to do is input your card details (Card number, expiry date, and CVV) on a trusted site. For instance, Binance offers this option to its users and processes transactions at an incredible speed. However, buying with cards has its disadvantages. For some sites, you can only purchase a low amount of Bitcoin with your cards. Also, the transaction fees for the purchase of the digital coin are usually high.

BUY VIA P2P TRANSACTION

Peer-to-peer (P2P) Transaction refers to the electronic transfer of funds from an individual to another through an intermediary, usually a decentralized exchange. With P2P, you can transfer funds to the recipient without interference from the third-party. Meaning, P2P enables investors to transfer funds to one another without interference from third parties like commercial banks, governmental agencies, and more. Sites that provide investors with this opportunity include Binance, Localbitcoins, local.Bitcoin.com, and more. However, you have to create an account with these sites to harness more of the opportunity.

USE A BITCOIN ATM

Does Bitcoin have its Automated Teller Machine? Yes, it does. It’s currently popping all over different locations today. Although this method does not provide you with privacy like the others, it still provides you with the opportunity of investing in bitcoin. To locate a Bitcoin ATM, you may use some ATM locators like Paxful, Coinatmradar to find ATMs near you. In buying Bitcoin through the ATM, here are some steps to follow:

  • Select the option that offers BTC 
  • Scan the QR code of your wallet address via the bitcoin ATM scanner
  • Enter the amount you wish to buy and insert your cash
  • Allow the machine to process your transaction for a few minutes
  • Select “Finish” and collect your printed receipt.

BUY ON AN EXCHANGE

A reputable cryptocurrency exchange gives you confidence when purchasing a digital currency. Today, different exchange platforms offer you simple ways to buy bitcoin. Payment methods include bank transfers, cash deposits, credit/debit cards, P2P, and many more. For many exchanges, you will have to create an account. Then, you will verify your identity before you can perform some transactions. Also, different exchanges charge transaction fees, though the price usually varies. For beginners, sites like Binance, Coinbase, and Kraken are suitable for you. 

After purchasing your digital coins on these apps, it is advisable to move your coins to a private wallet for security. You should only keep a bare minimum on the central exchange platform when you need it. Safeguarding your digital currency in a private wallet prevents your coins from being stolen by hackers. However, it is essential to protect your private keys as they are the entry point to your private wallet.

BANK TRANSFERS

Bank transfers allow investors to purchase cryptocurrencies via their local currencies. Although the process can be a bit slow, you can buy a large amount with a low transaction fee. It all depends on the notable exchange platform used in your country. For the United States, the notable cryptocurrency exchange is Coinbase. Meanwhile, it is CEX to the UK, Coinmama to Canada, Binance to Russia, China, and Nigeria, Coinspot to Australia, and more.

CONCLUSION

Buying cryptocurrency is an easy task that requires little or no stress. What matters is your exchange platform as it determines the procedural requirements in purchasing Bitcoin.

If you have any questions, kindly drop them in the comment section below and it will be attended to immediately.

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See The Best Places To Buy Bitcoin Cheap In 2021

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Bitcoin, the most popular cryptocurrency invented by Satoshi Nakamoto is of inherent value today. Nowadays, several exchanges list the crypto on their platforms for sale. However, cheaply buying Bitcoin is of advantage to a potential customer. So, what exchange platforms offer Bitcoin for sales in a cheap way? Let’s find out in this article. Before, let’s find out some criteria to consider when buying Bitcoin.

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CRITERIA TO CONSIDER WHEN BUYING BITCOIN

  • FEES 

Different exchanges charge a certain fee when selling Bitcoin. Besides, you have to find out if they accept your currency. For instance, sites that accept US Dollars will charge you a conversion fee if you transfer GBP. It is therefore important to consider the one suitable for your needs.

  • LIQUIDITY

Liquidity is a crucial factor when choosing an exchange. Liquidity refers to the amount of Bitcoin an exchange site can sell considering the changes in price movement. The liquidity of various exchange sites varies. To determine the liquidity of a good exchange platform, look out for their trading volume.

  • SPEED

Various exchanges perform Bitcoin transactions at different speed rates. Some could take five days. Meanwhile, others could take place at quicker rates.

  • ACCESSIBILITY

Various exchanges are available for use through different platforms. While some sites are mobile-based, some sites are web-based. Therefore, choose the one that offers you comfortability.

  • LOCATION

 The location of an exchange site determines if you can use it. For instance, some countries have regulations that prohibit some exchange sites from operating in their country. Also, trading fees apply to the geographical location. To choose the one that suits your needs, do your research.

5 SITES WHERE YOU CAN BUY THE CHEAPEST BITCOIN

  1. CEX.IO

CEX.IO is one of the top-leading exchange sites where you can get cheap Bitcoin. It all  depends on the method of payment you use in funding your account. That determines how cheap or costly your orders will be. For instance, if your method of payment is via bank transfer, you will pay zero fees for transactions involving GBP, EUR, and USD. Besides, the trading fee as well is minimal as it depends on your trading volume. Although the withdrawal fees can be quite costly, this shouldn’t bother investors that wish to “go long” with their investment. To get started, create an account here.

  1. BINANCE
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Binance is arguably one of the best exchange sites when buying Bitcoin. Viable for beginners and pro users, it allows users to buy several cryptocurrencies using different methods of payment – debit/credit cards, bank transfer, P2P, and more. Its trading fee of 0.1% is reliable and convenient for users. Even the withdrawal fee is one of the lowest amongst many exchanges. With this site, you have access to several trading features that can enhance your trading prospects. To get started with Binance, create an account here.

  1. PAXFUL

Paxful is a P2P exchange site that allows you to buy and sell various cryptocurrencies. With P2P, you have the advantage of getting different sellers that sell at various rates. The beauty of this is that you get to buy Bitcoin from the seller of your choice at the best rate. The transaction that occurs between you and the seller is safe as Paxful acts as an escrow between the parties. You can buy crypto through the following ways:

  • You see a trader of your choice
  • Start the tree and send your payment
  • Wait for the seller to send your crypto

One advantage of Paxful is that it offers zero fees to buy Bitcoin. Through various payment methods such as credit/debit cards, bank transfers, gift cards, and more, you get to buy at the customer’s rate. This rate depends on some factors such as verification status, parent methods, and more. 

  1. COINBASE

Coinbase is another crypto exchange that allows users to buy Bitcoin. As a popular exchange site, Coinbase offers a free wallet to its users. It accepts payments through different methods and charges a flat fee of $3.99 for its transaction. Also, it stores its digital currencies in an offline vault and safe deposit boxes to enhance security. Besides, there is a 48-hour withdrawal cancelation option to protect users from fraudulent activities.  

  1. eToro

eToro is another exchange site where you can get Bitcoin at a cheap price. It allows and trains users for trading. For instance, traders who sign up for eToro do get a virtual account of $100,000 to practice their skills before venturing into real trading. 

With eToro, you can buy Bitcoin via different methods of your charge. However, they charge a trading fee which is usually minimal. 

CONCLUSION

Cheaply buying Bitcoin gives you an advantage and strategically amasses more profits. By considering the criteria, you have access to different exchange sites of your choice. 

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Mnemonic Phrase And Passphrases 2021. Discover How To Keep Them Safe

In this article, you will learn what the mnemonic phrase and passphrase entail.

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Your crypto assets are targets to hackers, scammers, or any individual that wants to get rid of them from you. However, you can reduce the risk by getting informed about the levels of security surrounding crypto assets. One of which includes the Mnemonic Phrase and its counterpart, the Mnemonic Passphrase. These layers of security act as extra protection for your cryptocurrencies and other digital assets. In this article, you will learn what the mnemonic phrase and passphrase entail. In addition, you will also learn how to secure them to avoid future risks.

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WHAT ARE MNEMONIC PHRASE AND MNEMONIC PASSPHRASE? 

Although the two terms are interrelated, they do not mean the same thing. They are terms that perform different functions in the cryptocurrency world. Let’s take a look at what they individually mean.

WHAT IS A MNEMONIC PHRASE?

Mnemonic Phrases, Mnemonic seed, Mnemonic recovery, Seed key, Seed words, and Seed Phrases refer to the same thing. For the sake of this article, we shall use these words, “Mnemonic Phrase” and “Seed words” interchangeably.

In the literal sense, “Mnemonic” implies a pattern of words, letters, or ideas that aids the remembrance of something. Meanwhile, the term “phrase” refers to “a cluster of words.” However, the terms mean something entirely different in the crypto world. It simply refers to lists of words that store the information needed to recover your crypto assets. 

When you create a new wallet for your Bitcoin or altcoin, the wallet requires you to store specific 12, 18, or 24-words in a secure place. It could be on a piece of paper, engraved on a metallic substance, or stored anywhere you believe is safe. One of the purposes of these words is to serve as a backup. For instance, when your hardware wallet breaks down or becomes useless due to some reason, it retrieves your crypto assets for you. Besides, they are easy to memorize, store, and manage in a safe location. 

An example of a 12-word mnemonic phrase include

Frog study failure yacht hope many film times too baby grief shame

The seed words are like passwords to your crypto assets. Therefore, in situations where you damage your crypto wallet or lose it, you can use the mnemonic phrase (seed words) to recover your crypto assets. 

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WHAT IS A MNEMONIC PASSPHRASE?

If Mnemonic phrases secure your Bitcoin and other cryptocurrencies, what is the function of the passphrase? The answer is simple. To protect the mnemonic phrases and your funds! Why? Relying on a string of words to secure your funds is quite dangerous. Therefore, you need an extra layer of security that encrypts the mnemonic phrases. 

Mnemonic passphrases serve as a sort of two-factor authentication for your crypto wallets. When you create a new wallet, it gives you a mnemonic phrase that you store safely. However, some wallet requests for another password to encrypt your 12, 18, or 24-word mnemonic phrase. This password is what we refer to as a mnemonic passphrase. It is also known as seed extension, mnemonic extension, salt, or 13th/25th word.

One thing about this passphrase is that it is a one-word password that you can memorize with ease. The one-word password is the key that secures and unlocks your mnemonic phrase and funds. Therefore, if an individual has access to your mnemonic phrase, they can easily access your funds. However, if they do not have your mnemonic passphrase (one-word password), they can’t access your seed words and cryptocurrencies.

The mnemonic passphrase creates extra security such that “something you have” (mnemonic phrase) and “something you know” – are required to unlock your cryptocurrencies.

WARNING: Forgetting your passphrase can result in the loss of the funds in your wallets. Therefore, ensure that you do not overestimate your memory abilities especially when you don’t use the word often. Pin it down somewhere. The following materials give you suggestions for storing your seed phrases and mnemonic phrases.

  • PAPER AND PENCIL BACKUP

Mnemonic phrases and passphrases are natural languages embedded in the dictionary. Storing these words on papers is a better storage medium. Writing with a pencil is much better than using a pen to avoid smears. However, you should ensure that the papers are acid-free or the archival types. Also, store them in a dark place free of extreme heat and moisture.

  • METAL BACKUPS

Metallic backups provide a long-lasting solution to the storage of mnemonic phrases. When engraved or stamped to metals, they become more durable than paper. Besides, they are resistant to threat models such as fire, water, extreme temperature, and more. 

Other storage methods include memorizing, chiseling into a stone tablet, or other creative ideas.

CONCLUSION

Your mnemonic phrase and passphrase are keys to your crypto assets. Ensure that you get yours and store it in a private location.

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See The Best Crypto Portfolio Trackers! Number 3 Will Surprise You

To get numerous benefits from your investments, having a portfolio tracker is a wise choice.

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When you invest in cryptocurrencies, you’d watch its movement. You want to make wise decisions that can influence your trade activities, calculate your profit or loss, determine when to buy and sell, and lots more. Likewise, if you are an investor, you will want to diversify your portfolio, get a massive return on invested cryptos, and be successful in the long-run. To get numerous benefits from your investments, having a portfolio tracker is a wise choice.  In this article, you will learn about the best six (6) crypto portfolio tracker of 2021. Before then, let’s take a look at what the portfolio tracker means and what to consider in a portfolio tracker.

WHAT IS CRYPTO PORTFOLIO TRACKER?

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A crypto portfolio tracker is a service that allows investors, users, or traders to monitor the price movement of their crypto assets. It gives the investors insights on how his invested crypto is performing in the market. Meaning, a crypto portfolio tracker allows you to keep track of the value of your coin as it changes. Also, it allows investors to analyze the market, trace and predict price movement, and purchase any interested coins. 

Different crypto portfolio trackers have varieties of features. No tracker consists of all varieties. For instance, some can allow you to exchange (buy & sell) cryptocurrencies but won’t feature the coins you need. Another can feature varieties of coins but won’t support tracking features. Therefore, it is important to consider each portfolio before using them. Do your research and choose the one that suits your needs before using it.

WHAT TO CONSIDER IN A CRYPTO PORTFOLIO TRACKER

  • SAFETY AND SECURITY: Since portfolio trackers can be linked to your exchange site or bank account, it is essential to select one with an extra layer of protection. 
  • OFFERS VARIETIES OF COINS: A crypto portfolio tracker that offers varieties of coins saves you stress, time, and money. 
  • EASY-TO-USE INTERFACE: A good portfolio tracker should be simple to operate and easy to understand. It should allow users to view all your assets with few clicks.

6 BEST CRYPTO PORTFOLIO TRACKER OF 2021

  1. CoinStats
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A well-established portfolio tracker that is available on mobile apps (Android and IOS), Mac app, web app, and Chrome extensions. It supports about 1,800 coins and has varieties of features that enhance its functionalities. With live prices from over 80 exchanges, you can connect to your wallets or exchange sites. Besides, its alert system has a differentiator that notifies you on the price, market cap, and volume of your crypto assets. Its profits and loss calculating segment has four different options for its users.

  • All time P/L that calculate the profit and loss of a particular coin by considering all of your transactions
  • Current Holdings that calculate the profit and loss off the holdings which you own
  • Last trade that calculates P/L of your last trade
  • 24 hours profits and loss that shows the balance within 24 hours.

Although the app is free, it has a Pro version of £27.99/year.

  1. BlockFolio
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A renowned portfolio tracker owned by the popular exchange site, FTX. Open to Android and IOS users, it supports about 207 exchanges. With an impressive charting feature, you can buy, sell, and trade cryptocurrencies. However, common trading pairs such as USDT are usually unavailable to users. Other key features include an alert system that notifies users of price movement, a news aggregator app that updates you of happenings, and more. 

  1. Crypto Pro
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Crypto Pro is a versatile app for many users. Available to Apple devices only, users can track portfolios, get price alerts, read news, and view information about precious metals. It consists of varieties of features such as Siri shortcuts, customizable widget, crypto calculator, ERC-20 import, and more. Although it is free to download, it costs $7.99 per month or $47.99 per year for premium features.

  1. Delta

Delta is another popular portfolio tracker for many users. Available to different operating systems (Windows, Mac, Linux) and mobile apps (IOS/Android) , it supports a large range of tokens. Besides, has several exchange supports and API connection functionality to about 13 exchanges. Its user interface is simple and easy to understand. However, the tracker has limited charting feature and notification options.

  1. CryptoCompare
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CryptoCompare is another portfolio tracker that offers portfolio management for its users. Available to Android and IOS users, it supports varieties of cryptocurrencies. Besides, it has many features that include risk analysis, advanced charting, and more. Its portfolio management is unique and available to desktop and mobile browsers. 

  1. Kubera
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Kubera is another portfolio tracker that manages all your financial accounts. It doesn’t deal with only crypto but includes other financial services such as banks, real estate, brokerages, and more. Its user interface is simple and easy-to-use. With Kubera, you can send your financial information to someone as it features an estate and beneficiary system. Also, it promotes privacy as it doesn’t track your data nor sell your information to 3rd parties. It costs $15 per month and $150 per year. You can create an account here.

CONCLUSION

Crypto Portfolios Truckers are suitable for every investor, trader, and user. Find the one that suits your needs and get started with it.

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