There are many ways to get into crypto and purchase some with fiat money. In this article we show you a couple of ways to do this. There are mainly three different ways to purchase cryptocurrencies with Dollars or Euros:
- Acquire it Peer to Peer, basically any person can give another else some crypto for cash or for free to get started (check for bitcoin meetups in your local area)
- From a companies like https://anycoindirect.eu or https://bitify.com/ or https://localbitcoins.com/ (if available in your area) to either buy crypto directly or get linked up to other users in your area to buy from
- Or the most used use-case: Use an exchange to buy crypto directly like CoinBase or Kraken, usually via your bank account, credit or debit card. There are also more and more decentralized exchanges like bisq without registration or kyc rules.
The largest bitcoin exchanges usually have many options for buying bitcoin or other crypto coins. However, here you have to create an account includes providing your name, date of birth, address, email address, mobile number and other personal information. It also requires you to provide a bank account, credit card or an electronic payment service such as PayPal.
As soon you use an company operated exchange, they mostly trying take you back to this old banking world. It would be better and more secure for you to avoid centralization and hold the money yourself instead of leaving it to the banks or centralized exchanges. After all this is the idea which got bitcoin started.
Not your keys, not your coins
No matter which service you are using: Always withdraw your crypto to an own Hardware or Software Wallet (e.g. Ledger, Trezor or services like MyCrypto or MyDashWallet). This is the most important rule in crypto.
Currently, thousands cryptocurrencies (see https://coinpaprika.com/ or https://cryptocompare.com or https://coinmarketcap.com/) are traded worldwide, according to relevant Internet sites. The highest market capitalization therefore has Bitcoin (with currently about 65 billion dollars). The next smaller currencies XRP and Ethereum both reach a market capitalization of around $13-14 billion at the moment, a lot of smaller ones follow until below $0.5 billion at around place 20.
To choose the right exchange service for you, first look which are the available currency pairs. For example: looking to trade bitcoin for USD, Euros, or other fiat currencies. Then check how safe the website and server are. There are several methods to verify that a Bitcoin exchange page is secure. One is to check reputable sources for reviews that verify the integrity of a given page. Also to ensure that the page the service manages uses https in its URL (as opposed to just http).
A trustworthy bitcoin exchange providing transparent data about there cold storage, headquarters and portfolio. Finally, use an exchange service that allows two-factor identification to ensure that only you can approve Bitcoin conversions. Compare the courses offered by different exchange services and choose the best one.
The currently largest trading platforms services for digital currency traders are Bitfinex and Binance. Others like Bittrex, Cryptopia (sadly recently experienced a hack) and HitBTC offering a very large amount different currencies too. However, the smaller the exchange, the more risk is associated, if you have friends in the know, ask them on what they use and what should be safe for you.
https://coinmarketcap.com/rankings/exchanges/ shows a nice overview of cryptographic assets (cryptocurrencies, tokens, derivatives, futures...) exchange services and their size. Keep in mind that the market is mostly unregulated and you can't trust these numbers, especially exchange volume is often fake data.
On https://coinatmradar.com you can search for bitcoin or other cryptocurrency ATM locations as well as various alternative crypto-cash exchange services. If you are looking for a market-collection of decentralized exchanges colloquially called "DEX" for protocols without a central entity check https://github.com/distribuyed/index
As we can see, there are much services and products. When it comes to finding the best bitcoin exchange we have some risks to consider. Always compare rates and take attention.
You want to swap one currency to another? With https://fairshift.io you can convert Bitcoin, Ethereum, Litecoin, Dash and Bitcoin Cash in a fast and easy way. We have the cheapest and fastest real-time exchange solution available with the best rates. No account is necessary. Shapeshift, changelly and Changenow are good alternatives that support many more coins, but may be more expensive to use.
Example use-case: Let's assume 0.001374 BTC must be paid for some product or service, but you only have some Dash.
1.) Select Dash as the input and Bitcoin as the output
2.) Switch to Precise mode to get an exact output amount.
3.) Enter the Bitcoin receive address from the website that wants the payment.
4.) For safety optionally enter the Dash Refund Address.
5.) Click continue and transfer the displayed Dash amount to the displayed Dash address or QR code
Wait for the transaction to arrive. Note: Dash and Bitcoin Cash are instant. That's all! You can click on the final transaction link to see the Bitcoin arriving at the receive address.
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- Reddit: /u/fairlaytip tip 1 mDash for that fantastic writeup!
- Twitter: Tip @alan .01 mBTC @FairlayTip
- Also here you can use the shift command too to utilize fairshift.io