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In the latter case, the issue then becomes how best to change legal tender into Bitcoins. As Bitcoin is an all-digital virtual currency, the novice buyer might well be a little confused concerning where to start. As Bitcoin is not a physical currency, but a virtual one, it needs to be held in a digital wallet. A popular digital wallet is Blockchain , and an account can be created there in which you can keep your digital money; it offers a web interface as well as smartphone apps.
Online digital wallets come at no cost to the user. In order to purchase a Bitcoin or more , the user needs to go to a Bitcoin exchange that deals in their own fiat tender real currency. In order to perform a purchase on the Coinbase exchange, first you must set up an account.
This requires some basic information to be supplied: a name, email, password and location to make sure your particular location is supported. You also need to be 18 years of age or older. Once the account is created, the next step is to link it with a bank account.
When selling Bitcoin on Coinbase, the proceeds can either go to this bank account, or to a PayPal account. Purchases can be made from the linked bank account, or with Mastercard or Visa credit cards. Users then decide how much Bitcoin they would like to purchase. The value of Bitcoin is shown in US dollars. Other sites that offer this service include Bitpanda , Bitquick , Localbitcoins , and Spectrocoin.
While purchasing Bitcoin via a credit card is the most convenient method for the newbie, it also has a higher risk of transaction fraud, as well as higher processing fees. Users should be wary, though, and only deal with a regulated Bitcoin exchange which fully displays its credentials on the site.
Changelly is a cryptocurrency exchange with support for many more virtual currencies than most, including Monero, Dash, Bytecoin, and DigitalNote among others. If you are mining a less popular currency, chances are that Changelly can exchange it for you. This exchange comes from the popular mining platform MinerGate which provides a merged mining pool across Windows, Mac, Linux and Android operating systems.
While Changelly focuses on exchanges between different cryptocurrencies, users can also purchase cryptocurrency with US Dollars or Euros. Note that this exchange has a shorter track record, as it only entered the market in Exchange fees are 0. TechRadar pro IT insights for business.
Please deactivate your ad blocker in order to see our subscription offer. Security EBook. Coinbase The biggest exchange out there. Gemini Exchange Regulated exchange from the Winklevoss twins. Changelly From the team that created MinerGate. Reasons to avoid - Relative newcomer on the scene.
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