Bitcoin? Dogecoin? Ethereum? Litecoin? Digital Currency? Cryptocurrency?
These are just some of the digital-currency-related words growing in popularity over the past few years. Every now and then, when taking in your daily dose of social media or news, you might see something like: “Bitcoin Price Skyrockets!” and be a bit confused about what you just read.
Let’s say you looked into it a little more and now understand that digital currency is a kind of asset usually protected and managed by cryptography and programming, and almost always decentralized from the government while maintaining monetary value through a variety of methods (yeah, that was a mouthful).
So, you understand what it is, but you don’t get how people are purchasing it, let alone using it as an investment. Don’t worry. This article will help you out.
To start off, there are three main ways to purchase bitcoin (or any other digital currency). Before we get into that, though, let’s establish the primary thing that you’ll need for any means of buying digital currency.
It’s very similar to a physical wallet in concept. Both are tools to store your funds. But digital wallets are usually accessible to you through something like an app on your phone and are identifiable by a unique “wallet address,” which is basically a series of letters and numbers. These wallets are generally encrypted by something called a “private key” and are pretty simple to use (if your wallet doesn’t have a private key, it’s a custodial wallet controlled by the company that issues it).
The first and oldest (but arguably least safe) way to purchase digital currency is to buy it from someone else. Yeah, it’s that simple. You would use a peer-to-peer (P2P) exchange or forum to find someone online who wanted to sell their bitcoin and negotiate to buy it from them. Of course, to make sure you can trust the transaction, most people meet up with this stranger in a coffee shop or some other public area. But that’s a lot of hassle. Not to mention that anything could happen, really. So it’s probably not worth it.
Your next option for purchasing bitcoin is through an online exchange. These are usually websites that require you to make an account with them. The website then works as a platform that allows you to purchase more specific amounts of your virtual funds and also means that you don’t have to meet up with some guy at your local coffee shop.
The only thing you have to keep in mind is that it can take several days to verify your account, and several more to move money from your bank. You’ll also be entrusting this website with some personal information, and these sites have been prone to hacks before.
The final and newest option for purchasing digital currency is through the use of Digital Currency Machines (DCMs). These are physical kiosks that allow you to simply put some cash in and get digital currency deposited into your wallet.
Coin Cloud is the largest producer of two-way DCMs. These don’t require you to share an unnecessary amount of information, and all you really need to make your first purchase is a phone and some cash.
Being the fastest and easiest way to buy and sell digital currency, even people without credit cards or a bank account can use our machines. Plus, if there’s ever any confusion, there’s a support team ready to pick up your call, 7 days a week.
You have a choice of more than 30 different digital currencies with a Coin Cloud DCM, so while most people start with Bitcoin, you don’t have to stop there.
With over 1,600 machines in 47 states and Brazil, there’s a Coin Cloud near you.
Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.
Founded in 2014 in Las Vegas, Nevada, Coin Cloud is the leading digital currency machine (DCM) operator. With over 4,000 locations nationwide, in 48 states and Brazil, Coin Cloud operates the world’s largest and fastest-growing network of 100% two-way DCMs, a more advanced version of the Bitcoin ATM. Every Coin Cloud DCM empowers you to quickly and easily buy and sell over 40 cryptocurrency options with cash.
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Use promo code BF50 at the machine
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