Buying Cryptocurrencies

So you have heard the hype, seen the returns and now you want to buy some Cryptocoins. But how? First you need to know there are two ways of buying Cryptocoins. You can buy from either exchanges, or directly from other people. You can also pay in a variety of ways(cash,credit/debit,wire transfers,other cryptocurrencies).



Exchanges and wallets are the best option for regular trading and speculation. They don't offer the same anonomitty as direct trades and often require a large amount of information to set-up including a scan of some official id.

Cryptocurrencies are still not easy to buy with credit cards or PayPal because by their nature it is hard to prove the transaction of a cryptocurrency which has resulted in charge backs and disputes over the transactions. However there are still exchanges which accept credit cards such as,

Coinbase Bittylicious
Circle CoinCorner

For a detailed list of some major bitcoin exchanges look here

Storing your coins

First you will need a wallet to store coins. Wallets come in many variations with many levels of security, The main options are: Software wallets, you can find many bitcoin options here Web-based service For more on storing Coins, see coindesks guide on the subject.


Cryptocurrencies warning

The main thing to note is exchanges and wallets don't provide the same protections banks do. There is often no insurance for your account if the exchange shuts down of is hacked. Most of the world does not regognise cryptocurrencies as legitamate currencies and authorities have not set protocal for dealing with them. If the loss resulted from your own lack of security there is little change of you recovering your coins.