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Hello guys! @aehiguese here with the fourth and final class of the "It's all about crypto" series. Our last lesson was on:
- Bitcoin Wallet Address Requirements.
- Types Of Wallets...
Today's lesson deals with getting on a platform and ways of buying bitcoin... Well, with all that being said, let's jump right in!
Get On A Platform
Choose a wallet and then you are ready to store cryptocurrencies. A recommended bitcoin and ethereum wallet is luno.
Buy And Sell Cryptocurrency.
Basically, you can exchange your fiat money for some cryptocurrencies. That is, from USD/EUR/GBP/NGN to BTC or other cryptocurrencies.
How To Do This
Buy locally in person. (e.g localbitcoins.com or meetup)
Bitcoin Atm.
Buy online from an exchange like Luno or from an online dealer.
Buy Locally
localbitcoins.com
meetup.com
This method basically involves using cash and you don't need to share information with a bank.
Note: Be careful when meeting people in person though
Local Bitcoins
On this platform, users post advertisements on the website where they state exchange rates and payment method for buying and selling bitcoins.
Other users reply to these advertisements and agree to meet the person to buy bitcoins with cash or pay with online banking.
Local bitcoins acts as a third party locating and linking buyers and sellers to trade. The site uses an escrow system and the transfer of bitcoin is made after funds are received in the sellers account.
What Is An Escrow?
This is a contractual arrangement in which a third party receives and disburses money or document for the primary transaction parties, with the disbursement dependent on conditions agreed to by the transacting parties or an account established by a broker for holding funds on behalf of the broker's principle or some other person until the consummation or termination of a transaction
Meetup.com
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Meet-up is an online social networking website/mobile app that facilitates offline group meetings in various localities around the world. Meet-up allows members to find and join groups unified by a common interest, such as polities, books, games, movies, health, pets, careers or hoobies. This is not a cryptocurrency platform.
Bitcoin Atm
- It's impersonal
- It's easy to use
- It's quick
- Fees are quiet high though.
Click here to locate a bitcoin atm.
Why Would You Use A Bitcoin Atm.
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Maybe you were travelling and you run out of cash and you happen to have bitcoin in your bitcoin wallet, you can actually cash out wherever you are.
Online Purchase/ Sale
- Coinbase
- Spectrocoin
- Kraken
- Luno
- Cryptopay
- GDAX
- Bitstamp
Note: Not every online service is available in your country though
Click here to check which one is available in your country.
That would be the end of this series! I wish you the best in the crypto world.
Thank you for reading...
A special thanks to all my followers...