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How to buy cryptocurrency – 4 tips

Thinking about buying cryptocurrency, but don’t know which one to choose and how to buy it? In this article, we will share 4 basic tips on how to buy cryptocurrency.

1. Which cryptocurrency to choose?

There are now about 1600 types of cryptocurrencies. You can choose any. But how do you buy a cryptocurrency that is both profitable and safe? The most popular and stable cryptocurrencies are Bitcoin, Ethereum, and Litecoin. If you are new to trading, then cryptocurrency is a safe and reliable choice. New cryptocurrencies are emerging more and more often, but unlike the proven Bitcoin, they are not so sure about them. No one can say for sure if they will be popular in a few years.

2. When is the best time to buy?

Buying cryptocurrency is very similar to buying stocks. No one can tell the exact time when the purchase will be the most successful. Many investors make the mistake of buying cryptocurrencies as they grow. And then they are surprised at its subsequent decline. Experienced economists call the “ideal moment to buy” a situation when a cryptocurrency is “at the bottom”, as it is likely to rise in price further. But even this is very difficult to calculate correctly.

how to buy cryptocurrency

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3. Where to buy cryptocurrency?

The most expensive and least profitable option is Bitcoin ATMs. There are about 20 of them in the Czech Republic. Another option is cryptocurrency exchanges. For example, the American Coinbase, which offers favorable exchange rates. But this system is larger and more complex, which is not easy to navigate, and therefore more experienced investors and financiers will appreciate them.

If you are just starting to buy cryptocurrency, then the easiest option for you is online exchanges. They work like a classic online store. You choose any cryptocurrency you like and put it in the basket, then pay for the purchase by bank transfer. If you live in the Czech Republic, you have a small plus. Unlike foreign exchanges, Czech telephone support is available to you and you can buy cryptocurrencies in Czech crowns quickly and easily.

4. How to safely store cryptocurrency?

The safest way to store cryptocurrency is with hardware crypto wallets. The world leader is the Czech Trezor. Another option is the user’s personal account on the cryptocurrency exchange. You can also store your cryptocurrency in a software wallet, which is an application on your mobile phone or computer. But this method may not be safe for a beginner. Such applications can be hacked by scammers.