How to Buy Cryptocurrency - Your Ultimate Guide

If you’ve ever wondered how to purchase crypto, then you’re in the right place. This guide will take you through purchasing your first cryptocurrency using PayPal or a credit card. It covers everything from setting up your wallet to selecting the best cryptocurrencies for beginners.

Well let’s face it, buying cryptocurrency can appear intimidating especially if one is new to this. However, no worries! We are here to simplify things for you. This post will help you take that first step into the world of digital currency.

What is Cryptocurrency?

Cryptocurrency can be simply described as virtual money. Unlike traditional money, digital currencies such as Bitcoin and Ethereum operate on a decentralized system known as blockchain technology where they are not regulated by any central authority like a bank or government.

What makes crypto interesting is its radical potentialities; it has practically changed financial thinking about investments and global finance at large. For beginners, entering this space can be an exhilarating chance to explore financial freedom and technological innovation.

Although terminology may seem confusing at first don’t worry about getting stuck there; just think of cryptocurrency as another form of money having its own characteristics and benefits.

Understanding Custodial vs Non-Custodial Wallets

To start off with your first crypto purchase, you’ll need a wallet where it will be stored. There are two main types of wallets – custodial and non-custodial wallets. It’s up to you how much control over your digital assets do you want.

On one hand, Custodial Wallets are those managed by third parties such as exchanges that manage private keys (which enable access or control over one's crypto) on behalf of users thereby making them very convenient for novices but also expose investors’ funds like bank accounts.

Non-Custodial Wallets are wallets that give you full control over your private keys. With this type of wallet, you are entirely responsible for your crypto’s security. It may involve a little more caution on your part but it increases privacy and control. If you prefer to manage your own assets, non-custodial wallets are the way to go.

In short, custodial wallets can be likened to savings accounts while non-custodial ones resemble putting cash in a safe. Each has its own advantages and disadvantages so choose according to what feels comfortable and secure to you.

Step 1 - Getting a Crypto Wallet

Now that you know about the types of wallets, it’s time to create one of yours. Here is an easy guide on how to create both a MetaMask and OKX wallet which are quite popular among cryptocurrency enthusiasts.

Creating a MetaMask Wallet

1. Download the MetaMask Extension: Go to the MetaMask website and download their browser extension for Chrome, Firefox or Brave.
2. Set Up Your Wallet: Open the extension and click “Get Started.” Select “Create a Wallet” option then follow subsequent instructions as provided by this interface. Remember that if you lose your password, you cannot access wallet without seed phrase.
3. Secure Your Wallet: Finish setting up by making sure that you have created a strong password because once again this is like safeguarding something that is very precious only that in this case it belongs to digital form or money i.e., wallet security all depends on yourself

Okx Wallet Installation

1. Download The Okx App: Visit the App Store or Google Play and install the app.
2. Register and Create a Wallet: Sign up with your email or phone number then create a new wallet. Follow the registration instructions and set a secure password.
3. Backup Your Wallet: You will be given a recovery phrase just like MetaMask). Copy this down and store it in a safe place as you’ll need it to recover your account if anything happens.

You’ve created your wallet now, you’re almost ready to buy crypto! In the next step, we’ll guide you through how to fund your wallet.

Step 2 - Topping Up Your Wallet

Top up is an important thing when going into cryptocurrency. There are different options available even without KYC (Know Your Customer) such as credit card, PayPal or others methods.

Buy Crypto with Credit Card, PayPal, Apple Pay or Google Pay

Some platforms such as MoonPay allow users to buy digital coins using any of these ways. Just connect your payment method and fulfill all required information in order to add funds into your wallet. Crypto purchasing can be done on MoonPay at ease via an easy-to-access interface. Remember that transactions of larger sizes may require KYC although it will be within no time.

Exchanges with KYC and Without KYC

Binance and Coinbase need KYC which provides additional security features among other benefits. However, Bitfinex does not require small purchases from its customers to fill in their KYCs making them more anonymous than these exchanges do. Each has its advantages hence choose well what suits you best according to your needs.

MoonPay and ReHold

To make a seamless experience possible between MoonPay partnership with ReHold will enable you buy crypto effortlessly on their platform even though there is necessary KYC involved but it’s streamlined so easily get started on your first one within a few clicks. Just go to ReHold, connect with MoonPay and that's all!

From now on, it’s time to trade various cryptocurrencies!

What to Buy - Exploring Different Cryptocurrencies

There are thousands of digital currencies in the crypto world each having their unique utilities. Here is an overview of some popular ones.

Bitcoin (BTC)

Bitcoin is known as digital gold because it was the first cryptocurrency when created and still has highest value amongst them all. This is the most accepted currency that serves as storage for value similar to traditional gold but its effectiveness diminishes when one considers high transaction costs.

Ethereum (ETH)

More than just a cryptocurrency, Ethereum has built itself into a platform for creating decentralized applications (dApps). It supports smart contracts on its blockchain which allows developers to build applications that don’t need any downtime or fraud. To add salt into injury, its transaction costs are lower than Bitcoins making it best suited for daily transactions.

Litecoin (LTC)

It is commonly said that Litecoin is Bitcoin’s silver. Transactions take less time and have lower cost, hence ideal for small everyday purchases. The two main cryptocurrencies outside of Bitcoin can be traded here by beginners.

When choosing what cryptos to buy look at your goal and what each currency does differently: from stability through Bitcoin, flexibility by Ethereum or speed according to Litecoin there seems to be something for every beginner.

Step 3 - What to Do with Crypto Next?

Now that you have already bought your first crypto you may be asking yourself: so what next? Whether you want to invest, hold or earn more money there’s no limit in choices here; everything will depend on your preferences.

Crypto investment can be profitable if done wisely. You may want to explore various coins and projects, do your study on them, then decide where to invest your funds. Binance and Coinbase among others are platforms that offer a wide variety of coins for investment purposes with included tools for analysis.

Holding or Earning Interest

If you would rather not get involved in the daily operations, holding your crypto long term could be an option for you. Alternatively, BlockFi and Celsius enable you to earn interest on your holdings. Such services allow for competitive interest rates, thereby offering an income stream that is constant while one holds his assets.

Earning Additional Crypto

To earn extra crypto, ReHold provides dual investments as well as perpetual futures. Therefore, these alternatives will give you opportunities to actively engage with the market and build your portfolio over a period. Begin small and gradually work up to more complex strategies when you feel comfortable enough.

Now that you have your cryptocurrency and endless possibilities are there for the taking, it is important to start engaging with the community of like-minded individuals who share the same passion as you do.

Conclusion

Congratulations! You’ve made it into the world of cryptocurrencies! At this point in time, buying cryptos with Paypal or credit cards should not be a problem at all since setting up wallets has been handled effectively besides knowing what next after owning digital currencies.

Please keep in mind that the dynamics of currency markets present numerous opportunities. Start now at ReHold on our journey through cryptocurrency and discover just how far-reaching such an economy could be.

If there’s anything else we can help guide you on or any questions lingering in your mind kindly reach out to us soonest possible because we’re available 24/7/365 days a year through friendly traders’ community members prepared to assist every step taken by beginners like yourself along their way. Are you looking forward to making a difference in crypto? Let us make your adventure epic and profitable! 🚀