The rise in popularity of cryptos has been one of the most notable features of the last few years and even if you have never had any interest in investing in these new currencies, you have perhaps asked yourself the question posed in the title of this piece. Just how do you buy, store and spend your cryptos? Perhaps before answering that we might wonder, briefly, at the popularity of such currencies. Many, who originally invested in bitcoin and others, did so for the reason that other invested bought gold. That is because it was a time of fear and anxiety among more traditional investments and currencies and the crypto-currencies were seen as a safe haven. As time has gone by others have invested in the new currencies for the same reasons that other types of investors also buy gold – to ask as an agent of balance in their portfolios. Others simply own the currencies because they can use them to buy things online. So, there are many reasons to own these crypto-currencies.
How to buy cryptos is at one level a very simply answered question. You buy cryptos like anything else; with cash from a place that sells them. Then, also like more conventional money you keep your crypto-currency in a wallet, which is the name given to your digital account. You will exchange one of the more generally recognised, so-called fiat currencies, such as your pounds, dollars or euros for the crypto of your choice and you will probably do this at the exchange. As the name suggests an exchange is a form of stock market for crypto-currencies. Remember here, that the crypto-market is much younger than the other stock markets and they are not nearly so well regulated, and they are not always so well secured. Hackers have operated to specular success in these markets, as have scammers. You should look carefully into the exchanges available, pick one that is reputable, well-established and takes your own application to trade with it seriously, demanding proof of address. Always be cautious here.
Once you have found your exchange and spent your money, you will probably want to establish that online wallet which we spoke of earlier. Again you want a safe place to store your cryptos so do a little research and take your time. There are many products on offer, so browse and consider the advantages of each. Of course, the question of how to spend your cryptos is up to you. You may simply want to use them to buy products, in which case no more advice should be necessary. Or you may want to trade them, in which case always remember that crypto-currencies are extremely volatile. You could make a great deal in a very short time, or lose a very great deal in a flash. Then, as is the way with these things, if you hold your nerve you might make it all back again. The future for crypto-currencies will certainly be an interesting one.
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