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5 Simple Ways to Buying Your First Bitcoin

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Cryptocurrencies and the blockchain space have been gradually gaining spotlight in different industries and countries for the past years, and many people are so fascinated by them—especially bitcoin.

With bitcoin (BTC) being in the finance and technology world for more than a decade now, you probably know someone who owns fractions of it. If you’re among those folks who want to buy bitcoin and explore its fascinating uses, it’s about time for you to get your crypto adventure started!

But first, let’s take a quick look at what bitcoin is and how it works.

Bitcoin in a nutshell

In 2009, this leading cryptocurrency was created and introduced by a pseudonymous person or a group of people—no one knows for sure—under the name Satoshi Nakamoto. Bitcoin works like traditional currencies, which can be used as payment for various purposes, but in a digital form. At its most basic level, bitcoin is like digital cash.

How to buy bitcoin?

After learning a little bit about bitcoin, let’s now go over the quick and easy steps to buying your first bitcoin. It might seem complicated and overwhelming at the beginning, but set aside your worries—in reality, buying bitcoin is easy!

  1. Have your funds ready

At the time of writing, BTC’s price is at over 10500 USD. You probably think that there’s no way you’ll give out such a massive amount as this in an instant—don’t worry we feel you. In reality, buying bitcoin isn’t always that expensive. In fact, you can buy only fractions of it. You can buy amounts from as low as 10 USD, 50 USD, to 75 USD and above—it completely depends on you and the marketplace from which you’ll buy.  

  1. Get a secure and reliable bitcoin wallet

Earlier, we mentioned that bitcoin works just like cash—but digital. This means it doesn’t have a physical representation, unlike government-issued bills and coins stored in wallets or purses. This currency exists and runs through the power of technology, which means you’ll need a digital wallet instead.

A bitcoin wallet is a digital wallet you can use to store, receive, and send BTC funds. It comes in different forms, and one of them is a BTC wallet that you can access through the Internet or on your smartphone. Mobile wallets are ideal for those who want to access their bitcoin funds on the go and use them for nearly instantaneous payment transactions and money transfers.

You’ll be surprised to see thousands of cryptocurrency wallets online, and it’s crucial to go for secure and reputable ones. We’re talking about your bitcoin funds here, and you’ll surely want to keep them safe!

There are some peer-to-peer (P2P) bitcoin marketplaces that offer a bitcoin wallet for free. Among these exchanges is Paxful, which entitles you to a free bitcoin wallet  upon creating an account on the platform. 

  1. Scout for a reputable bitcoin marketplace

There are thousands of cryptocurrency exchanges and bitcoin marketplaces where you can buy bitcoin, but there are a few essential things to consider when choosing one. These include:

  • Transaction fees. This varies per marketplace, the purpose and type of the transaction—withdrawal or deposit, and the payment method.
  • Payment options. You wouldn’t want to convert or transfer your fiat money many times to buy BTC, so it’s best to choose a marketplace that has most—if not all—payment methods you will need.
  • Excellent safety and security features. This is among the most important things to consider when choosing an exchange. Look for marketplaces with high levels of security and have features that will keep you and your funds protected and secured. This might include KYC protocols, escrow services, and two-factor authentication, among others.
  • Reliable customer support. It’s also important to know whether an exchange has a 24/7 customer support service that you can reach out to and promptly respond to your queries or concerns.

These are just some things to look for when selecting an exchange to buy bitcoin, but don’t be limited to this list. Check and compare which marketplaces will best suit your needs!

  1. Start buying your first bitcoin

After getting your bitcoin wallet and choosing a suitable bitcoin marketplace, it’s now time to buy your first bitcoin! To kickstart your crypto adventure, here’s a simple step-by-step guide on how to buy bitcoin on Paxful, one of today’s leading P2P marketplaces for trading bitcoin. But first, head on to your Paxful account and click the Buy Bitcoin button.

  • Step 1. Select a payment method.

Paxful has over 300 ways to buy bitcoin, including bank transfers, online wallets, gift cards, debit or credit cards, digital currencies, and even goods and services.

  • Step 2. Choose the currency you’ll use to buy BTC.

You can choose from the most popular currencies like GBP, CAD, EUR, USD, KES, NGN, and many more.

  • Step 3. Enter the amount you want to buy.

You don’t need to buy huge amounts, especially on your first time. On Paxful, you can buy fractions of BTC for as low as 10 USD!

  • Step 4. Search for offers.

When you click the Search for Offers button, you’ll see a list of active offers from different users. Go through every information you see regarding the trade. These will help you know the seller’s requirements for their offer. You can also visit the seller’s profile to check their credibility and trade history.

  • Step 5. Click on the Buy button.

After carefully checking all the offers and choosing the one that best suits your needs, you can now proceed with the trade. You’ll be redirected to the offer page and asked of the amount you’re willing to buy in the currency you prefer.

  • Step 6. Carefully read the seller’s offer terms.

Before proceeding to buy BTC, you must first read the seller’s offer terms and requirements, and make sure that you agree to it. If not, you can always go back to the offers page and scout for other offers.

  • Step 7. Click on the Buy Now button. 

If you agree to the seller’s offer terms, you can click on the Buy Now button and proceed to the transaction. 

  • Step 8. Complete the payment and the seller will release your BTC.

Paxful has an in-trade chat where you can directly talk to the seller for any transaction concerns or queries. Once you’ve completed the payment and notified the seller, the BTC will be released to you. Note that payment confirmation might take a few minutes!

  • Step 9. Leave your transaction feedback.

Don’t forget to give feedback to your trade partner about how the transaction went!

  1. Explore the opportunities you have with BTC

From instant payments to cheaper money transfers and a whole lot more—you’ll enjoy exploring the potentials of bitcoin. There are undoubtedly hundreds of money-making ways you can try your hand at with bitcoin, so be sure to explore to make the most of your bitcoin journey!

And that’s it! You’re done with the first step to your thrilling bitcoin adventure. Many opportunities are still waiting for you, so familiarize yourself with how it works and prepare to receive exciting outcomes!

Buy Bitcoin UTM Link: https://bit.ly/PaxCryptoTVA1

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Dapper Labs raises $12M from Blockchain firms and NBA players

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Dapper Labs Says it has raised $12 million from its latest investors for its flow blockchain. Dapper Labs are the masterminds behind the CryptoKitties and the NBA Top Shot project. Pro NBA players as well as notable blockchain companies were part of the investors that raised the $12 million fund.

The NBA players Andre Iguodala of Miami Heat, Spencer Dinwiddlie and Garrett Temple of the Brooklyn nets, JaVale McGee of Los Angeles Lakers, and Aaron Gordon of the Orlando magic were one of the new investors. Coinbase ventures and BlackTower capital were as well part of the investors.


Dapper Labs has now raised an approximate of $38 million dollars all together. Roham Gharegozlou, Dapper’s founder and Chief Executive officer has said that the funds secured will be monitored to make “sure Flow can scale to the size of projects appealing to fan bases as big as NBA.”

$1.2M in token sales
Dapper also stated that it has sold crypto-collectibles worth $1.2 million dollars to a number of early users on the two-month old experimental version of its NBA Top Shot platform. Top Shot players can buy non-fungible tokens (NFTs) used to depict certain moments in basketball history. Over 22,000 packs of these NFTs worth $1.2 million dollars have been sold on the beta platform.


Each NFT token represent a significant moment and they offer players an experience to see data and videos that each token depicts in multimedia form.


The CEO, Roham noted Flow blockchain can host tokens that feature 3DI animation. He stated it was built to ensure any of the token (NFT) has access to topnotch environments wile talking to Cointelegraph – “to make sure that any NFT has a chance to be able to access a high-throughput environment, have people build applications for them, [and] scale to billions of users”.

Notable raise in Blockchain gaming firms
Blockchaingamer.biz data together with the recent fund raise of Dapper, a total whooping sum of $550 million dollars have been raised by Crypto gaming firms. This total comes from $336 million in sale of tokens, Initial Coin offerings (ICOs), $189 million from stocks and capital offerings in form of traditional investments and other fundraising techniques.


Last month, about $18 million was raised in total. Sorare, a fantansy soccer game raised $4 million in seed fund raise and Animoca Brands got $4.1 million from specific investors. DMarket was able to raise $6.5 million in June. Other companies like Horizen Blockchain Games and SuperTree raised $5 million and $2.5 million respectively in the first quarter of the year.


However, CEO of Animoca, Yat Siu has said the $550 million mark is just the inception as it is quite small compared to the current worth of gaming which is a $150 billion industry. He said while speaking to cointelegraph – “Gaming today is a $150 million industry and $500 million invested today is still a small amount, given both the potential in games as well as, we belive, the most viable path to mass adoption of blockchain, we think this will only grow more significantly”.

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Japan’s FSA Commissioner advises to develop Digital currency

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One of the Japan’s high-ranked financial regulators, Ryozo Himino, advised the nation to develop a Central Bank Digital Currency according to Reuters report. The pandemic might make states of the world adopt digital currency economy. Himino noted that Japan should have a plan to create a digital currency first before worrying about challenges that a digital currency might encounter.

He stated that Japan should weigh the benefits and demerits of a digital currency issued by the government and make sure all essentials for building a CBDC are available when it’s time to develop one-


“in the end, Japan must think really hard about whether to issue CBDCs because there are merits and demerits in doing so”.


It was said that Coinfomania reported last year that research on digital currency has started in Japan. A group of researchers from Apex bank were said to have released a paper on the benefits and shortcomings of issuing a CBDC according to the report.


The commissioner stated that the country’s stance on making cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) illegal might backfire on technical innovation –


“Deregulating bitcoins and other cryptocurrencies may not necessarily promote technical innovation. If doing so simply increases speculative trading, we are not taking special steps to promote cryptocurrencies”.


The effect of the Covid-19 pandemic has seen to financial institutions globally finding solutions to ease the economic wreck. Research are being made also to cushion any economic problems that might arise in the future.


Himino has a track record of heading different notable financial organizations globally including the Basel Community on Banking Supervision and Japan’s Financial Service Agency. He is currently the Japan’s Financial Service Agency Commissioner. He was also the secretary-General of the Basel committee on Banking Supervision.

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FEATURED

Japan’s FSA Commissioner advises to develop Digital currency

Published

on


One of the Japan’s high-ranked financial regulators, Ryozo Himino, advised the nation to develop a Central Bank Digital Currency according to Reuters report. The pandemic might make states of the world adopt digital currency economy. Himino noted that Japan should have a plan to create a digital currency first before worrying about challenges that a digital currency might encounter.

He stated that Japan should weigh the benefits and demerits of a digital currency issued by the government and make sure all essentials for building a CBDC are available when it’s time to develop one-


“in the end, Japan must think really hard about whether to issue CBDCs because there are merits and demerits in doing so”.


It was said that Coinfomania reported last year that research on digital currency has started in Japan. A group of researchers from Apex bank were said to have released a paper on the benefits and shortcomings of issuing a CBDC according to the report.


The commissioner stated that the country’s stance on making cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) illegal might backfire on technical innovation –


“Deregulating bitcoins and other cryptocurrencies may not necessarily promote technical innovation. If doing so simply increases speculative trading, we are not taking special steps to promote cryptocurrencies”.


The effect of the Covid-19 pandemic has seen to financial institutions globally finding solutions to ease the economic wreck. Research are being made also to cushion any economic problems that might arise in the future.


Himino has a track record of heading different notable financial organizations globally including the Basel Community on Banking Supervision and Japan’s Financial Service Agency. He is currently the Japan’s Financial Service Agency Commissioner. He was also the secretary-General of the Basel committee on Banking Supervision.

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Millennials Opt for Tech Securities while Generation X Investors Go for Gold

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JPMorgan Chase & Co. discovered interesting distinctions in trading patterns between two markedly different generations. It appears that the older generation X Investors would rather go for less volatile securities like bonds while millennials or the generation Y explore tech securities like Bitcoin, Ethereum and other digital assets.

The pandemic induced lockdown revealed the behavioral pattern of investors across different generations and age groups although leaving a few exceptions. The lockdown showed that investors are seeing the need for substitute securities. A team of strategists led by Nikolaos Panigirtzoglou discovered that while the younger investors are exploring the world of Bitcoin and other Altcoins,the older generations are purchasing gold.

It appears that the Generation Y is crazy about tech shares by buying into testnets and what have you, whereas the older investors are still very much on selling traditional equities.

The strategists stressed in an Investment Analysis Report on August 4 that:

“The older cohorts continued to deploy their excess liquidity into bond funds, the buying of which remained strong during both June and July,” 

A 46% global surge in stocks shows an increased retail investor demand this year. This is a sharp contrast against March’s lows. 

The global gold-backed exchange-traded funds is experiencing a positive turn of events. The Blockchain space is also undergoing  augmented rallies in cryptocurrencies due to the activities of enthusiastic Millennial investors. Many of these investors understandably show amateurish moves in trading which is obvious in their smoothed trading choices and increasingly volatile  options.

Nevertheless,  Bitcoin has been compared and contrasted with gold. The team of strategists made a point of highlighting that both the older and younger generation understand that there’s a gradual shift to alternative “currency” and this has impacted positively in investments in Gold and Bitcoin Exchange Traded Fund over the last 5 months. Meanwhile the Dollar appears to be going south as the Bloomberg Dollar Spot Index has plunged by approximately 1.7% over the same 5 months. This has instigated controversies as to whether the Dollar is going to experience a continual downturn.

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