In the past few years, cryptocurrencies such as Bitcoin , Litecoin and Ethereum have experienced a meteoric rise. The reason for this is, in addition to the rapid networking of the world, the expansive monetary policy of many central banks, which steadily increases the desire for currencies which are not controlled and influenced by banks or states.
The digital cryptocurrencies are not entirely dissimilar to classical currencies such as the US dollar, the euro or the yen, but they have some decisive advantages. Apart from the independence of states and banks, this mainly affects the low fees for global transactions and the security of these transactions. The latter gain cryptanalysts by the fact that they are decentralized payment systems that are cryptographically secured using blockchain technology.
These complicated identification and encryption procedures virtually eliminate theft and manipulation. Properties like these are the ones that increase the value and interest in cryptic stimuli. Not for nothing companies such as Amazon are already thinking of accepting cryptic payments such as the Bitcoin as a means of payment .
But how can I buy cryptos? Which crypt is the best? And what do I need to look out for when I want to invest in cryptos?
How can I buy cryptocurrencies?
If you want to buy cryptocurrencies , you need money, of course, which you can exchange in digital coins. However, since Bitcoin, Ethereum and Co are not state-declared money, you can not sell your Euros to a bank, and buy cryptos . In keeping with the digital culture of the cryptocurrencies, the trade takes place exclusively online. Similar to stock trading, there are special exchanges on purchases and sales.
These so-called Exchanges, as well as the Frankfurt Stock Exchange and the New York Stock Exchange, directly contact buyers and sellers of cryptic diseases.
These special exchanges differ primarily in terms of their scope of functions as well as how many different cryptos are actively traded there. In the meantime there are well over one thousand so-called coins. The best known exchanges include Bitcoin.de, Livecoin, GDax, Bitfinex as well as Kraken.
In addition to these stock exchanges, where you can exchange euro and US dollars in cryptic currency, there are also exchanges such as Shapeshift, Poloniex and Changelly, which can only be purchased with other cryptos.
How does the purchase work in practice?
In order to be able to buy cryptos, you must first transfer money to such a stock exchange. Depending on the exchange, you have the option to make the deposit in euros, US dollars or Swiss francs. There are also several exchanges offered by many stock exchanges. In addition to charging by credit card, simple bank transfers or payment via PayPal and direct transfer are also possible.
Before you can buy cryptos with your paid money, however, you must identify with most of the reputable providers in Europe. The "know your customer" procedure (KYC) is also used as a legitimation test in the banking and insurance sector in order to prevent misuse and to make it more difficult for offenses such as money laundering and terrorist financing. On most exchanges, however, this process takes place within a few hours. Some exchanges even use a video-ident method, so you can buy cryptoscripts after just a few minutes. To make the identification, you only need three things:
- Your passport or identity card for identification.
- A proof of residence such as a gas or water bill.
- Proof of the correctness of the bank account through an account statement with your name.
Crypto investment
Until the KYC procedure is complete, you can buy cryptos on only a limited number of exchanges. So the limit is not infrequent at 200-300 euros per week. In order to really benefit from the potential of Bitcoin and Co, the legitimation is unavoidable. Once you have surrendered the amount of your choice to the stock exchange and have gone through the legitimation process, you can begin buying Crypto Commodities.
Depending on the available offer and the amount of the Euro that you want to bet, you have the choice between different bids. For example, you can buy an entire bitcoin or alternatively a tenth bitcoin for a correspondingly lower amount.
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