Crypto coins are everywhere. Online stores, states such as Ohio, decentralized finance (DeFi) platforms, and some countries are all supporting them. To demonstrate why you should also buy crypto coins, think of their growth in 2021. In January 2021, ETH was valued at USD 1,380, but that price had shot to USD 4,600 at the start of December 2021. That was a huge growth in investment for ETH owners. This is only one way that you can use crypto coins as a part of your investment portfolio.
Other outstanding uses of blockchain and cryptocurrencies include staking, making direct purchases, and paying for government services. However, you need to do first things first: acquiring the preferred crypto coins. This post will highlight all that you need to safely buy crypto coins.
What are Crypto Coins?
We all know fiat currencies, credit cards, and bank accounts and how they work. This is why you feel confident when making payments for online purchases with credit cards. When you finally decide to shift to cryptocurrencies, it is prudent to start by understanding how they work. So, what exactly are crypto coins?
These are the native currencies in blockchain networks, such as Ethereum and Bitcoin. Unlike fiat currencies that are printed in notes and minted in coins, cryptocurrencies only exist as codes that indicate the amount you hold. Therefore, buying crypto coins means that you only get a string of codes stored in a digital wallet instead of the real notes we are used to. Good examples of crypto coins include BTC, ETH, ADA, and BNB.
What Do You Need to Buy Crypto Coins?
Buying cryptocurrencies requires a number of things; a crypto wallet, the source (crypto exchange or DeFi platform), and your funds.
- Crypto Wallet
This can be a hardware device, service, or software that is used to store the string of codes that signify the coins you own. The wallet also allows you to receive coins and send them on the respective blockchain network. Wallets fall into different categories, and it is paramount to understand how they work. Here are the main ones:
(i) Hot wallets (Online wallet): These wallets are always connected to the internet. They are very effective for people who make a lot of transactions or need to travel regularly. You need to be extra careful with hot wallets because they are, in many cases, the first target for hackers.
(ii) Cold wallets: This is the opposite of hot wallets, implying that you are able to store your coins offline all the time. Good examples of cold wallets are hardware wallets and paper wallets. Cold wallets are considered the most secure for storing crypto coins.
(iii) Software wallets: These are programs installed on a computer for storing crypto coins. Good examples are desktop wallets. Because they are installed in your computer, losing that computer or formatting can result in a loss. Therefore, it will be a good idea to ensure you have a backup.
How to Buy Crypto Coins?
The process of buying crypto coins is pretty simple and only requires a few steps:
- Get the right wallet: Do you prefer a cold or a hot wallet?
- Identify a good place to source your coins: Although there are a number of places, such as exchanges, you can purchase your crypto coins from, it is better to use hi.com. They have an easy-to-use interface, and buying crypto coins is pretty easy. You can use either fiat or other crypto coins to buy the preferred cryptocurrencies.
- Store your coins safely: Once the coins are deposited into your account, keep the private keys as confidential as possible. Revealing them to third parties could easily result in the loss of the coins.
As you can see, the process of buying crypto coins, such as BTC or ETH, is not complex. All you need is to have a good wallet, some money dedicated to buying the coins, and a professional decentralized service provider. Visit hi.com now to learn more about crypto coins and start optimizing them right away.
