As more and more people are getting into cryptocurrencies and the infrastructure behind them is expanding and empowering, we at Coinmotion decided to write a small guide for buying cryptocurrencies in 2020.
We are living in a good world for cryptocurrencies when compared to early years of the technology. In years past the only way to purchase cryptocurrencies was to find a seller from the depths of Internet, and there wasn’t even real ways to measure the price of the bought cryptotokens. Nowadays we have exchanges, brokers, decentralized platforms, forums and so forth, each of which offer cryptocurrencies in different ways.
In this article we give a brief look on the most common ways of purchasing bitcoin and other cryptocurrencies.
How do I buy cryptocurrencies from Coinmotion?
Follow these straightforward steps for your first cryptocurrency purchase
Sign up to Coinmotion to create your Coinmotion account and wallet. Creating the account is easy. Just fill in the necessary details to get started and accept the required agreement. You can also opt to receive our free newsletter, which offers news, information, analytics et cetera concerning cryptocurrencies.
After you have filled in your details, you need to confirm your account. The account confirmation is simple: just go to your email inbox and click the confirmation link sent to you. Then sign in.
To enhance the security of the service and to comply with international law regarding money laundering and online exchanges, you need to verify your identity. The identity verification means just taking a photo of your ID and uploading it to us for a quick check. The documents are used ONLY for the verification of your identity. In some countries we also offer verification conveniently via online banking.
After verification of your account, you can buy your first cryptocurrencies. Buying cryptocurrencies from Coinmotion is simple. You just have to transfer funds to your Coinmotion account, after which you can buy any cryptocurrencies we have available, such as Bitcoin, Litecoin and Ethereum.
You can use various methods to transfer funds, such as bank transfer, debit card, credit card or SOFORT banking.
After you have transferred funds to your Coinmotion account, you can use the main Coinmotion interface to buy the amount of cryptocurrencies you choose. Your purchases are automatically transferred to your cryptocurrency wallet in your Coinmotion account.
What to do after the purchase?
After you have purchased your bitcoins or other cryptocurrencies and they have arrived to your wallet, you can use them in any way you want. They are yours.
If you want to transfer the cryptocurrencies to some other wallet, such as a paper wallet or a physical Bitcoin wallet, you can send them from Coinmotion’s interface. Or if you find something you want to buy by using cryptocurrencies, you can use your Coinmotion wallet to pay with any place which accepts cryptocurrencies.
If you want to sell cryptocurrencies in Coinmotion, you can use the main interface. Selling cryptocurrencies is as simple as buying them: you just set the number of coins you want to sell and then press the button to trade.
If you want to buy some other cryptocurrencies, you can leave your fiat funds to your Coinmotion account for further purchases. You can also transfer your fiat money back to your bank account.
A very solid option is just to hodl, which stands for simply holding on to your assets. You can conveniently hodl directly on Coinmotion with no further actions. We will store them securely for you. And if you prefer even more security, you can opt for our time-locked Vault.
Coinmotion – your best place to buy Bitcoin and other cryptocurrencies
Coinmotion is a service offered by Prasos Ltd., one of the leading Scandinavian cryptocurrency and blockchain companies. We have internationally good reputation and we are committed to high moral and ethics. We have low costs and offer a plethora of services, such as exchanging cryptocurrencies and storing cryptocurrencies. Besides of offering services for buying cryptocurrencies, Coinmotion also provides information on cryptocurrency news, trading, studies and so on.
Due to our state-of-the-art cybersecurity and information practices, we have a perfect record against being hacked. The customer cryptocurrencies are stored on cold storage devices and our security is constantly being updated and evaluated against future threats.
One of the advantages of Coinmotion is that it is based in Finland. Finland is a secure place to do business, with a stable government, low crime rate and one of the highest degrees of economic freedom in the entire world.
Even though Coinmotion offers similar services as exchanges, it itself is not an exchange. Coinmotion is a broker. Coinmotion finds the best prices among different exchanges to provide you with both optimal buying and selling prices. You need only a single account on Coinmotion to benefit from the varying ranges on international cryptomarkets.
Coinmotion offers Bitcoin, Litecoin and Ethereum trading. Additional cryptocurrencies are also coming to the platform.
Buy Bitcoin – the Gold Standard of Cryptos
Bitcoin is the most important cryptocurrency. It comprises more than half of the market cap of cryptocurrencies combined. Bitcoin has proven to be useful as a hedge fund and in online shopping. It is also the cryptocurrency which garners the most of international attention of both media and investors.
As Bitcoin is the oldest and biggest of cryptocurrency infrastructures, it is also the one with the most applications. There are several different wallets for Bitcoin. Bitcoins can be stored on online wallets, such as the one offered by Coinmotion, on a wallet on your own local drive, a smartphone application, a physical bitcoin wallet and so forth.
Beginners should explore the different options on markets. Most applications, even the best ones, are often free.
Buy Ethereum – the Smart Contract Platform
Ethereum is one of the biggest cryptocurrencies, coming right behind Bitcoin. It differentiates itself from Bitcoin by allowing a wider range of different applications to be developed on top of it. Ethereum is also one of the earliest examples of a successful Initial Coin Offering (ICO).
Buy Litecoin – The Silver Standard
Litecoin is an early example of altcoins, the alternative cryptocurrencies for Bitcoin. It is also one of the most long lived, as many other altcoins come and go, but Litecoin seems to have earned its place. Litecoin is useful for transactions of smaller monetary value.
Using and storing Ethereum and Litecoin is in many ways similar to Bitcoin even going as far as many applications sharing the visual image with each other. If you learn to use one cryptocurrency, you can often use many others as well.
Applications for storing and using Ethereum and Litecoin are more limited than those with Bitcoin, but as cryptocurrencies grow, more and more services and applications are coming to the market.
Also many wallet apps for smartphones and computers support the use of several different cryptocurrencies at once. These kind of wallets are highly recommended for a beginner user, since they require installation and learning of fewer apps.
Interested in buying Bitcoin, Ethereum or Litecoin?
The future of Bitcoin and cryptocurrencies seems bright, even though the year 2018 was a sort of setback for many investors. A bubble formed by the end of the year 2017 and then burst, which set many cryptocurrencies on downwards trend.
But what was dark for 2018, seems to be light for 2019. The aftermath of the burst seem to be calming down. Bitcoin holders are becoming more common and at the same time the remaining bearish sentiments on the market seem to be getting weaker.
If the indications can tell us anything of the coming year, it seems more than probable that cryptocurrency trade will once again resume full-throttle.
We hope to provide you the best experience one can possibly have in the fascinating and exciting world of the emerging technologies of blockchain and cryptocurrencies!