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A Quick ‘How To’ Guide On The Basics Of Buying And Storing Bitcoin In SA

Story from: 2oceansvibe.com

It’s actually a whole lot easier than you think.

While cryptocurrencies are the latest craze, with everyone seemingly getting in on the action, many have yet to dive into the purchasing of a cryptocurrency due to not knowing which coins to buy or even how.

So we’re going to tell you.

First off, the easiest way to fill your virtual wallet with bitcoin is by using a reliable local exchange site. Many recommend Luno.com, which allows you to buy, store and sell in one place:

Too easy.

But buying Ethereum, however, is another story.

It requires the use of other exchanges like Poloniex, Kraken, and ShapeShift and can only be bought with bitcoin, explains MyBroadband:

Once you have created your account on the cryptocurrency exchange, you need to transfer your Bitcoin from Luno to the exchange.

This can be done by selecting the “deposit” option from the exchange’s dashboard and choosing the Bitcoin (BTC) option. Make sure not to select a different coin for a deposit, like Bitcoin Cash (BCH).

Selecting deposit on Bitcoin will display an address. You will need to send your Bitcoin from your Luno account to this address.

Ensure that you copy and paste the correct exchange deposit address into Luno before sending your Bitcoin. Once you hit send, the Bitcoin may take several hours to send.

Once your Bitcoin is in your exchange account, select the BTC/ETH trading pair to buy Ethereum.

Once you select “buy”, your Ethereum is then stored in your exchange account.

What’s that you ask? An exchange account? Well, it’s kind of like a virtual wallet:

Many South Africans use Luno to store their Bitcoin, which means the company controls your wallet and your private key.

More advanced methods of holding your Bitcoin include storing it in an online wallet where you control your private key, or on a hardware wallet where you control the physical wallet and key.

Ethereum storage functions in a similar manner, and users can move it from their exchange account to an individual wallet.

MyEtherWallet is a popular choice to store Ethereum, as you retain control of your private key, and bitcoin holders can use a service like GreenAddress.

And the most secure way to store these currencies?

Download and run a node on each respective blockchain, using your own hardware. This can be complex for newcomers, however.

Yes, yes, the jargon might be very off-putting, but at the end of the day, research will be your best friend when it comes to buying, storing and using one cryptocurrency or another.

Good luck out there.

[source:mybroadband]

This post is from 2oceansvibe.com. Click here to read the full text

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