Being a digital currency, cryptocurrency is technical in nature and needs to have strong security characteristics. They can be interchanged between two parties directly using a set of private and public keys, similar to the way encryption works.
The interesting thing about these exchanges is that since they are not under the purview of traditional financial institutions, the fees involved to facilitate the exchange are usually quite minimal comparatively.
1. Sign up for a Digital Cryptocurrency Wallet
To use a cryptocurrency, you need to own some first but even before that you need a means to store them. Sign up for a digital wallet, then look for an exchange willing to accept the purchase of your desired cryptocurrency.
Some digital wallets include:
- Coinbase Wallet – The provider offers both wallet and cryptocurrency exchange
- Exodus Wallet – Multi-platform and multi-cryptocurrency
- CoPay Wallet – Only for BitCoin and BitCoin Cash
2. Buy Your Cryptocurrency
Once you’ve gotten your wallet, you need to buy some cryptocurrency. Wallets like Coinbase allow you to purchase them via their service as well, so that’s convenient for new users. The digital wallet acts like any other virtual payment method (think Google Pay or Apple Pay), except that it facilitates payments in cryptocurrency.
3. Find a Vendor Who Accepts Cryptocurrency Payments
Vendors willing to accept cryptocurrencies will list them under payment methods
When you’ve gotten your wallet and cryptocurrency,