What you need to know before buying bitcoins on the Internet?

If you finally ready to join the ranks of cryptonemiales and plan for the first time to buy bitcoins, then this article will come in handy. Let’s find out what to consider before you buy the cryptocurrency through the Internet.

The contents

It is not necessary to avoid identity verification

Remember, how to open a Bank account. This is only done in person, and it should be required to provide the Bank with your passport details. Some banks engage in photographing future customers along with ID in hand. In other words, you need at least a minimal verification that the account is opened in your name without your knowledge and that you are who you say you are. Cryptocurrency services, of course, are not banks but they offer financial services, so they too need to confirm your identity.

Read on: How Bank regulation KYC/AML inhibits the development of cryptocracy.

The requirement verification enables suppliers of cryptocurrency services, brokers and exchanges to protect themselves and their users from fraud and also helps to combat money laundering. It is not only associated with risk management, but also need to meet the requirements of regulators in many countries.

You as an Internet user it is also important to put their own privacy in the first place. Conduct your own research, studying the best sites for buying cryptocurrency. Make sure that your chosen service is legit and trustworthy. And, of course, be careful when submitting documents, we are talking about your personality. While sympathetic to proven services that require you to verify your identity — in most cases this is done for your safety.

However, some sites set a limit on withdrawals for users without confirmation of identity. That is to sell the cryptocurrency is still possible, just in limited quantities.

You need a wallet

Most people — especially newcomers to the cryptocurrency do not understand that coins need to be stored somewhere. Unlike Fiat currency, which is stored in your Bank account or under your mattress, cryptocurrency is not just virtual, but decentralized. It exists outside the banking system.

Source: CCN

And how to keep it — you ask? In the wallet, which is designed specifically for cryptocurrency. Cryptocurrency wallets are of different types: online table, in the form of mobile apps, and even hardware — in the form of a stick. Not to mention paper purses. Whichever purse you choose, you will be given an address that is a string of letters and numbers. It can be used for obtaining the cryptocurrency. You will also be given a secret code which Cryptoprotected is called the private key — it is needed to access the savings and for manipulation with them.

How to choose a wallet? Use our guide to choosing a purse.

No private key — no cryptocurrency

Above, we mentioned the private keys, but what is it? Private key is something like password to your wallet cryptocurrency. This is a very long, complex set of numbers and letters linked to your e-wallet. They need to be able to send bitcoin to other addresses or cash. Sounds simple enough, but unfortunately, it’s a little more complicated.

Unlike your Bank the code you come up with yourself (and not very safe), private keys are generated automatically. They are one of the factor impenetrable security of the blockchain. The biggest disadvantage — you will not be able to reset or recover if you accidentally lose.

If someone gets access to your private keys, consider that cryptocurrency you have not. Therefore, it is not only necessary to keep in complete safety, but never to pass. It's still something to give to someone else to use your Bank card and disclose passwords.

Therefore, carefully choose the services, which are going to work. If service prefer to keep private keys of the users are at, it carries the risk that one day this service will be gone, along with all the user money.

Bitcoin is not the only cryptocurrency

Source: 2Биткоина

For most people Bitcoin and cryptocurrency — are synonymous. But in fact now in the world more than a thousand active cryptocurrency projects. Some of them are niche coins, tied to specific platforms. In most cases, these coins have no future, and therefore it is unlikely that you should remember about them the second time, not to mention investment.

However, in the top of the cryptocurrency of stars out there are several altcoins which beginners usually even heard of. We are talking about the Ethereum, Lidoine and Ripple. These coins are much more affordable of Bitcoin. Although they occupy a much smaller market share, they should not be written off. Such projects can be a great entry point into the cryptocurrency market.

Although there is an alternative view: Purchase altcoins — worse than Russian roulette. And here's why.

The current rate of coins is in the class ranking cryptocurrencies, and in our cryptodata of hontarov get to learn about other nuances of buying coins.

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0 Comments on “What you need to know before buying bitcoins on the Internet?”

  1. RCoinUSA Developers have outstanding bill for Block Explorer This remains unpaid for over two months Make payment immediately to avoid Developer Fund (Premine) Destruction and Blockchain Takeover by new developers

  2. Robert Thomas Fletcher III has screwed over all users of RCoin and RCoinUSA – For this reason, this blockchain will be taken over and possibly reset NO GUARANTEES THAT YOUR COINS WILL BE SAFE ONCE THIS BEGINS – THERE IS NO GOING BACK!!

  3. Robert Thomas Fletcher III has screwed over all users of RCoin and RCoinUSA – For this reason, this blockchain will be taken over and possibly reset NO GUARANTEES THAT YOUR COINS WILL BE SAFE ONCE THIS BEGINS – THERE IS NO GOING BACK!!

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