If you want to buy cryptocurrency, bitcoin is still the number one coin on the crypto market. Buying bitcoins has become simpler than ever because it can be done with a variety of methods. Also, bitcoin functions - it is used as a reference for the value of other coins and also for most transactions in the market. This is mostly because bitcoin is traded on every cryptocurrency exchange and has very good liquidity. Here's a guide showing you a few different ways you can purchase cryptocurrency on iCoin.
How to buy cryptocurrency?
Create an account
Since most cryptocurrencies can be purchased with bitcoin or ether, iCoin is a great platform to use whether you want Bitcoin, Ether, XEM, Dash or Tether. Even though BTC and ETH are set as the main pairs in most of the exchanges, iCoin offers a wide range of altcoins and fiat currencies, so you can store digital assets in your local currency as well. Once you have created your account, you will be able to buy bitcoin or any other popular cryptocurrency right away.
Secure your account
iCoin offers you the possibility of setting a two-factor authentication method for your account login. Also, users will be required to input a 2FA key when performing withdrawals or changing their profile information. Make sure you choose an authentication method that you can ensure the security of, whether it is SMS, Google or email. Even though your account login details can be stolen, without the 2FA code your funds cannot be withdrawn from your account.
Add a blockchain wallet
The most convenient wallets for casual bitcoin buyers are online and mobile wallets that allow quick and easy access to bitcoin and other cryptocurrencies.
When you buy bitcoins via a cryptocurrency exchange, the seller is using a blockchain wallet to transfer the ownership of the coins to you. Once your purchase is complete, you become the owner of the coins and not e.g., iCoin. After the exchange has received your payment, it will purchase the corresponding amount of bitcoin on your behalf, and deposit it in an automatically generated digital wallet on the exchange.
Verify your identity
There are certain verification steps that you would have to go through in order to be able to buy cryptocurrency with fiat currencies, credit or debit cards, and a couple of other payment methods. With Know Your Customer (KYC) and Anti Money Laundering (AML) regulations, many exchanges now require identity verification to set up accounts. While it is an extra step, it helps to ensure the safety of our services.
Add a payment method
Exchanges accept a variety of payment options and iCoin is no exception. Search for your country in the
list and then select your payment method among the ones available: local bank transfer, credit or debit card, e-wallet, and many more that you would like to use to buy cryptocurrency.
Where to spend bitcoin?
As you already know how to buy bitcoins, you are probably wondering where to spend them. Bitcoin has become more ingrained in our everyday lives and, as a result, there are more options available to actually spending it. If you are looking to spend it, instead of selling or trading your cryptocurrency, it is way easier for bitcoin owners to purchase goods online, as over 100,000 merchants worldwide accept bitcoin, with some sites being specifically developed to accommodate cryptocurrencies. A variety of places that accept bitcoin as payment can be found online, but you may be surprised to find that, depending on where you are, you might be able to find a local bitcoin-accepting shop near you.