How to Buy Bitcoins, Tokens and Other Cryptocurrencies?

Photo of author

( — June 11, 2020) — Today, the word “cryptocurrency” sounds at every turn. Bitcoins are discussed by many – some consider them a good investment and a way to make money, others say that it is a “bubble” and almost a financial pyramid. The observer of RIAMO in Lyubertsy found out how cryptocurrency differs from electronic payments, what are its pros and cons, and how to buy it.

What is cryptocurrency?

Cryptocurrency is a special kind of digital currency. The term appeared in 2011 when Forbes magazine published an article on the Bitcoin system called “Crypto currency” – “Cryptographic currency”. It was so named because such a currency is created and controlled using cryptographic methods – data encryption methods. In particular, blockchain technology is used – a sequence of information blocks built in a special way.

People unaware of the issue sometimes confuse cryptocurrency with conventional electronic payments, but these are completely different things. So, when paying for a product or service online – from a bank card or through a virtual wallet, we pay all the same dollar. They can be removed from the card and literally held in their hands, they were issued by the Central Bank of Russia, which controls the amount of money.

Cryptocurrency is decentralized – it does not have one main regulator. It is stored simultaneously on hundreds and thousands of computers around the world – with different people. According to certain rules, users themselves participate in its mining (mining).

Pros and cons of cryptocurrency

The advantages of cryptocurrency include decentralization, security, anonymity, transparency, direct exchange – the absence of intermediaries, small fees for transfers or their absence. Also, cryptocurrency is not afraid of inflation. If you wish, you can do mining – the creation of special “blocks” for computer code, which in essence is cryptocurrency. You can even try to release your own cryptocurrency.

The downside of cryptocurrency is the certain difficulty in understanding its mechanisms, which can confuse the average person. The second minus is the ambiguous attitude to the cryptocurrency of various states: some willingly recognize it, while others restrict its circulation or completely prohibit any actions with it.

The disadvantages include the fact that so far there are not many places where you can buy something for the same bitcoins – at least for the layman. And if you mistakenly send cryptocurrency to the wrong wallet, it is almost impossible to return it, only at the request of the person to whom the transfer was made. Finally, if access to the crypto wallet has been lost, then in many cases it will not be possible to return it.

What are tokens

It is worth saying a few words about tokens – a special kind of cryptocurrency, which are a mandatory element of the ICO – Initial Coin Offering (“initial coin placement”). ICO is a kind of cryptocurrency crowdfunding, raising funds from the outside. A token can be compared with a stock – a security issued by the owner. It is worthwhile to understand that before the cryptocurrency goes public, the price of the token is unknown, but you can also buy some goods and services on it.

Choosing a cryptocurrency

Today, everyone has heard Bitcoins – the most popular cryptocurrency. With the growth of its value, the “cryptocurrency boom” began, the peak of which occurred in 2017 and continues to this day.

You need to understand that bitcoin is expensive – today its price is about 11 thousand dollars, or 640 thousand Dollars. This currency is extremely unstable – its value either rises or falls, sometimes several times a day. In addition, the number of bitcoins is limited, and there are more and more buyers every day – which means buying cheap bitcoin will not work.

Therefore, it is recommended not to go in cycles in bitcoins, but to pay attention to other cryptocurrencies. Today the tokens described above are popular, but here you need to clearly understand the market mechanisms. Another good option is Ethereum, the second most popular cryptocurrency in the world. Now his course is about 1 thousand dollars, or 65 thousand Dollars. 

A list of all officially registered cryptocurrencies can be found on the Cryptocurrency Market Capitalizations website.

Where to buy cryptocurrency


The easiest way to get currency is to buy it for electronic money on special exchange sites. The scheme is as simple as possible: you need to go to the site, select the cryptocurrency and the desired amount, leave the public key of your wallet. You can pay using the services google. Money, QIWI Wallet, Alpha Click and some others bitcoin signals

The choice of an exchanger should be approached especially carefully and find a reliable site with a good reputation. Unscrupulous owners of the exchanger can suddenly close it, and take back all the invested capital. One of the most popular and reliable portals is Best Change.

Telegram bots and mobile applications

The fastest way to buy cryptocurrency is with the help of bots in the Telegram messenger. In fact, this is the same exchanger, but with a simpler interface. It is enough to subscribe to the bot’s channel, and it will automatically create an individual crypto wallet and bind it to the phone number.

The same scheme applies to mobile applications. You need to download the application on your smartphone, register, accept the user agreement and start the purchase. Popular are Bitxfy, BitcoinCore BitPlay, Coinbase.

The only negative is that applications and bots work mainly with bitcoins, ignoring other cryptocurrencies. Also, there is always a chance to run into scammers, so always be careful and check everything several times.

Crypto wallet

You can follow the path of least resistance and exchange real money from a terminal or Internet bank for cryptocurrency. Today, almost all crypto wallets have an exchange function. All operations are protected, and the process itself will take several minutes.

But there are also disadvantages: cryptocurrency wallets have a rather unprofitable exchange rate, and the transaction itself is subject to a commission – and this is an additional cost.

Stock exchange

Exchanges are famous for the fact that they can not only buy and exchange one cryptocurrency for another, but also earn on the transaction by “playing” on the difference in exchange rates. The most popular exchanges to date are Poloniex, Bittrex, EXMO.

To make a deal, you need to register on the site, deposit money into the created account, send a request for the purchase of cryptocurrency and wait for the transaction to be confirmed. This will happen when the current cryptocurrency price reaches the value you set. If everything goes well, the currency will be credited to the account.

You can also not buy currency at the proposed exchange rate, but look for the best deals from the bidding list yourself. People who understand the exchange mechanisms well even manage to make money on cryptocurrency.

Tip: after successfully receiving the currency, it is better to immediately withdraw funds to your wallet. We must not forget that all exchanges are prone to collapses, and to predict this is quite difficult – especially if you do not have certain knowledge in this area.