If you are reading this: you must have recently heard about bitcoin, or you have finally decided to buy your first bitcoin. In this article, we provide a step-by-step guide on how to buy your first bitcoin.
Bitcoin is the first and most popular cryptocurrency in the world. It is popular for several reasons, including its price hike in 2017, use cases, and technology built around it.
Buying your first bitcoin is a simple process, as explained in this article.
- Get a bitcoin wallet eg. Hardware wallets
- Sign up on a Bitcoin marketplace eg. Paxful
- Purchase bitcoin with cash eg. bank transfer, mobile money, PayPal.
- Move your bitcoin to a wallet you control or start using bitcoin.
Step 1: Get A Good Bitcoin Wallet
Before you buy your first bitcoin, you will need to get a wallet. Bitcoin wallets are applications that allow users to receive, send, and store their coins. There are different types of bitcoin wallets you can choose from, as reviewed in our top bitcoin wallets list.
It is best practice to select non-custodial wallets, which are wallets that give you total control of your funds. They provide you with a ‘seed phrase’ that allows you to back up your wallet and move from one wallet provider to another.
There are two types of wallets you can choose from – hardware wallets and software wallets. Software wallets are free applications available on mobile and desktop. On the other hand, hardware wallets are special devices made for storing cryptocurrencies. They are safer than software wallets since funds are kept offline and are only connected to the internet when you have to make a transaction. Their nature reduces risks like hacking and phishing attacks. Ledger Nano S is an example of a good hardware wallet.
After you have selected your wallet, you will now have to select a platform to buy your first bitcoin.
Step 2: Select A Bitcoin Marketplace – Paxful
Different platforms make it possible for you to purchase your first bitcoin. You can choose between brokers, exchanges, and Peer-to-Peer (P2P) marketplaces.
New users mostly prefer P2P marketplaces since they have lesser restrictions and support multiple currencies and payment methods. One of the largest bitcoin P2P platforms is Paxful.
Paxful has been around for five years and has a userbase of over 4.5 million people who have made over 44 million transactions. The P2P marketplace supports more than 300 different payment methods, including bank transfer, mobile money, gift cards, and PayPal.
Paxful is available in most parts of the world. For instance, in Africa, Paxful supports trading in all countries except Burundi, Central African Republic Sanctions, Libya, Somalia, South Sudan-related Sanctions, and Sudan.
With several payment options available when you want to buy your first bitcoin and its availability in several regions, Paxful is an excellent exchange for new users.
Step 3: Purchase Bitcoin – Payment Methods
To purchase bitcoin on Paxful, you will need to create an account (readers who use our referral code ‘KadE2nbpZYp’ get $5 in BTC at the end of their first month provided they verify their account and make at least one trade).
After, you will need to verify your identity to have full access to all features on Paxful. You will need a viable identification card to complete this step.
Once you complete the verification, you can buy your first bitcoin on Paxful. On the homepage, enter the amount of bitcoin you want to purchase in your local currency, and you will see how much bitcoin you will receive based on the conversion rate.
Select a payment option and click the ‘Search Offers’ button. A list of offers from several sellers will appear, you can select any to trade with.
When selecting traders to purchase from, there are few things to look out for:
- The number of thumbs up (positive feedback).
- Preferred payment option.
- Cash buying limit displayed in your traditional currency.
- Average trade time.
After checking all these and selecting a seller, click ‘Buy’ follow the prompts. Ensure that you click ‘Paid’ after you send the money. The seller will confirm they have received the cash and release the bitcoin to your wallet.
Now that you have bought your first bitcoin, you can move your fund to your wallet if you intend to hold for a long time. You can also look into ways to spend your bitcoin online and make payments in the real world.
TRAMS DEX Propels Global Adoption of DeFi with Automated Market Maker (AMM) protocol
TRAMS DEX Propels Global Adoption of Defi with Automated Market Maker (AMM) protocol, as Industry Leader VIP Guests, Global Participants, and Management Team concludes Webinar Session Marking a Successful First-Phase Launch.
VIP Speakers Unanimously Acknowledge Perfect Market Timing of TRAMS DEX in Decentralized Finance Industry, High Industry Growth Factors, Following 2 Hour-Long Launch Session.
The TRAMS DEX founder and senior management team today concluded a high-impact webinar session as an official launch of its Automated Liquidity Provider protocol, the first of three phases for TRAMS’ Decentralized Finance Business. Industry leader VIP guests and participating members pledge support for open finance and Defi for creating more access to financial products at much lower costs to anyone on demand.
The launch took place in District Singapore, Republic Plaza 9 Raffles Place with a Zoom Webinar hosting a global Defi community and TRAMS DEX protocol members/users community. The discerning VIP panels and participants from ranging continents stencil the much-needed change in the financial sector especially in traditional banking plagued with corruption and scandals where only a small closed and selected groups are the main beneficiaries.
The webinar introduces the protocol with its open finance principles and guides participants into the operations with these key points: TRAMS DEX is one of three key operations from the TRAMS ecosystem with the main operating principle of Decentralized Finance (Defi). TRAMS DEX is an Automated Liquidity Provider that enables better and faster user interactions with digital assets. With the innovation of the Automated Market Maker (AMM) solution, traders can easily exchange digital assets at any time with guaranteed market supplies from the liquidity pool without giving up the custody of their digital assets. As a decentralized exchange, TRAMS DEX is able to create open access opportunities for participation without discrimination and any controlling institution barrier.
At TRAMS.io, anyone with an Internet connection and a Web 3.0 wallet can gain access to liquidity where otherwise would be ineligible through traditional finance or banking. TRAMS DEX operates a Decentralized Exchange that offers three (3) impactful functions with a minimal user interface designed for clear navigation.
The first function, global liquidity access or buyable, sellable, or tradable market access. Users of the protocol can easily gain access to “constant” liquidity with a simple crypto assets swap function at a minimal cost of 0.3% transaction fee. Direct wallet connections are automated as well with a few simple clicks. All transactions are secured with blockchain encryptions and conducted on-chain with transaction data records automatically recorded for open access viewing on Ether can in real-time.
The second function, make money from idle assets. TRAMS DEX creates a money-making model for liquidity providers (LPs) on the platform. By supplying idle crypto assets to any pools listed on the protocol, the LP earns a profit share generated from the swapping fees on TRAMS DEX. The liquidity provider profit sharing is proportional to contribution. Profits are calculated at least once every twenty-four hours (24 hrs). True to open finance principles and Defi, participating LPs can withdraw their contribution at any time without any fee or penalty.
Thirdly, earn a high passive income. The TRAMS DEX incentive model lets participants earn high passive income in the form of yields, calculated in APY% (annual percentage yield), simply by staking (or depositing) its native token (TRAMS) on the platform. This encourages participants to remain active on the platform and better maintains constant liquidity reserve. This translates to double benefits for participating LPs, more profits are added on-top of the profit-sharing earning from staking LP tokens on TRAMS DEX.
TRAMS DEX is accessible constantly 24/7 to anyone globally. All associated costs of operations are kept very low and precise by utilizing automated smart contracts and AMM trading algorithms for trade executions and operations. Compared to traditional financial institutions and banks, TRAMS DEX provides better, cheaper, more accurate services.
Bryan Feinberg of Plato Data Intelligence, the Founder/CEO of Etheralabs, commented from New York City via Zoom video call with the support of blockchain as the fundamental architecture of TRAMS DEX and Defi space which offers high data security and transaction transparency for users. As a member of the Blockchain Venture Advisory, he believes Decentralized Finance such as TRAMS DEX has a high adoption rate and direct use case for blockchain applications.
Mamadou Toure, Forbes 10 Most Influential person in Africa and President/CEO of Ubuntu Capital Group, tributes TRAMS DEX for providing access channel to liquidity where traditional banking and capital access are limited to non-existent. He further acknowledged the opportunities TRAMS DEX would create for users world-wide to easily finance business initiatives.
Victor Kong, CEO of VK Capital Digital Funds Pte Ltd endorses William Tien, TRAMS DEX’ Founder/CEO, for his vision and ambition in creating a Decentralized Ecosystem starting with TRAMS DEX following by TRAMS Finance and TRAMS Assets, for phase 2 & 3, respectively, as an alternative to private equity funds for real estates and infrastructure projects with a portfolio size of 1-10 million USD. TRAMS DEX removes the high barrier to entry by drastically reducing mandatory due diligence costs of raising capital, which remains the same as a 50 million USD project. He also credits the intention of listing the ecosystem, TRAMS DEX included, on the London Stock Exchange via reverse IPO within 3-6 months.
Self-Sovereign Decentralized Digital Identity
Time & Date: Wednesday, Nov 4th, 2020
8:30 AM Eastern Standard Time
Speakers: Marco Aniballi (BlockBlox)
Luke Stokes (FIO, EosDAC)
Alex Puig (Caelum Labs)
Gordon Einstein (CryptoLaw Partners)
Sander de Bruijn (Crypto Entrepreneur)
Zoom Info: https://zoom.us/j/89200977541
Kucoin and Revain Announce Partnership
Before deciding to buy or apply for any service, consumers are primarily interested in doing their homework via the ability review via 3rd Party Objectivity based on what other people are thinking.
In order not to get lost in multiple offers of wallets, exchanges, and cryptocurrencies, Internet users are starting to look for reviews to guide their decision-making process.
The revain.org project began to use blockchain to keep all reviews unchanged. This gives trust to the community and allows users to learn with the ability to interact with both projects that interest them and the communities they represent.
Trust can play an extremely important role for serious companies. The KuCoin and Revain projects have started cooperation for the common benefit of both communities. The Revain Widget implemented on the main page of one of the leading exchanges allows visitors to read and write reviews directly on the platform.
Companies that have already achieved success should understand that the review widget increases a conversion rate and provides additional traffic.
And there are other pluses as well
For example, why would you buy products on a mystery shopping service if you can simply read a ready-made review on the Revain website?
And it will be fair, fast and, most importantly, it’s free.
It’s not a surprise when blockchain technologies are used in the crypto community. But the Revain Project doesn’t intend to stop there and has serious plans to expand the topic on which the writers will write reviews.
It’s important for people that the review includes pros and cons.
This could stem from concerns about fake reviews, and an underlying assumption that balanced reviews feel more authentic than reviews that are overly or exclusively positive.
Consumers want retailers to have better technology, offer more services, and establish better personal connections. Consumers think about what good shopping experience looks like in the first place. Therefore, when people read or write a review, they pay attention not only to the facts but also to the feelings that appeared after the purchase from the company to which the review was then written.
When there are feelings, it is important to preserve a zone of trust and comfort
The usual advertising channels carry information about the product and the brand. But they do not contain the emotions of other buyers. The buyer chooses where he will share his buying experience.
And it is especially important that the credibility of the review that is written on the seller’s website does not reach heaven. It is very important to have an independent platform, the need for which has been ripening for a long time in the Internet community.
Therefore, reviews are written on the Revainplatform. You can display these reviews on your website using a simple widget. Thus, customers will see the independence of the review and at the same time, they can read it without leaving your site.
Of course, there were sites for reviews, they exist now and will continue to appear. But a project like Revain meets the expectations of ordinary people and businesses as much as possible. After all, reviews cannot be deleted or falsified because of blockchain. The hash of each review is kept for centuries.
Because of this, some reviews may seem funny as their authors decided to add some new facts or correct mistakes later. I recommend visiting and reading such reviews. A very interesting experience.
Source: Rinat Arslanov has been the Co-Founder and CEO of Revain since its inception. He describes his passion for Revain as a life project for him. He is currently doing his Ph.D. at Plekhanov Russian University of Economics and is expected to complete his doctorate in 2022.
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