Educational Byte: How to Buy Crypto for the First Time | HackerNoon

New to crypto? Want to know what the fuss is about? Well, it’s easier than you think. If you barely know a thing about the industry, buying cryptocurrency for the first time might feel a bit like learning a new language or stepping into a sci-fi movie, but don’t worry, you’re not alone. In fact, over 400 million people around the world now own crypto, and that number keeps growing.

Crypto is digital money that doesn’t need banks or governments and works 24/7 from a simple app on your device (desktop, mobile, or other hardware). You can send it worldwide, without limits, and, depending on the decentralization level of the coin involved, no one, not even your government, can stop your transactions or seize your funds. Let’s see some other things you should know to start.

Crypto for Beginners

Before you buy your first crypto, there are a few things you need to consider. Not to scare you, but to help you avoid headaches later. First off, yes, crypto is legal in most countries, and yes, it’s real money with real market value. People all over the world use it for trading, sending money abroad, and even saving. But it’s not like putting cash under your mattress or buying a stock and forgetting about it. Depending on the coin, prices can jump or crash in hours. You should never invest more than you’re willing to lose.

And please, don’t just trust anyone who talks a good game. Your favorite influencer? They might be getting paid to promote something shady. That random message on Telegram promising a 200% return? Probably a crypto scam. Even friends can get tricked and drag you into it without meaning to. If something sounds too good to be true, it probably is. Always double-check, read reviews, and compare sources.

Also, think about why you’re doing this. Are you curious? Want to invest a bit? Planning to send money abroad? Different goals might lead you to different coins. Bitcoin, Ethereum, Obyte, stablecoins, privacy tokens, DeFi tokens —they all work differently and offer different things.

Bitcoin and stablecoins mainly work for payments (stablecoins being more, well, stable in price). Ethereum and Obyte have smart contracts and other advanced features. Privacy tokens like Monero or Blackbytes will obscure your transactions. DeFi tokens may help you make some investments. It’s really up to you, so do your research on the project you’re interested in first.

Buying Crypto for the First Time

After you do your own research (DYOR), you’ll only need your phone or device of choice, pen and paper, Internet, and an email. Your ID may be required too, if you choose the easiest way to buy (through regulated companies). Overall, here are some simple steps to get started:

• Choose your first crypto:This decision must be based on what you want to use it for, and not just what’s trending. Want to send money? Any crypto will do, especially stablecoins. Curious about Dapps? Look into Ethereum or Obyte. It’s also advisable to start small.

• Pick a trustworthy and/or regulated crypto exchange: If you only have fiat money (USD, EUR, etc.), you’ll need to visit a crypto exchange. They’re websites, mostly beginner-friendly, where you can create an account with an email and password, and start buying crypto with fiat. They may ask for your real ID, but again, that depends on the volume you want to handle. Popular exchanges include Binance, Coinbase, and Biconomy.

As a side note: yes, you can also buy crypto directly from someone else. No need for middlemen. However, if you pick this option, be sure to select someone reliable. Crypto transactions can’t be reversed. Buying crypto physically from strangers, using cash, could be particularly dangerous.

• Make the purchase and store it safely: crypto exchanges may work as wallets, but they’re not wallets at all. While your money is there, it’s still controlled by the exchange, and if it goes under, so does your money. The best option is to select a non-custodial crypto wallet (under your full control), install it on your device of choice, and write down your private keys physically. Then, move most of your crypto funds to this wallet, and leave little or nothing in the exchange.

Buying in Obyte

The Obyte wallet has an easy option for learners: “Get Me Coins,” available in the “Receive” menu. This button leads to a beginner-friendly website where it’s possible to buy GBYTE (Obyte’s native currency) and other Obyte-compatible tokens with ether (ETH), USD Coin (USDC) or Wrapped Bitcoin (WBTC). All of them can be acquired with fiat in popular crypto exchanges.

In case you only have fiat and you want to carry out the process from a single place, GBYTE is listed on the crypto exchange Biconomy against Tether (USDT).** Biconomy has an easy interface to buy stablecoins like USDT with payment methods like debit and credit cards, Banxa, Apple Pay, and Alchemy Pay. Once you’ve bought some USDT, you can exchange it for GBYTE on the same platform. Afterward, remember that those GBYTEs are on the Polygon network, so, if you want to use them in Obyte, you’ll need to import them through the Counterstake Bridge.

There’s another option as well: NonKYC.io. This exchange doesn’t handle fiat, but it doesn’t ask for ID verification (KYC) either. They have the trading pairs GBYTE/BTC and GBYTE/USDT available. This is likely not the most beginner-friendly alternative, but if you’re concerned about your privacy, it may be the best path.

Happy trading!

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