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Cryptocurrency 101: step-by-step guide to buying your first crypto 2024

In this step-by-step guide, we'll be showing you an overview of how to get started with buying your first crypto.

Cryptocurrency 101: step-by-step guide to buying your first crypto 2024
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It's 2024 and you've decided to get involved in the crypto industry and find out what the fuss is all about. You've made a smart choice, and we're pleased to welcome you. In this step-by-step guide, we'll be showing you a simple overview of how to complete the following:

  • Create an account
  • Deposit funds
  • Buy Bitcoin, Ethereum or any other cryptocurrency
  • Sell a cryptocurrency
  • Withdrawal funds

Investing in digital currencies can feel daunting at first, but once you've made your first purchase, transaction, or sale, you'll see that using cryptocurrencies is simpler than expected. Be sure to keep an eye on market prices, as volatility in the crypto industry can go through waves, and educate yourself on the coins that you wish to purchase. Whether you're a trader/investor in the UK, EU, EEA, or USA, everyone can gain access to the crypto markets through the Tap mobile app.

In this article, we're going to show you the ropes, guide you through the process and explain step-by-step how to gain the skills to successfully operate in the crypto space and increase your investment portfolio. No previous trading experience is necessary (stocks or crypto).

Step 1: create an account

The first and most important decision to make before buying cryptocurrencies is determining where to buy them from. With plenty of options available on the market and plenty more news stories about them, it's imperative that you select a trustworthy and reliable source.

The Tap mobile app ticks these boxes and proves so by being licensed and regulated by the Gibraltar Financial Services Commission. The platform has over 300,000 registered users, at the time of writing, operates in 28 countries across the globe, and has been nominated multiple times for PAY360 Awards (previously the Emerging Payments Awards). 

To create an account on Tap, simply follow these steps:

  • Download the Tap mobile app from either the Apple or Google Play store.
  • Create an account by filling in the relevant information. If you make a mistake, simply go back and alter it before moving to the next step.
  • Once the account is set up you will be asked to complete the KYC / identity verification process. Simply follow the onscreen prompts and submit the required information. 
  • You will receive an email confirmation once your account is all set up. 

Step 2: deposit funds

In order to buy cryptocurrency through the Tap app, you will need to deposit funds. This can be done in both crypto and fiat currencies, however, we will focus on the fiat deposits today. 

  • Select the Cash option in the top horizontal menu.
  • Select the fiat currency you would like to deposit, your options are US dollars, Pound Sterling, or Euros. 
  • We're selecting GBP, then select one of the options: deposit or debit card top-up. 
  • Fill in the relevant information and perform the transaction. 
  • Once the funds have cleared they will appear in the relevant Cash wallet. 

Step 3: Buy Bitcoin, Ethereum, or any other cryptocurrency

Now for the exciting part! It's time to buy digital currency. For the sake of this tutorial, we're going to show you how to buy Bitcoin, however, the process is consistent across all cryptocurrencies. 

  • In the top horizontal menu, select Cryptocurrencies.
  • Choose the cryptocurrency you would like to purchase. 
  • Once in the crypto wallet, select the blue Buy button. 
  • You'll be given the option to decide how to pay, simply scroll to the bottom and select Pound Sterling (or the crypto or fiat currency that you deposited).
  • Enter the amount that you would like to purchase.
  • Select the Execute Trade button.
  • Once the transaction is completed, the funds will appear in your Bitcoin wallet. 

Step 4: Sell A Cryptocurrency

Now that you're familiar with how to buy crypto, it's high time you learned how to sell. 

  • To sell Bitcoin (or any other cryptocurrency), go to the relevant wallet in the Crypto section.
  • Select the blue Sell button. 
  • From here you can decide whether you'd like to sell the cryptocurrency for another cryptocurrency or for a fiat currency. In this example, we'll sell BTC for GBP. 
  • Select the Pound Sterling option and enter the amount of BTC you'd like to sell.
  • Proceed with the Execute Trade button.
  • The funds will then be available in your Cash GBP wallet.

Step 5: Withdrawal Funds

Completing the final process in this step-by-step guide, we're going to explain how to withdraw funds. You have several options here as the Tap app allows users to withdraw funds directly into their bank account, instantly send funds to other Tap users, or withdraw cryptocurrencies.

  • In the top horizontal menu, select Cash.
  • Choose the Withdraw button, located underneath your balance. 
  • Select the option most preferable to you: Instant, to a Tap user; bank transfer; Crypto withdrawal. 
  • Follow the relevant instructions and select Execute Trade once complete. 

Tap into a brighter future with crypto

On top of the simple and easy-to-use app, Tap also offers highly secure wallet solutions that are integrated into your account from the get-go. With Tap, you can securely store and manage a wide range of cryptocurrencies from one convenient location, and even more easily spend them using the Tap card.

Bitcoin 101

Here are several frequently asked questions regarding Bitcoin, the first cryptocurrency to come into existence.

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Frequently Asked Questions

How does Bitcoin work?

Bitcoin uses blockchain technology to maintain and operate the network. Instead of a bank or government entity in charge, the Bitcoin network operates by using a number of computers, known as nodes, interconnected with one another through blockchain technology.These nodes use computing power to execute transactions and then store the information on the blockchain, in a transparent, immutable manner that allows anyone, anywhere, at any time to observe.

Where do Bitcoins come from?

Bitcoins enter circulation when transactions are executed through a process known as mining. Say one person sends another person Bitcoin, once the miner confirms and executes the transaction the miner will receive a reward for the computing power used, in the form of newly minted Bitcoin. This is where new Bitcoins come from.

What are the downsides of Bitcoin?

Bitcoin has for a long time been viewed as a risky asset, however, over the years it has proven to deliver impressive returns and is responsible for changing the global financial landscape. While Bitcoin has been celebrated for its transformative potential to provide financial freedom, there are still risks involved and one should never invest more than they're willing to lose. By entering the market at the wrong time one can lose money. It's important to learn the risks involved before engaging with the industry.

Where can I buy Bitcoin?

You can buy Bitcoin and many other cryptocurrencies directly through the Tap mobile app. Simply create an account, complete the identity verification process and load your account to buy cryptocurrencies. Be sure to regularly check the Bitcoin price as the markets are known to be volatile.

Where can I sell Bitcoin?

Users who wish to sell Bitcoin can also do so through the Tap mobile app. Simply select the cryptocurrency you would like to sell and confirm the order. You will need to have a sufficient balance in the relevant wallet at the time of executing the sale.

What's the best Bitcoin wallet?

While there are plenty of different types of Bitcoin wallets, users can gain access to a wide range of crypto wallets through the fast and secure Tap app. Using one login instead of being responsible for managing private keys, Tap offers a secure, convenient and accessible way to store your digital funds in your cryptocurrency wallet.