How to get started with cryptocurrencies?

The following post is made in order to understand in a simple way what cryptocurrencies are, how to buy/sell them, what benefits are obtained from them, and what can be done with them.

I have written this post with the intention of helping users to start with cryptocurrencies, and also to those who want to learn how to use them, because nowadays there are many jobs or sources of income that make payments only through cryptocurrencies (in case you are interested in Code&Jobs you can find jobs that pay with cryptocurrencies) and perhaps due to lack of knowledge users prefer to discard these offers.

What are cryptocurrencies?

To explain it briefly we could say that cryptocurrencies are digital currencies that are characterized by being decentralized, that is to say they are not regulated by any organization, they do not need to go through an intermediary to be transferred (banks).

What are stable cryptocurrencies?

They are a solution to try to reduce the volatility of cryptocurrencies.

Imagine living in a country where the currency is constantly devaluating and you cannot save money, and in addition to this it is difficult to buy foreign currency or open a bank account to save it.

A simple solution would be to buy stable cryptocurrencies, such as (USDT, USDC) are cryptocurrencies whose value is backed by the dollar or euro, i.e. 1 dollar would be 1 USDT or USDC for example.

Where to buy cryptocurrencies?

Today there are several ways to get cryptocurrencies, among the most popular are Binance and FTX.

I will explain how to use Binance as it is the option I personally use the most and the most popular at present.

How to buy cryptocurrencies on Binance?

1. Account creation
2. Identification
3. Buy cryptocurrencies
4. Sell cryptocurrencies
5. Convert cryptocurrencies
6. Receive cryptocurrencies

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Below I will explain step by step how to buy your first cryptocurrencies in Binance in a very simple way.

1. Account creation

The first thing we will do is to create our account in Binance.

2. Identification

Once registered we will go to the identification section, where we must follow a series of steps, this will be necessary to start buying and selling cryptocurrencies.

3. Buy cryptocurrencies

Once the previous step has been completed and verified we will go to the Trade the clic on P2P. Perhaps the interface may look a bit overwhelming but it is very simple to use.

Steps to follow.

1. We are going to find a Buy/Sell switch button, as we are going to buy we will leave it on Buy.

2. Next we will see eight cryptocurrencies with which we can trade, we will leave it in USDT or BUSD which are stable cryptocurrencies (its value is backed by to the value of the dollar, ie 1 USDT = $1).

1. Optionally select the amount of FIAT or local currency we are going to use to buy the cryptocurrencies, this will help us to better filter the search.

2. We will select the FIAT which will be the currency we are going to use to buy the cryptocurrencies, by clicking you can find Euro, US Dollar, Mexican Peso, Argentine Peso, Bolivar, etc.

3. We can also filter by payment method, by clicking we will be able to see a list of banks, as well as other payment methods such as in Venezuela Pago Móvil, or in Argentina MercadoPago, etc.

1. After this we will see a list of advertisers, where we can see information such as number of transactions made, and percentage of transaction completion use this as a guide before making any transaction, if a person has low percentage I recommend jumping to another advertiser with higher percentage to avoid being scammed.

1. The price at which the advertiser sells the cryptocurrency, in the example of the image we can see that the advertiser sells each unit of USDT at 1.003 EUR.

2. The limit and availability, in the first line we can see how much USDT he has, and in the next one the minimum and maximum we can buy.

3. The type of payment we will use in this transaction.

4. After agreeing with the price, limit, and being sure we want to buy from the advertiser we will proceed to click Buy USDT.

5. When clicking on Buy USDT a page with two sections will be displayed, on the left we will be able to see the data we saw before, followed by the advertiser's Terms and Conditions, and on the right two fields, the first of how much we are going to pay, and the second will automatically show us when we are going to receive according to what we have paid. It remains to click again on Buy USDT and complete the transaction.

1. Once the previous operation is successfully completed, we will be able to see our USDT in the following link, or by clicking on Wallet and then on Funding.

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4. Selling cryptocurrencies

The process to sell cryptocurrencies is similar to buying them, here are a series of steps.

Assign a payment method

The first thing we must do is to assign a payment method that we will use to get the money from the sale.

1. We must go to our User Panel and once there look in the left panel for the Payment option.

1. In the Payment page we will be able to observe a button Add a payment method in which we must click.

1. A window will open where we will be able to choose between multiple methods, we can search by Letter or use the search engine to make a more exact search.

1. After choosing, it will take us to a form that we must fill with the required data. Once filled we will click on confirm, and we will have our payment method added.

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Steps to follow to sell.

1. Now click on Trade followed by P2P.

1. We will click on the switch button and leave it on Sell.

1. We will select among the options of cryptocurrencies to sell.

2. We will be able to indicate the Amount, the FIAT or the currency that we are going to receive, and the method of payment that we will use to receive the money of our sale.

1. Next we will see a list of advertised number of orders placed and the completion rate of the transactions, followed by the price, the availability and limit, and the method of payment.

1. Once we are sure of which advertiser to make the transaction with, we will click on sell.

2. A window divided in two panels will be shown, where on the left it will show us the information we read previously, and on the right two fields, in the first one the amount of cryptocurrency we will sell, and in the second one the amount we will receive will be shown. Once this is confirmed we will click again on Sell.

1. Once the advertiser has confirmed that the payment has been made, we must check that the funds are available in our bank account and we will proceed to release the cryptocurrencies.

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5. Convert cryptocurrencies

When buying cryptocurrencies we can only choose between 8 options in the P2P section, so in case we need another cryptocurrency we can take advantage of this functionality.

We will click on convert or we will go to the following link where we can see a window with two fields, in the first one we can select which cryptocurrency we want to convert, in this case the USDT we bought in the previous step, and we will place the amount, and in the second field we can select to which cryptocurrency we want to convert, Finally we click on convert.

6. How to receive cryptocurrencies?

It may be the case that we have found a job that pays in cryptocurrencies, like many of those we can find in Code&Jobs or that we simply want someone to pay us in cryptocurrencies. In order to receive, we simply need to search in the Wallet for the cryptocurrency we want to receive and click on Deposit.

For example, if we want to receive Solana we look for SOL or solana, and click on Deposit, once here we will see a window with two fields, the first one corresponds to the cryptocurrency, and the second one to the network from where the cryptocurrencies will be sent to us, once we select the network we will obtain the address of our wallet which we will copy and send to the person who is going to send us the cryptocurrencies.

Coingecko

Coingecko is a website, which provides information about the performance of a large number of available cryptocurrencies. It uses real time data, shows price fluctuation in various time periods.

In short for those who need to check the price of a cryptocurrency can use this web application.

PancakeSwap

PancakeSwap is a decentralized exchange platform DEX for tokens within the Binance Smart Chain or also known as BSC.

PancakeSwap cuts out the intermediaries on centralized exchanges, letting other users take those commissions instead. If you're willing to lock up your tokens for a while, the rewards can be very plentiful, especially with some of the liquidity pools and betting options.

PancakeSwap may be a bit of a challenge for those new to cryptocurrencies, but it may be worth checking out.

Sites that accept payments in cryptocurrency

Coinsbee in this site you can find a variety of gift cards (Amazon, Google Play, Steam, Netflix, etc).

Bitrefill is a site similar to Coinsbee, with sales of gift cards.

Newegg Here you can buy PC components, laptops, monitors, game consoles, gadgets, etc.

Terms

Bitcoin

When we talk about Bitcoin, we talk about the first platform based on blockchain that sought from its beginnings to be a secure, fast and decentralized payment method. And the cryptocurrency also known as BTC, whose current value you can check here

Blockchain

Blockchain is a chain of blocks, which contain encrypted information of a transaction that was made on the network. And being in chain allows data to be transferred securely thanks to cryptographic encryption.

Exchange

They are sites where we can buy and sell cryptocurrencies. Currently there are many, some with more catalog than others, as well as higher commissions on some than others. Some examples of these sites are Binance, FTX, LocalBitcoins, etc.

Fiat

Fiat is a government approved currency that is backed by physical commodities, e.g. USD, EUR, your country's local currency, etc.

P2P

Its acronym stands for "Peer to Peer", and in the context of Blockchain it refers to a network of computers that are connected to each other without the need for a server or centralized entity. In other words, it is a direct connection between two computers or users.

Transaction

Any action that is performed within a blockchain. Example: receive or send cryptocurrencies to another person.
another person.

Wallet

We can think of a wallet as an account or address to receive cryptocurrencies. They can be online, physical or a local application.

Wallets

Wallets are instruments to receive and send cryptocurrencies. They exist online, physical or local applications.

Among the most popular ones we can find the following.

Metamask

It is a browser extension that also works as a wallet serves to receive and send cryptocurrencies. as well as to be able to interact with web applications that are based on the Ethereum blockchain as PancakeSwap for example.

Phantom

As well as Metamask, Phantom is a browser extension that works as a wallet serves to receive and send cryptocurrencies in Solana.

It is required to interact with web applications that use the Solana blockchain, such as Code&Jobs.

This wallet has a special functionality that consists of Burn NFTs this is a process in which the NFT is removed and the wallet owner is refunded the amount that was used at the time of Burning the NFT.

If you are interested in learning more about it you can go to the following post

Conclusion

In this post we learned a little about cryptocurrencies, what we can do with them, how to acquire them, sell them and even learned about some stores where we can use them directly.

If you have any questions or suggestions feel free to leave a comment on this post, I will answer as soon as possible.

Feel free to contact me by telegram or adding me to Discord as Appu#9136.

Thank you very much for your time.