Earn, mine, or buy crypto?
Let’s start by discussing the most popular ways of acquiring crypto assets namely earning, mining, and buying.
Earning cryptocurrencies from scratch is the least sustainable way among the three, as it not only requires careful attention and detailed research to locate, and exploit free airdrops, but it also fails to be consistent in the long run. Another way to earn crypto is to freelance your time and skills to get paid in crypto. Hundreds of thousands of freelancers have already moved to accept "crypto-only" in their freelance payment terms.
Mining crypto can be a more reliable way than earning. Mining demands technical knowledge, and substantial upfront investment in specialist computer rigs capable of mining, which, combined, make crypto mining too big of a leap for most who are just getting started. Crypto mining in a Proof-of-Work ecosystem requires specialized gear that is able to solve specific mathematical problems, namely guessing and checking a number called nonce to get the target hash of a block. Proof-of-Stake is a tad simpler than that, as all you validators need to do is put up a certain amount of their tokens as a sort of collateral to start receiving rewards.
Finally, we arrive at buying, which is the go-to option for securing your first cryptocurrency. Buying is by far the easiest, lowest skill-cap, and most user-friendly way of the three options on our list that actually has the same results as the other two methods. With that, let’s move on to where exactly you can buy your first crypto. Contrary to stocks, which can be unaffordable for many in their entirety, most crypto-assets can be purchased for small and more significant amounts alike.
The first question you should ask yourself when you are buying your first crypto is, are you an investor or a trader? What's the difference? We go into this mindset in greater detail in this article.
Brokers Vs. Exchanges: Where to buy your first crypto?
You essentially have to choose between a broker platform and an exchange when getting your first crypto asset. While most crypto exchanges offer low fees and peer-to-peer transactions, they are quite a complex and intimidating sight for most beginners out there, which is why they are not the best for getting started.
On the other hand, broker platforms, like coinpass.com, offer simplified procedures, and clean, user-friendly interfaces, all with negligible fees, which makes them the perfect choice for getting your first-ever cryptocurrency. A broker is essentially an intermediary between buyers and sellers, which can eliminate liquidity as slippage issues in trading.
How to buy your first cryptocurrency, step by step?
To illustrate how simple a crypto broker platform can be, let’s take a look at what steps you have to take if you’d like to buy your first crypto on coinpass—it’s easier than you’d think.
Step 1: Register
Making an account and filling out your basic data shouldn’t take longer than a few minutes, after which you can move on to verification.
Step 2: Verify your account
Account verification is required to be done at all crypto brokers, but worry not, at coinpass the entire procedure will be as seamless as anything.
Step 3: Top up your balance
Now that you’re verified, it’s time to allocate your preferred funds to your account via bank card, or bank transfer. This is what you’ll use to get your first cryptocurrency later on. Remember, only work with an amount that you’re comfortable with.
Step 4: Just a few clicks, and you’re a crypto holder
Everything is set, and the magic of coinpass can finally happen: buying Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), and many other cryptocurrencies is as easy as an average online shopping. A few clicks, and you’ll have secured your very first crypto asset on the UK’s safest crypto broker.
The best thing? After getting started, your crypto journey will be a walk in the park.