The main question when working with cryptocurrencies for beginners is how to buy for investments and how then to exchange cryptocurrency and bitcoin back in particular for dollars, euros, rubles, yuan. Because Buying goods and services for cryptocurrency is now quite problematic, so the reverse exchange of purchased or mined cryptocurrency back to fiat is also quite acute. Moreover, such an exchange for beginners should be as simple as possible, fast and reliable, without registration, verification of identity and at the same time intuitive even for a user who is poorly versed in computer technology.
Cryptocurrency wallet for storing Bitcoin, Ethereum
The first and most important thing is the choice of where you will store your cryptocurrency, i.e. wallet selection.
If you have already figured out how cryptocurrency is stored, then proceed immediately to the next step.
For the rest, we recommend reading the following materials on cryptocurrency wallets:
In addition, we add that for storage it is better to use wallets created for only one cryptocurrency, because such wallets are more secure. If you plan to buy only one Bitcoin or Ethereum cryptocurrency, then such a specialized wallet will work best. Multicurrency wallets are more convenient, because allow you to store several different cryptocurrencies in one place, which is certainly very convenient, but not so safe. In any case, the choice is always yours.
Ways to exchange cryptocurrencies for dollars, euros and other fiat currencies
- The first way to exchange is the exchange between people without intermediaries through ads, forums or acquaintances. This is the most unsafe way, because There are probably more cryptocurrency scammers than in other areas, as To confuse and mislead a person who is not well versed in cryptocurrencies is as easy as shelling pears. This method of exchange is best avoided unless it is of course your good friend you trust.
- The second way. This is the development of the first in which an intermediary appears who monitors for a small percentage of the transaction that the parties fulfill all their obligations and puts a rating for each participant so that users can choose more reliable cryptocurrency exchange partners based on the number of transactions that have already been committed by one or another participant. The most popular of these services is the LocalBitcoins website with official registration in Finland. More details on working with LocalBitcoins can be found in this guide: Localbitcoins.com instructions - P2P exchanger for buying and selling Bitcoin . There are also telegram bots with similar functionality for P2P exchange (exchange between people, not a company), for example, BTC Banker. This method of exchange is more reliable than the first, but does not completely solve the problem of secure exchange, because scammers come across here too. Another problem of such P2P exchanges is the time of transfers and the need to confirm the transfer on your part. Those. the application created by you can be accepted by the other party, but for some reason (the human factor) it can execute it for more than an hour or even longer and at the same time also terminate it unilaterally. All this time, you must monitor the status of the transaction and upon receipt of funds confirm that the transaction has taken place or, conversely, open a dispute if the waiting time is beyond a reasonable time. Agree, this is not very convenient, especially if you have to sit in front of the computer on which the Bitcoin wallet or online bank is installed all this time.
- The third way. For exchange, use cryptocurrency exchanges, for example, the largest Binance exchange, which allows you to make deposits and withdrawals not only in cryptocurrency, but also in ordinary currencies using Visa, Mastercard plastic cards. This method will be the most reliable and convenient, because cryptocurrency can also be stored on the exchange there. But there are also disadvantages: the need for registration and verification of identity, which may take several days to verify your documents. Another drawback of cryptocurrency exchanges is the complex interface of sites in which it will be difficult for a beginner to understand. Read more about exchanging Bitcoin for rubles and withdrawing to a Sberbank bank card here: Binance - profitable and safe withdrawal of fiat money . Instruction manual
- The fourth way. Using specialized services - monitor exchangers for buying and selling cryptocurrencies. Exchangers allow you to exchange various currencies without registration and verification using a simple interface available to users of any level of technical training. Another advantage over P2P exchanges is round-the-clock work and there is no need to confirm the completion of the transaction, which significantly saves your time. In addition to the pluses, exchangers have disadvantages: a huge number of exchangers (several hundred), among which there may be not very honest ones that can significantly lower the exchange rate or completely steal your money. To simplify the choice of exchangers for users, there are specialized services - Monitoring exchangers, so as not to waste time searching for exchangers using Google or Yandex search engines. We will consider how the monitoring of the exchange of various currencies is discussed below.
Cryptocurrency Exchangers Monitoring
The main function of the cryptocurrency exchange monitoring service is to select the best offer for currency exchange and trust among users using a rating system. Those. using the monitoring of exchangers, in a few seconds you can choose the best option for yourself to buy or sell cryptocurrency (Bitcoin, Ethereum). In addition to cryptocurrencies, exchangers work with exchanging dollars for rubles, euros, and hryvnias, and also offer transfers from various payment systems, for example, from Paypal to Webmoney and many other options.
Consider the work of such a service using the example of CryptoExMon.com.
For example, take the situation with the sale of Bitcoin and the withdrawal of USD to a Payeer.
In the "GIVING" window indicate the Bitcoin cryptocurrency. In order not to scroll through the list of 186 different exchange options, you can use the search by specifying the first letters of the desired currency, bank or payment service.
In the "AMOUNT" window, indicate how many Bitcoins you are ready to exchange, and in the "TAKING" column, select where you want to receive rubles. In our case, this is the VISA/Mastercard USD.
Click on the search icon and get the result, sorted by the best exchange price.
In this window you can immediately see the proposed exchange rate of all exchangers supporting your chosen exchange direction, amount of reserve, age of the exchanger, i.e. how many years this company has been working in the market.
You can also see warnings in the form of exclamation points:
- Orange exclamation mark: your exchange amount is less than the minimum amount with which this exchanger works. Those. You need to either increase the amount of exchange or skip this offer.
- Red exclamation mark: Your exchange amount exceeds the amount of the reserve for this exchange direction. Those. You need to choose another exchanger or reduce the amount of exchange.
If it is impossible to make an exchange under the conditions you have chosen, the "EXCHANGE" button will turn pale orange, however, you can still go to this exchanger and make an exchange taking into account the indicated restrictions.
When all the conditions of the exchange are fulfilled, the "EXCHANGE" button will be bright orange. In this case, you can choose an exchanger by the exchange price, by the age of the site, by the number of positive reviews.
Opposite each exchanger there is a “Star” symbol with the help of which it is possible to make this or that exchanger selected. As a result, the next time you select an exchanger, you can already choose this parameter as well. This function works with cookies, i.e. in another browser or when clearing Cookies, data on your selected exchangers will not be saved.
As a result, 1WM.kz exchanger is suitable for our parameters, as It offers the most profitable exchange rate and fits our exchange settings. Click on the "EXCHANGE" button and go to the site of the 1WM.kz exchanger
Exchange cryptocurrency Bitcoin to USD Payeer
All exchangers work on the same principle, only the site interface is different, where you need to select your exchange direction and click the "Exchange" button. In our case, we chose the exchange of Bitcoin to USD Payeer.
Next, you need to specify your wallet in the Payeer payment system and confirm this data.
In the next step, we check all the data for the transfer and proceed directly to the payment.
In the payment window, depending on the chosen direction, you must pay the amount you have selected to the specified account or cryptocurrency address. In our case, we give bitcoin, so we were given the address of the bitcoin and its QR code to scan using the bitcoin wallet installed on the mobile phone.
When working with cryptocurrencies, a transfer is considered to be completed after at least one confirmation of the blockchain network of this cryptocurrency, which may take some time, which depends on the network load (the number of transfers at the moment). This time can vary from a few seconds to an hour, but sometimes even more. If during the transfer the cryptocurrency rate has changed a lot, then you can get a different amount, different from the one that was in the application. Typically, exchangers indicate the transaction processing time for which the indicated amount will not be changed regardless of the value of the cryptocurrency on the market.
Until your transfer is completed, you can monitor the status of the transfer on the site, and the link to monitor the status of your order will be exchanged by exchangers to your mail if you specified it.
After the transaction is completed or any problems you can always contact the exchanger support service on the site and additionally leave your feedback on the exchanger monitoring site, on which the exchanger rating will depend and on which other users will be able to choose better cryptocurrency exchange services.
Conclusion: The easiest way to buy or sell bitcoin and other cryptocurrencies is to use cryptocurrency exchangers, and so that the choice of the exchanger does not take up much time, use specialized cryptocurrency exchange monitoring services such as CryptoExMon.com.
