How To Buy Crypto - Guide for Beginners

You're a beginner crypto enthusiast, and you'd like to gamble with crypto but don't know how? This article is for you then, as we will tell you how to buy crypto and gamble online. 

Cryptocurrency has completely transformed finance, providing innovative ways to trade, invest, and even gamble.

So - if you're interested in this field, you probably need to know the basics: what cryptocurrency is, how to choose the right digital currency, how to set up a crypto wallet, and finally, how to buy crypto.

Getting Started with Crypto

In contrast to traditional currencies, cryptocurrencies operate on blockchain technology. Digital currency works decentralized, which means all transactions are recorded across a network. With cryptocurrency, you benefit from increased security, transparency, and accessibility to different transactions regardless of your online activity.

As a beginner, start with well-established digital currencies like Bitcoin or Ethereum. They are widely accepted at our online crypto casino included, and have a solid presence on the market. Alternatively, consider Tether USDT and Binance Coin, which are also worth considering for their practicality and strong position.

Set Your Crypto Wallet

This digital tool will allow you to receive, store, or send cryptocurrencies. Think of it as a traditional wallet, yet it works only for digital currencies like Bitcoin or Ethereum.

The key components of the crypto wallet are the keys - cryptographic characters whose goal is to ensure cryptocurrency transactions. There are two types of keys: private and public. You’ll use the private key to manage your digital money, proving you own the crypto wallet. It’s the same as a PIN. That’s why you should keep it in confidence.

On the other hand, although derived from the private key, the public key is a shared address. You can share the public key to receive cryptocurrency, as with a bank account number.

By the way, even if they are linked, third parties can never access your private key through the public one.

Back to the digital wallet - to ensure the security of your crypto wallet, you should use two-factor authentication, keep your wallet updated, and back up the private keys with secure recovery phrases.

How to Use the Crypto Wallet

Here is a step-by-step guide on how to set up your digital wallet:

• Choose a wallet type: cold wallets (offline - devices like USB sticks or physical printouts) or hot wallets (online or desktop wallets).
• Select a provider: web, mobile, desktop, or hardware providers.
• Download the wallet.
• Create your wallet by following the instructions and secure it.
• Add funds and manage them.

Now, you have to transform traditional currency into digital. You’ve probably heard of Binance or Coinbase. Those are the most popular options, offering distinctive features.

If you want low fees and a broad spectrum of cryptocurrencies, you’ll like Binance. For solid security measures, trust Kraken. But any of them you go with should serve the scope, and you'll be able to buy crypto easily.

How to Buy Your First Cryptocurrency

So far, you should know how to set up a digital wallet and choose an exchange. Now, it’s time to buy your first crypto.

Here is how you do it right:

• Create a new account or sign up on the chosen exchange.
• Pass the KYC (Know Your Customer) verification, which is some kind of identification.
• Transfer the desired amount to your account.
• Place the order at the current or specified price.
• Transfer crypto to your digital wallet.

Newbies and experienced digital currency users should constantly monitor the ever-changing crypto market. This will help them make informed decisions about their investments. Keep pace with the latest news and updates associated with your cryptocurrency so as not to miss any important news.

Most Popular Cryptocurrencies

Bitcoin

BTC is the most widely accepted crypto, holding the largest market capitalization. Since it is often used as a medium of exchange, it is widely accepted by online and offline merchants.

Ethereum

ETH is the second-largest crypto, used primarily for decentralized finance. It is best known for its flexibility and variety of applications.

Binance Coin

BNB is the original cryptocurrency of one of the largest crypto exchanges - Binance. Its success is directly linked to the popularity of the Binance exchange.

Tether

Compared to other cryptocurrencies, USDT’s value is rather stable since it is pegged to the US Dollar. It is popular among traders who want to avoid market instability when moving their funds.

Buy Crypto to Gamble Online

If you are interested in online casinos, you’ll especially benefit from crypto.

Due to their unmatchable advantages, cryptocurrencies considerably outrun traditional currencies in the contemporary gambling industry. The key benefits are enhanced privacy, improved security, lower fees, faster transactions, and worldwide access.

We at Galactix.io let you use your chosen cryptocurrency and enjoy gaming sessions without worrying about transparency, security, or transaction issues. All you have to do is buy crypto and deposit it into your account, and you’re good to start.