Cryptocurrency 101: step-by-step guide to buying your first crypto 2023

It's 2023 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 an overview of how to perform the following tasks:

• 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 what one might expect. 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 Australia, 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. Whether you've traded on traditional stock markets before or not, we're going to show in a simple and easy-to-digest manner, no previous trading experience is necessary.

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.

Tap mobile app ticks these boxes, and proves so by being fully licensed and regulated by the Gibraltar Financial Services Commission. The platform has over 130,000 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:

1. Download the Tap mobile app from either the Apple or Google Play store.
2. 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.
3. 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. 
4. You will receive an email confirmation once your account is all setup. 
   

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. 

1. Select the Cash wallet under Assets. 
2. Select the fiat currency you would like to deposit, your options are US dollars, Pound Sterling, or Euros. 
3. We're selecting GBP, which will open the wallet and offer you the option to choose from a debit card or bank transfer. 
4. Fill in the relevant information and perform the transaction. 
5. Once the funds have cleared they will appear in the relevant Cash wallet. 

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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. 

1. Under the Assets section, select Crypto.
2. Choose the cryptocurrency you would like to purchase. 
3. Once in the crypto wallet, select the blue Option button and then select Buy. 
4. You'll be given the option to decide how to pay, simply scroll to the bottom and select Pound Sterling (or the fiat currency that you deposited).
5. Enter the amount that you would like to purchase.
6. Select the Confirm Trade button and enter your passcode.
7. Once the transaction is completed, the funds will appear in your Bitcoin wallet. 

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Step 4: Sell A Cryptocurrency

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

1. To sell Bitcoin (or any other cryptocurrency), go to the relevant wallet from Crypto under Assets on the homepage. 
2. Select the blue Options button, and then choose the Sell option. 
3. From here you can decide whether you'd like to sell the cryptocurrency for another currency or for a fiat currency. In this example, we'll sell BTC for GBP. 
4. Select the Pound Sterling option and enter the amount of BTC you'd like to sell.
5. Proceed with Confirm Trade. 
6. Enter your passcode and wait for the transaction to take place. 
7. The funds will then be available in your Cash GBP wallet.

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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 a number of options here as the Tap app allows users to pay bills directly from the app using available funds. Alternatively, you can withdraw the funds to your own bank account.

1. From the home screen, select Cash under Assets.
2. Select the wallet from which you would like to withdraw funds. 
3. Choose the Send to Bank Account option and add a Beneficiary by clicking the blue plus button. 
4. Select the relevant option (to myself, to another person, to a business) and proceed by entering the banking details.

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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. From the app, you can securely store and manage a wide range of cryptocurrencies from one convenient location. 

Bitcoin 101

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

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. 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.

Where can I buy Bitcoin?

You can buy Bitcoin and a number of other cryptocurrencies directly through the Tap mobile app. Simply create an account, complete the identity verification process and load your account to buy cryptocurrencies.

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 cryptocurrency.