Jul 24, 2023 05:05
As the world of
cryptocurrencies continues to grow in popularity, more people are looking for
easy and secure ways to invest in digital assets. For individuals who are
familiar with mobile payment networks such as Google Pay and Apple Pay, the
notion of using these services to purchase cryptocurrency is an appealing
alternative.
In this
article, we will walk readers through the step-by-step process of purchasing
cryptocurrencies through these major payment systems, providing a thorough
insight to the exciting world of digital investments.
Recognizing
Google Pay and Apple Pay
Before
proceeding with the purchase, it is critical to understand the foundations of
Google Pay and Apple Pay. Users can link their credit or debit cards to their
smartphones and perform secure purchases with a tap or fingerprint scan using
these mobile payment systems. These systems make use of Near Field
Communication (NFC) technology to enable contactless payments at merchants and
applications that accept it.
Configuring
Your Mobile Wallet
To get started,
make sure your smartphone has the Google Pay or Apple Pay app loaded. After
installing the app, launch it and follow the on-screen steps to configure your
mobile wallet. This usually entails entering your credit or debit card information,
which will be securely saved on the device.
Selecting a
Crypto Exchange
After you've
created your mobile wallet, the next step is to find a trusted bitcoin
exchange. Check that the exchange accepts Google Pay or Apple Pay and has a
varied range of cryptocurrencies to pick from. Conduct extensive research to
select an exchange with a user-friendly interface, superior security, and
reasonable fees.
Account
Registration and Verification
Most
cryptocurrency exchanges require you to register and validate your account
before you can use them. Typically, this process entails entering your email
address, setting a strong password, and validating your identity by presenting
appropriate identification documents. Verification may take a few days, so complete
this step as soon as possible to minimize delays in purchasing cryptocurrency.
How to Add
Your Mobile Wallet to the Exchange
You can link
your mobile wallet to the bitcoin exchange once your account has been
validated. Navigate to the exchange's settings or payment methods area, select
Google Pay or Apple Pay, and then follow the directions to add your mobile
wallet. For security reasons, some exchanges may necessitate an additional
degree of verification.
Adding Money
to Your Mobile Wallet
Before you can
buy cryptocurrency, make sure you have enough money in your Google Pay or Apple
Pay account. You can fund your mobile wallet by attaching a credit or debit
card or transferring funds from your bank account. To complete this process
safely, follow the instructions provided by the payment platform.
Begin Your
Crypto Purchase
You are now
ready to purchase cryptocurrencies after funding your mobile wallet. Navigate
to the cryptocurrency exchange's "Buy" or "Trade" section
and select the digital asset you want to buy. Enter the amount to be purchased
and select Google Pay or Apple Pay as your payment option.
Transaction
Confirmation
Examine the
specifics of your purchase to check that everything is correct. When you're
finished, click the "Confirm" or "Buy" button to complete
the transaction. The transaction may take a few moments or longer to complete
depending on the exchange and the cryptocurrency's network.
Keeping Your
Cryptocurrency
Congratulations,
you now own cryptocurrency! The coin will be credited to your exchange account
once the purchase is completed. However, for increased security, consider
shifting your holdings to a private, secure wallet. For long-term safekeeping
of your digital assets, hardware wallets or software wallets with strong
security measures are advised.
Diversify and Prosper: Buying
Crypto Ahead of Bitcoin's Halving
As investors seek alternative
assets to enhance their portfolios, the allure of cryptocurrencies, led by
Bitcoin, has become undeniable. One of the compelling reasons to consider
investing in digital currencies is their potential to diversify investment
portfolios. Furthermore, the upcoming Bitcoin halving event adds an extra layer
of interest for investors looking to capitalize on the crypto market's unique
dynamics.
Diversification: A Key to
Reducing Risk
Diversification is a
fundamental principle in investment management. It involves spreading
investments across various asset classes to minimize risk and optimize returns.
Traditional portfolios often include a mix of stocks, bonds, real estate, and
commodities. However, cryptocurrencies have emerged as an intriguing addition
to the mix, offering investors a new avenue to diversify their holdings
further.
Bitcoin's Halving: A Rare Event
with Potent Impact
Bitcoin, the pioneering
cryptocurrency, operates on a predetermined and unique monetary policy. Every
210,000 blocks mined, which typically takes around four years, a crucial event
called "halving" occurs. During this event, the block reward for
miners is halved. Originally set at 50 Bitcoins per block, it reduced to 25 in
the first halving and subsequently to 12.5 in the second halving.
The third halving, which
occurred in May 2020, brought the block reward down to 6.25 Bitcoins. The
upcoming fourth halving is anticipated to happen soon, further reducing the
block reward to a mere 3.125 Bitcoins. This mechanism, encoded into Bitcoin's
protocol, makes the supply of new Bitcoins scarcer over time, mimicking the
mining of precious metals like gold.
The scarcity introduced by the
halving events has historically led to significant price surges in the aftermath.
As the supply diminishes and demand either remains stable or increases, the
reduction in new Bitcoin entering circulation often drives up the price due to
the simple economic principle of supply and demand. Hence, the Bitcoin halving
is eagerly awaited by crypto enthusiasts and investors alike.
4 Reasons to Consider Buying
Crypto Ahead of the Halving:
1. Potential for price appreciation:
Historically, each Bitcoin halving has been accompanied by substantial price
increases in the months and years that follow. Although past performance is not
indicative of future results, the predictable scarcity introduced by the
halving event could serve as a catalyst for further price appreciation.
2. Diversification benefits: As mentioned
earlier, adding cryptocurrencies like Bitcoin to an investment portfolio can
diversify risk and provide potential uncorrelated returns. This diversification
is particularly valuable during periods of economic uncertainty or market
volatility.
3. Hedge against inflation: With central
banks worldwide injecting vast amounts of money into the economy, concerns
about inflation have risen. Some investors view cryptocurrencies, particularly
Bitcoin, as a potential hedge against inflation due to its limited supply and
deflationary nature.
4. Adoption and recognition: The growing
acceptance and recognition of cryptocurrencies by major financial institutions,
corporations, and governments have bolstered their credibility as an asset class.
This increased acceptance may attract more mainstream investors, potentially
driving up demand and prices.
Conclusion
Purchasing
cryptocurrencies through mobile payment networks such as Google Pay and Apple
Pay provides ambitious investors with a straightforward and accessible starting
point. Users can confidently enter the world of digital investments if they
understand the process and carefully select a reliable cryptocurrency exchange.
Remember to
emphasize security by enabling multi-factor authentication and using secure
storage solutions to protect your cryptocurrency assets. To make informed
judgments and maximize the potential of your digital assets, it's critical to
undertake rigorous research and stay updated about the ever-changing crypto
market.
This article was written by FM Contributors at www.financemagnates.com.
World Crypto Global
