If you’ve already got coin, then congratulations! Read no further and choose the next step below. If not, read on and see how to purchase your first token. If you are new to this experience we promise, it’s easier than it seems.
The first thing you’ll learn about is converting dollars to cryptocurrency. We’ll cover all the questions from: Where do you buy cryptocurrency? How do you buy crypto? And why should you buy crypto?
To buy your first token, you need an on-ramp to convert cash to crypto. Typically, that’s an exchange. Coinbase is the easiest, but any will do. Sign up for a profile, log in, and the first step is completed.
Once you’re logged in, you can start converting dollars to a coin like Cardano (ADA). Follow the steps below:
You might have to wait 1-3 business days for your coin to hit your account as you become verified. After that you have several options:
Just note that the price for cryptocurrency can fluctuate wildly, and unlike most financial markets, it is running 24/7/365. Ultimately people do this to make short term profits and convert their coin back to dollars.
This is comparable to any asset or commodity that you might accrue and let it sit, hoping the value rises over the long term. With many coins, this is actually a safe bet as only 6% of people worldwide own crypto, and that number will only continue to grow.
This is a unique method of holding, similar to a bank, where you delegate coin to a network using the “proof of stake” protocol that earns yield (passive income through rewards) for the person who delegates. This means you can earn additional coin (5%+ APY) and help secure the Cardano network.
As a stake pool, you might guess that staking is our preferred option. You’re right. If you want to learn the next step to take towards staking, read more here. If you want to learn more about staking. Read our article: What is Staking (And Why Does It Matter)?
But remember: Protocols matter. Do your research before investing, or use us as a proxy through our in-depth articles that break down the why and how of choosing the coins we back.