How to Buy Crypto

To buy cryptocurrencies, you can use an Exchange:

Exchange

You need to follow the following steps:

1. Open an account on an exchange platform such as Kraken or Coinbase, similar to opening a bank account.

2. Complete a KYC (Know Your Customer) process to verify your identity. The exchange needs to ensure that your funds are not coming from illicit activities like money laundering and that you are not a politically exposed person.

3. Deposit money into the exchange either by credit card or bank transfer.

4. Once the funds are deposited, you can directly purchase cryptocurrencies like Bitcoin, Ethereum, Binance Coin, etc.

The process can be a bit complicated, and the risk is that the exchange holds the cryptocurrencies on your behalf, which goes against the saying "not your keys, not your cryptos."

You can also use an onRamp solution:

onRamp

With an onRamp solution like Ramp network, you can buy cryptocurrencies more directly.

Here's how it works:

1. First, you need to obtain a wallet, such as MetaMask, and set it up to get your wallet address. It's a relatively simple process.

2. Then, visit the website of the chosen onRamp solution, for example, Ramp.network, and purchase the desired cryptocurrencies. Provide your wallet address to receive the cryptocurrencies directly into your wallet.

By doing this, you avoid the exchange holding your cryptocurrencies. While none of the steps are overly complex, the entire process can be quite tedious.

Introducing Sophie

Sophie is currently working on a solution (December 2023) that allows you to easily buy a basket of cryptocurrencies and hold them yourself, ensuring simplicity, security, and performance.

Stay tuned for more updates...