What is an “On-ramp”?
This is a term for systems converting your fiat money to crypto assets like Bitcoin and Ethereum.
Once you have cryptocurrency, you are on the finance 2.0 platform.
Note: Setup your on ramps well before you need them.
- It takes time to download and install correctly.
- It takes time to learn.
- It takes time to complete KYC (Know Your Customer).
- It takes time to transfer funds.
It could happen in 1 hour, it could take 2 weeks or longer if there are issues. Setup your systems when you don’t have pressure and test them.
How Can I Safely Buy Bitcoin & Cryptocurrency
Great question. And the lack of education leaves people thinking Bitcoin is a scam or actually being scammed.
On-ramp service providers come and go, it’s still early days, only a small percentage of new businesses actually survive past 5 years. But this is not a problem for cryptocurrency if you have a wallet you control.
Easy Start: Bitcoin Wallet You Control
Download and install Exodus wallet. It’s a great starting point. Use it to store bitcoin you purchase from your on-ramp.
Right now, I’m using Crypto.com because I can onboard funds quickly without fees through my existing debit card.
Each country has different on-ramps that allow you to buy bitcoin.
There are dedicated on-ramps, that only facilitate the exchange of fiat to cryptocurrency and might provide a wallet that they control.
A very common way is through a local cryptocurrency exchange using a bank transfer.
You can try in-person with cash through LocalBitcoins.com, but this can be complicated for a first time buyer.
There are dedicated apps like Argent for Ethereum and ERC20 tokens and Uphold wallet is Bitcoin and Ethereum. If you are using Brave browser, you will need to create an Uphold wallet at some point. Apps like these allow a mix of methods, including debit cards, credit cards and local bank transfers.
Things To Look For
- Common fees are 2% for bank transfers.
- 3~4% for debit or credit card transfers.
- LocalBitcoin people can charge high percentages like 20%.
- Exchanges can charge deposit, exchange and withdrawal fees, check before you signup.
- There is something called “network fees” or “miner fees”, you can not avoid these.
- It is more challenging to avoid it, and you will pay a premium.
- Some places require a lot more than necessary.
- It’s becoming common place as on-ramps become regulated.
What Do I Recommend?
Download Exodus and set it up. You will need time. You need to write down and store your “seed phrase” in multiple safe places.
Download Uphold wallet and complete any KYC required.
Make a small purchase of Bitcoin for $20.
Send Bitcoin to Exodus wallet for safe storage.
Now you have completed a number of steps that will have provided a large amount of basic education and experience.
Here Be Dragons
Take responsibility for yourself, everything you think, say, do. Greatest lesson ever learned.
Do research. Question everything. Decide where you are going, and set your sails.
“Hey, you created me! I didn't create some loser alter-ego to make myself feel better. Take some responsibility!”
― Chuck Palahniuk, Fight Club