Step 1: Sign up on an exchange site or app
What is an exchange site?
A crypto exchange site is a site where you can exchange your local currency for various cryptocurrencies, as well as send or receive crypto currency transfers. The best site for you will be based heavily on your location and available payment methods, especially if you are not in the USA.
Is crypto anonymous?
While most exchange sites legally require personal information to verify identities and prevent fraud, none of that information is ever shared with me or anyone you send or receive crypto to/from.
Recommended Exchanges
Every exchange is different. Below are a couple popular options, as well as some pros/cons and other info on each.
Note: I intend to update this with more sites in the future, once I have personal experience with them and can genuinely recommend them based on those experiences. So far, the other sites I had intended to recommend are failing to verify me with my genuine ID and literal face.
Bisq
✔️ Decentralized
✔️ No ID verification required
✔️ Available in a lot of countries
❌ Only accessible on PC/Laptop
❌ Downloadable program (harder to hide than a website)
Shakepay
✔️ Beginner-friendly
✔️ Available on desktop and mobile
❌ Only available for Canadians
❌ ID verification required
Step 2: Adding Funds to your Crypto Wallet
Exact options and instructions will vary from site to site and country to country, but the gist is the same for all of them:
Using one of the payment methods provided by your preferred exchange, you will load money from your bank account into what is referred to as your “wallet” on the exchange site. Once the money has been added to your regular cash wallet, you can use it to buy an available cryptocurrency of your choice, which will then be hold in your “wallet” for that specific cryptocurrency. Buying, selling, sending and receiving cryptocurrencies all come with minor fees that help keep the exchanges running.
NOTE: When doing this with a specific recipient in mind, make sure whatever cryptocurrency you purchase is one they accept! I accept Bitcoin and Ethereum, myself. If you buy the wrong currency, you will need to exchange it for the correct one, which may incur additional exchange fees.
Step 3: Sending Crypto
In order to send someone cryptocurrency, you need their crypto address.
These often come in the form of QR codes or long strings of letters and numbers.
Example:
Send Me Bitcoin
Bitcoin Text Address: bc1qky0jfx3yut8gw88pvd8y583aeenp2rs4dkly4jpkus7dvul3gpysyu9p8z
Send Me Ethereum
Ethereum Text Address:
0xeafA015C2b2b659C162797412a2923ebb3D813c5