Steps to move fiat into the crypto verse-
Step 1. Bank Card/Credit Card.
Step 2. CEX ( Centralized exchange, managed by central authority, which allows you to exchange fiat to crypto.
Step 3. Move crypto from exchange to self custody. ( This step requires acquiring a crypto wallet, i.e. download software wallet, purchase hardware wallet.)
Examples of Centralized Players: Coinbase, Binance (largest CEX in the world), Kraken, Kucoin, Bitthumb.
The centralization of these entities mean that one player will set the rules for your money flow, while it is in the custody of their exchange. (i.e. withdrawal fees, deposit limits, etc.)
Important parts of withdrawing from CEXs-
1. Selecting the currency you would like to withdrawal from the exchange. (specifics depend on exchange, if you're having trouble, google or contact help desk.)
2. Select the network you would like to withdrawal to ( ERC-20, BEP-20, TRON, etc.) Although now many exchanges won't let you process withdrawal to an address from the wrong network, it is still vital to make sure you are withdrawing correct crypto to correct network, or you funds are at risk of loss! Double check google or help desk if this part is still merky.
Considerations for Success:
1. Security- Make sure you're accessing your wallet in a safe place, not around people you don't know or trust, not at a time when you are distracted/ unfocused, on a VPN or wifi that you know is safe.
2. Legal implications to consider - A. Your location specific laws and regulations B. KYC or not? C. Crypto tax laws for your specific location. D. What transactions are taxable in your region?
More detailed steps on exchanging fiat to crypto.
1. Find a CEX that you trust and that is applicable to your region.
2. Register a CEX account and fill out KYC info.
3. Use exchange to buy crypto with fiat.
4. Move crypto from CEX to your wallet (Metamask, Trustwallet, etc.)
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