Even when the market isn’t moving or is in a slightly bearish state, it’s undeniable that the level of interest in the industry has skyrocketed in recent years. There’s an important question while looking at getting into cryptocurrency: How does one enter the market for the first time?
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What is “on-ramping” in cryptocurrency?
When talking about “on-ramping,” it simply means using your fiat currency to buy cryptocurrency. Usually this is done using a debit or credit card through a platform that accepts fiat and exchanges it for crypto. So by on-ramping, you switch your national tender for cryptocurrency.
What is “off-ramping” in cryptocurrency?
On the other side of the coin, “off-ramping” is the act of cashing out your crypto for fiat. It means converting your digital assets and switching them to national tender. Most platforms that offer on-ramping also offer off-ramping.
What you need to know about buying cryptocurrency
While cryptocurrency is famous for being decentralized, it’s important to know that exchanges are regulated. Trading platforms like {funnel name} are generally required to gather certain basic documentation to protect users as well as to avoid the illicit use of cryptocurrency.
It’s a contentious debate but regulation is important for the wide-spread adoption of cryptocurrency, where governments are on-board the use of digital currencies. According to {funnel name} CEO, the more regulation we have in place, the more the market will have a space to flourish:
“Regulation is not about locking the industry in with boundaries, it’s about creating a space where authorities are able to work WITH cryptocurrency rather than against them. More regulation doesn’t mean less use. In fact, the opposite is true.”
So wherever you on-ramp your Bitcoin, it’s almost inevitable that you’ll need to give some information about who you are, regardless of how you decide to on-ramp into crypto. This is a technique for tracking the origin of cryptocurrency transactions. It’s linked to anti-money laundering (AML) and know-your-customer (KYC) protocols.
What would you use crypto for?
Once you have entered the market, there are a few ways you can utilise your digital currencies, and as the market grows, the use-cases are expanding.
Investment and a store of value
As mentioned, cryptocurrency is held by many investors as a way to store value and invest in the future. Over the years, Bitcoin has seen a massive return on investment (ROI) as it has increased enormously with each bull run. Even when dipped in a bear market, the price of Bitcoin and other cryptocurrencies in the market has seen exponential growth in the last few years.
Payments and a way to transact
While it’s most popular as an asset to invest in and trade to make money, there’s more to crypto than the potential for profit. It’s also becoming more and more popular as a payment method for companies that accept crypto as a means of exchange. More and more companies across the world are accepting Bitcoin and crypto payments and letting you buy from them using your digital currencies.
Whatever you use your crypto for, buying it (on-ramping) isn’t difficult. Using {funnel name} lets you buy crypto easily with your fiat and gives you a user-friendly interface for seamless trading and storage.
If you’re a first-time trader or an experienced investor, The BitIndex AI is an excellent way to trade Bitcoin without worrying about watching the market or keeping consistent tabs on price movements. With automatic trading options that use intelligent technology to monitor price action and make timeous trades on your behalf, the experience of Bitcoin and cryptocurrency trading has never been easier.
