LESSON 2.4 ON-RAMPING: Sending a crypto to your hot wallet.
Hi Frenz
You remember in the previous lesson where we talked about onramping as a process where you convert your fiat into assets and seeing that you will need a guide to on-ramp your fiat to get started in the cryptocurrency world alone is enough for us to let you know how to go about it.
You already learned that on-ramping is simply converting your fiat into assets but how do you go about it?
What platforms can you use?
What is the minimum you can buy?
All you have to do is stay with me and let’s unravel the step-by-step process into on-ramping.
What the heck is an "on-ramp" anyway?
To get on the highway, you need a drive into the highway. It's the same with crypto.
An on-ramp is a service that allows you to convert your good old government-issued currency (also known as fiat money) into cryptocurrencies.
Think of it as a bridge between the traditional financial world and the wild-west of digital assets.
Why do I need an on-ramp?
It's like the gateway to the crypto world. Once you're in, you can start exploring the vast space of cryptocurrencies and all the things you can do with them.
How do I choose the right way to on-ramp?
With so many options out there and scams like FTX, it can be difficult to pick the right platform for you.
Here are a few things to consider:
1. User-friendliness: Look for an on-ramp that's easy to navigate and understand. You don't want to feel like you're solving a Rubik's Cube or a mathematical equation just to buy some Bitcoin.
2. Security: Make sure the platform has robust security measures in place to protect your precious fiat money and your future crypto fortune.
3. Fees: Nobody likes hidden fees, right? Check the fee structure of the platform to make sure you're not getting ripped off.
4. Supported currencies: If you're interested in a specific cryptocurrency, make sure the platform supports it.
5. Reputation: Do your research and read reviews to see what other users have to say about the platform.
let’s see how you can buy on Bybit.
If you are new to Bybit you need to first download the app, register by using your email or your phone number and then following the processes until you get verified.
Make sure to activate two factor authentication.
Bye for now
LESSON 2.5: GETTING THE CORRECT ASSET ON THE CORRECT BLOCKCHAIN IN THE CORRECT WALLET.