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How to buy oxen cryptocurrency

how to buy oxen cryptocurrency

This is one of the simplest ways to buy cryptocurrency! Peer-to-peer exchanges remove the middleman (companies like Coinbase) and allow users to buy and sell cryptocurrency from each other directly.

Imagine this: John is interested in crypto and wants to buy some Ether. John could go to Coinbase and buy it from there, but he’d have to use his identity. Amy wants to sell some Ether but doesn’t want to use Coinbase because she doesn’t want to pay any fees.

What if John could just buy the Ether from Amy? That would solve everything! Well, thanks to P2P exchanges, he can! Using a peer-to-peer exchange, John and Amy can avoid the fees and they don’t have to share their identities.

Pretty cool, right?

Let’s look at how to buy and sell cryptocurrency on a peer-to-peer exchange with step-by-step instructions:

  1. Create a free account on a P2P website. Use LocalBitcoins for Bitcoin, and LocalEtherum.com for Ether.
  2. Find a listing that you want to buy from or sell to. Think of this like Craigslist. There are sellers that have set a price that they will sell their Bitcoin/Ether for, and there are buyers that have set a price that they will buy Bitcoin/Ether for.
    • Look for the payment method on the listing — do you want to pay by cash deposit, bank transfer or Western Union?
    • Search for ID requirements — do you want to pay without using your identity or are you okay with using your identity?
    • Look for a buyer/seller that has made a lot of trades and has good reviews/reputation.
  3. Enter the details that the listing is asking for and then submit your trade request
    • The listing normally asks for:
      • Amount: Enter how much you want to spend.
      • Currency: Enter the currency you would like to pay with.
      • Payment method: Choose from the options they have available.
  4. If the seller asks for ID, you normally must do one of these:
    • Send a photo or scan of your passport/driving license;
    • Take a photo of yourself holding your ID (passport or driving license) and a piece of paper in your hand with something written on it — the seller will tell you what they want you to write on it.
  5. If your request is accepted, the amount of Bitcoin/Ether that you ordered will be sent to the website’s escrow.

    Note:An escrow is a secure place that nobody has control over. When the terms and conditions of the trade are met, the Bitcoin/Ether is released to the buyer. If the terms and conditions are not met, then the Bitcoin/Ether is sent back to the seller. This protects both the buyer and seller from fraud.

  6. Send the payment
    • The seller will give you a reference number.
    • If you’re paying via cash deposit:
      • Go to a bank that has a cash deposit machine.
      • Put your cash into the machine.
      • Put the bank details down that the seller gave you and send the money.
      • Write the reference number onto the receipt and take a photo of it.
      • Send the photo of the receipt to the seller.
    • If you’re paying via bank transfer:
      • Log in to your online banking website/app.
      • Set up a new recipient/contact (use the bank details that the seller gave you).
      • Send the money for the Bitcoin/Ether to the new contact and enter the reference number into the ‘reference’ box.
  7. When the seller sees that you have sent the money and used the reference number, they will confirm it with the exchange.
  8. The escrow will release the Bitcoin/Ether and send it to you.

Pros of Buying and Selling Cryptocurrency From a Peer-to-Peer Exchange:

  • There are no fees;
  • You can buy cryptocurrency with cash;
  • With some sellers, you can buy cryptocurrency without using your ID.

Cons of Buying and Selling Cryptocurrency From a Peer-to-Peer Exchange:

  • They are not as easy to use as the cryptocurrency exchanges;
  • They have fewer users, so it can sometimes take a while to find a seller;
  • You must be very careful when choosing a buyer.

Bilateral patterns

Bilateral patterns are patterns that have no structural bias. Generally a bullish cryptocurrency will break upwards from a bilateral pattern, and a bearish cryptocurrency will break downwards from a bilateral pattern. Bilateral patterns include, but are not limited to:

Ascending triangle

An ascending triangle is marked by an uptrend pushing into a horizontal resistance level. As the trend moves closer to the resistance level, the trend lines converge and the price must break up or down. In the case of a break downward, the formation may begin to resemble a double top.

Descending triangle

A descending triangle is marked by a downtrend pushing into a horizontal support level. As the trend moves closer to the support level, the trend lines converge and the price must break up or down. If the price continues downwards, the support level may become a resistance level.

Symmetrical triangle

Symmetrical triangles are patterns that form between an uptrend line and a downtrend line with opposing gradients. Symmetrical triangles indicate an even balance between buyers and sellers. As the price moves horizontally towards the apex of the triangle, price volatility may see a temporary reduction. A significant move upwards or downwards is usually seen shortly after periods of low volatility, as seen in the above example.

Which crypto will make you rich?

Ethereum (ETH) Ethereum, the second-largest cryptocurrency by market cap, is known for being one of the most profitable coins to mine. This thriving community has its unique blockchain network with smart contracts that developers can execute without third-party interference.

Why is Oxen better than Dogecoin?

Dogecoin was created without real purpose. Other than its Reddit-fueled rise to fame, there’s nothing remarkable about it. It’s not the largest or the most popular cryptocurrency like Bitcoin. It wasn’t built to support decentralized applications like Ethereum. And it’s wasn’t designed for privacy like Oxen.

Image source: Getty Images.

Notably, Oxen’s anonymity gives rise to several use cases that could make it more popular than Dogecoin.

First, Blink is Oxen’s payments platform. It combines the security of the Oxen network with one-second transaction times, making it the first and only privacy-centric digital coin to offer near-instant payments.

Second, Session is an encrypted messenger platform built on the Oxen blockchain. It supports anonymous communications without requiring a phone number or email address, and without recording a user’s IP address. If you’re curious, the Session app can be downloaded on Apple and Android devices.

Finally, Lokinet is a routing platform that utilizes the Oxen blockchain to anonymize voice and video calling, applications, and web browsing. This effectively creates a private internet.

All of these use cases address privacy concerns, which have become a hot topic in recent years. In 2020, Alphabet announced that it would stop supporting third-party tracking cookies, making it difficult to serve targeted ads in its Chrome browser. And Apple recently upgraded its iOS operating system to the same effect.

However, Alphabet and Apple still have consumer information, and that data is still stored on central servers that they control. So, for privacy-conscious individuals, Oxen solves that problem. Whether you’re making payments, chatting through the internet, or browsing the web, Oxen allows it to happen anonymously, while storing data in a decentralized fashion.

So Then, What’s the Best Place to Buy Cryptocurrency?

There are more ways to buy cryptocurrency becoming available each year — it is a lot easier now to buy cryptocurrency than it used to be. In fact, most of the ways I have shown you in this guide are very simple if you follow our instructions.

But, which way is the best way…? Is it through broker exchanges like Coinbase? Through P2P websites like LocalBitcoins? Or is it simply by finding your local Bitcoin ATM?

Well, the truth is: it depends on your location and what you want/need.

If you don’t live near a Bitcoin ATM, then it’s probably not the best place to buy a cryptocurrency for you.

Don’t you want to use your ID? Then you might want to think about using a P2P website, like LocalBitcoins or LocalEthereum.

If using your ID isn’t a problem for you and you want to buy cryptocurrency using an app on your phone, then Coinbase might the best place to buy a cryptocurrency for you.

It depends on you. I hope that this guide helped you to work out which way is the best way for you, and that you found our instructions simple and easy to follow. You should now have a good understanding of how to buy cryptocurrency. So, which way did you choose? Let us know!

Note: you should always speak to a financial advisor before making any major investments and never invest more than you can afford to lose.

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Moving Averages

Moving Average (SMA)

Moving Average (EMA)

A Moving Average is an indicator that helps to smooth out volatile price action. The MA is a lagging indicator, which means it is based off past price activity. Moving Averages come in one of two categories: Simple Moving Average (SMA) and Exponential Moving Average (EMA).

The SMA takes the average price over a set period of time, often 30, 100 or 200 days. The EMA utilises a weighted average of those time periods, which means there is more weight placed on recent days, rather than taking an evenly-weighted average of all days within the span being analysed. This is why the moving average lines are closer to the current price in the EMA compared to the SMA.

Moving Average Convergence Divergence (MACD)

The Moving Average Convergence Divergence (MACD) can be somewhat confusing at first. The MACD is a combination of a fast-moving EMA (taken over a shorter period, such as 10 periods), a slow-moving EMA (from a longer period, perhaps 30 periods), and the difference between the two (displayed as a histogram). Generally, when a new trend is forming, the MACD lines will converge and eventually cross each other and begin to diverge, indicating a trend reversal. At the point of the MACD fast and slow lines crossing over, the histogram will show no value as the difference between the fast and slow MACD lines is zero.

Stochastic

The stochastic indicator is a momentum indicator that can help you identify whether a cryptocurrency is overbought or oversold, similar to the Relative Strength Index. However, with the stochastic indicator, overbought levels are between 80 and 100, and oversold levels are between 0 and 20.

How to Buy Bitcoin on a Crypto Exchange

To buy Bitcoin or any cryptocurrency, you’ll need a crypto exchange where buyers and sellers meet to exchange dollars for coins.

There are scores of exchanges out there, but as a beginner, you’ll want to opt for one that balances ease of use with low fees and high security. If you don’t already have an exchange in mind, check out our top picks for the best crypto exchanges.

You can buy BTC on several different crypto exchanges. Here are a few exchanges where you can exchange U.S. dollars for BTC:

  • Coinbase
  • Kraken
  • Bitfinex

Note the terminology of “trading pairs,” such as BTC to Tether (USDT) or USD Coin. In the case of BTC/USDC, bitcoins can be converted into Tether, a stablecoin whose value is pegged to the U.S. dollar. Here are a couple of exchanges that pair BTC to USDC:

  • Binance
  • KuCoin

After choosing an exchange, you have to fund your account before beginning to invest in Bitcoin. Check if your exchange has a Bitcoin wallet built into its platform. If not, you’ll need to find one of your own. Once your account is funded, you can place your first order to buy Bitcoin.

Depending on the platform you’re using, you may be able to purchase it by tapping a button, or you may have to enter Bitcoin’s ticker symbol (BTC). You’ll then have to input the amount you want to invest.

When the transaction is complete, you will typically own a portion of a Bitcoin. It requires a large upfront investment to buy a single Bitcoin now. If Bitcoin’s current price was around $30,000, for example, you’d need to invest that much to buy 1 BTC. If you invested less, say $1,000, you’d get a percentage of a Bitcoin that would equate to about 0.033 BTC.

Which Cryptocurrency will rise in 2025?

The Finder panel expects Bitcoin to jump to an average of $3, 60,179 by 2025. The Standard Chartered research team’s prediction is that Bitcoin’s price would increase to thrice the current value, taking it to the range of $50, 000 – $1,75,000 per BTC.

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