+51.91% growth: How to Buy Bluekey (BKY) — A Step by Step Guide
+51.91% growth: How to Buy Bluekey (BKY) in 2020 - A Step by Step Guide
Beginner's guide to buy Bluekey with cash/bank transfer or credit card, and how to store them safely on hardware…
What is BKY?
Bluekey aims to build a financial ecosystem on the Ethereum network in Africa and beyond. Bluekey leverages on the Ethereum network using its native utility token, BKY to offer financial inclusion via four main products — GalaxyWallet, GalaxyExchange.net, BluekeyPay.com, and BluekeyMarket.com . GalaxyWallet aims to solve the banking services issue. GalaxyExchange handles crypto-fiat exchanges in a p2p manner. BluekeyPay aims to provide p2p loans. BluekeyMarket aims to help entrepreneurs start online businesses by renting virtual stores at Bluekey e-Market.
Currently BKY is being ranked 2180 on Coinmarketcap and has recently surged a hefty 51.91% at the time of writing.
BKY has been listed on a number of crypto exchanges, unlike other main cryptocurrencies it cannot be directly purchased with fiats money. However You can still easily buy this coin by first buying Bitcoin from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy BKY.
Step 1: Register on Coinbase
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC) or Ethereum (ETH). We will use Coinbase here as it is one of the largest crypto exchanges that accepts fiat deposits. Use this link to register at Coinbase and you will receive a free amount of $10 worth of BTC after buying $100 worth of cryptos.
Type your email and click ‘Get started’. Make sure you provide your real name as Coinbase will need it for account verification. Choose a strong password so that your account isn’t vulnerable to hackers.
You will receive a confirmation email. Open it and click on the link within. You will then be required to provide a valid mobile number to setup two-factor authentication (2FA), it is an extra layer to the security of your account and it is highly recommended that you keep this feature turned on.
Follow the next step to finish your identity verification. These steps are a bit daunting especially when you are waiting to buy an asset but just like any other financial institutions, Coinbase is regulated in most countries such as the US, the UK and the EU. You can take this as a trade-off to using a trusted platform to make your first crypto purchase. Good news is that the whole so called Know-Your-Customers (KYC) process is now fully automated and it shouldn’t take more than 15 minutes to finish.
Step 2: Buy coins with fiat money
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer. You will be charged higher fees when using cards but you will also make instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence, some countries will offer instant cash deposit with low fees, such as iDeal in some European countries.
Now you are all set, click the “Trade” button at the top left, choose the coin you want to buy and confirm your transaction…and congrats! You’ve just made your first crypto purchase.
Step 3: Transfer your cryptos to an Altcoin Exchange
But we are not done yet, since BKY is an altcoin we need to transfer our coins to an exchange that BKY can be traded, here we will use P2PB2B as our exchange. P2PB2B is a popular exchange to trade altcoins and it has a large number of tradable altcoins pairs. Use this link to register your new account.
After going through a similar process as we’ve done before with Coinbase, you will be adviced to set up 2FA authentication as well, finish it as it adds extra security to your account.
Step 4: Deposit BTC to exchange
Good news: since we are trading crypto-to-crypto pairs, there is no need to go through account verification. Just head to the deposit section at the dashboard.
If this is your first time making a crypto deposit, the screen here may look a bit scare. But don’t worry, it’s basically simpler than making a bank transfer. At the box on the right you will see a string of random numbers saying BTC address, this is a unique public address of your Bitcoin wallet at P2PB2B and you can receive Bitcoin by giving this address to the person to send you the funds. Since we are now transferring our previously bought bitcoin on Coinbase to this wallet, click on “Copy Address” or right click on the full address and click copy to grab this address to your clipboard.
Now head back to Coinbase, go to Portfolio page and click on Bitcoin on your asset list, then click on “Send” on the right.
Under the Recipient field, paste the wallet address in your clipboard, for security consideration you should always check if both address are matching. It is known that there are certain computer malwares that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
Click “Send” to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to P2PB2B!
Now go back to P2PB2B and head to your exchange wallets, do worry if you haven’t seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
You should receive a confirmation notification from P2PB2B once your deposit has arrived. And you are now finally ready to purchase BKY!
Step 5: Trade BKY
Go back to P2PB2B, then go to Exchange>Basic. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let’s get our heads around this.
In the right column there is a search bar, now make sure “BTC” is selected as we are trading BTC to altcoin pair. Click on it and type in “BKY”, you should see BKY/BTC, select that pair and you should see a price chart of BKY/BTC in the middle of the page.
Below there is a box with a green button that says “Buy BKY”, inside of the box, choose the “Market” tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click “Buy BKY”. Voila! You have finally bought BKY!
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once BKY get listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
Last Step: Store BKY securely in hardware wallets
- Thousands of tokens/cryptos supported
- Rich documentation online available
- Open-sourced firmware
- Easy to set up and friendly interface
- Can be used with smartphone and tablet
- Lightweight and Portable with built-in re-chargeable battery
- Support most blockchains and wide range of (ERC-20) tokens
- Multiple languages available
- Built by a well established company found in 2014 with great chip security
- Affordable price
If you are planning to keep(“hodl” as some may say, basically misspelt “hold” which get popularised over time) your BKY for a considerable long time, you may want to explore ways of keeping it safe, although Binance is one of the safest cryptocurrency exchange there had been hacking incidents and funds were lost. Because of the very nature of the wallets in exchanges they will be always online(“Hot Wallets” as we call them), therefore exposing certain aspects of vulnerabilities. The safest way of storing your coins to date is always putting them into a type of “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds, reducing the chances of hacking incidents. Paper wallet is a type of free cold wallet, it’s basically an offline-generated pair of public and private address and you will have it written somewhere, and keep it safe. However it is not durable and is susceptible to various hazards.
Hardware wallet here is definitely a better option of cold wallets. They are usually USB-enabled devices that store the key information of your wallet in a more durable way. They are built with military-level security and their firmwares are constantly maintained by their manufacturers and thus extremely safe. Ledger and Trezor and are the most popular options in this category, these wallets cost around $50 to $100 depending on the features they are offering. If you are holding your assets these wallets are a good investment in our opinion. Use this link to buy Ledger and use this link to buy Trezor.
Frequently Asked Questions
Can I buy BKY with cash?
There is no direct way to buy BKY with cash. However, you can use marketplaces such as LocalBitcoins to first purchase Bitcoin, and finish the rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
Buy Bitcoin from local sellers
LocalBitcoins is a peer-to-peer Bitcoin exchange. It is a marketplace where users can buy and sell Bitcoins to and from each other. Users, called traders, create advertisements with the price and the payment method they want to offer. You can choose to buy from sellers from a certain nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when you can’t find your desired payment methods anywhere else. But prices are usually higher on this platform and you have to do your due diligence to avoid getting scammed.
Are there any quick ways to buy BKY in Europe?
Are there any alternative platforms to buy BKY or Bitcoin with credit cards?
Yes. Changelly is also a very easy to use platform for buying Bitcoin with credit cards. It is an instant cryptocurrency exchange that allows you to exchange crypto fast and buy it with a bank card. Its user interface is very easy to use and the buying steps are pretty self-explanatory.