Summary: The main driver of the cryptocurrency market is the community itself. The G20 conference was held on July 1, 2019. At the conference, it was declared that cryptocurrency is not identified as a threat to the financial institution, but instead identified as an innovation on how to improve the global economy.
Are you interested in the idea of investing in cryptocurrency? We can help. We’ve provided a free step-by-step guide on how to start today.
Creating a Wallet
- Under your Google Play or App Store application on your mobile device, search for Coinomi Wallet by Coinomi Ltd. We recommend this wallet because the available local Bitcoin machines in Maine are currently compatible with this application. Install the application.
- Once the installation is finished, open Coinomi. On the welcome screen, select Create a New Wallet.
- On the next screen, select 24 words (Paranoid). This is your Recovery Phrase, in the event that you lose access to your mobile device. It is very important to never share this information with anyone, and keep it located in a safe place like you would a valuable.
- Write this Recovery Phrase down on a piece of paper. Once finished, tap I have safely stored my recovery phrase. It is never recommended to rely on only a screenshot, as these are a digital vulnerability.
- Create a password for your wallet. This will be used to send funds or purchase funds on credit card.
- Select the coins you would like to create a wallet address for. Don’t worry, you can always add more coins later.
- Accept the Terms of Service by Coinomi to proceed.
- Select the coin wallet you wish to receive coins with.
- On the next screen, tap on Receive. This will automatically generate an address for you, ready for receiving.
- You will then be provided with a QR code with three options. select Legacy. This is the most compatible QR to accept coins in general.
- Select the coin wallet you wish to send coins.
- Have the second party provide you either their receiving QR code to scan, or their receiving address. Enter that data in the grey Address field.
- Enter the amount you would like to send. You may also tap on Use all funds.
- Tap on Send. It will then prompt for confirmation of correct address.
Buying Bitcoin / Bitcoin Cash / Ethereum
- In the upper left hand corner, tap on the three-lined icon.
- Tap on Buy (Credit Card). Have your Bitcoin address copied to clipboard ready.
- Paste your Bitcoin address to the Bitcoin Address field.
- Tap on EUR and switch it to USD.
- Tap on Continue.
- Tap on Pay Now. It will take a moment to process the payment and then the funds will appear in the selected coin wallet.