Buying Some Cryptocurrencies Can Cause Confusion

February 17, 2018 by Adrian Thorpe

I have recently been buying a range of different cryptocurrencies, and following my own advice I have been making small modest purchases of those coins and tokens that I feel do have merit and those that show potential for growth.

However, it has been something of a very sharp learning curve for me doing so, and if you are about to start buying any of the thousands of different coins and tokens that are being launched, then you too are going to find it quite confusing at first!

Take for example my journey into buying Waves, I like the whole idea of Waves and as such do see it is a good cryptocurrency with some excellent potential for growth.

But what appealed to me the most is that from their digital wallet you have access to their own exchange and can if you so desire launch your on tokens with relative ease, and can also store fiat and additional cryptocurrencies in that wallet all of which are stored on the blockchain.

So I set about downloading the digital wallet, making a note of all the private keys, my password and the seed phrase that will give me access to my wallet if my computer ever gives up working for any reason.

The downloading and account opening was an absolute breeze it does have to be said, and then I decided to make a purchase of some Waves which is where things got a little more complicated, and below I will give you an insight into what to expect if you do intend to buying into that cryptocurrency!

Deposit Options for Buying Waves

As you are able to transfer into your Waves digital wallet several other cryptocurrencies including but not limited to Bitcoin and Ethereum and can also store fiat currencies in it too including Euros and US Dollars, there are plenty of ways that you can buy Waves.

You could opt to simply transfer Bitcoin or Ethereum into your digital wallet and then trade them on the built in digital exchange to buy Waves, or you will have the option of making a deposit directly from your bank account.

When doing so however you must first upload identification using the partner Waves has chosen for that task, and when I investigated using that option I was informed it could take a couple of hours or even a week to get my identification documents verified, which put me off choosing that option straight away.

Instead I opted to buy Waves using a debit card, and to do so when logged into the Waves wallet you simply need to click onto the deposit button displayed under the Waves option.

By doing so I was then transferred in a web browser window to the partner who processes credit can debit card deposits.

I entered all my card details and then worked my way through the couple of deposit pages and on the final page I was then informed onscreen that to get my Waves credited to my account, that had been paid for by the way as the payment had already been processed by my bank, I needed to record a small video showing my face, saying a certain phrase and also showing my passport and my debit card!

Verification Process when Buying Waves with a Debit Card

As I sat there reading through the instructions on the banking page on how to upload the video, which simply entails users clicking on the onscreen record button and giving the application permission to use your webcam and microphone I did receive a phone call from the company doing their processing.

You are required to give them a contact number when filling in your details on their banking application, if you are wondering how they knew my number, so make sure you do supply a contact number if you intend to use that service.

The man I spoke to talked me through how to use the recording application; however when I did so and tried to send it into them, again simply by clicking on the onscreen send button, an error message popped up saying the video format was not recognised!

I then made use of the onscreen instant chat help button and was told not to worry I could simply record what they need on my mobile phone and send it into them via email.

When I did so I then received another phone call saying my account with them was fully verified and my Waves are on the way, and they did appear on my wallet in seconds after that phone call.

I was then also told that as my account was now verified I would not need to go through the verification process again, from start to finish trying to buy Waves with my debit card it took me 48 minutes. However, next time I buy any with my card it should be completed in seconds as my account is verified.