How to Purchase Bitcoin (BTC) using Compound (COMP)

To buy Bitcoin using Compound, first, find a cryptocurrency exchange that supports the BTC/COMP trading pair, such as Nexo, YouHodler, Binance or BTSE. Create an account, verify your identity, and deposit your COMP into your exchange wallet. Locate the BTC/COMP pair on the trading platform and place an order to exchange your Compound for Bitcoin. If the BTC/COMP pair is unavailable, you can first exchange Compound for a stablecoin like Tether (USDT) or a fiat currency, then trade that for Bitcoin. Be mindful of potential exchange fees, which vary by platform and can affect the total cost of your transaction. In Germany, it’s also important to consider the tax implications of your trades, as capital gains tax may apply to your profits from cryptocurrency transactions.