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How to Buy Bitcoin Cryptocurrency & Store It for Beginners Step By Step
Recently we’ve talked a lot about how cryptocurrency is shaking up the traditional investor trends that we are used to seeing. Usually, with Cryptocurrency there’s a lot of confusion surrounding how to buy bitcoin, how to safely store bitcoin, and how exactly it all works.
The best place to buy crypto is through an online exchange that allows customers to trade and buy cryptocurrency. The most widely and popular known exchange is Coinbase where you can create both a wallet and buy and sell crypto.
While cryptocurrency has seen some fraudulent coins and shady exchanges, Coinbase has largely avoided any type of controversy. Through this exchange, you can then transfer real money to buy cryptocurrencies such as Bitcoin or Ethereum. The best exchanges that I find are businesses that allow you to withdraw crypto so that you can use your own personal wallet for safer keeping.
Your personal information will be used to validate your identity and legitimacy to connect a payment option. This is similar to opening a brokerage account in a sense. You can use a bank account, debit, or credit card to set up your payment option but typically there are fees associated so double-check with your exchange to see which works best for you. I wouldn’t recommend purchasing with a debit or credit card since they charge really high-interest fees and would purchase with a bank account transfer.
After you have set your payment option within your chosen exchange, you are ready to go. But in order to protect your assets, you’ll want to consider getting a bitcoin or cryptocurrency wallet. This is where you will store your currency once you have bought them. There are generally two types to store crypto through online wallets and hardware wallets where you plug a portable device into your computer. However, you’ll also want to consider that some wallets store certain cryptocurrencies. For example, if you want to buy Bitcoin you’ll need a wallet that can store Bitcoin.
The safest option is to store your crypto on a hardware wallet also known as a cold wallet.
These wallets store a user’s address and private key on something that is not connected to the internet and most typically USB devices.
There are also online wallets that can create vulnerability since these are internet-connected devices. Since they lack security, These wallets are meant for storing small amounts of crypto and can be convenient to make transactions. Some enhances will offer online wallets but it not suggested to store large amounts of your crypto.
Since so many are racing to start with cryptocurrency, they may not be aware of the system and can be prone to hackers who are always finding new ways to get your information.
Currently, there are over 6,000 cryptocurrencies listed across a list of exchanges and it’s incredibly volatile so it’s a good sign when well-known investors buy pieces of the currency. Just as with American dollars there’s no cash flow associated with it so for you to make a profit with cryptocurrency someone has to buy more for the currency than you did. As with every investment, you shouldn’t invest more than what you can afford.
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NOTICE OF RISK: Content is for News & Entertainment purposes only. Do not make accounting, legal, business, personal or financial decisions based on content provided. ALWAYS CONSULT A PAID PROFESSIONAL. The content provided is owned and expressed by ORIGIN, LLC, a multimedia company. Andrew Cartwright is an employed personality and is not LEGALLY responsible for the following content. The information provided is the opinion of Origin, LLC. Always do your own research and always make your own decisions. STOCK MARKET, BUSINESS, AND REAL ESTATE HAVE HUGE RISK
