Has the social media wave of crypto also impacted you, but you do not know from where to start? Are you planning to buy a couple of BTCs to curb your curiosity? Is it getting problematic for you to understand how to purchase digital currency? Or have you already started naïve in this market but are confused about the types of crypto wallets? Well, take a sigh of respite because you have just landed on the right page that will answer your above queries. Stick around because it will be easy and understandable in the following paragraphs, even if you are clueless about purchasing and storing crypto.
How to buy Bitcoin or other crypto forms?
This should be the first question of anybody who is yet to start their journey of investing in digital currency. The way a person chooses among cash, card, e-wallets, pay later, and other payment options while buying any other regular commodity/ service, there are some modes of buying crypto. Here are some of the most popular ways existing Bitcoin investors rely on for this process.
- PayPal- Innumerable people across the globe have switched to e-wallets for both online and offline shopping; PayPal is one of the fastest rising e-wallets in the current scenario. Buying crypto from PayPal is super quick and easy. You can buy Bitcoin from an existing PayPal account or create a new one by downloading the application and filling in required details like name, address, phone number, TIN, etc. The con here is that not many traders support this mode.
- Bitcoin ATMs- Yes, there is a thing like that now, and you have the right image in your mind about this process. These work like the typical ATMs from which people withdraw cash connected to their bank accounts. The user will have to convert the withdrawn cash to an online wallet that creates a conversion fee. It is indeed a good and new option to try as an experimental Bitcoin investor; however, it might seem to be unnecessarily expensive.
People also use P2P exchanges and other brokers to buy Bitcoins.
How to store Bitcoin or other crypto forms?
After buying any cryptocurrency, it is now time to address a crucial task: the safe storage of Bitcoin or other digital currencies. Nobody would want a third-party intrusion or exploitation of their funds kept at any place. Similarly, protecting your crypt investment away from theft and other security concerns is imperative. Always use a safe, accessible, and promising platform like Bitcoin transactions for the best experience. Before starting the investment journey, you must also have the best wallet to store it. Choose the most suitable option from the available options as follows:-
- Hot or software wallet- These are more or less as same as other e-wallets that people use nowadays. Its easiness and accessibility are the big attractions. You can download a wallet in the form of an application and begin to store your dear crypto therein. However, the amount of content on the internet about the hacking-proneness of software/ hot wallets is a little problematic. Hence, you must contemplate this option well before choosing.
- Cold or hardware wallet- Opposite to the above type, cold/ hardware wallet is tangible; thus, it is not available as any downloadable application. It stores the key to your crypto account safely as it is away from online hacking. It might be a little inconvenient and not quickly accessible, so watch out for this drawback.
Look for other options like paper and desktop wallets, but people are more drawn to hot or cold wallets. The wallets are accessed via keys. These keys must be kept safe with the users.
Wrapping it up !!!