How to store Cryptocurrency
When you compare traditional currency to cryptocurrency you will come to the realization that cryptocurrencies are digital. This means that you will need to take a different path towards storing it.
When it comes to cryptocurrency, you store your private key that you use to sign for transactions that need to be securely stored.
There are many types of cryptocurrency wallets and these are:
- Paper – a document that contains a public address for receiving Bitcoin and private keys, that allow you to spend or transfer Bitcoin stored in that address.
- Physical Bitcoin – a coin preloaded with a fixed amount of BTC. Its value cannot be spent as long as the private key is hidden, which is done through a tamper-evident seal.
- Mobile – a mobile BTC wallet that runs as an application on your smartphones and enables you to use it constantly.
- Web – web wallets that store your private keys on a server that is constantly online and controller by a third party.
- Desktop – wallets that are downloaded and installed on your computer that can store your private keys on a hard drive.
- Hardware – a Bitcoin wallet that stores your private keys in a secure hardware device.
- Bank – The Bitcoin Crypto Bank is the first of its kind and is privately owned and operates on the Bitcoin trade market.
How to Buy Cryptocurrency
Bitcoins are a type of virtual currency that you can use for digital purchases or can simply trade like a stick or a bond. To buy, sell and trade cryptocurrencies such as Bitcoin, you need to use an exchange.
The best cryptocurrency exchanges are secure, cost-effective, and convenient to set up and use. They also accept a variety of funding sources.
- All you have to do is sign up with an exchange you like, select buy or sell, and click on the buy field to select an asset you would like to purchase.
- Next, you need to enter the amount you would like to buy denominated in a crypto or your local currency and select your payment method.
- Once you click on preview buy, you need to review everything and confirm your purchase.
- Finally, click on buy to complete the purchase itself and you are done.
- You can now begin trading and selling.
That’s our wrap-up of Cryptocurrencies. We hope that you enjoyed these sections.
We will talk about buying and selling in our Cryptocurrency Trading next….
