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How to Buy and Store Bitcoin in Your Wallet?

How to Buy and Store Bitcoin in Your Wallet?

Wednesday June 12, 2019,

3 min Read

How to Buy and Store Bitcoin in Your Wallet?

Bitcoin is one of the most prestigious cryptocurrencies to date, although, there are many Altcoins already exists for trading. Bitcoin can be purchased through reliable bitcoin exchanges and from bitcoin holders in the crypto market. There are many people holding bitcoins and offering to sell them. Before buying bitcoin, you must possess a secured wallet to store them safely. The Bitcoin stored in a wallet should have a secure password. We can now see how to buy bitcoin as well as to store it.

Buying Bitcoin:

Get Bitcoin Wallet

You can search for the bitcoin wallet over the internet, and you can install it in offline mode. However, you must put a strong password to secure the wallet. It is merely a software programming which gets installed in your computer, mobile or other digital gadgets. There are several bitcoin wallets available online and offline for use. While selecting your bitcoin wallet, you should keep the security level on a high priority because bitcoin is simply a digital currency

Open Account in Exchange

You need to open the bitcoin account in a reputed exchange, by the analysis of services and cost involved in the transaction. You are suggested to choose any legit exchange which is already running with the correct market name so that you may not worry about the hidden cost or fraudulent activities. By opening your account, you can access live price and authorized to buy bitcoins through them.

Select Payment Method

There are multiple payment modes for your bitcoin purchases using major fiat currencies like US Dollars, Pound and also by other crypto coins like ethereum. In most instances, the payment mode you choose for buying your bitcoins is the same for your bitcoin withdrawals.

Buy Bitcoin

When there are fiat currencies or altcoins available, you can use those to buy the bitcoins with the help of your trading platform or system. This process is simple that you have to transfer the equivalent amount against bitcoin into the designated wallet or account, and it takes some time to validate your transaction. After that, you receive the bitcoin instantly. 

Storing Bitcoin in your wallet

It is a common phenomenon that when buying or before buying bitcoins, one should first decide where to store the Bitcoins. Bitcoins stored in the wallet can be accessed by his\her bitcoin address only using a secure private key. Bitcoin wallets might be accessible either online, mobile, computer, on digital storing devices and even on paper.

There are many wallets available, and they are an online wallet, Software wallet, Hardware wallets, Electronic wallets, Mobile wallets, and Paper wallets.

You are advised to choose the best wallet so that it may be fully secured and convenient. Online wallets are available for transactions, only when connected to the internet. A software wallet is a programmed kind which keeps your keys secure while hardware wallet is better because you can keep it offline. Traders also use electronic and mobile wallets for shopping. Eventually, a paper wallet is also appropriate where you can write down your private key and keep it secured.