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How to Buy and Store Bitcoin in 2021: Best Bitcoin Tips and Practices

How to Buy and Store Bitcoin

In today’s era, where every industry is marching towards digitization, the payment industry lacks wither. Cryptocurrencies have opened the path for the sector to grow, and mediums like Bitcoin have capitalized on it comprehensively.

Bitcoin is a significant phenomenon in 2021, making a name throughout the globe. That is why gradually, more people are trying to look for ways to buy Bitcoin. But doing so can prove to be a hassle if you do not possess the knowledge.

The blog will help you learn everything you need to know about Bitcoin in 2021. Here are the top places to buy and store Bitcoin:

Where to Buy Bitcoin?

There are several top places to buy Bitcoin, and they are gradually increasing too. You can easily choose a medium depending on your preference and convenience. Here are your options:

Exchange Platforms

Exchanges constitute a significant part of the crypto community, facilitating the trade of crypto like Bitcoin. It would be best if you found an exchange near your location that meets the anti-money laundering, KYC, and government regulations. You can access them via a phone or desktop from anywhere in the world.

ATMs

Bitcoin can now be purchased at ATMs as well. Buying Bitcoin from an ATM will cost you a 3-8% transaction fee, but the experience will be highly secure. 

All you require is cash and a crypto wallet QR code (more on this later). Once you insert the money and scan your QR code, the funds will be transferred to the wallet. Despite being a newer method, the trend is quickly picking up pace.

P2P

The method is ideal for people looking to remain anonymous and avoid complicated transactions. All you need is to find a local seller, a public place to meet, your wallet, and an internet connection. Depending on the seller, you might be charged a 10% fee for convenience and privacy.

Gift Cards

Several platforms redeem gift cards for Bitcoin. Sometimes, the method can be cheaper than traditional approaches. Occasionally, you may need to show the gift card’s receipt or an online code. You can easily find vendors providing Bitcoin worth approx—60% of the gift cards.

Investment Trust

It’s a collective investment where funds are accumulated by selling shares. BIT (Bitcoin Investment Trust) allows you to avail of BTC without directly buying or storing it. It’s currently the monopoly in the BTC trust sector but won’t remain the same forever.

How to Store Bitcoin Securely?

A wallet is necessary to store Bitcoins securely. It doesn’t mean that the currency is stored within the wallet; it’s just the private keys needed to access the currency and spend it. The keys are required to sign every transaction, and losing them means losing your currency.

Now that you know how to store Bitcoin, let’s understand the different wallet types you can choose from:

Different Types of Crypto Wallets

Web Wallets

These wallets allow you to access blockchains via a browser without installing any software. You can prepare a new wallet with a custom password to operate it. The primary drawback of web wallets is sometimes service providers hold the users’ private keys, making the information vulnerable to a cyber breach.

Mobile Wallets

These wallets are convenient and instant. You can make any payment via the QR code, making them ideal for routine use. It would help if you secured your keys in case the device is stolen or damaged. These wallets are prone to security concerns too.

Desktop Wallets 

These wallets are downloaded on users’ computers. They offer complete user control and are safer than web wallets. However, in case the system is breached, the keys can be stolen too.

Paper Wallets

These wallets are the safest option against theft as it uses two offline QR codes. One holds the public key to receive Bitcoin, and the other has private access to spend the Bitcoins.

Hardware Wallets

These are portable devices you can carry with you to make instant payments. 

Conclusion

Bitcoin is widely renowned, attracting users globally. Buying and storing BTC can be difficult, but the blog has provided simple instructions to execute it. Conclusively, it mainly depends on the user’s demands, for instance, how many Bitcoins a user has, how frequently they will be used for crypto exchanges, the measure of privacy and safety required, etc. Moreover, players can also select a combination of several wallet choices to suit their needs. Every approach entails meticulous research and attention before moving funds into the wallet. If you want to make good money by investing in Bitcoin then you must check out the Bitcoin Profit platform. Read out Bitcoin Profit Reviews to know more about and get more details about this innovative platform.

Timothy Cox
About author

Timothy Cox recently started working with FinanceKnown as a news writer. He covers news stories covering from breaking news, finance, business and economy. He holds master’s degree in journalism. He has a passion for film, news and photography. In his free time, he travels a lot with a camera.
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