How to buy and store Bitcoin?
Bitcoin is one of the hot new investments nowadays. We all see the potential and risk of Bitcoin. So, how to buy and store Bitcoin safely and effectively is critical to all crypto investors.
Before investing your hard-earned money in Bitcoin, you may read the following article, which is a simple and complete guide for crypto investors on how to buy and store crypto in a safe way.
How to buy Bitcoin?
buy bitcoin with Credit Card, Apple Pay Google Pay on Bitget
You can directly purchase Bitcoin with credit card, Apple Pay and Google Pay on Bitget. It is a simple and direct way for new crypto investors to buy Bitcoin using Visa, MasterCard or your smartphone.
Trade Bitcoin
Bitget supports the deposit of more than 800 cryptocurrencies, including Bitcoin and Ether. You can first deposit in your Bitget account. Then, you can exchange for Bitcoin at the rate you desire on the market.
Purchase Bitcoin Directly (P2P)
You can purchase Bitcoin directly from another individual in person or over the web in your own way. Register and you may buy Bitcoin from the user of Bitget directly.
What are the Safest Ways to Store Bitcoin?
As no intermediate like banks to manage or protect your Bitcoin, you are responsible for the storage as an owner.
There are several options for storing cryptocurrency like Bitcoin. Once you know more about each storage method, you can choose the way that will guarantee the safety of your Bitcoin.
Ways to Store Bitcoin
| Cold Storage |
Hot Wallet |
Custodial Wallet(like your Bitget’s wallet) |
Paper Wallet |
|
| How it works |
Hardware that stores crypto offline |
Application that stores crypto online |
Another party, such as a crypto exchange, stores your cryptocurrency |
Physical storage of private crypto keys |
| Benefits |
Highest level of security |
Convenience and ease of use |
Simplest option and most convenient. |
Free way to store crypto offline |
| Risk |
Cost of device and inconvenience |
Security risk of storing crypto online |
Security risk of the another party |
Inconvenience and risk of losing wallet |
| Average cost |
$50 to $150 |
Free |
Free |
Free |
Many investors hold on to their Bitcoin for long term investment. Bitcoin can be stored safely on the Bitget wallet, which is the industry-leading and trusted security on risk controlling, backed by Suntwin Technology, Qingsong Cloud Security, HEAP, and Armors.
Cold Storage
A cold wallet is an offline crypto wallet.The most common type of cold wallet is a hardware wallet.
Hardware wallets are small devices that connect to your computer and store cryptocurrency. They connect to the internet when sending and receiving cryptocurrency.
Each hardware wallet has a recovery phrase. This phrase allows you to recover your coins even if you lose the device itself. It's important to keep this safe because anyone who has it could take all your coins.
While your crypto is offline, it can't be stolen by hackers. That’s why it enjoys the highest level of security.
Hot Wallet
A hot wallet is an application that stores cryptocurrencies online. It can be a desktop or mobile app.
Like hardware wallets, hot wallets come with a recovery phrase. You can use this phrase to get your crypto back if you ever lose access to the hot wallet.
Even compared to a cold wallet, a hot wallet is more simple and convenient. However, hot wallets are facing the risk of being hacked.
Paper Wallet
Paper wallet is a kind of cold storage. It is available as a printout of public and private keys, usually as both a string of characters or scannable QR codes.
The public key acts as an address for the wallet that can be deposited in cryptocurrency. The private key acts as the password of the wallet that can prove your ownership of the wallet. You are free to share the public key with other people for deposit, while the private key should be kept secret.
The security of paper wallets acts the same as cold wallets and it's free. But if you don't back up the private key and lose it, you can no longer access your bitcoin wallet unless you figure out what your private key is.
How to send, receive and exchange Bitcoin?
If you want to transfer assets between two accounts in Bitget, please follow the instructions below:
-
Log in to Bitget account
-
Click Assets
-
Click Withdraw
-
Click Internal Funds Transfer
-
Enter Phone Number/Email/UID
-
Enter Amount
-
Submit and then transfer completed
How to convert Bitcoin to Fiat Currency on Bitget?
First, Log in to the Bitget account and select the fiat currency you want.
Then, you can enter the amount and choose the crypto you want to trade out.
After that, you select a third-party service provider and payment method, click on the button.
Finally, please verify your identity information and complete the payment on Bitget and third-party service provider websites. After the transaction is completed, you can view the transaction record and the order details on the third-party service provider website.
