Since bitcoin was launched, the number of interested investors has been on the rise. Most people consider it the most valuable crypto coin out there. These days, investing in bitcoin is a straightforward process.
However, most crypto investors downplay the need to have a bitcoin wallet. In this guide, we will highlight various ways via which you can buy Bitcoin. The article will also share reasons why you need a bitcoin wallet.
Bitcoin is one of the most valuable crypto coins out there. If you’re planning to invest in bitcoin or any other crypto coin, various platforms can help you do so. However, please do some research on the crypto market before you invest.
If you’re a newbie, we would suggest buying bitcoin from crypto exchange platforms, and the reason why is because they are simple to use. In addition, they offer free wallet services. There are plenty of exchange platforms these days.
You need to register for an account and have it verified before you can start buying bitcoin. Besides that, you will have to set your preferred mode of payment. Most exchange accounts support the use of credit and debit cards. Once all is set, you can then proceed to buy bitcoin or any other crypto coin of your choice.
The other option you can use is P2P platforms, otherwise known as peer-to-peer websites. They work in an almost similar manner to exchange accounts. However, you don’t need to verify your account and transactions are much faster than exchange sites.
P2P platforms link buyers to sellers who are otherwise known as crypto merchants. When you sign up, you will meet various merchants selling different crypto coins. They often offer subsidized rates as compared to attract more clients. The platform provides escrow account services to prevent scamming.
Why You Need a Bitcoin Wallet
If you’re going to use P2P platforms, you will need a private bitcoin wallet. The reason is that most P2P platforms don’t offer wallet services. Having a wallet is crucial even when you’re using exchange accounts.
A private wallet gives you 100% control over your coins. This means that even if the exchange account platform goes under, you will not end up losing your coins. There have been cases where exchange account platforms have gone bankrupt.
Some people often neglect the need of having a private wallet because they fear incurring high transaction fees. This can be tricky, but if you have large amounts of bitcoin or altcoins, storing them in a private wallet is always the best option.
There are different types of crypto wallets available. It would be best if you did adequate research before selecting your go-to option. Most of the bitcoin wallets available are free to use. Some wallets do offer extra services such as fiat loans using your crypto savings as security. You can also earn interest from your crypto savings.
Keep in mind that storing your crypto in a private wallet is always safer and offers you complete control of your investment.