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CRECSOFinanceA Brief Guide to Buy, Invest & Store Bitcoin

A Brief Guide to Buy, Invest & Store Bitcoin

At present, investment in Bitcoin can result in a huge payoff. Every smart citizen, or netizen, is investing in this blockchain technology and making the path in this hyper-growth investment.

Bitcoin is a peer-to-peer payment network where two users can do transactions securely.

Bitcoin is digital money, and the only difference is that it is decentralized. No central authority is involved in this payment method, and users can manage their transactions themselves.

Guide to Buy, Invest & Store Bitcoin

In addition, you can also invest in Bitcoin exchange or benefit from IRAs and 401 (k)s tax-advantaged accounts.

So, to inform you about how to buy, invest, and store Bitcoin, here is a brief guide. Read on!

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Opt for a User-Controlled Wallet

Created by the pseudonym Satoshi Nakamoto in 2008, Bitcoin is a cryptocurrency that frees users to transact without any involvement of a third party, be it the bank, government, or any other central authority.

Who launched the core of Bitcoin in 2009. Each owner or miner was given a ‘private key’ address that enables the bitcoins sending.

So, the software or user-controlled wallets permitted users to manage their private keys. If you are tech-savvy, using a user-controlled wallet is ideal.

The wallet is similar to digital money and does not need the permission of any third party.

However, with that being said, there are also certain disadvantages, as the central authority is not involved in this network. Your PC or computer might get hacked, or you can lose the private keys provided to you.

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The user-controlled wallets are desktop or web-friendly. Categorized as Simplified Payment Verification (SPV) and full node, the wallets of Bitcoin load the complete blockchain.

Every transaction made on the Bitcoin network is secured in the computer. Generally, the file takes around a couple of days to download. But if you use hardware for a full node, then it will take less time.

Users can also opt for a phone wallet. It is good and much easier to use. Miners or users can use Bitcoin to make payments for items. You can choose from various Android user-controlled mobile wallets as per your choice.

Therefore, it is better to back up your wallet and secure it if you lose your phone to make that wallet on the new device.

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Go for a Hosted Wallet

A third party manages these wallets. They take care of private keys and provide users with a great experience via mobile apps and the web.

It is similar to online banking. All you need to choose is a reliable Bitcoin wallet that securely handles your funds and prevents them from getting hacked.

When you choose a trustworthy mining wallet, you can send a particular amount of money to another wallet, and your identity remains anonymous.

For the security of your wallet, you can select two-factor authentication from Google. For instance, Yubikey (Do not use the phone number as there are chances of account hacking).

Apart from wallets, there are services like cold storage or vaults. In these Bitcoin, keys are secured in the computer without an internet connection.

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Choose Hardware or Vault Wallet

If security is your main concern, you can opt for a vault or hardware wallet. If you do not rely on third-party mining providers, you can trust yourself and go with this wallet.

Holding the keys in this wallet is optional; even you cannot completely rely on the company.

It works both ways. In place of one key, several keys are associated with the Bitcoin address.

Suppose two, three or five that must be signed. The process is similar to company checks in which multiple executives’ signatures are required to pass a certain amount.

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Using a vault wallet is highly secure, and there is no need for the involvement of a third party. However, in this wallet, you must wait to access the funds.

If you are much concerned with security and fear of malware hacking, you can select a hardware wallet. It is a very small device that holds Bitcoin’s private and public keys.

Generally, the USB size is smaller and cannot be connected to the Internet. However, they secure private keys and prevent malware hacking.

How to Get Bitcoin?

Using a user-controlled wallet, you can easily buy Bitcoin from various Bitcoin exchanges: Coinbase, Gemini, and more.

Secondly, you can go to Bitcoin ATM or some local exchange and change the fiat currency like Dollar, Euro, Rupee, or Yen to Bitcoin.

In addition, hosted wallets make Bitcoin mining easy by connecting us to the banking system, and you can purchase Bitcoin from ACH or wire transfer.

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Choose Bitcoin Investment Trust (GBTC)

If you do not want to spend the actual bitcoins and process them in an investment vehicle, then opt for Bitcoin Investment Trust.

It is a tax-advantaged account with beneficiaries. GBTC is a trust that provides Bitcoin securely. GBTC is a publicly traded security that represents 1/10th of Bitcoin.

It comes under IRA, 401(k), and other accounts. Investors can purchase GBTC shares from the issuer and trade them freely on OTCQX by brokerage/ investment accounts and IRA.

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The above-listed are some methods to invest, get and buy Bitcoins. Bitcoin price is getting higher day by day, and every smart city is investing in this blockchain technology.

You should also invest in Bitcoin mining and join the growing Bitcoin community.

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