What Is Bitcoin? (Part 2)

Storing, buying/selling, sending/receiving Bitcoin

Logo Of Bitcoin (“BTC” for short)

Hello, in this short medium blog I will explain how to store Bitcoin, how to buy/sell Bitcoin, and how to send/receive Bitcoin. Let’s start.

To store Bitcoin, or any crypto, you have 2 choices: Hot or cold wallet.

Hot wallet:

Online wallets are also known as “hot” wallets are wallets that run on internet-connected devices like computers, phones, or tablets. This can create vulnerability or risk because these wallets generate the private keys for your coins on these internet-connected devices. While a hot wallet can be very convenient in the way you can access and make transactions with your assets quickly, they also lack security.

Cold wallet:

Another type of wallet, and the safest option for storage, are cold wallets. The simplest description of a cold wallet is a wallet that is not connected to the internet and therefore stands at a far lesser risk of being compromised. These wallets can also be referred to as offline wallets or hardware wallets.

These wallets store a user’s address and private key on something that is not connected to the internet and typically come with software that works in parallel so that the user can view their portfolio without putting their private key at risk. So basically we can call these wallets offline wallets too. They don’t need to be connected to the Internet.

Buying/selling Bitcoin is actually not that hard. There are many crypto exchange websites like Binance, Coinbase, or Kraken. You can create an account and directly buy crypto with a debit card. Here are some websites to buy Bitcoin.

Once you create an account, most of them require KYC to buy/sell Bitcoin. KYC means “Know Your Customer”. You need to verify yourself with a passport, id, etc.

You are Ready! Now What?

Well, you have done the hardest part. Now you need to find at what price you are going to buy. It is completely up to you at which price do you want to buy. That is what we call “DYOR”. DYOR means “Do your own research”. It is actually easy to understand. Do your own research when you buy/sell.

Receiving Bitcoin

Open your exchange/app in which you will receive crypto and select Receive.

2. Choose which wallet you want to receive Bitcoin to. Make sure you select a BCH wallet if you are receiving Bitcoin Cash or a BTC wallet if you are going to receive Bitcoin.

3. Your chosen wallet will generate an address that lets you receive coins. Copy this by tapping the QR code if you’re on mobile, or by clicking it if you’re on a desktop.

4. Provide this address to the cryptocurrency exchange or person sending you Bitcoin.

5. Or, if you’re in person, the sender can simply scan your wallet QR code with their device.

Open the exchange/app in which you will send your crypto and select “Send”.

2. Copy and paste the recipient’s wallet address into your own wallet app. Or, if you’re in person, select “Scan QR Code” and simply scan it with your app.

3. Choose which wallet you want to send Bitcoin from. Make sure you select a BCH wallet if you want to send Bitcoin Cash or a BTC wallet if you want to send Bitcoin.

4. Enter how much you want to send and select “Next”.

5. Carefully check that you’re happy with the details and then Slide to send.

6. Or, if you’re wanting to move money between your own wallets, select Transfer between wallets in the send section of your app.

Keep in mind, not every crypto transfer takes the same time. Sometimes it can even take up more than 10 minutes or even an hour.

Conclusion

Personally, buying/selling Bitcoin is easier than stocks. Stocks are hard to buy/sell, they have commission, etc. But cryptocurrency is risky and again, “DYOR”.