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What Are Bitcoin Wallets?

Bitcoin Wallets

You must have heard or come across the Bitcoin craze stories on the internet. Some of the early Bitcoin investors turned into millionaires after investing in it when it was launched in 2009. However, if you couldn’t buy Bitcoin then, you can still purchase it now. 

Recent studies show that there is a possibility that Bitcoin prices could soon hit the $100,000 USD mark. Investing or purchasing Bitcoin is very simple. Besides that, you can also invest in other crypto coins such as Ethereum, Solana, or Litecoin, which are cheaper.

If you’re still new to cryptocurrencies, don’t worry. In this guide, we will share some of the benefits of investing in Bitcoin. We will also teach you how you can safely store your crypto coins in a Bitcoin wallet. 

Buying Your First Bitcoins

You can purchase crypto coins from a crypto exchange platform. However, you will need to sign up for an account first. The sign-up process is very simple and will probably take you less than five minutes.

Once your account is up and running, you will need to verify your details. After that, you can add your preferred mode of payment. Most crypto exchange platforms allow users to purchase crypto from their bank accounts using their credit or debit cards.

You will be charged a small transaction fee during the purchase. After you’ve purchased the crypto coins, they will be stored in your online wallet. Crypto exchange platforms offer wallet services. However, one downside is that they don’t give owners the private address to their wallets. 

Premium Crypto Wallets

Crypto coins are digital assets, and as such, are always prone to get hacked by storing your crypto coins in the wallet provided by the crypto exchange platform. You can check out Loop for more on the best hot wallets on the market. Premium Bitcoin wallet services are secure and ensure that you have complete control over your crypto assets.

Premium crypto wallets are classified into two categories: hot wallets and cold wallets. Hot crypto wallets are digital wallets that you can access online. Cold wallets are hardware devices that resemble flash drives. Cold wallets are more expensive than hot wallets and are considered more secure.

Hot wallets are very easy to manage and have more features than cold wallets. You can access your hot wallet from any device as long as you have an internet connection. However, if you’re using cold wallets, you will need a laptop to access your crypto coins.

Benefits of Crypto Coins

Cryptocurrencies are split into two categories: crypto coins and stablecoins. Stablecoins are a special type of cryptocurrency whose value is tied to a fiat currency such as the USD or Euro. 

Crypto coins have been largely successful because they offer plenty of benefits over fiat currencies. Cryptocurrencies are decentralized, meaning that the government or bank institution cannot freeze your assets. Users also have complete control over their assets.

Crypto transactions are encrypted and stored in a blockchain. The coins are globally accepted, meaning that you won’t incur any additional expenses when sending crypto to another person. The transactions are also faster compared to when you send fiat currency to overseas accounts.

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