How to Store Bitcoin After You Buy It

https://eclipcoin.com/blog/storebitcoin
Bitcoin is going up rapidly. You can never know when it’s going to turn back, but you should at least try to diversify your investment portfolio. If you do not wish to take high risks by trading in real-time, just purchase BTC and store it elsewhere.

Yes, after you purchase bitcoin, you will need a place to store it. That is where you may get stuck. While exchanges like Eclipcoin exist for buying/selling tokens, for keeping them, a buyer should register a wallet.

How does it look like with fiat money? Say, you wish to convert British pounds into Polish zlotys. You bring the cash to the exchange on the streets and hand over the desired amount to them. They take a cut and provide what is left in zlotys. You then put the obtained cash in your pocket, bag, or wallet, and the last variant is the safest one, of course. The only difference between exchanging fiat money and cryptocurrency is that the second type of transaction is digital. Also, everyone who buys Bitcoin needs certain things.

WHAT A BITCOIN INVESTOR NEEDS

  • A crypto exchange account
  • Identification docs (if you’re using a Know Your Customer (KYC) Platform)
  • Safe Internet connection
  • Payment method (card, system, bank transfer, etc.)
  • Wallet outside of the exchange account (optionally)

You may wonder what KYC stands for: it is a standard in the investment field that makes sure that experts who recommend where to invest are well-aware of their client’s risk tolerance, knowledge of trading/investment, and financial status. It’s about defending both investors and their counselors. The main idea of those who recommend is to explain what and why to add to the investment portfolio (how to diversify it in the best possible way). The decisions are made based on client acceptance policies, transaction tracking, and risk management.

“Buying and storing Bitcoin online remains a more popular and common method than keeping tokens offline (e.g., ATMs and P2P exchanges). It makes sense as the second category imposes high fees and is not very convenient. Now, let’s say, you have found a place to buy Bitcoin safely. You need to save your coins somewhere. Here is how you register an e-wallet for keeping crypto…”

There are several cool wallets on the web, just like Coinbase. This company does not offer a separate mobile app but is perfectly optimized to work on mobile devices. You should make sure that the wallet of your choice has a good reputation. It will be your Bitcoin store for a while. You can switch to another option like a hardware wallet at any time, but you should have something to transfer by that time. It would be a pity to lose your tokens only due to poor security measures. So, how to buy and store bitcoin?

How to Store Bitcoin: Step-by-Step Instructions for Dummies (and Even Pros)

Many services offer wallets for storing your Bitcoin. Unfortunately, Eclipcoin does not have one yet, so you can buy tokens there and hold them on Coinbase or Binance. In any case, experts do not recommend purchasing and saving crypto in one place as it is rather risky. You may look for an option on the App Store or Google Play. Check out the review on the crypto wallet first. I will explain how to store bitcoin on the example of Coinbase — after all, these platforms are pretty much similar when it comes to registration and terms and conditions.

No one can grab your BTC unless you put this cryptocurrency under the threat by ignoring the safety measures. You should not save your private key (it’s like a card PIN) on the device that might get into someone else’s hands. Some platforms will save your private key, but it is not 100% protected though the cases of hacking Bitcoin wallets are not common. Remember: if you forget your private key, you stay without your tokens. Then, the money will be still there, but you won’t be able to access them, and no one will be able to help. You also risk losing coins if any government obtains control over cryptocurrencies and decides to shut down the basic exchanges and crypto wallet companies.

Anyway, you may kick start trading BTC at Eclipcoin, Coinmama, Binance, Coinbase today as no threats are currently visible (except for the market’s volatility). Big chances are never small stakes, babe! Investing at least part of your cash is better than sitting and waiting for a wonder. It will not grow just like a tree without water.

Create Personal Account

The process may remind you of registering a bank account. It may remind you of signing up with PayPal, Skrill, or other popular payment systems. You should be ready to provide plenty of documents if you plan to buy bitcoin in large volumes. However, you can get your crypto wallet completely online without having to attend physical premises and waste time in irritating waiting lines. The business hours also do not exist — you can apply for a crypto wallet and obtain one at any moment. Right, the process is a bit less intensive and tiring, but you may be asked to re-send documents several times if they are outdated or unclear. The images should be of high resolution to correspond to the quality expectations.

  1. Do not expect that attaching a national passport or ID card alone is enough to get a place where to store bitcoin. You will get back various forms that you have to fill out or simply sign. Read the terms and conditions carefully as every service might have slightly different rules and commissions. The fact that you can fulfill everything online should cheer you up, anyway.
  2. For the beginning, fill in the boxes and confirm the application by clicking on the link in your inbox. Provide accurate and active email addresses! The regulatory compliances are different for various regions, so mind that.
  3. Except for the image of your ID, you might have to provide a selfie with it as well. The verification procedure might last for some time, so be patient. It depends on the quality of your documents and their relevance. They should not be outdated (older than six months, in most cases).

Link a Source of Funds

Choose how you wish to purchase Bitcoin. Bitcoin store locator is an option for people who are willing to go to the physical location and pay high fees. On the other hand, this method provides certain guarantees and is rather safe. Every approach has its pros and cons. Evaluate every option carefully. Some would prefer a hardware blockchain wallet. Mining is a really secure way to get cryptocurrencies, but it may take a while to cover your expenses.

Okay, let’s get back to the registration process on the example of Coinbase. Add a payment option to the newly created account just like you did with the online taxi or delivery account. Select a debit or credit card. Credit cards guarantee lower thresholds. Mind that not all banks allow their clients to spend money on crypto. You might say that it’s unfair and they have no right, but they do, actually. You can always complain and see what happens.

Go Back to the Buying Stage

Accounts should show up at the bottom of a native Coinbase application (or its analogy in another crypto wallet). Pick the token that you believe will show the best results in the future. Start entering the code of the crypto to check if it is on the list. To get bitcoin and ethereum, for instance, type in BTC and ETH. This way, you won’t confuse them with their analogies or imitators.

As they say, invest only what you are ready to lose. If you are going to store Bitcoin, not trade it, then you do not have to worry much. The price is jumping every day, so you can retrieve some money each time the price goes up rapidly, and leave the rest to work for you. Experts also recommend investing in at least two cryptocurrencies, and we support this position. It is better to choose a long-term position to obtain visible results.

“Many people think by mistake that they are not obligated to pay any taxes as they keep their money in cryptocurrency. That is another myth! Bitcoin is taxable as any type of revenue. Thus, you’d better track your transactions right from the get-go or you’ll find yourself in the right mess at tax time.”

Just for Fun

So, here we go! You can proudly tell your friends and mom that you own some crypto now. To become a tough investor, you may add stocks, bonds, and securities to your list. However, know when to stop not to lose everything. Enjoy the ride offered by the volatile markets — keep an eye on the price, especially if you trade short-term. Share the secret with your buddies. Perhaps, you will make your dreams come true one day thanks to the value of Bitcoin! You may start buying BTC at Eclipcoin now!

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