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What to know before you buy Bitcoin
- Trade popular and trusted cryptocurrencies like Bitcoin, Ethereum, and Dogecoin among dozens of others
- Earn up to $35 worth of crypto with their Coinbase Learn video tutorials
- Extremely simple user interface
- Easy to take money out of investments - high liquidity
Why you need a Bitcoin wallet or crypto exchange
- Paper wallets: A paper wallet stores your passwords on paper or other physical medium. Then, storing this in a safe place is up to you. This method is harder for someone to steal your access information. However, it can easily be lost or misplaced.
- Hardware wallets: This wallet uses a physical device, usually a thumb drive, to store your password keys. You can carry it with you or keep it on your person at all times, but like a paper wallet, it can get misplaced or lost.
- Online wallets: Also referred to as hot wallets, these wallets are online or app-based and store your password information digitally so you can send, receive, and use your cryptocurrency. A hot wallet relies on the Internet, whereas a cold wallet does not need the internet.
- Trade popular and trusted cryptocurrencies like Bitcoin, Ethereum, and Dogecoin among dozens of others
- Earn up to $35 worth of crypto with their Coinbase Learn video tutorials
- Extremely simple user interface
- Easy to take money out of investments - high liquidity
Where to buy Bitcoin
Coinbase
Binance
PayPal
Robinhood
eToro
Bitcoin ATMs
- Trade popular and trusted cryptocurrencies like Bitcoin, Ethereum, and Dogecoin among dozens of others
- Earn up to $35 worth of crypto with their Coinbase Learn video tutorials
- Extremely simple user interface
- Easy to take money out of investments - high liquidity
What can I do once I purchase Bitcoin?
- Hold or store it: You can either hold your Bitcoin in the account where you purchased it from, or a more secure method is to store it in your digital wallet. If you are holding it, it's because it's an investment, much like buying into the stock exchange.
- Sell it: If you want to sell Bitcoin, you should confirm if the account you purchased it from also allows you to sell it.
- Convert it: Some accounts, such as Coinbase, allow you to convert a portion of your Bitcoin to another form of crypto.
- Transfer it: Bitcoin can be transferred to someone else virtually.
- Spend it: Several places now accept Bitcoin, meaning you can spend it the way you would with paper currency. You can buy gift cards, travel, and many other items through retailers accepting Bitcoin.
- Donate it: Online charities allow you to donate your BTC.
Pros and cons if you choose to purchase Bitcoin
- Potential to make money
- May help you diversify your portfolio
- Transactions are immediate
- Transactions are anonymous
- Potential to lose money
- No regulatory oversight of your purchase
- Risk of cyberhacking your Bitcoin
- No refund once a transaction has occurred
- Trade popular and trusted cryptocurrencies like Bitcoin, Ethereum, and Dogecoin among dozens of others
- Earn up to $35 worth of crypto with their Coinbase Learn video tutorials
- Extremely simple user interface
- Easy to take money out of investments - high liquidity
The bottom line
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Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.