Bitcoin (BTC) remains the most valuable and popular crypto asset out there. The first cryptocurrency has the largest market share (50% at the time of writing).
Even people who are far from trading and mining think about purchasing BTC. The reason is the fact that the asset is multifunctional. Apart from trading, you can use BTC for a long-term investment, staking, and paying for services and goods. That leaves a question: where and how can one purchase BTC? We are going to discuss it right away.
Where to buy Bitcoin?
There are several ways of purchasing the #1 crypto. For example, centralized exchange or a P2P platform. WhiteBIT and Bitcoin Global are perfect for that purpose.
There are also other methods of buying the asset – BTC ATMs, Telegram bots. You can even exchange internal currencies from online games for BTC. The more popular the crypto becomes, the more ways of purchasing it arise. All of the purchasing methods have their pros and cons. You should examine them before accessing services and buying BTC.
Centralized exchange (CEX)
Experienced traders can place an order to purchase BTC. For the newcomers, it would be easier to buy coins online via bank card or using the exchange feature.
To buy BTC on WhiteBIT, you will need to sign up. Deposits on the platform are fee-free. For withdrawal, you will need to pay 0.0004 BTC. Please also note that to operate with fiat money, users must pass KYC (know your customer) verification.
One of the advantages of buying BTC on a centralized exchange is that you can start trading the asset right after the purchase. Besides, large, credible platforms are secure and eliminate possible scams.
Bitcoin Global is a service where users can buy and sell crypto assets directly from each other. This method of buying BTC is cheap, convenient, and simple due to the absence of a third party. It only takes placing a buy or sell request. The platform serves as a guarantor for the exchange.
These platforms allow users to quickly purchase BTC via electronic payment systems (advcash, Qiwi, GEO pay, and others), bank cards, or fiat money.
How to buy Bitcoin?
How to purchase Bitcoin on WhiteBIT?
For fiat via bank card:
- On the Spot balance page, press “Buy crypto with credit card”.
- Choose an asset and a sum.
- Agree to the platform’s terms of service and press “Proceed to payment”.
Exchange fiat or another crypto for BTC:
- On the “Exchange” page, choose a pair.
- Enter a sum in the field “I give”.
- Click “Exchange” and then press “Yes”.
Add funds to your balance and place an order.
- On the Spot balance page, choose UAH and click “Deposit”.
- Choose a payment method and a sum.
- Click “Request”.
You will be redirected to the chosen payment system interface. Follow the instructions to complete your payment.
You can cancel or manage your order on the Active orders page. You can sell BTC the same way – by placing an order.
What to do with Bitcoin
Where to store Bitcoin?
BTC is stored in the blockchain. However, to operate with the asset, you can get a crypto wallet or sign up on WhiteBIT. It allows you to perform different actions with cryptocurrencies. Any wallet has a private and a public key. You can pick either a custodial or non-custodial wallet.
It is a type of digital wallet where a trustee has access to a private key. Thus, the safety of the assets depends on the developer. For example, wallets on centralized exchanges are custodial.
One of the advantages of such wallets is the possibility of restoring access in case of data loss. Besides, these wallets significantly simplify the work with other instruments on the platform.
The main disadvantages of custodial wallets are the absence of sole access and the probability of losing funds in case of cyberattacks or a blockage of the platform. You should only trust your assets to credible centralized exchanges. WhiteBIT is secure. The platform implements up-to-date technology to prevent and neutralize hacker attacks. Moreover, 96% of the assets are stored offline.
Such wallets imply full control by users. They (users) receive a file with keys and add a passphrase to be able to recover the wallet in case of private key loss.
Non-custodial wallets can be hardware, desktop, mobile, paper, and web.
Some of the popular non-custodial wallets for BTC are Bitcoin.com wallet, Electrum, and Ledger.
The disadvantage of all non-custodial wallets is the inevitable loss of funds in case of losing keys and a passphrase. In such cases, users are the only responsible side.
To conclude, custodial wallets are best for the newcomers who aim to perform lots of operations with their funds. In contrast, non-custodial wallets are perfect for long-term investments.