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What is Bitcoin (BTC)?
Bitcoin basic info
Welcome to Bitget - the world’s fastest growing crypto derivatives trading platform.
Bitcoin is one of the hot new investments nowadays. We all see the potential and risk of Bitcoin. So, how to buy and store Bitcoin safely and effectively is critical to all crypto investors.
Before investing your hard-earned money in Bitcoin, you may read the following article, which is a simple and complete guide for crypto investors on how to buy and store crypto in a safe way.
Contents
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What are the Safest Ways to Store Bitcoin?
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How to send, receive and exchange Bitcoin?
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How to convert Bitcoin to Fiat Currency?
How to buy Bitcoin?
Buy Bitcoin withCredit Card, Apple Pay Google Pay on Bitget
You can directly purchase Bitcoin with credit card, Apple Pay and Google Pay on Bitget. It is a simple and direct way for new crypto investors to buy Bitcoin using Visa, MasterCard or your smartphone.
Don’t have an account on Bitget yet? Register a Bitget account now.
Trade Bitcoin
Bitget supports the deposit of more than 200 cryptocurrencies, including Bitcoin and Ether. You can first deposit in your Bitget account. Then, you can exchange for Bitcoin at the rate you desire on the market.
Purchase Bitcoin Directly
You can purchase Bitcoin directly from another individual in person or over the web in your own way. Register and you may buy Bitcoin from the user of Bitget directly.
What are the Safest Ways to Store Bitcoin?
As no intermediate like banks to manage or protect your Bitcoin, you are responsible for the storage as an owner.
There are several options for storing cryptocurrency like Bitcoin. Once you know more about each storage method, you can choose the way that will guarantee the safety of your Bitcoin.
Ways to Store Bitcoin
Cold Storage |
Hot Wallet |
Custodial Wallet(like your Bitget’s wallet) |
Paper Wallet |
|
How it works |
Hardware that stores crypto offline |
Application that stores crypto online |
Another party, such as a crypto exchange, stores your cryptocurrency |
Physical storage of private crypto keys |
Benefits |
Highest level of security |
Convenience and ease of use |
Simplest option and most convenient. |
Free way to store crypto offline |
Risk |
Cost of device and inconvenience |
Security risk of storing crypto online |
Security risk of the another party |
Inconvenience and risk of losing wallet |
Average cost |
$50 to $150 |
Free |
Free |
Free |
Many investors hold on to their Bitcoin for long term investment. Bitcoin can be stored safely on the Bitget wallet, which is the industry-leading and trusted security on risk controlling, backed by Suntwin Technology, Qingsong Cloud Security, HEAP, and Armors. You may register on Bitget and start owning a Bitcoin wallet.
Cold Storage
A cold wallet is an offline crypto wallet.The most common type of cold wallet is a hardware wallet.
Hardware wallets are small devices that connect to your computer and store cryptocurrency. They connect to the internet when sending and receiving cryptocurrency.
Each hardware wallet has a recovery phrase. This phrase allows you to recover your coins even if you lose the device itself. It's important to keep this safe because anyone who has it could take all your coins.
While your crypto is offline, it can't be stolen by hackers. That’s why it enjoys the highest level of security.
Hot Wallet
A hot wallet is an application that stores cryptocurrencies online. It can be a desktop or mobile app.
Like hardware wallets, hot wallets come with a recovery phrase. You can use this phrase to get your crypto back if you ever lose access to the hot wallet.
Even compared to a cold wallet, a hot wallet is more simple and convenient. However, hot wallets are facing the risk of being hacked.
Paper Wallet
Paper wallet is a kind of cold storage. It is available as a printout of public and private keys, usually as both a string of characters or scannable QR codes.
The public key acts as an address for the wallet that can be deposited in cryptocurrency. The private key acts as the password of the wallet that can prove your ownership of the wallet. You are free to share the public key with other people for deposit, while the private key should be kept secret.
The security of paper wallets acts the same as cold wallets and it's free. But if you don't back up the private key and lose it, you can no longer access your bitcoin wallet unless you figure out what your private key is.
How to send, receive and exchange Bitcoin?
If you want to transfer assets between two accounts in Bitget, please follow the instructions below:
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Log in to Bitget account
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Click Assets
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Click Withdraw
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Click Internal Funds Transfer
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Enter Phone Number/Email/UID
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Enter Amount
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Submit and then transfer completed
Here is the tutorial video of trading on Bitget. It is a simple and secure way for new crypto investors to invest in Bitcoin.
4. How to convert Bitcoin to Fiat Currency on Bitget?
First, Log in to the Bitget account and select the fiat currency you want. Then, you can enter the amount and choose the crypto you want to trade out.
After that, you select a third-party service provider and payment method, click on the button.
Finally, please verify your identity information and complete the payment on Bitget and third-party service provider websites. After the transaction is completed, you can view the transaction record and the order details on the third-party service provider website.
Start purchasing Bitcoin with credit card, Apple Pay and Google Pay on Bitget now.
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BTC supply and tokenomics
Uniqueness
Bitcoin’s most unique advantage comes from the fact that it was the very first cryptocurrency to appear on the market.
It has managed to create a global community and give birth to an entirely new industry of millions of enthusiasts who create, invest in, trade and use Bitcoin and other cryptocurrencies in their everyday lives. The emergence of the first cryptocurrency has created a conceptual and technological basis that subsequently inspired the development of thousands of competing projects.
The entire cryptocurrency market — now worth more than $2 trillion — is based on the idea realized by Bitcoin: money that can be sent and received by anyone, anywhere in the world without reliance on trusted intermediaries, such as banks and financial services companies.
Thanks to its pioneering nature, BTC remains at the top of this energetic market after over a decade of existence. Even after Bitcoin has lost its undisputed dominance, it remains the largest cryptocurrency , with a market capitalization that surpassed the $1 trillion mark in 2021, after Bitcoin price hit an all-time high of $64,863.10 on April 14, 2021. This is owing in large part to growing institutional interest in Bitcoin, and the ubiquitousness of platforms that provide use-cases for BTC: wallets , exchanges, payment services, online games and more.
Token utility
$BTC is used as a native currency within the Bitcoin network. $BTC can be used for peer-to-peer payments and value storage within the Bitcoin network. $BTC is also used to pay fees for transactions. Throughout its life, $BTC has most notably served as a digital currency for online marketplaces, a settlement layer for transferring value between Bitcoin exchanges, a capital-raising mechanism for novel cryptocurrency projects, a collateral asset for lending products, and a speculative store of value.
Consensus Mechanism
Bitcoin release tokens to incentivize miners for validating transactions. This process is called proof-of-work (PoW). Miners have to use their computing power to mine new blocks and add them to the blockchain. One $BTC typically takes around 10 minutes to create, although this is only true for strong processors.
Links
What is the development prospect and future value of BTC?
The market value of BTC currently stands at $1.07T, and its market ranking is #1. The value of BTC is widely recognized by the market. When the bull market comes, the market value of BTC will likely continue to increase.
Moreover, if BTC can play a greater role in practical applications, such as Bitcoin builders fully leveraging the potential of BTC, partnering with more businesses, and increasing its user base, the long-term value of BTC will be significantly enhanced.
Is BTC worth investing or holding? How to buy BTC from a crypto exchange?
How to get Bitcoin through other methods?
What is Bitcoin used for and how to use Bitcoin?
Bitcoin Wiki
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