A Beginner's Guide To Bitcoin by Matthew R. Kratter

Author:Matthew R. Kratter [Kratter, Matthew R.]
Language: eng
Format: epub
Publisher: Trader University
Published: 2020-12-31T20:00:00+00:00

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How To Buy and Store Bitcoin

What’s the best way to buy and store Bitcoin?

Some people use PayPal or Robinhood. I personally don’t like those services, because they do not allow you to withdraw your Bitcoin and hold it in cold storage.

Here is the most important principle to remember when buying Bitcoin:

If you do not hold your own private keys, the Bitcoin is not really yours.

If someone else holds your private keys (like PayPal, Robinhood, or any cryptocurrency exchange), you do not control your own Bitcoin. The Bitcoin does not truly belong to you. It can be lost, hacked, seized, or otherwise confiscated. If you buy Bitcoin using PayPal and they decide to freeze your account, you’re out of luck. There’s a common saying among Bitcoiners:

“Not your keys, not your coins.”

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