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How to buy cryptocurrency and store it safely?
Cryptocurrency is a new class of digital assets popularized by Bitcoin (BTC). While cryptocurrencies or digital/virtual currencies work much like their traditional fiat counterparts, the biggest difference between the two is the lack of centralized infrastructure and banks.Where fiat currencies are issued by and kept in banks, digital currencies are issued via distributed mechanisms that follow strict consensus protocols. This translates into cryptocurrencies being stored on blockchains which are largely immutable, much more transparent and globally accessible.Given their utility and growing list of use cases, cryptocurrencies are gaining popularity and one way to buy cryptocurrency is to use a reliable crypto exchange like OKX. On OKX, users can sign up, verify their identities and start buying Bitcoin and other cryptocurrencies instantly using credit cards, debit cards, bank transfers and other supported payment methods.Typically, when you buy cryptocurrency, you have to store it in a dedicated wallet, but the security of your digital assets depends on how safely your private key is kept. Every cryptocurrency wallet has a private key which allows complete access to the stored digital assets. If you lose your private key, you effectively lose your funds.Using an exchange like OKX also facilitates users because their newly purchased or traded digital assets are kept securely on the platform and are credited into users' accounts, available to be sold or transferred as required.Ultimately, users should always buy cryptocurrency from a reliable exchange, and if they withdraw their digital assets to a personal wallet, they should keep their private keys safe and backed up to ensure the security of their funds.
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Frequently asked questions
What is cryptocurrency?
A cryptocurrency is like a traditional currency in many ways, but it instead uses a unique type of online database, called a blockchain, to store unchangeable ownership records. This ledger's integrity is protected using advanced cryptography techniques, which give cryptocurrency its name. While Bitcoin, or BTC, is the leading cryptocurrency today, there are thousands more traded freely on exchanges like OKX.
How to buy cryptocurrency?
On OKX, you can buy cryptocurrency with a credit card or other methods — or you can trade between cryptocurrencies across various markets. While buying cryptocurrency typically needs users to set up wallets and manage their private keys, buying crypto via OKX is more flexible and convenient, as all purchases are automatically credited to your exchange account.
Why buy cryptocurrency?
People buy cryptocurrencies for various reasons, ranging from their utility as stores of value and mediums of exchange to other purposes, such as trading and staking, etc. While cryptocurrencies, especially BTC and ETH, have gained widespread recognition from institutional investors, crypto assets, in general, remain highly volatile and risky.
What is cryptocurrency used for?
Cryptocurrencies have various purposes and use cases today. Some, like Bitcoin, are used to store wealth and transfer value, while others, like Ether, have additional utilities, such as running virtual computing machines and facilitating the execution of smart contracts, etc.
Is it safe to buy cryptocurrency?
Since cryptocurrencies require no central authorities or banks, these assets are held in addresses accessible with private keys that must be kept secure to protect funds. This also means anyone with the private key will have actual ownership of the associated coins, allowing them to move or transfer them freely. When buying cryptocurrency, it is recommended that users either keep their private keys secure or use a secure exchange like OKX, which uses industry-leading security infrastructure to keep user funds safe.
Want to learn more before you buy YFI?
Get detailed information about cryptocurrencies listed on OKX, including their tech, founders and price history.