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Author: Admin | 2025-04-28
Bonds, and real estate. The basic process of buying cryptocurrency is simple enough. You sign up for a crypto exchange account, transfer in some money from your bank account, and exchange those dollars for the cryptocurrencies of your choice. There will be transaction fees every time you buy or sell crypto. These differ depending on the exchange. Once you buy cryptocurrency, you must then decide the best way to store it securely. Let’s walk through how you can do that.How to store crypto safelyThere are essentially two ways to store cryptocurrency: With an exchange/custodian or with your own crypto wallet.Crypto transactions are controlled through a combination of public keys and private keys. (Image Source)Your public key is given out at times in order to receive transactions. But your private keys must always be kept secret. Anyone who has both your public and private keys has full access to your coins and can transfer the cryptocurrency out to any other crypto address. Because of this, it is vital to keep your private keys — and, therefore, your cryptocurrency — secure. This can be done by storing coins at a reputable exchange (with a very strong password) or by using a hardware wallet. Storing crypto with exchanges/custodiansFor newcomers to the world of crypto, the simplest method is to leave crypto stored with a trusted exchange or custodian.When you buy crypto through an exchange, your crypto is automatically stored with that exchange.Technically speaking, this means that the exchange keeps your private keys. Unless you choose to transfer crypto out of the exchange and into your own wallet, your assets (and private keys) will stay with the exchange. This is essentially the “default” setting. At any point, you can choose to transfer the crypto out of the exchange — either to another person or
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