With Sunshine Exchange's help, investing in Bitcoin for yourself is extremely straight-forward and easy as we will detail step-by-step how to Make an exchange account, decide if to use a wallet or exchange on to store your bitcoin and how to buy bitcoin using TTD.
1. Making an Exchange Account
In order to purchase Bitcoin you will need to create an exchange account. We recommend using Binance as they have a very simple user interface and allow for free person to person transfers, which will come in handy in step 3. They also have low fees and many other crypto currencies in case you are interested in more than bitcoin.
Please follow this link to see a step-by step guide on how to create a Binance and verify you Binance account:
https://www.exchangesunshine.com/blog/post/how-to-setup-your-binance-account
2. Should you store your Bitcoin on a personal wallet or Exchange
The short answer is:
If you want ease of access and use you should store your bitcoin on an exchange, we recommend Binance.
If you want security and true ownership you should store your bitcoin on a personal wallet, we recommend ledger.
Before we dive deeper into each method of storage there are two types of personal wallets, one being hardware and the other being software. Hardware wallets are a dedicated device that is used to store your cryptocurrencies on that often much almost impossible to hack into. Software wallets are more convenient as it can be kept and interacted with on your phone or laptop but can be easier to hack into.
Hardware Wallets:
- Ease of Use: Hardware wallets are considered very easy to use, especially for beginners. They often come with user-friendly interfaces and are designed to be plug-and-play, requiring no technical expertise.
- Safety: Hardware wallets are considered one of the safest options for storing Bitcoin. They store your private keys offline, making them immune to hacking attempts and online theft. As long as you keep your hardware wallet safe, your Bitcoin should be secure.
Software Wallets:
- Ease of Use: Software wallets vary in terms of ease of use. Some, like mobile wallets, can be very user-friendly and convenient, while others, like desktop wallets, may require more technical knowledge to set up and use.
- Safety: Software wallets are generally less secure than hardware wallets because they store your private keys on an internet-connected device. This makes them more vulnerable to hacking attempts and malware. However, if you take proper security precautions, such as using a reputable wallet and enabling two-factor authentication, software wallets can still be relatively safe.
Exchanges:
- Ease of Use: Exchanges are often very easy to use, especially for buying, selling, and trading Bitcoin as well as storing it as then can be withdrawn and deposited easily.
- Safety: Exchanges are considered the least safe option for storing Bitcoin. Exchanges can be frequent targets for hackers, and there have been several high-profile exchange hacks in the past. If you choose to store your Bitcoin on an exchange, it's important to use a reputable exchange with strong security measures in place. Binance has had no hack within the last 3 years.
