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Can you invest in Bitcoin without a digital wallet?

By Guardian Nigeria
26 December 2022   |   4:06 am
Want to venture into Bitcoin trading but don't have a digital wallet? If yes, then worry less. Here's how to invest in Bitcoin without a crypto wallet. Succeeding in the cryptocurrency industry today differs from what it was about seven years earlier. It demands implementing various investment techniques. Similarly, how you manage and store your…

(FILES) In this file photo taken on September 24, 2020 shows a physical imitation of a Bitcoin at a crypto currency “Bitcoin Change” shop, near Grand Bazaar, in Istanbul. – Bitcoin soared above $50,000 for the first time on February 16, 2021, after surging by almost 75 percent this year as heavyweight companies lend their support to the world’s most popular virtual currency. At around 1235 GMT, bitcoin hit an all-time high at $50,547.70, a 4.4-percent gain since Monday. (Photo by Ozan KOSE / AFP)

Want to venture into Bitcoin trading but don’t have a digital wallet? If yes, then worry less. Here’s how to invest in Bitcoin without a crypto wallet.

Succeeding in the cryptocurrency industry today differs from what it was about seven years earlier. It demands implementing various investment techniques. Similarly, how you manage and store your assets matters so much. For instance, where you keep your Bitcoins when you’re not using them. The most popular way to store Bitcoins has been the use of crypto wallets, and this is true even today. However, people have varied preferences. You may prefer a digital wallet, while another investor may prefer something different. Maybe a bank account or something else that’s not popular among cryptocurrency enthusiasts.

Who Invented Bitcoin, And Why?

If you’re wondering where Bitcoin came from, you can rest assured that you aren’t alone. Yes, many need to learn how this valuable cryptocurrency came into existence or the reason for its development. Bitcoin technology arose from the efforts of an unidentified group of software engineers called Satoshi Nakamoto in 2008. After months of hard work and rigorous tests, Nakamoto introduced Bitcoin publicly for the first time in 2009. Satoshi’s primary goal with Bitcoin was to replace traditional financial systems, which are excessively dependent on human trust and capabilities.

How Much Does a Bitcoin Transaction Cost?

Bitcoin transactions vary with various factors. For example, the platform you use when conducting a transaction dictate whether you pay more or less. Notably, the amount you’re sending can also determine the cost because the cost is usually a certain percentage of the transaction amount. The other thing is the time of the transaction. If you’re sending some Bitcoins to a friend or a business partner when there’s high network traffic, you’ll likely pay more for the transaction. And so, it goes without mentioning that low network traffic makes Bitcoin transactions cheaper. Complementary services like the lightning network can also significantly lower costs for large-volume Bitcoin transactions.

Trading Bitcoin Effectively

The most successful Bitcoin investors do everything to always ensure more effective trading. They use state-of-the-art crypto trading platforms like BitQT to stay ahead of the rest. Besides working on a trustworthy marketplace, you want to apply only the tested and proven Bitcoin trading strategies. You must read widely and regularly to understand Bitcoin market dynamics. Additionally, it’s more crucial than you might realize that choosing an appropriate Bitcoin storage mechanism is also essential to winning.

Trading Bitcoin Without a Digital Wallet

Can one engage in cryptocurrency trading without a digital wallet? It’s possible, except for a few challenges you might experience. But again, this will also depend on other factors, including your preferences. The first step to trading Bitcoin without a crypto wallet is selecting a platform that accepts other payment channels other than Bitcoin wallets. Once you’ve done that, everything gets straightforward onwards. So, numerous options exist for transferring and storing your funds based on the payment mechanism you intend to use and your Bitcoin exchange.

If you want to store your cash in a bank account, you can look for a Bitcoin exchange that allows direct transfer of your money to and from the bank account. Your Bitcoins get converted automatically to fiat money whenever you withdraw to the bank. Similarly, your conventional cash will be converted to Bitcoins when you recharge your exchange account using funds from the bank. However, you should note that the exchange rates and Bitcoin prices in the market at the time of the transaction will always apply. You can also use a PayPal account when trading Bitcoins. A PayPal account can facilitate storing and converting Bitcoins to fiat money whenever you withdraw from your exchange account.

The Final Verdict!

Can an investor trade Bitcoin without a digital wallet? Yes, it’s possible. First, you must select an exchange that allows other payment mechanisms apart from a digital wallet. So depending on the Bitcoin trading site you’ve chosen, you can transfer your Bitcoin assets seamlessly to and from your bank account. An integrated payment processor enables this to happen successfully. You can also withdraw your funds to a PayPal account or recharge your exchange account from a PayPal account whenever applicable. The only problem with investing in Bitcoin with a cryptocurrency wallet is that you must operate on platforms that accept only digital wallets.

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