At this point, you could buy your first cryptocurrency, but before you do, it makes sense to find a place, or wallet, in which to put your digital currency. There are several kinds of wallets, including mobile, desktop, hardware, and paper wallets. The most popular of these are hardware, mobile, and desktop wallets. Hardware wallets are similar to USB sticks that, once disconnected from the computer, make it practically impossible to steal the digital asset data inside. Offline wallets are easier to use and are safe as well, though they cannot offer the air gap of a disconnected hardware wallet. Regardless of the type, the wallet stores your personal, private key. This is a 256-bit string that is used to access the contents of the wallet.

The key to owning a wallet of any type is, actually, the private key. For security reasons, don’t have your computer save your personal key anywhere that is not secured, and definitely, never give it to anyone else! Make sure that you write down the key and keep it safe, or your digital asset will be inaccessible if something happens to the key and you have to enter it manually.

Once you have a cryptocurrency exchange account and wallet, you’re ready to buy. Select the coin, enter the payment information, and the wallet information, and press the button. Congrats on Your first purchase!

Now you have an option — trading on the platform (yes, you just bought it, but on some days it might jump in a 15-minute stretch), buy something or storing it in the wallet. It’s Yours — You choose!