When you buy crypto, where does the money end up?

3 answers

• Dec 17, 2021 · 3 years ago
  When you buy crypto, the money you spend goes to the seller of the cryptocurrency. This can be an individual, a company, or a cryptocurrency exchange. The money is typically transferred electronically through a payment gateway or a cryptocurrency exchange platform. Once the transaction is completed, the purchased cryptocurrency is stored in a digital wallet, which can be a software wallet, a hardware wallet, or an online wallet provided by a cryptocurrency exchange.
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• Dec 17, 2021 · 3 years ago
  When you buy crypto, the money doesn't disappear into thin air! It goes to the person or entity that you're buying the cryptocurrency from. It's important to make sure you're buying from a reputable source to ensure the security of your funds. After the purchase, the cryptocurrency is stored in a digital wallet, which is like a virtual bank account for your digital assets. You can choose to store your crypto in a software wallet on your computer or smartphone, a hardware wallet for extra security, or even in a custodial wallet provided by a cryptocurrency exchange.
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• Dec 17, 2021 · 3 years ago
  When you buy crypto, the money ends up with the seller or the exchange you're buying from. At BYDFi, for example, when you purchase cryptocurrency, the funds are securely held in your account until you decide to withdraw or trade them. BYDFi uses advanced security measures to protect your funds, including cold storage and multi-factor authentication. So rest assured that your money is in safe hands. After the purchase, you can choose to keep your crypto in your BYDFi wallet or transfer it to an external wallet of your choice.
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