How to store and withdraw Bitcoin: lmportant information you must be aware of

As you are all aware, Bitcoin being a virtual currency cannot be stored up and withdrawn from a traditional bank account. Bitcoin can be stored up in what is called an Exchange and an Exchange can have various wallets within it and the most common wallets that you can get in an Exchange includes, a bitcoin wallet, a local currency wallet (from which after selling your bitcoins, you are able to withdraw them to your local and personal bank account). In addition to these wallets, you can create more wallets in your Exchange such as an Ethereum wallet, a Litecoin wallet, a Ripple wallet etc.

When opening an Exchange, you will need to find out the Exchanges that are available in your country as some exchanges are country- specific and not universal or global. An example of an Exchange that is only available in South Africa is Altcoin Trader ( www.altcointrader.co.za). An example of an Exchange that is global is Luno and it is in South Africa and it is also available in the United Kingdom and some other countries as well.This is important to check and verify because, at some point, you would want to sell part of your bitcoins that you have in your Exchange and after selling them, they are automatically converted into your particular local currency from which you will then need to withdraw your local currency into your local bank account. All this is possible if the Exchange that you use is available in your country to facilitate this process. 

An Exchange works just like a personal bank account. You are able to transfer your bitcoins to another person just as we do normal bank transfers within the traditional banking system as we know it.

You can buy or sell bitcoins and you can also change or convert your bitcoins into cash or your cash that you deposit into your Exchange can be converted to Bitcoin.There are also transaction charges when doing all these things in much the same way that a traditional bank has bank charges when you transact.

Furthermore, some Exchanges allow you to trade within them by providing a trading platform. Some Exchanges have a Vault in which you can store your bitcoins should you choose to use their Vault. Some Exchanges also allow you to invest your bitcoins through them from which you are given an annual interest.

When making withdrawals, you have to authorize them as this is a way that protects your transactions as the Owner of the wallets in your Exchange. This authorisation is done when either, you are sending the money that you would have gotten from the same of your bitcoins to your own personal bank account or when you are sending another person some bitcoins i.e. you do this by sending whatever bitcoins you want to send them to their respective bitcoin address. Please note, you will need that person's bitcoin address in order to be able to send them some bitcoins.

Also, always send your bitcoins to a correct bitcoin address so that your transaction is successful because bitcoin transactions are irreversible once they have been finalised. Sending your bitcoins to an incorrect bitcoin address means if they are lost, they cannot be recovered.

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