What You Actually Get When You Buy Bitcoin

, oftentimes you are not actually getting crypto.

Instead, you receive a promise or IOU. Essentially, you become a creditor to the exchange or broker. It is a similar setup to opening a savings account at a bank. The only way to know for sure that the crypto exists is to withdraw it from the exchange and place it into a private wallet that you control.

That said, many people have either knowingly or unknowingly adopted a similar mindset when purchasing crypto from popular exchanges and services such as Coinbase, Gemini, Kraken, Square, PayPal, eToro and a host of other services. They want convenience, value the websites and applications that look and feel like mobile banking or trading services, and trust that their regulated nature will ensure that the platforms operate honestly.

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