Ways Novice Can Buy, Use & Invest In Bitcoins
Bitcoins and cryptocurrency can never stay away from the headlines for long. One way or the other, they find themselves a major spot on national and international news channels.
Considered by many as a market-liberation tool while critics continue to demonize it by labeling it as dangerous and volatile, bitcoins are no longer a mystery for the modern world. Cryptocurrencies use blockchain technology and are decentralized, which means a financial authority does not regulate them.
According to a recent report by Statista.com, there are over 18 million bitcoins in the world, with a global value of approximately $118 billion. During December 2017, bitcoin reached an all-time high price of $20,000 for a single bitcoin since its creation in 2009.
Considered a highly volatile investment, nonetheless, a lot of people today are actually eager to have their very first bitcoin.
In light of this information, let’s look at some of the safest ways you can buy, use, and invest in bitcoins.
Best Places to Buy Bitcoins
When it comes to buying and owning a bitcoin, you need to understand that even though bitcoin may be considered risky for some, it is probably the most transparent currency in the world. This means that all transactions are publicly stored on the Bitcoin blockchain.
Hence your best decision is to stick with reliable names that are safer and much more trustworthy. These can include the following:
A cryptocurrency exchange platform that offers trading for various cryptocurrencies, Binance, as of January 2018, is regarded as the largest cryptocurrency exchange in the world in terms of the trading volume.
The company is currently in the leadership of CEO Changpeng Zhao, who was also the co-founder of Binance with Yi He in July 2017. Binance does offer its services for US residents; however, instead of using the URL binance.com, US citizens are advised to use the URL binance.us to log into their website.
One of the most popular choices of Bitcoin users is Cash App, which is developed by Square Inc. It is basically a mobile payment service that gives its users the opportunity to send and receive payment without any hassle. Right now, there are over 7 million active users as of February 2018. Cash App offers you the easiest way to send and receive money from friends and family.
When it comes to BTC, they make it extremely easy to buy and sell bitcoin, and this takes only a matter of seconds, and they even offer you a free Visa debit card to spend your proceeds.
A US-based crypto exchange, Coinbase Pro, can help you in trading of BTC and many other cryptocurrencies for US Dollars, Euros, and GBP. There are no fees for signing up or having a Coinbase Pro account. There are also no fees for holding funds in your Coinbase Pro account, and users can hold up assets as long as desired.
Considered one of the leading cryptocurrency exchange platforms to buy and sell cryptocurrency with bank transfer, credit card, and debit card, Coinmama has a strong community. It is also believed to be one of the safest, honest, and most trustworthy brokers in the market. However, there are some additional fees for their secure and reliable services and may not be considered one of the cheapest options.
Robinhood Crypto, LLC, was founded in 2018 and is another excellent place to buy and sell Bitcoins, providing you with a 24/7 service that is commission-free. People at Robinhood practice strict operational security along with a mix of hot and cold storage for assets. The deal with cryptocurrency, similar to a stock exchange, would do for stocks.
Best Use of Bitcoins
Knowing that there is opposition found for Bitcoins’ use around the globe where some countries outright claim it as illegal. There comes the point where you need to understand the best places to use bitcoins without running into any inconveniences. Here are some companies that allow you free and secure use for your bitcoins.
An American e-commerce website focused on handmade and vintage items and craft supplies, Etsy was founded on June 18, 2005, and headquartered in Brooklyn, New York. Etsy does approve of bitcoin payments. For buyers who specifically want to shop items using bitcoin as their payment method, all you need to is simply go to the checkout and select the ‘other’ payment option.
The Microsoft Store is a digital distribution platform owned by Microsoft. Hence pretty much for Windows and Xbox online stores, people can use their bitcoins to purchase items. You can also use bitcoin to add money to your Microsoft account. Simply go to account.microsoft.com, sign in, and under the payment and billing option, select the Redeem bitcoin.
Dealing in computer hardware and consumer electronics, Newegg Inc. is an American online retailer founded in 2001 and headquartered at the City of Industry, California. With a global reach of more than 80 countries, Newegg accepts Bitcoin payments in 73 additional country-specific stores. All you have to do is shop for items and when checking out under the payment preferences, select ‘pay with bitcoin’ option.
Headquartered in Midvale, Utah, near Salt Lake City, Overstock.com Inc. is an American internet retailer that has partnered with Coinbase to offer a Bitcoin platform. This allows users and buyers to utilize their bitcoins for viable payment forms as Coinbase offers a bitcoin wallet that consumers can use to buy products on the store.
A well-known multinational e-commerce company, Shopify Inc. is headquartered in Ottawa, Ontario, and has millions of users online. Merchants can use both BitPay and Coinbase on Shopify. Enabling bitcoin payments on the store is simple. BitPay, for instance, is an electronic payment processing system for the Bitcoin currency, and with a BitPay account, customers can pay for products using bitcoins.
Best Investments for Bitcoin
Since bitcoin is a highly liquid asset that can be easily traded for cash and gold, many people invest in bitcoins as it makes for a great investment vessel. However, you need to start investing in bitcoins using a verifiable, safe, and dependable platform. Some of the best include:
Regarded as the world’s longest-standing crypto exchange, BitStamp.net offers low fees, reliable services, and a simple setup. Based in Luxembourg, BitStamp.net allows trading between USD and bitcoins. They offer users with an API and custom software to access and control their accounts. It is one of the most secure exchanges on the market.
With registered offices operating in Cyprus, Israel, UK, and the US, eToro is a multi-asset brokerage and social trading company that provides copy trading and financial services. The company was founded in 2006 and currently has headquarters in London, Limassol, and Tel Aviv-Yafo.
You can buy or sell bitcoins, view real-time BTC prices, and stay up to date on BTC values. Students who buy assignment online UK are also currently looking into ways to become bitcoin enthusiasts through eToro.
Under the leadership of CEO Tyler Winklevoss since 2015, Gemini Trust Company, LLC, is a digital currency exchange that allows customers to buy, sell, and store digital assets. It is regulated by the New York State Department of Financial Services and was founded in 2014. Gemini is a great company for those who value security above everything else as it is fully licensed and offers additional security features.
HitBTC is one of the most advanced cryptocurrency exchanges to buy and sell bitcoins. It the platform users prefer for the digital asset and currency exchange. HitBTC started out as a Europe-based cryptocurrency exchange that began in 2013, and it’s now operated by Hitech Limited, which is based in Chicago.
More than just a trading platform for bitcoin, Kraken was founded in 2011, and it is a US-based cryptocurrency exchange that provides flat trading. As of 2020, Kraken is available to residents of 48 US states and over 176 countries and offers you trading in more than 40 cryptocurrencies in the world.
The interest in bitcoin is undeniable, with multiple studies showing that Millennials and young investors have intentions to invest in cryptocurrency in the near future. However, bitcoin prices tend to fluctuate a great degree where they can rise by 100% in an hour and drop by 115% in the next one.
As an investor, it is always best to use safe, secure, and reliable means to buy, sell, or trade-in bitcoins. Research before making a decision is paramount when it comes to dealing with assets, and bitcoin is nothing less, if not more than that.
Samantha Kaylee currently works as an Assistant Editor at Crowd Writer. This is where higher education students can acquire professional assistance from experts specializing in their field of study. During her free time, she likes to try out new recipes for her friends and family members.