Bitcoin shocked the world because it skyrocketed from obscurity to nearly $ 20,000 in value per coin in 2017 and today the highest value was $ 10,500, that’s half the price it was two years ago, and maybe this could be your chance to invest in bitcoin and wait for the price. rose like the previous years. The cryptocurrency market has calmed down a bit since record highs, but many Bitcoin aficionados still claim Bitcoin as the currency of the future. Follow along to learn more about how Bitcoin works and the best places to buy Bitcoin.
First of all, it needs some background information about what is Bitcoin? It is a digital currency that is mostly used for online purchases and as an investment, although it is very risky. It is not sponsored by any government. Instead, it works through a system where people in the Bitcoin community can earn coins from “mining,” or use their computers to complete calculations. You can also buy them in dollars or rupiah and in almost any other currency.
Bitcoin is very volatile and is not a place to invest funds that you might lose, it is only suitable for those of you who have abundant money and even when you lose that money you are still rich. While there are several stories of people making a lot of money on Bitcoin in 2017, there were also many people who lost money because bitcoin fell from its peak. Some thought it would be worth $ 1 million or more while others, including Warren Buffett and JP Morgan Chase CEO Jamie Dimon, called bitcoin a whole system of scams poised to crash.
Still interested in getting a slice of the Bitcoin pie? Here are a few pointers: When buying Bitcoin, you need a place to store it. This can be an online digital wallet attached to the accounts you buy and sell from, a program on your computer, or a physical device that you plug into your computer.
You can transfer Bitcoin and use it for purchases at several online and offline stores. But when transacting in Bitcoin, be aware of large transfer fees when going back and forth between coins and other currencies and even transferring to other digital wallets.
So, where can you buy Bitcoin? Read on to discover the best places to buy and sell Bitcoin today.
Coinbase is the largest and most respected Bitcoin platform in the United States. Offers an all in one exchange and wallet, making it one of the easiest places to get started with Bitcoin. Coinbase also supports Bitcoin Cash, Ethereum and Litecoin.
Once you have registered and connected your bank account, you can easily transfer funds in and out of your account and convert them to Bitcoin and back into dollars or even rupiah at will. Coinbase charges a one percent variable percentage fee for US transactions ($ 1 min, max $ 50) from a bank account or Coinbase USD wallet. Credit or debit card purchases add 2.49% flat fee.
The Coinbase wallet is highly secure, accessed via a Web application or mobile app, uses two-factor authentication and stores redundant digital and paper data backups “in vaults around the world.” Plus, cash balances are insured for up to $ 250,000 for theft or online storage breaches. Furthermore, Coinbase holds 98 percent of customers’ currencies offline to keep them safe from malicious hackers. This is further proof of why Coinbase is the leader in digital currency in the United States.
Robinhood started out as a fee-free stock broker and has recently expanded into the world of cryptocurrency or digital currency. The best part: It costs nothing! You can buy and sell Bitcoin and other digital currencies completely free on this platform. Since February 2018, Robinhood supports Bitcoin and Ethereum trading and market data for 15 other currencies. Robinhood Crypto is technically a separate account from the Robinhood stock account. Crypto accounts support the market and limit orders.
Your coins are stored in the same Robinhood account you use for your shares and share login info. Robinhood is the first company to support a mobile version and has recently added a Web version, so it is best for people who are comfortable managing money from their phone or tablet. While you may have to log in on the small screen to access your account, the best part is that it’s free!
The biggest disadvantage is that Robinhood only works in 16 countries for cryptocurrency trading, but plans to add more countries in the future. But if you live in one of these countries, Robinhood Crypto is a great option for getting started in Bitcoin or Ethereum trading.
3. Square Cash
Square Cash is another mobile app where you can buy and sell Bitcoin at no cost. The Cash app is great for sending money to family and friends for free (similar to Venmo). But adding buying and selling Bitcoin for free places the Cash app as one of the best places to buy Bitcoin.
The Cash app comes from Square, the company that makes mobile credit card readers. Square is a large financial technology company that includes many other services. Bitcoin is only a small part of what they do. But at no cost, and the price is right.
Unlike some digital wallets, you don’t hold your Bitcoin outside of Square, it is stored in your Square Cash account in your name for sale or withdrawal. But if you want to send your coins to other wallets, Square also offers that feature. Square limits purchases of $ 10,000 per week, but there is no limit to what you can sell.
Binance supports a variety of digital currencies including Bitcoin, Ethereum and their own coin, Binance Coin (BNB). Binance charges very low fees, only 0.1 percent for trading. If you want to go far beyond the most popular coins, Binance is your best bet.
Binance offers the option to trade coins into multiple currencies and supports digital currencies, including EOS, Skycoin, TRON, ICON, Ethereum Classic, Litecoin, Ripple, Stellar Lumens, Bitcoin Cash, plus many cryptocurrencies you may not have heard of.
Even though the platform offers a large number of currencies at low fees, there have been some bugs reported with the Android mobile app and some users have reported delays in withdrawing certain currencies. Binance is not insured, which may be a major concern for some, especially after some irregular trades were detected and reversed in March 2018.
5. Coinbase Pro
Coinbase Pro (previously known as GDAX) is a serious trading platform with screens that look familiar to those using the Bloomberg terminal or trading platforms for stocks, commodities and options. It charges fees ranging from 0.10 percent to 0.30 percent based on your trading volume. Most people trade less than $ 10 million per month and it will fall to the 0.30 percent level. If you want to give Coinbase a try but at a much higher volume, this platform is the right choice.
Since GDAX is now part of Coinbase, funds are safe and insured. Just like Coinbase, cash is insured for up to $ 250,000 and most coins are kept in physical form offline to prevent theft.
CoinExchange is another low-cost exchange with most fees pegged at 0.15 percent for converting your Bitcoin into other coins. CoinExchange offers a large number of coins on its platform, possibly the largest list of coins supported by any platform on this list.
Even though the website looks simple, it offers strong security and long-term support for the currencies on the platform. Developers can take their Bitcoin to the next level with the CoinExchange API.
The biggest drawbacks of CoinExchange are the lack of a mobile app, lower trading volume than some of the other platforms and unclear security policies.
Coinmama is a versatile and all-in-one digital wallet that makes it easy to buy Bitcoin and a limited list of additional currencies in US Dollars or Euros. The site claims more than one million subscribers in 188 countries.
One of its easy features allows you to buy Bitcoin in $ 100, $ 200, $ 1,000 or $ 5,000 increments in just a few clicks from the homepage. Although the exchange offers great real-time transactions, it charges a higher fee than others on this list at 5.9 percent. You will pay an additional five percent of the purchase by credit or debit card.
Instead of buying and selling on the open market, Coinmama funds users’ trades from their own holdings, adding a little extra security compared to some open market platforms. There is no mobile app, but the website is very high quality. Coinmama is a money business registered in the United States, providing added legitimacy and recognition above some of its competitors.
And those are the seven best places you can choose to buy and sell bitcoin or other digital currency. Hopefully this article was useful for you and good luck. 🙂