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Bitcoin is for the unbanked – and those who’d like to get unbanked. Transferring bitcoins to bank account is not viable, but buying is. There are several exchanges that allow the feature of buying bitcoin with the bank account. The most renowned ones being:

CoinBase:

CoinBase is the world’s biggest Bitcoin broker. In the United States, you can purchase bitcoins with an associated bank account by means of ACH bank transfer. In Europe, you can purchase with your bank account by means of SEPA exchange. Buys made with ACH take 5 days for the coins to be conveyed, while SEPA buys take under two days. CoinBase charges 1.49% fee on all exchanges. Americans may include a Visa or Mastercard as reinforcement to unlock instant payments by means of bank transfer.

BitStamp:

Bitstamp is one of the world’s biggest Bitcoin exchanges. It makes it simple for Europeans to buy bulks of bitcoins quickly with SEPA bank exchange. Practically anybody on the planet can utilize their bank account to send a wire exchange to Bitstamp. Fees may apply.

Kraken:

Kraken is the world’s biggest euro-designated Bitcoin exchange based on daily trading volume. It underpins bank transfers from US, European, Canadian, British, and Japanese clients and deposits can be made through SEPA exchange and international bank transfers.

So, these are the top three Bitcoin exchanges which allow their clients to buy bitcoins with the bank account. based on your location, choose one that you are most convenient with.

Tags: best place to buy bitcoins, buy bitcoin with bank account

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What Are Some Ways to Make Money Online Using Bitcoin?

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Ways to Make Money Online Using Bitcoin

Bitcoin is a decentralized, peer to peer, digital currency. It can be sent from person to another without having to go through a clearing house. Since the currency is not monitored or regulated, the transaction fees are extremely low. And this is the main reason as to why the use of Bitcoin is increasing each day and people are making a lot of money online through cryptocurrency.

If you are also fascinated by Bitcoin and want to learn about how to make money online using bitcoins, you have come to the right place.

Here we have discussed some ways that will help you earn money online using digital currency. Give each a solid read.

Ways to Make Money Online Through Bitcoin:

Bitcoin Faucets:

What are Bitcoin faucets? These are websites/apps that dole out the reward in the form of satoshi: hundredth of a millionth BTC. The reward is distributed among those who complete a specific task given by a faucet.

Once you get used to the faucet system, it becomes more like an addicting game. So it turns out to be a great way to make money while having fun solving CAPTCHAs.

Auto Trading:

One of the easiest ways to earn Bitcoin online is using bots that automatically trade bitcoins for users. These bots work 24 hours a day and 7 days a week which is quite remarkable, especially for beginners as they lack the expertise of trading coins.

Affiliate Bitcoining:

The most common way of Affiliate Bitcoining is to set up your own website and offer tutorials about bitcoins for a formal fee. The paramount advantage of having a personal website is that it attracts several advertisement agencies to place ads; which is a great way to make online money.

Mining:

Mining is the main source of generating bitcoins. In bitcoin mining, multiple miners connect with each other to form a pool – also known as bitcoin mining pool. These miners then work on solving blocks. Once a block is solved, the pool members receive their reward in the form of bitcoin.

Since the bitcoin is treated as a currency, loaning your coins is a great way to generate large sums of money.

These are some proven ways to make money online through bitcoins. However, there are always some security risks involved in online money generating techniques, and bitcoin is no exception.

There are a couple of things that you should be aware of, such as websites that ask for plugin additions on your system. It’s a huge red flag. Steer clear of such websites. It could be a trick to steal your information which ultimately puts you at the risk of theft.

Conclusion:

These are some simple ways to make money online using bitcoins. Although they seem pretty simple and straightforward, you will need time to get used to it. Moreover, there are some risks involved – such as information stealing websites. So you will need to be extremely careful to avoid being another name on the victim list of Bitcoin scams.

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How to Buy Bitcoin – Is It Possible to Buy Large Amount of Bitcoin?

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How to Buy Bitcoin

With the start of 2017, a lot of investors appear to be keen on buying large amounts of Bitcoin. The traditional Bitcoin buying methods are not always suitable due to the limited supply of cryptocurrency and high transaction/deposit fees at most exchanges.

In this guide, we will explain how to buy Bitcoin in larger quantities (in excess of $100K).

How To Buy Bitcoin in Larger Quantities?

Wondering how to buy Bitcoin in bulk? You can buy it either through OTC exchanges or and traditional Bitcoin exchanges. OTC stands for “over the counter” and refer to individuals/companies that are willing to sell you Bitcoin without going through an automated or regulated trading platform.

What Are the Benefits of OTC Exchanges?

OTC exchanges have two major benefits over their traditional counterparts.

  • OTC exchanges own higher volumes of Bitcoin and fulfill your order faster as compared to traditional exchanges.
  • The exchange prices are negotiable.

Are There Any Disadvantages of OTC Exchanges?

Just like advantages, there are two major disadvantages associated with OTC exchanges.

  • OTC exchanges are less transparent. The buyers do not know exactly who they are dealing with or the volume they are supposed to trade. Their information is solely based on what they get from the seller.
  • The amount of risk involved in OTC transactions is pretty high as there are no regulations and the OTC sellers aren’t listed as money transmitters.

What Are Some Top OTC Exchanges?

There are several OTC exchanges around the globe. Some of the best exchanges to buy bitcoins are:

ItBit:

ItBit was founded in 2013 and is one of the most renowned OTC exchanges in the US. It provides Bitcoin for both small and large institutional investors.

Genesis:

Another leading OTC exchange. Over the last three years, the company has traded over 1.5 million BTC with the worth over $600 million USD.

Richfund:

Richfund is the largest Bitcoin hedge fund in the world. The company deals with market making, OTC trading, and mining operations. Richfund provides between 1000-5000 BTC and operates in Hong Kong, Korea, China, Cambodia, and Taiwan.

Something About Traditional Bitcoin Exchanges:

If you prefer traditional exchanges over OTCs to buy Bitcoin, you should consider going to the exchanges discussed below.

Coinbase:

The largest Bitcoin company. Coinbase operates both in Europe and the US and offers its users the opportunity to buy $10,000 to $100,000 USD worth of coins every day.

want to find out more about Coinbase? Read our guide on how to buy Bitcoin via Coinbase.

Bitstamp:

Bitstamp is the oldest traditional exchange around. Currently, the company sells 5,000 on average per day with the deposit fees as low as 0.05%. The fees may also go up somewhere between 0.25-0.1%, based on your trading volume.

Kraken:

Kraken is one of the very few companies that deal in Euro, British pounds, USD, Japanese yen and Canadian dollar. Similar to Bitstamp, Kraken also sells 5,000 BTC on average per day.

Conclusion:

Regardless of all the hype, Bitcoin is still in its earliest stages and the options to bulks of it are restricted. Nonetheless, the choices listed above should be more than enough to take care of this issue for you.

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Digital currency under regulatory scrutiny- SEC

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Cryptocurrencies

After being spooked by the massive digital tokens crackdown, cryptocurrencies got another pushback by the feds recently. The Securities and Exchange Commission in the U.S has decided to gun down all the cryptocurrencies, especially Ethereum under regulatory scrutiny to whether consider it as security or commodity. After a remarked high range in digital currency world, this bull to bearish reversal is the result of investor anxiety gushes over the squabble between Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC).

ethereum icos

The second most popular digital currency after Bitcoin in the charts, Ethereum is considered under the category of security will have hard consequences. Not only for Ethereum cryptocurrency, but all digital currencies crowdfunded through ICOs, that is Initial Coin Offerings.

Coming under increased regulatory scrutiny by the U.S government, all these cryptocurrencies are viewed as securities due to their speculative nature all around. Regulators have already declared bitcoin as security. But undermining the liquidity of this second popular cryptocurrency can prove out to be disastrous for it and also the cryptocurrency economy. Though the basic mechanism working behind these two digital currencies is not merely same, but they contribute majorly to the cryptocurrency world.

Initial coin offering

Until the mid-2017, selling transaction of these tokens was not much of an exhausting task. A team would emerge through these blockchains and present their purpose of tokens in a ‘white paper’. They would then arrange an Initial Coin Offering Service, ICOs where they would offer coins to nearly anyone who would exchange them for cash or Bitcoins.

The main idea or theory behind this ICO was to fund and support the construction of that newly emerging online service. But later in a few cases, these ICOs were proved to be scams. Absconding of these organizers created an upthrust, where SEC fired a warning claiming that tokens sold in ICO may be considered as securities and their declaration will be mandatory. SEC values Ethereum similar to any public Company who strives every act to value their stock.

Now the developers are concerned that due to the fact that Ethereum ICOs investors bought the tokens in hope that their value will increase in the near future, it could be classed as security. But the plethora of issues is not that straight and easy here.

Ethereum co-founder denies

The whole dilemma was observed and addressed by the co-founder of Ethereum, Joseph Lubin in a conference. He says that the scrutiny doesn’t upset him. According to him and the developers, this does not meet the requirements of security and doesn’t have to be regulated, therefore. There were no concerns about the potential issues about the cryptocurrency. he further said, he never considered and identified the system as security ever.

The Howey Test

A case resided between the SEC and WJ Howey Co in 1946. In this case, the foundation to determine the event to be a commodity or a security was set. It is now known as the Howey Test.

In simpler terms, Howey Co. sold a part of their citrus farm to some investors. Their idea behind it was to gain profits from the operations performed on the farm. It was considered as a securities contract by the judge explaining that the scheme focuses on the idea to obtain profits from the efforts and labor of others.

Basically, in simpler terms, this test helps to determine if a transaction or profit is obtained solely by the hard work and labor of one party and not by the other party, combined in an agreement. This Howey Test has been greatly talked and argued about in the regard of these cryptocurrencies and ICO. As the basic phenomena in Ethereum ICOs reside the same. The investor expects profits primarily from others hard work and efforts.

Securities classification arguments

According to wall street journals, the future of the cryptocurrencies is under debate, whether it would be identified as security or not. Commodities and securities under which the legislation falls are regulated by different authority bodies. They are regulated and operated in different markets and agencies. These differences will greatly affect the investors, sellers, and buyers in the cryptocurrency market.

Despite all the fuss and controversy about the issue, a lot of experts are very positive and hopeful about the future and growth of Ethereum cryptocurrencies. Many have come up suggesting that Ethereum and such cryptocurrencies may be considered as unregistered securities after a continues refusal by the founders of them being never entertained as security. The growing market capitalization of Ethereum cryptocurrency has shown that this is not going anywhere this soon!

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Bitcoin News: Another Huge Bitcoin Exchange Hacked

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Cryptocurrencies like Bitcoin are very trendy these days. Due to this popularity, many hackers in all over the world are speciously looking to get advantages of that. One of the largest Bitcoin exchange in the world was just hacked.

The Main Story:

The value of Bitcoin and Other digital currencies increased in past few months, which tells the main reason why people with malicious intentions will be looking to steal this amazing Virtual Currency.
According to Yonhap News, hackers attack Bithumb, cooperating about 30,000 accounts, which is the 3% of the total exchange’s customers. It is not clear how much currency was stolen, but some people said that they have lost money in the attack.

Image Credits: The Hacker News

Bithumb understood last week that the home personal computer of its employee was hacked. That’s the reason the hackers may have stolen customer data. But the stolen data does not have passwords, and the company also said that digital wallets which contain Bitcoin and some other coins were not emptied.
On any given day, in the world of cryptocurrency trade volume, Bithumb is the world’s top 3rd or 4th exchange.

A BraveNewCoin report explains that Bithumb has more than 75% of Bitcoin market of the South Korea. This exchange hosts 10% of the global Bitcoin trade. It also says that some 100 customers might have lost millions of gained, as one person has lost 1.2 billion after the hack. To put the thing in the perception, 1 billion gained is equal to $870,000. Or 340 Bitcoin at the current rate as 1 Bitcoin costs $2602.77 as of this moment.
Customers affected by this hack have now filed a complaint with cyber crime report Center of National Police Agency.

Story Credits: bgr.com

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What Are Some Best Ways to Own Bitcoins?

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Best Ways to Own Bitcoins

Are you looking to own some bitcoins but don’t know where, and how to do it? Don’t worry. Here you will find everything that you are looking for regarding bitcoin-generation.

This 5-point guide will help you learn some killer ways to earn your own bitcoins and have something to brag about in front of your friends. So, let’s get started with knowing what are some way to earn bitcoins.

Get a Wallet:

First of all, get a wallet as this is where you are going to store the coins. Getting a Bitcoin wallet is pretty straight forward as there are several Internet-based wallet services, like Coinbase, Blockchain, etc. that provide digital wallets to their clients.

These two are considered to be most reliable and well-secured wallet services. However, neither can give 100% guarantee against security breaches.

There are also mobile apps of these wallets. But for now, only iOS users can download them on their devices.

Buy Bitcoins from Exchanges:

Bitcoin exchanges sell coins at current market rates. To purchase the coins, you are required to link your traditional bank account to the exchange account in order to transfer funds between the two accounts.

Coinbase is the most renowned and trusted exchange out there. The exchange doesn’t charge any fees for accepting payments made by others using your wallet. However, it does charge 1% to convert your bitcoins into local currency.

Buy It from A Nearby Trader or A Friend:

The number of people using Bitcoin is a lot more than you’d imagine. If you want to buy bitcoins, but going to an exchange is not an option, then ask around your friends or go to a nearby trader.

You can easily find them at LocalBitcoins.com by simply entering your nearest city. The service helps you find people trading bitcoins for USD and other major traditional currencies in your neck of the woods.

This technique requires you meeting with random people. People whom you never met before. So, make sure to have your meet ups at a public place to avoid any mishap.

Accept Bitcoin as A Form of Payment:

You can also pile up your stock by accepting bitcoins as a form of payment for the services you provide. All you have to do is inform your customers by simply chatting them up, via newsletter or putting up a signboard in front of your shop/office.

Bitcoin Mining:

Bitcoin mining is one of the primary ways to earn coins. To mine the coins, however, you will need to connect with a group of miners, have a powerful computer and internet access.

The miners work on solving mathematical algorithms in the form of groups. Those who solve them successfully are rewarded with bitcoins.

Conclusion:

These are some mainstream ways which can help you own large bitcoin assets. In conclusion, you can do it by getting in touch with friends, nearby traders, through online exchanges and via bitcoin mining. All the approaches are pretty simple and straightforward. You might find it difficult in the beginning but with a little guidance, it becomes as easy as ABC.

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