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Buying Bitcoins Through Xcoins

Xcoins is a Bitcoin lending service. It allows you to buy bitcoin with a credit card or PayPal. Lately, there has been too much talk about Xcoins and whether is it legit to buy bitcoins with this service.

In this article, we have discussed all the aspects of Xcoins to help you understand the concept of the service, and whether it is legit to buy bitcoins through Xcoins.

Buying Bitcoin with PayPal Through Xcoins:

Due to the possibility of chargeback fraud – and the lack of support for Bitcoin from PayPal itself, it’s extremely hard to buy bitcoins with PayPal. Xcoins, on the other hand, have exploited this problem and claim to have found a solution in which the coins are loaned instead of getting sold to the clients.

In order to buy bitcoins through Xcoins, the users go to the site where they do an ID verification. After the verification process, they’ll be required to deposit:

  • USD equivalent to how much they want to borrow
  • PayPal/credit card processing fees
  • A fixed amount that acts as the interest on the loan

The site claims to have competitive fees due to their lenders competing against each other for the best possible rate. However, in most cases, the interest rate is fixed at 15% – which could possibly be the lowest interest rate offered by Xcoins. Interestingly, it’s still way higher than what most Bitcoin exchanges offer.

Trading Bitcoins on Xcoins:

Xcoins is not just a buying service – you can also sell/lend coins on the site. To do so, you must decide how much you are willing to loan, and then deposit the amount into your Xcoins account. The amount must be in USD.

Once the deposit is made, the system will automatically direct you to the buyers and they will deposit the money directly into your PayPal account.

Pros and Cons of Xcoins:

The major pros and cons of Xcoins include:

Pros:

  • The quick purchase of Bitcoin either through Credit Card or PayPal.
  • Easy sign-up.

Cons:

  • Slow refunds – can take up to a week or longer.
  • Support staff is not active – even on working days. If you send them an email, expect the response to come in at least two days.
  • Constant complaining to their Support can result in a permanent ban.
  • If you do not dispute your charges, they will disable your ability to buy bitcoins.
  • If you purchased some coins but the lender is not willing to release them, you will still be charged.

Conclusion:

From buyer’s perspective – Xcoins isn’t stable enough for large purchases. Also, the fees are extremely high in comparison to other exchanges. However, if your only option to buy Bitcoin is PayPal, then Xcoins is the way to go.

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Bitcoin Almost Triples the Price of Gold

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Two merchants, Brian Stutland of Equity Armor Investments and Path Trading Partners’ Bob Iaccino are least concerned about the tripling of Bitcoin’s price against gold and claim gold to still be a better bet.

While gold was exchanging at $1,280, Bitcoin has soared 240 percent this year to a high of $3,288 on Wednesday. However, Stutland and Iaccino trust gold is a superior wager than Bitcoin from technical and fundamental perspectives.

“When you look at gold over the past couple of months, [it has] tracked very well [relative] to the cryptocurrency,” Stutland told CNBC’s “Futures Now.” “If you price adjust and volatility adjust, I think gold still has a little bit of catching up to do.”

Iaccino believes that bitcoin’s popularity is undeniable yet it’s still highly unstable and could easily be replaced by another cryptocurrency.

“Bitcoin, right now, is the most popular [cryptocurrency] and it is the most valuable one,” he said. “But I don’t see it as a store of value because any [other cryptocurrency platform] could come out with a slightly better technology and completely replace Bitcoin.”

Moreover, on Wednesday, gold rose more than 1 percent, being one of the biggest safety trades during times of possible chaos. Bitcoin, on the other hand, fell back to the previous gains shown this week as it drops by 3 percent.

 

News credits: cnbc.com

image credits: cnbc.com

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How Bitcoin Differs from Traditional Money and Is It a Good Investment?

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Buying Bitcoin with Paypal

Bitcoin is a decentralized, peer to peer cryptocurrency which is used to make anonymous transactions without leaving behind any traces. Bitcoin is the first cryptocurrency to gain this much public attention and is being largely accepted by merchants as a form of payment all around the world.

In terms of usage, Bitcoin investment is no different from traditional currency. The users can buy, sell items through online as well as trade goods/services in physical stores. However, not everything is same. There are several factors that differentiate Bitcoin from traditional currency.

Let’s take a look at some of the major ways in which Bitcoin is different from paper money.

How Is Bitcoin Different from Traditional Money?

  1. Unlike fiat money, bitcoin is decentralized. There is no clearing house or authority (Government, Visa Network, MasterCard, Central Bank, etc.) to regulate the flow of cryptocurrency.
  2. Bitcoin network is peer to peer and is managed by users/miners around the world.
  3. The transaction fees are much lower because the money is transferred without going through a clearing house.
  4. The coins are earned by a process called Bitcoin mining. The miners around the world assemble blocks and are given mathematical problems to solve using Bitcoin algorithms. Those who are able to solve them correctly are rewarded with bitcoins.
  5. All Bitcoin transactions are stored in a public ledger called “Blockchain”. Anyone can visit this ledger to verify a transaction. This openness makes the cryptocurrency more transparent and reduces the possibility of any kind of fraudulent activity and double spending of the same coin. (Find out more on what is Blockchain and how does it work here)
  6. The currency can be obtained via Bitcoin exchanges or mining.
  7. For now, just handful of merchants on the web and in physical stores accept Bitcoin as a method of payment. However, the trend is increasing each day.
  8. A downside of bitcoins is that they are not insured by the government agencies which ultimately makes them irrecoverable if lost. If an owner somehow loses a hard drive or any other device in which the currency was stored, the coins are gone for good.

These are some of the facts about bitcoins that make them different from traditional currency. Now let’s go and look for the answer of” “is Bitcoin a good investment?”

Is Bitcoin A Good Investment:

Although bitcoins are gaining more acceptance and increasing in popularity each day, investing in Bitcoin is never considered a good idea. This because the currency is highly volatile and unpredictable.

For example, the Bitcoin price skyrocketed from $14 to $1200 and then dropped to $632 per BTC within a year. Such high instability in value makes Bitcoin a risky investment.

The best way to invest in bitcoins is to buying bitcoin with Paypal when they are being sold for less than $10 per BTC as this will give investors a larger margin of safety.

Tags: bitcoin investment sites, trusted bitcoin investment sites

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Creating a Bitcoin bank with USB drive

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People can store their Bitcoins offline or online through multiple ways. They are free to use a paper wallet or hardware option to store.  However, users of this technology also have the option to create a wallet on cheaper USB to store coins offline.

Creating low-cost Bitcoin wallet USB

Today, we are going to create a low-cost bitcoin wallet with a USB drive. You have the option to download few different wallets for this procedure. While, for this walkthrough, we use an electrum wallet. bitcoin users need to follow such installation process.

First

You need to download electrum wallet to your computer. Linux, Windows or Mac OS will take few minutes to download.

Second

Install this software directly on the USB drive. Use USB thumb drive for other application isn’t the good idea. There is an option that drive should play one man show as bitcoin wallet.

Offline installation of wallet into USB drive

Third

To perform offline line installation, you need to disconnect from an internet connection. It will be better to refresh your computer before installation. When you are sure that your operating system is offline then plug your device into the computer.

Forth

Open an installation program from your USB drive. The client does not have the option to reach the bitcoin network, but you still have complete opportunity to create a new wallet. This installation follows the same procedure. You need to install to USB, then go through security session. Where you will create a strong password and write down your seed phrase. Keep in mind, if you forget your password or seed phrase, you will not recover your bitcoins on that wallet.

A Little Bank or Bearer Bond Instrument

After securing your wallet with an encoded passphrase and get your seeds, you will have a fresh wallet. you can easily send or receive the bitcoins. like a hardware wallet, you need a device to access your keys, so that you can easily restore it with seed. The cost for this method is round about $2. Furthermore, they also can use the bearer bond instrument.

 

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What is a Hardware Wallet? (or How to Make Your Cold Storage Hot)

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It’s bitcoin era, Sweden incorporates and Iran investment firm using the bitcoin

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investment firm using the bitcoin

It’s a kind of breaking news that Sweden going to use bitcoin accounts. For that purpose, the government allows the sweden blockchain startup. Which directly means they opposed the traditional bank accounts. They pay their attention and prove their liquidity and incorporate domestically with the Swedish Companies registration office.

The idea of introducing an investment vehicle by the founder of Brave New World Investment to the companies traded on Tehran stock exchange. Six banks of Sweden rejects this idea.

Brave New World Investments might be considered as a violator of US approvals against Iran. Madeleine Idvardsson told to CoinDesk “we examined whether it would be possible to use bitcoin as non-cash property. Whereas, we found that it would be possible”.

For the company registration in Sweden by using bitcoin, incorporates have to sign a statement from an auditor. The property value must be less or not higher than the actual company’s value. The signed statement must describe the accounting principles for how the property’s value determined.

Bitcoin

As Johansson says” we want to invest in Iran. In good, hard-working companies and individuals.” accordingly, they are ready to invest in Iran without any difficulty. Two identical accounts were programmed bitcoin wallet addresses as subtitle account on 27 January.

therefore, accounts keep overlooking on transactions. Now, accounts are empty but reserves for further transactions.

World of Bitcoin and other cryptocurrencies will use for investment purpose in Iran. where they will be converted and invest in traded companies on Tehran stock exchange.

Liquefying climate

US and UE signs a comprehensive plan in Iran for peace development. EU keep going with an agreement but in the US, something going changes in response to missile tests. US president Donald Trump considered this tests as a threat and moved to tighten US sanctions on Iran. Iranian resolution of 1979 changes the world’s history again and sections against the country increase not only in daily routine but also highly create the effect on business with the nation.

With all of these negativities, Johnson feels that climate will be change soon. He clearly commits that the work will be obedient with both countries sections positions. He also added one thing that they are working crystal clear, they have the fair and proper setup of working. We have the proper system of an audit to make sure that we don’t allow money laundering.

Bitcoin world

It’s clear that Johnson’s firm is going to help Iranian companies to overcome the different obstacle by using bitcoin and other cryptocurrencies. As describe by Johnson that Brave New Company Investments was unable to get an account in Sweden due to violation and agreement issues. This is clear that bitcoin will not face any obstacle. bitcoin face already some restrictions and other are waiting for.

Johnson says, “sanctions create a strong impact. Both, on economically and in the humanitarian sense. They will totally cut from the international banking community”.

Johnson can easy elaborate that sweeten companies entered in the bitcoin world. whereas, they are unable to obtain bank accounts, buying anything, providing services in bitcoin and other cryptocurrencies.

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