Bitcoin is a peer to peer, decentralized digital currency. The currency is free from any third-party influence like governments, the central bank, or a governing authority. The currency promises to revolutionize the traditional way of spending money in near future.
Bitcoins are not real coins. It’s a currency that is based on a string of codes and locked with encryption keys. The transactions made through bitcoins leave no traces behind, giving those involved complete anonymity.
There are several different ways to buy bitcoins but the most common way is buying through cash exchanges.
Buying Bitcoins Through Bitcoin Cash Exchanges:
Buying bitcoins through cash can be confusing at times. Especially for those doing it for the first time. But don’t worry, we have compiled a list of Bitcoin cash exchanges that make the whole process simple and straightforward. The list includes:
LocalBitcoins is a reliable Bitcoin escrow service from where you can cash deposit or cash trade in person. A quick step by step guide on LocalBitcoins includes:
- Find a local seller who is willing to trade in cash
- Choose how many coins you want to buy
- Receive seller’s account number
- Deposit cash into seller’s account
- Upload money-deposit-receipt as a proof
- You are ready to receive bitcoins in your LocalBitcoin wallet
BitQuick connects you with sellers where you can pay with Bitcoin and buy products online. For now, BitQuick is only available in the US and works the following way.
- First, you will need to find a seller
- After finding a seller, discuss the price for bitcoins
- Receive seller’s bank account number
- Deposit cash into seller’s account
- Upload receipt as a proof
- Receive bitcoins
Wall of Coins:
A peer to peer bitcoin exchange. Wall of Coins offers a number of bitcoin payment methods; however, the cash deposit is the most common method that they offer.
Wall of coins is one of the largest cash bitcoin exchange in the US with over 100,000 deposit locations across the country.
Apart from the US, it also operates in some major countries like Germany, Canada, Latvia, Poland, Argentina, etc.
LibertyX offers its services at a number of retail stores across the US. However, it requires the buyers to provide their identity which makes it less private compared to those mentioned above.
The maximum limit on buying bitcoins online from LibertyX is $1000, with 1% fee on each purchase.
One of the unique features of LIbertyX is that it grants $1000 worth of bitcoins for free to those who sign up through Facebook.
Bitcoins through ATM? Yes, you read it right. You can buy cryptocurrency through Bitcoin ATMs with only cash. Bitcoin ATMs require no verification, making it one of the most private ways of buying coins.
The average transaction fee through bitcoin ATMs is 5-10%, which is completely acceptable to those who want 100% privacy.
Bittrex is a USA based digital currency exchange that offers fast trade execution, protected wallets and cutting-edge security measures to ensure the safety of your funds. It is said to be supporting more than 190 cryptocurrencies with a market cap of $354,425,501.
Bitfinex is a cryptocurrency trading platform based in Hong Kong that offers peer-to-peer trading of all major cryptocurrencies. It’s known for its customizable interface, security and variety of digital currencies.
Bithumb is a Korean cryptocurrency exchange portal which is known for its reasonable price rates for bitcoin traders, ability to make quick real-time transactions and protection of every users’ assets with SMS verification. It is currently having a market cap of $314,531,860.
Kraken is a San Francisco based cryptocurrency exchange established in 2011. You can exchange multiple digital currencies as well as buy bitcoins. The currencies traded include Bitcoin, Dogecoin, Litecoin, Ripple, Ven, U.S. dollars, the Korean won and the euro. Moreover, Kraken is known for its security measures to prevent any sort of illegal activities to take place.
GDAX is a U.S. based exchange that offers a spontaneous, trusted and secure interface, along with full insurance of the funds held online. It is also backed up by major investors such as Union Square Ventures, Andreessen Horowitz, and the New York Stock Exchange. Currently, the market cap of GDAX is at $104,995,957.
These are some of the top exchange bitcoin for USD through which you can buy coins. Each exchange has different terms and conditions for its users. Make sure you go through them carefully before acquiring their services.
10 July 2017. Bitcoin is continually hitting new heights, now its standing at $2500 per coin. The digital currency trades down 3.7% at $2510. And, is intimidating its lowest close since June 2017. Its contending, ethereum is also under pressure.
Bitcoin’s price is stuck between $2400 and $2500 since last Monday. This was the day when the head of the Goldman Sachs warned about the sliding price of the bitcoin as low as $1857 before rushing as high as $3915.
Back in early June, Mark Cuban declare Bitcoin as a “bubble”. He tweeted, “I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble.”
Last week, Jeffrey Kleintop also suggested that “Bitcoin was in a bubble unlike any we had ever seen before.”
News and picture credit: business insider.com
Bitcoin cost has surpassed $12,000 in both South Korea and Japan, two noteworthy bitcoin markets that are responsible for around 74 percent of worldwide bitcoin exchanges.
Bitcoin In South Korea: $12,653
In South Korea, bitcoin is being traded at a premium of over $1,270. Though, not as high as rates provided by ETNs (Exchange Traded Notes) or GTBC (Greyscale Investments), it still significantly expensive to buy bitcoin in South Korea or Japan.
At its peak, bitcoin accomplished an untouched high in South Korea at $12,653, as the worldwide bitcoin cost neared the $11,000 check.
Dealers in South Korea still invest into bitcoin with a high premium despite South Korea being the third biggest bitcoin market because the supply of bitcoin from the local market is low and the demand has increased at an exponential rate in the course of recent months.
Bitcoin In Japan: $11,827
While the premium in Japan isn’t as high as South Korea, it’s still higher than the premium of other countries, such as the US.
At the time of writing, Bitcoin is being exchanged at over $11,500 in Japan, roughly $1,000 higher than that of the worldwide bitcoin normal cost.
As indicated by a few crypto market suppliers including CryptoCompare, the Japanese bitcoin exchange market represents 64 percent of worldwide bitcoin exchanges, almost twice as large as the US. However, the worldwide normal bitcoin cost is often based on the exchange rate in the US, and the cost of bitcoin in Japan is regularly 5 to 8 percent higher than that of the US.
As the biggest bitcoin market, Japan needs to have the highest liquidity and the supply of bitcoin. Subsequently, there should not be a high premium of 5 to 8 percent in the midst of strong rallies, because being the largest market, it should have adequate liquidity and supply to address the developing interest from financial specialists.
For a long time, experts have scrutinized the zero-fee exchanging stages of Japan, and the likelihood of wash or bot trading. It is likely that like China, trading volumes in Japan are swelled, given its high premium rates.
After a series of ups and downs, bitcoin’s price went to its top. However, it plunged to less than half of that value later. The unexpected changes are now compared to the dot-com bubble and are highlighting the speculative nature of investing in cryptocurrency.
The price of bitcoin fell below $10,000 for the first, on December 1. At one point, it fell below $9,300 on one exchange. The price later rose back to almost $12,000, however, the investors and economists are still not sure how long the price will stay there. It is also said that the recent skim was due to the fear of crackdowns in the cryptocurrency markets.
South Korea has suggested a ban on the trading of cryptocurrency, although no plans are settled yet. Also, same news has been reported about China.
Bitcoin is a decentralized digital currency, as it is the largest and well-popular digital currency, that is globally bought and sold in exchanges.
According to Timothy Lee (senior reporter at Ars Technica), it is not based on dollars. The value of bitcoin floats against other cryptocurrencies, in the same way the euro and dollar glide against each other. Users say that bitcoin has got a very effective system for authenticating transactions, as it is based on a revolutionary technology.
Bitcoin users also point out that the currency is not tied to government’s whims and according to them, it’s a good thing. Recently the price dropped, and that may not be a good thing for those investors who are trying to figure out what crash actually means for the cryptocurrency’s future.
Recently many cryptocurrencies have shown the same swipes. According to David Kotok (Cumberland Advisors chairman and chief investment officer), almost 20 years ago, the technology and the new internet stocks accomplished valuation of $7 trillion, just because of speculation. The prices of shares used to be very high and after they collapsed, investors got badly miffed. And apparently, the same thing is going to happen with these cryptocurrencies.
Same rise and fall in the price of bitcoin was seen by the investors in December. After China announced that it was banning all the banks that were trading cryptocurrencies, bitcoin fell by 40 percent just within days after hitting a record price of almost $1,150.
There’ve been dramatic ups and downs in cryptocurrency’s price last year. Bitcoin had the value around $900 at the beginning of 2017, however, its value got tripled within few months. According to Kotok, cryptocurrencies are highly speculative and investing money in cryptocurrencies is a speculative thing to do. There’s a chance that you may make a profit, but Kotok has seen many people who invested their money into bitcoin and now they’re having loads of trouble in getting their cash back when they try to sell it.
According to some analysts, the cryptocurrency is trying to find an impermanent price floor, but according to a CNBC report, Citigroup analysts think that the price of bitcoin would plunge again to half of its current value. According to Ars Technica’s Lee, it’s still going to be unpredictable. She thinks it’ll go more up and then it’ll crash again. So, no one knows how far down it’ll decline.