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How to Buy Bitcoin with Bank Account

Are you looking to buy bitcoin via bank transfer? Here is a list of companies that let you buy the cryptocurrency through these methods.

There are generally two transfer types – SEPA (Single Euro Payment Area) and ACH (Automated Clearinghouse).

As obvious from the names, SEPA transfer mode is for those living in European countries, while ACH is only for the US citizens.

The list of companies that provide these transfer options includes:

  • Coinbase
  • BitPanda
  • GDAX
  • CEX.io
  • Gemini

Coinbase:

The largest Bitcoin broker in the world. The US citizens can buy bitcoins with a connected bank account via ACH bank transfer. On the other hand, those living in Europe are required to connect their bank accounts via SEPA transfer.

The coin delivery time of tow SEPA and ACH slightly differs from each other. ACH transfer takes 5 days while SEPA only 2 days to deliver the coins.

Coinbase charges a flat fee of 1.49% on all transactions.

Pros of Going to Coinbase To Buy Coins:

  • High buying limits
  • High liquidity
  • Ease to understand process
  • “Instant buy” option for credit/debit card users

Cons of Using Coinbase:

  • Slow delivery. May take up to 5 days to complete
  • Low privacy as it may track the record of bitcoin transactions you make

BitPanda:

BitPanda only accepts Online, SEPA and SOFORT bank transfer. BitPanda is named amongst the most trustworthy bitcoin brokers and charge lower fees from credit/debit card users.

A downside of BitPanda is that the service charges are included in the bitcoin buying price and not mentioned on the site.

GDAX:

GDAX offers ACH transfer for US residents and SEPA for those living in EU and UK. It is one of the cheapest Bitcoin brokers out there and sometimes charges zero fees from Bitcoin buyers.

However, there are a couple of downsides of using GDAX, such as poor interface and closure of account in case the bitcoins are transferred to a legally suspicious site.

CEX.io:

Similar to GADX, CEX also provides its US users with ACH transfer option while those living in Europe and the UK the SEPA transfer.

CEX.io Pros:

  • Available in several countries
  • The trading fee is extremely low. 0.2% to be precise
  • Trustworthy bitcoins broker

CEX.io Cons:

  • The verification process requires you to provide personal information, along with a photo. The whole process may take a while to complete.
  • Lacks liquidity

Gemini:

Available only in the US. The citizens can buy coins through ACH transfer.

Pros of Gemini:

  • Trusted brokers
  • Through instant deposit, you can quickly buy the coins
  • Lower fees

Cons of Using Gemini Services:

  • Not available in all 50 states in the US
  • Somewhat confusing to new users

These are some top Bitcoin exchanges for the US and European citizens. The list doesn’t end there. There are many more trusted brokers such as Coinfloor, Bittylicious, Confinity, etc.

Before making the purchase, dig more about these brokers and choose one that perfectly matches your requirements.

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Crypto Market Cap Goes Over $500 Billion – Here’s A Look At The Top Coins

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As the combined market cap of cryptocurrencies has leaped above $600 billion, the price of bitcoin and Ethereum is still on the top.

Cryptocurrencies Now Worth Half a Trillion Dollars:

The cryptocurrency market has now reached $643 billion, and it seems that it will certainly reach $700 billion really quick, especially when the market cap of bitcoin has already reached $284 billion.

Bitcoin Price:

At the time of writing, bitcoin price is trading at $16,958.90 with the market cap of $284 billion. However, last week bitcoin price was $17,184 which is that the price of bitcoin can also decrease within days.

Ethereum Price:

At this time, Ethereum’s price is trading at $875 and its market cap is $83 billion. Last week, it had a market cap of $65.6 billion, which means it has significantly increased just within a week. Ethereum continues to see growing transaction volumes also, as it has increased 9% within the last 24 hours.

Ripple Headlines:

Bitcoin cash is the third largest cryptocurrency that rose by 3% within a day. But its closest competitor Ripple is growing increasingly larger as well. At present, Ripple has a market cap of $18 billion, which means that if ripple repeats this single day performance one more time, it will definitely replace bitcoin cash and will rise to third in the ranking.

At this time, litecoin price is trading at $336, which represents a single-day increase of 2%.

IOTA is on number 6th in the ranking with the price trading at $5.37 at this time, with the market cap of $14 billion.

Dash and monero are currently valued at $1,598 and $460. NEM is on number ninth in the ranking, with the price of only $1 whereas, bitcoin gold has risen about 1.93%, taking it to the number 10th in the ranking.

News credits: ccn.com

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Not sure How to buy Cryptocurrencies?

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Recently, there were reports of banks restricting credit card acquisitions of cryptocurrencies, however, there are still many options available which can be used for buying cryptocurrencies. There’s always a risk in investment and trading move, so, always do your own little research when making a decision.

Coinbase is a well-known interface where you can easily buy crypto with fiat money. Users only have to create an account and verify their identity on Coinbase, then they can easily buy whatever they want with their debit card.

Another sister company of Coinbase is GDAX, which gives users an idea of how these cryptocurrency exchanges are actually working. It describes an instinctive interface with trade history, charting tools and real-time order books. All of these tools ensure traders that they’re getting the most out of their trade.

how to buy cryptocurrencies

Another popular exchange is Bitfinex. Its website claims that it’s the most progressive cryptocurrency trading platform in the world and has many advanced charting tools. Its website has an app, which is available for both iPhone and Android users. It offers three features:

  • Exchange trading
  • Margin trading
  • Margin funding

You can easily find places to buy cryptocurrency with fiat money, however, Robinhood is unique in its zero-fee approach. Their main goal is to provide an easier platform for people to buy cryptocurrency. This trading app lets users buy cryptocurrencies like Bitcoin and Ethereum right from their phone without any trading fee.

Can you buy all cryptocurrencies with fiat money?

At this time, cryptocurrencies that have fiat/crypto-pairs are:

  • Bitcoin
  • Bitcoin Cash
  • Ethereum
  • Litecoin
  • Ripple

Coinbase offers following cryptocurrencies which users can buy with fiat debit cards:

  • Bitcoin
  • Ethereum
  • Litecoin
  • Bitcoin Cash

Users will have to send their BCH, BTC, ETH, or LTC to an exchange to get involved with other altcoins.

How to buy Bitcoin without involving exchanges?

Nowadays, Bitcoin ATMs are becoming very popular. There are almost 2,393 Bitcoin ATM machines worldwide, and with these machines, users can buy Bitcoin by using fiat currency and can even sell Bitcoin to withdraw fiat money. These devices help traders by not having them to deal with the trading part of crypto and are very much convenient.

Recently, Cointelegraph has partnered up with Simplex and now it offers a convenient way of buying Bitcoin, Ethereum, and Bitcoin Cash. Simplex accepts most credit cards and some debit/prepaid cards as well.

How to buy crypto with Cash?

It’s quite simple to buy Bitcoin with cash. If you know anyone who wants to sell BTC, there are decentralized, p2p sites where you can meet people who are interested in buying Bitcoin. LocalBitcoins is currently working worldwide as an advertising community board and helping its users to agree on a price and so that later, they can meet in person to trade. The exchange process is time-consuming and it’s not much reliable, as it involves strangers. But it’s still very popular and its users have great reviews about it.

Decentralized Exchanges

DEX isn’t very popular but it’s a trust-less AI system that connects traders online. The money goes from the user’s wallet to an escrow in a centralized exchange, and then to the other user in the trade. Funds that are kept in centralized exchanges are stored in wallets, which are owned by the company. User funds are stored in hardware wallets in a DEX, on each user’s computer. This smart contract helps in keeping trust between the users, who are trading the money. Altcoin.io is also working really hard to make a simple interface to exchange crypto quickly and the team became famous back in October after it successfully completed the first-ever BTC-ETH atomic swap.

It’s quite easy to buy cryptocurrencies now, and we’ll probably see some massive improvements this year, for both centralized and decentralized exchanges. The main focus of centralized exchanges will be; usability, scaling and adding new tokens, while decentralized exchanges will focus on getting their product out, involving the present crypto community.

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What Is Bitcoin Hard Fork? The Most Intriguing Bitcoin Topic Explained!

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To begin with, Bitcoin has been the talk of every news channel, tabloid, website, etc. for a long while now. It’s increasing popularity might’ve caused a little problem for the network. Bitcoin is in a messy situation right now and something needs to be done. Fortunately, two possible solutions have been proposed as well, but only one can exist.

What is Bitcoin Hard Fork?

It is a compulsory software update that is required in order for the program to function.  It can be implemented to fix bug errors or any security issues present in the older version of the software. Also, a hard fork is irreversible.

The “hard fork” will split the blockchain, leading to the introduction of a new chain of transactions branching from the original one.

Bitcoin Fork Explained – What’s The Issue?

In simple words, Bitcoin is unable to withstand the number of transactions taking place on the network.

The technical explanation is that the 1MB block size limit which is programmed into the system has become a problem and is causing delays in the processing of transactions. Basically, a purchase can take from a few minutes to hours to confirm.

Two techniques were proposed, which result in two different solutions: Bitcoin Unlimited, and Segregated Witness. They’re both proposed software updates to the Bitcoin network with the aim to completely change the way Bitcoin functions.

Obviously, the two can’t coexist, that would “fork” the Bitcoin network – splitting it into two different digital currencies.

A fork is known as a software update. Basically, updating a program from an old version to a new one to fork bitcoin.

Bitcoin Unlimited:

Starting off with Bitcoin Unlimited, this proposal is favored majorly by Bitcoin miners. To understand this, you must know the concept of Bitcoin mining. Bitcoin miners use specified powerful computers to solve complex mathematical algorithms in order to verify a transaction and be rewarded with newly issued bitcoins.

We are aware that there is a built-in block size limit of 1MB in the Bitcoin network, however, BU gives miners the permission to vote on increasing the block size whenever they want. This gives them control of the Bitcoin network, due to which they’re favored by miners.

Segregated Witness:

On the other hand, SegWit is being voted by many Bitcoin enthusiasts and developers. Their aim is to optimize the Bitcoin coding in a way that allows them to decrease the transaction size and increase the transaction volume, all while sticking to the 1MB block limit. They suggest the use of a soft fork.

A soft fork is a software update that lets the network to adapt to the new functionalities and features implemented. The update doesn’t interfere with the existing software and the older version will still be usable.

When is Bitcoin Hard Fork Happening?

Every Bitcoin user around the world is anxiously waiting for August 1st– a day that will mark the history of bitcoin. No one really knows what to expect but we are all eager to know what will be the fate of Bitcoin. We’re approximately 2 weeks away from the big day so let’s reflect back on the possible end result.

On 31st July, the activation of SegWit2x is set to take place. SegWit2x is a proposal that will enact SegWit through a Soft Fork but will increase its block-size limit by Hard Fork after three months. So, basically, SegWit2x will be introducing Segregated Witness first which will follow a 2MB block-size increase three months later.

Moreover, SegWit2x has the support of major mining pools which means it’s backed up by miners.

What Will Be The Bitcoin Hard Fork Consequences?

When the 2MB hard fork is scheduled to be introduced, there are chances of a chain split to occur cause of the soft fork. This, in return, would lead some part of the community jumping on to SegWit2x while others remain on SegWit.

This can create a very messy situation as there would be two different kinds of Bitcoin present. The last thing we’d want is to damage Bitcoin, particularly since there are high chances of two competitor blockchains existing simultaneously.

What Should I Do in Order To Prepare For August 1st?

You’re advised to move your bitcoins to a private wallet, where you solely are in charge of your private keys. Also, be sure to do this before July 31st, and remain until storm calms down. We are not aware of what is in store for us on August 1st or the day after, and the future is a total blur. So, let’s sit back and watch the calendar hit August.

Who Will Be The Winner?

Aha! Too bad we can’t answer this question because half the community goes for SegWit and the other half for BU. There’s not really much we can do, just voice out our opinion and educate others with whatever we learn and maybe help them come up with opinions of their own.

We’ll just have to patiently wait and watch how this turns out.

I’d like to point out that I have a very limited technical knowledge and only know my way around a few technical terminologies. This post is a compilation of weeks of research that I’ve put together myself. So, if you do find any errors, do let me know in the comment section below and I’ll be sure to check.

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Longfin Stock Value Drops Below 30% After SEC Announces Investigation

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After the US SEC (Securities and Exchanges Commission) announced that it’s starting an investigation, the stock value of Longfin (fintech firm) has dropped below 30%.

According to a report, on 2nd April, Longfin divulged the investigation in a public 10-K filing to the Securities and Exchanges Commission. Longfin is among the NASDAQ-listed fintech companies and its market cap shot-up above 1,000 percent in last December, within only 2-days.

finetech companies

Investigation By SEC

On 5th March, Longfin was informed by the Division of Enforcement of SEC that they will be investigating transactions in the company’s shares and also demanded the documents related to its IPO and acquisition of Ziddu.com. Ziddu.com is a firm that focuses on smart contracts and micro-lending via blockchain technology.

In the 10-K filing, Longfin showed that its aim is to cooperate with the SEC investigations. The document says:

“We are in the process of responding to this document request and will cooperate with the SEC in connection with its investigation. While the SEC is trying to determine whether there have been any violations of the federal securities laws, the investigation does not mean that the SEC has concluded that anyone has violated the law.”

What does Venkat Meenavalli have to say about it?

CEO of Longfin, Venkat Meenavalli also acknowledged this gigantic spike in stock value last December, as he stated:

“This market cap is not justified. I valued my IPO pricing at $5.” He also added:

“We are a profitable company… We have nothing to do with this euphoric mania.”

The stock value plunged really quick after an adverse tweet was posted by a well-known short-seller, Andrew Left’s Citron Research and news that the FTSE Russell was considering to eradicate Longfin from its benchmark Russell indexes due to inadequate free-floating shares.

As for the negative view of Citron, Meenavalli said:

“We are going to take legal action after we file the 10-K” and added, “The company is a profitable company, making revenue.”

Also, at the beginning of this year, the SEC reported that it’s going to start an investigation on companies that are using public enthusiasm and blockchain technology to deploy their stock prices.

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Burger King Russia to Accept Bitcoin as a Payment Method

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Russia has been one of the reasons behind Bitcoin’s drastic increase the past few months since it announced that Bitcoin is “not illegal” anymore in the country. The acceptance towards bitcoin shown by the Russians has boosted the bitcoin value, which is a major advantage to the cryptocurrency.

Burger King is one of the largest fast-food franchise in the world and to hear that it is leaning towards Bitcoin as a payment method is interesting. Although, it is yet to decide the software they’d be using to accept bitcoins.

Let’s not forget, this isn’t the first region to accept bitcoins as a payment option at Burger King. Arnhem Bitcoinstad welcomed Burger King to their list of Bitcoin merchants, by the name of Burger King Arnhem. It was the first Burger King restaurant to experiment with Bitcoin.

Since the cryptocurrency hasn’t exactly been announced as a legal tender, it causes some taxation issues. We are yet to see how Burger King will handle this problem as they move along with their decision.

It is possible that after seeing Russia’s initiative, other countries may begin to implement such payment options as well, which is what every Bitcoin enthusiast is waiting for. This will only open new doors for Bitcoin, especially in Eastern Europe.

 

News Credits: newsbtc.com

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