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How to Buy Bitcoin In 2017

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How to Buy Bitcoin

Buying Bitcoin is simple and painless. All you need is a digital wallet as, without it, it’s impossible to buy and store Bitcoin.

A Bitcoin wallet is used for the same purpose as a traditional bank account for storing fiat currency.

Once you have the wallet, you will need to follow a simple process in order to buy the coins. Here, we have discussed how to buy bitcoins. So read carefully.

Buying Bitcoin – Getting Started:

There is a large number of brokers, exchanges, sellers and wallet providers, etc. selling Bitcoin. However, not all of them are reliable. Some are just there to steal your money.

To avoid theft, you should always look for well reputed and renowned names to make the purchase.

The Bitcoin exchanges require the users to provide their personal information – which may also include your photo and a copy of ID – to prevent theft.

Once your account is functional, you are ready to buy bitcoins instantly.

Buying Bitcoin with Debit/Card Instantly:

Buying bitcoins via debit/credit card is one of the easiest approaches out there. However, due to the complex transaction process, the fees can be high.

As a bitcoin buyer, you will come across numerous companies offering their services, but only a few of them are trustworthy.

Down below is a list of most trusted names that accept credit/debit cards and sell instant bitcoins.

Coinbase:

With the presence in over 30 countries, Coinbase is the largest bitcoin broker in the world.

Coinbase offers instant buy option, but to buy the coins instantly, you will need to provide your identity proof and bank card.

Coinbase users are normally categorized into two levels: level 1 users and level 2 users.

Level 1 users are the fully verified users and can buy up to $1k worth of bitcoin per week.

While level 2 users can only buy up to $100 worth of bitcoin per week.

Moreover, Coinbase only charges 3.99% in transaction fees which are pretty low compared to other exchanges.

Find out more about how to buy bitcoins via Coinbase safely right here.

CoinMama:

  • Offers instant bitcoins to debit/credit card users
  • Charges 5% in transaction fees and particularly good for those who buy in bulk.
  • Offers special packages to verified users as they can buy up to $5k worth of bitcoins per day and up to $20k per month.

BitPanda:

BitPanda is an Austrian exchange and is one of the most renowned across Europe.

The features of BitPanda include:

  • Instant bitcoin purchase through credit/debit card
  • Low fees. Just around 3-4%.
  • The buyers are required to go through a strict verification process.

A downside of BitPanda is that the fees are not mentioned on their site. If a user wants to know the fees, he must register an order first.

Some Other Ways to Buy Bitcoin:

Buyers who don’t have credit/debit card can also buy bitcoins through LocalBitcoins.com. All you have to do is enter your nearest area and arrange to meet up with a seller. However, make sure your meetup is in a public place to avoid any potential harm that the seller may possess for you.

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Latest Bitcoin Price Technical Analysis- Adjacent Resistance Zone:

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Bitcoin rate has been frequently consolidating due to the absence of main market catalysts so far.

Bitcoin Price Main Highlights:

  • Bitcoin price has cut lower highs and higher lows, generating a symmetrical three-way relationship on its 1-hour chart.
  • Price just rebounded off support and is due for a test or trial of resistance around $2600.
  • Technical measures are demonstrating that the resistance is more to be expected to hold rather than breakdown.

 

Technical Indicators Signals:

The 100 SMA is under the longer-term 200SMA so the route of minimum resistance is to the downside. The 200 SMA is adjacent to the three-way relation (triangle) resistance, providing it strength as a ceiling.  If it holds, alternative step to support at the $2500 area possibly will take place.

Market Influences:

Bitcoin value has been getting a benefit of dollar weakness just as financial data has been approaching in below expectation. Some degree of profit-taking is initial to kick in top up to the weekend, end of month, and quarter.

The digital-currency is also shrugging off damaging updates from the past in the month when stockholder Mark Cuban warned that bitcoin might be in a bubble and a Goldman Sachs expert also gave a bearish analysis. It should also be distinguished that some of Bitcoin exchanges experienced outages because of trading activity and high levels of traffic.

The mentality of people also tends to affect most of Bitcoin and digital currency arrangements as a huge amount of it is based on demand and speculation. It can involve another durable positive catalyst to produce constant rallies again. By this way, there is still a potential downside for Bitcoin value, specifically since risk-craving has been recurring to the financial markets. Commodities and stocks appear key for a bounce when uncertainties decrease. But, of course, there is also a possibility that geopolitical hazards might shore up another asset as Bitcoin once again in the end half of the year.

 

Image and Story Credit: www.newsbtc.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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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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A Brief Guide on How to Mine Monero

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This article focuses on how Monero cryptocurrency is mined and what sort of hardware and software is required to mine this cryptocurrency lucratively.

What is Monero?

Monero (XMR) is a privacy-oriented digital currency which was initially released in 2014. By market cap, it lies in the top 15 cryptocurrencies and amid the top 15 cryptos, it is the only privacy-focused cryptocurrency. Monero still uses a Proof-of-Work consensus mechanism which means it can still be mined by using regular CPU and GPU computational power.

monero mining

  • Monero — based on the CryptoNight hash algorithm.
  • CryptoNight — a Proof-of Work consensus mechanism depends on the CryptoNote protocol.
  • CryptoNote —an application layer protocol that aims to be an evolution of the ideas behind Bitcoin.
  • Monero blockchain mines blocks in two-minute intervals – quicker than Bitcoin.

Monero can be mined by using regular consumer hardware, which makes it quite easy for almost everyone to get involved in Monero mining. Casual miners benefit from it because it lessens the ‘payoff’ from using specific hardware, which makes GPUs less effective from a cost perspective. So, as it’s already mentioned above that Monero can be mined by both using both CPUs and GPUs, this makes mining rigs more lucrative.

Hardware for Monero Mining

Casual miners can mine Monero by using consumer grade CPU hardware like GPU’s, ARM, x86, and x86-64.  Compared to others, AMD graphic cards are best for Monero mining however, you will need some hardware components for setting up your own rig. Few of them are given below:

  • CPU with at least 8GB RAM.
  • Reliable internet connection and an open-air rig.
  • A reliable power supply — depends on the CPU and GPU you pick.
  • DDR3 or DDR4 SDRAM — depends on the CPU you choose.
  • Motherboard — compatible with the selected CPU, with enough PCIE
  • SSD or HDD.

Software for Monero Mining

Different software has been made for different hardware and software used for mining Monero is also quite important. Using the right mining software and enhancing your CPU/GPU is imperative to get the most profits. The procedure is usually the same.

  • You will have to download the software and extract the .zip file.
  • After extracting the folder, you can run the application.
  • After running the application, choose Monero mining. It prompts you to enter a pool address.
  • One of the best ways to mine is to be part of a pool. — solo mining can produce little to no results, as compared to pooled mining, which means it is essential for you to find a good mining pool.
  • Pools often have a small fee; however, the fee is acceptable – considering the reliability and consistency of rewards and less alteration.
  • Also, make sure that you have a Monero wallet setup so that you can receive your rewards.

monero cryptocurrency

Difficulty and Profitability Factor

Over the past few months, the over-all global hash rate for Monero has declined –so with the new Monero fork, however, it is still a lucrative crypto to mine, according to its price potential. The hashrate is linked to the price of the coin, and trouble thoroughly tracks the hashrate.

The level of difficulty automatically alters the computational difficulty of solving the subsequent block to sustain the two-minute block interval.

Many people are trying to mine Monero, which has made it even harder to mine. Here, difficulty means how hard the mining of Monero has become. Well, it depends on the miner as well and how powerful the miner is. To keep Monero’s supply in check, this information gets updated from time to time. For successful mining, the pool takes a certain fee from the profits.

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