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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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“Bitcoin Will Disrupt Gold” – Winklevoss Twins

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According to Winklevoss Twins, the price of Bitcoin has the possibility to rise up to 4,000%, which will allow the leading cryptocurrency (Bitcoin) to achieve the market cap of $4 trillion. Tyler and Cameron Winklevoss became the very first verified “Bitcoin billionaires” as they were among those investors who first invested in Bitcoin when it had the worth of only $120.

Bitcoin has been auspiciously compared to gold by the Winklevoss twins. They somehow anticipated that the digital asset (Bitcoin) will one day surpass the yellow metal. Also, Cameron Winklevoss said that the recent slump in the price of bitcoin didn’t cause him to dither from his sanguine prediction.

At Milken Institute’s MENA Summit, Winklevoss twins said that they still believe bitcoin solely can disrupt gold. “It’s even better than gold,” they said. Scarcity makes gold and Bitcoin is fixed in supply which makes it more durable, more portable and a lot better than scarce.

 

He said that based on this evaluation, the market capitalization of Bitcoin could end up similar to that of gold, which has the worth of $7 trillion at this time. He anticipated that the price of Bitcoin would set above $320,000 and its market cap would hit at least $4 trillion, and this has made the recent correction of Bitcoin, a striking buying opportunity.

He added, that today’s $100 billion market cap might have been almost $200 billion last week, and that’s what makes it a buying opportunity. The reason that it has got the capital appreciation of 30-40 times is that if we look closely at today’s gold market, it’s got a worth of $7 trillion. Many people have started to see that, and now they distinguish the store of value assets. So, it is still an underappreciated asset despite the fact, that its price has seen ups and downs in the last few weeks.

The co-founder of Winklevoss Capital notified that it’s obvious, this transfer of assets won’t take place immediately, however it could come to an end within the next 10 or 20 years. Tyler Winklevoss agreed with Cameron’s anticipation that “Bitcoin would disrupt gold” and added, that he believes that fiat currency will be eventually replaced by the cryptocurrencies.

He added that cryptocurrencies are not that significant for human-to-human transactions, however in machines-to-machines market economic value, they’ll have to plug into protocols such as Ethereum and Bitcoin. Later he elucidated that, given the innumerable applications of this technology, a lot of critical analyses from Bitcoin sceptics are specious. He concluded by saying, that the criticism of Bitcoin is a “failure of the imagination.”

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Top 5 Intriguing Bitcoin Conspiracy Theories

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We’re surrounded by all sorts of mysteries that are yet to be solved but, the biggest one yet is how the cryptocurrency king, Bitcoin, was created and why. Keeping that in mind, there have been various bitcoin conspiracy theories on the internet. Here are some of the ones that seem more legitimate than others.

  1. JPMorgan Was The Reason Behind The MT. Gox Collapse

It’s a fact that organizations such as JPMorgan don’t see much profit in bitcoin but, they’re all in for the technology that lies behind it. Mt. Gox drove bitcoin’s value to higher limits, while JP Morgan composed a price crash by selling over 8000 coins to drive the price back down.

Parallelly, JPMorgan was funding anti-bitcoin articles teamed up with mainstream media firms. To tell you the truth, all these concepts, do sound quite reasonable, however, it seems unreal to think that such an institution would intentionally crash the bitcoin price.

  1. Satoshi to Bitcoin Said To Be An AI

Has it ever occurred to you that Satoshi Nakamoto could be an artificial intelligence? Well, considering that the world has been on several hunts as to find out the persona behind the pseudonym that no one can actually think that it might be an AI created by a hidden government. While this theory does seem a little far off, it spurs up some really exciting discussions.

  1. China Invented Bitcoin:

Many seem to believe that the Chinese created Bitcoin as to wipe out their dependence on the US dollar. While it is a fact that China has been working with Russia and others to create a payment system, it is doubtful they would create bitcoin to substitute the US Dollar.

  1. Bitcoin Is A NSA Project:

This is a theory that has been quite popular on the web that how bitcoin was created as an experiment by the NSA. Claiming that Satoshi Nakamoto is actually a pseudonym behind the top-secret cryptocurrency project. Also, it is said that the NSA has access to the SHA-256 algorithm, which makes bitcoin a lot less secure than what it’s assumed to be.

  1. Major Governments Partake In Bitcoins “Arms” Race:

In 2013, a conspiracy theory had risen from the Bitcointalk forums. A user came up with the concept that major governments like US and China were buying bitcoins in bulk for themselves. Let’s not forget both these governments had first opposed the cryptocurrency when it emerged, which makes this theory quite believable.

Tags: Satoshi to Bitcoin converter

 

Story Credits: themerkle.com

Image Credits: google.com

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Different ways to buy bitcoin

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Buying bitcoin is simple. As simple as signing up for a mobile app. The first step to buying bitcoin is signing up for a bitcoin wallet on sites like blochchain.info by filling up a form with essential details. once you have the wallet, there are different ways through which you can fill it up with bitcoins. Here we are going to fill you in on the 4 most common ways to buying bitcoin.

Buying Locally:

Follow these simple steps to buy bitcoin locally:

  • Find a seller in your area who sell bitcoin for cash
  • Select the desired amount of coins
  • Place the order and receive seller’s account number
  • Deposit your cash in seller’s account
  • Upload the receipt as a proof of trade
  • Receive bitcoins in your wallet

Buy Bitcoin Online:

The best way to buy bitcoin instantly is to buy bitcoin with credit card or debit card. SpectroCoin is one of the reliable coins that accept credit / debit card payments for bitcoins.

But there’s a catch. SpectroCoin only offers $50 worth of bitcoins to its new customers. However, as they grow into reliable customers, the limit is stretched out to $200 and then $500 by the following few days.

Buying With PayPal:

Although PayPal doesn’t facilitate the direct Bitcoin purchase, there is a way around for those looking to buy bitcoin with PayPal:

  • Visit Virvox
  • Deposit money with PayPal to your account
  • Buy SLL on the exchange
  • Buy bitcoins with your SLL
  • Withdraw your bitcoins

These are few of the quickest ways to buy bitcoins. Good luck with your purchase.

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Bitcoin could hit $500,000 by 2030

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Now a day, bitcoin is at the top of the cryptocurrency’s list. Accordingly, bitcoin gained fame only in 9 years, read on to find out more about what bitcoin is worth today.

According to the first investor in Snapchat Jeremy Liew and Peter Smith co-founder of the blockchain, Bitcoin is not going to leave its strength. They estimated that the Bitcoin will hit $500,000 by the year of 2030.

Bitcoin-based settlement

All the settlements of the bitcoin move from country to country. World Bank shows the gross product data of last 15 years is 0.76%. Foreigner sends money back to their home. According to the Peter and Liew’s reviews, they found the expensive alternative in form of the Bitcoin. In that scenario, we can say that with the awareness of the bitcoin, its percentage of the settlement also increases day by day.

Uncertainty  

According to the both, bitcoin popularity increases in US, UK and in developing countries. They said, at the consuming and investment level, bitcoin liquidity, its uncertainty, easy ways of transfer making it more flexible and impressive. This is the huge possibility that bitcoin’s market outperformance will make the bitcoin a strong competitor.

Mobile saturation

Peter and Liew said that next years will the time of smartphones. Because noncash transactions will move from 15% to 30%. right now, penetration of the smartphone is 63% which may increase to 78% (63+15), or 93% (63+30). And, this is the expectation that users of the mobile will expand to 1 billion by 2020. GSMA reported that 90% users of this technology are from developing countries. In addition, this makes the easy approach to everything. Everyone has the bank in his pocket, which provide an enhancement to the bitcoin. Accordingly, 50% of the all noncash transactions could be accounted by the bitcoin.

Basic model drivers are as follow;

  • bitcoin price in 2017 is $2809.77
  • bitcoin supply by 2030 will be 20 million
  • 2030’s value and the user of the bitcoin will up to $500,000 and 400 million. Whereas, a value is calculated by taking $10 million market cap and dividing it by 20 million bitcoins (amount of fixed supply of Bitcoin).
  • Market cap of Bitcoin 2030 year is calculated by multiplying the number of the bitcoin holder with its average value.
  • market cap of the bitcoin is $16.4 billion, means each user contain $2,515 worth of bitcoin. Accordingly, it will be increased to the $ 25,000.
  • Bitcoin users increase from 120,000 to 6.5 million in 2017. It could be the beginning, means growth would be 400 million in 2030.

Smith and Liew views

These above are the rough estimation for the year of 2030. Now a day, China plays and important role in bitcoin technology. which means bitcoin is nearly 100% responsible for trading in bitcoin. However, three well-reputed exchanges announce the fee of 0.2% fee on each transaction.

According to the Smith, Bitcoin is at its beginning stage. He says, “The SEC’s ruling wasn’t a surprise to us,”. In addition, he gets that sort of approval. He includes, bitcoin is too much easy to use, whether it is buying or selling process. And, also getting mature in assets sense. We will examine the development of the bitcoin.

Countries are still at the strife stage. As bitcoin didn’t get regulatory approval in the US. Whereas, in Japan, cryptocurrency is legal payment.

Goodluck!

 

Tags: bitcoin settlement

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Bitcoin Mining in Russia: Why Chinese Bitcoin Miners Are Moving to Russia?

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Everyone knows that China was considered as a hotbed of mining operations, however, the Chinese government cracked down on the cryptocurrency as a whole and recently someone made a bet that Russia is the best place to establish a mining venture. Let’s find out if it’s true or not.

Mining in Russia:

According to Kommersant (a nationally distributed daily newspaper in Russia), many electric power stations in Russia have been acquired by an investor just for bitcoin mining. It is claimed to be the first time ever someone bought a whole power station for such a gamble in a huge and natural resource ironic country.

One power station is located nearby the Russian Republic of Udmurtia, whereas the other one is located on the western slopes of Middle Ural Mountains, in the Perm region. According to the newspaper report, these amenities will be used in the creation of bitcoin mining farm and data centre.

Bitcoin Mining in Russia

Bloomberg reported that development of bitcoin mining will require almost 100 million dollars. An investment plan has been presented by a Russian company named “Russian Miner Coin”, to gather 100 million dollars, so the investors can buy Ethereum or Bitcoin, and acquire almost 18% of the mining benefit that is generated by the company.

According to a report, the buyer of these power stations is a businessman, Aleskey Kolesnik, who has also circuitously confirmed the acquisition. But he also said that the cryptocurrency process will only start after the approval of Russian government, to make it completely legal.

Alexandar Drozdenko (Governor of Leningrad) said that a huge portion of the older power plant will be left abandoned after the completion of these new power plants.  Cryptocurrency mining will require huge processing areas and cheap electricity, and both of these facilities can be provided by the nuclear power plant.

Chinese Miners Moving to North:

At this time, China owns 80% of the mining cores in the world, which makes it the leader of pool mining. Iceland is the second largest one with 5% of the global mining power. The third one is Japan with almost 3% of mining power.

It seems like Chinese miners are getting prepared for an exodus from their homeland. Cold weather and cheap electricity are required for efficient mining. However, it’s believed that government of Russia will be more honest than others in accommodating bitcoin mining operations in their region.

A global panel of cryptocurrency miners was organized where people from different fifteen countries explained to ministers how these cryptocurrencies are formed and discussed various approaches to mining regulation.

Many Russian politicians think that bitcoin can help the country to evade Western economic sanctions. Also, 100 million dollars will allow Russia to get an environment-friendly mining equipment. However, at this time bitcoin mining and its transactions are not regulated. The country is working on the legalization of Bitcoin and other cryptocurrencies. Plus, the trading cryptocurrencies will be also authorized and the new law as a whole would take place after few months.

Bitcoin mining in Russia is being criticized at the moment by mainstream media, labelling it as a waste of energy, however, Russian ministers don’t share the same views.

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