building the MetaFi ecosystem to bridge the gap between CeFi and DeFi
building the MetaFi ecosystem to bridge the gap between CeFi and DeFi
10 December 2019, 16:12
2 min reading
When Bitcoin skyrocketed to nearly $20,000 by the end of 2017, everyone was talking about it. And not just talking. People began to wonder how to buy the prominent digital currency. Even if that happened not long ago, at the time it was still really hard to buy Bitcoin at a good rate and find
When Bitcoin skyrocketed to nearly $20,000 by the end of 2017, everyone was talking about it. And not just talking. People began to wonder how to buy the prominent digital currency.
Even if that happened not long ago, at the time it was still really hard to buy Bitcoin at a good rate and find a provider that wouldn’t charge ridiculously high commissions.
Of course, the so-called “crypto winter” has calmed down the interest in this cryptocurrency. However, low prices have boosted demand and promoted the development of better ways to purchase Bitcoin and other digital assets.
The Bitcoin blockchain will experience its third halvening event in 2020. In plain English, we are simply referring to the reduction by half of the reward for miners.
The two previous halvings have unleashed massive gains for this cryptocurrency, and the third edition should be no exception. If cryptocurrency analysts are right, buying BTC before the next halving might be a profitable decision.
It’s sad, but it’s true: every time someone thinks of Bitcoin, the fear of being scammed is always present. Of course, those thoughts are well-founded… the high number of scams in the crypto world scares people and make digital currencies look really bad.
So… is there a safe way to buy Bitcoin? Yes. While it remains largely uncommon, an increasing number of companies in the industry are fulfilling regulations to ensure clients remain protected every step of the way. From buying, storing and cashing out cryptocurrencies, companies like Coinbase, Localbitcoins and Crypterium are shedding light upon these processes.
Important facts to consider:
Imagine for a second that you’re buying euros or dollars through your bank. Logically, you would expect a 24/7 support team ready to help you anytime. Unfortunately, most banks still haven’t integrated customer assistance to their mobile apps, leaving you no other option than to contact the call center and wait for several minutes to get a response.
Crypterium is a great example of how cryptocurrency companies are promoting transparency with in-app chat support. If you have an issue with a transaction, or any doubt, you could drop a message to an operator straight from the app and get a quick response.
Let’s say you have just arrived in a new country and you need to exchange money to the local currency. Will you follow someone you’ve just met on the street to a dark room or go to establish bank instead? You get the idea. It’s just natural for us to trust registered companies.
The same rule applies in the cryptocurrency world. You can find hundreds if not thousands of attractive offers to purchase Bitcoin, but… do you really trust them? Checking where the company is registered is a good place to start.
Transparency is also a critical indicator when it comes to safety. Counting on clear information before you hit “buy” ensure you don’t make any unwanted mistakes.
If you are working with a trusted service, the provider should always display the rate applied for your order, the fees you’ll be charged and the execution time for delivering your cryptocurrency.
No need to mention it: the safest way to buy Bitcoin isn’t quite enough, is it? Even if we want to make sure we are buying from a trusted service, we also want the process to be as smooth as possible. And not long ago, that was a really hard thing to find.
For some strange reason, most cryptocurrency services offer messy processes when it comes to buying and selling Bitcoin. If you know a thing or two about cryptocurrency, that might not be a problem. But if you’re buying Bitcoin for the first time, it’s a challenge.
Picking up a user-friendly service like Crypterium ensures no matter how much you know about Bitcoin and cryptocurrencies, you can purchase in a few taps without any headaches.
Now that safety and smoothness are out of the way, we focus on speed. Because when you pay for something, you don’t want to wait for it. So what’s the fastest way to buy Bitcoin?
If you’re looking for a way to buy Bitcoin fast, you should stay away from bank account services. The best way to buy Bitcoin fast is to rely on a mobile wallet that allows you to purchase Bitcoin with your credit or debit card and delivers the crypto instantly.
Another (less convenient) alternative is a Bitcoin ATM, also known as BTM. These machines work in a similar way than traditional ATMs. In order to buy Bitcoin, you input local currency, provide a wallet address and the BTM processes the operation.
This isn’t a strange question. There’s a misconception that Bitcoin is anonymous, meaning nobody can find out if you own some. Unfortunately, that isn’t true. Nowadays, there are systems that help monitor who owns it and obviously how much of it.
Yet, buying Bitcoin without providing a name is possible if the amount is small. For example, Crypterium lets you buy Bitcoin anonymously if the amount is less than 150 EUR. If you intend to buy larger amounts, you have to verify your identity and comply with KYC/AML laws.
So, if you’re really worried about your privacy, then a peer-to-peer service like Localbitcoins seems like the ideal choice for you. The platform connects buyers and sellers and it intermediates as a scrow service to guarantee that all involved parts fulfil the agreement.
If you are a U.S. citizen and Coinbase is available to you, buying Bitcoin with Paypal is an option. For the rest, it gets too messy since not all services support the payment system.
Sure, there are ways around in case you really want to make it happen. But that’s simply highly inadvisable due to the multiple intermediaries involved, which result in commissions over 10%.
As previously mentioned, buying Bitcoin from a sketchy service might always put you at risk. That’s why you should make sure (ideally) you’re buying from a respected and regulated firm.
Nowadays, most credit and debit cards offer an additional transaction verification layer called 3-D Secure, which essentially requires you to enter a unique code to confirm the operation. Crypterium and other reliable providers have implemented it for cryptocurrency purchases to offer a higher degree of security to end users.
There are two reasons why you cannot buy Bitcoin with a stolen credit card:
Yes. There’s no need to break you bank balance to invest in cryptocurrency. Bitcoin is divisible to the 8th decimal place, meaning each BTC unit can be split into 100,000,000 pieces. The smallest Bitcoin unit is called Satoshi and it equals 0.00000001 BTC.
If you are planning to buy Bitcoin and use it to actively trade, then you should keep them on your exchange account. The only recommendation is to pick an exchange that offers reliable security measures to prevent losing your Bitcoin. For those holding long term, it’s advisable to store Bitcoin in a wallet of your control.