There has been a lot in the news lately about Bitcoins and the power of cryptocurrency. You may be a bit confused about Bitcoins, but don’t be! They are simply a virtual currency that is used in some parts of the world as an alternative to the hard currency like the US dollar. Who created bitcoins? Well, that’s still as a question, but the good news is that anyone can use them! They’re not as secretive as you might think! There are plenty of websites and apps that will enable you to trade in bitcoins, so you shouldn’t have to worry when you are looking for sites to do your bartering with Bitcoins. Keep reading down below, where we’re going to take you through the top websites you can use to do all of your Bitcoin tradings.
1. Coinbase
Coinbase is the first item on this list because it’s a trustworthy website out there for buying and selling Bitcoins. The reason it’s so popular is because of the method of doing business it has adopted, which is ‘dollar cost averaging’. When you use Coinbase, you are going to be able to automate the purchase of your bitcoins for every week or every month. It’s a pretty easy platform to use whenever you’re just getting started out with bitcoin buying and selling. However, if you are going to be performing any dubious activities that are in the gray zone of bitcoins, then you might want to watch out for this site as they are pretty strict about their policies. The company that runs Coinbase is very particular about what kinds of activities can happen on this exchange.
2. LocalBitcoins
This next one is more of a social media network for people who deal in bitcoins. LocalBitcoins allows those who sell bitcoins to connect with those people who buy bitcoins. Once you log onto this site, the next step will lead to a page that’s specific to your country, which enables you to pick who you’re going to buy or sell your bitcoins from. There’s a built-in escrow system, which is great for protection to ensure that you get your payment. This is the best system for those of you who prefer working with individuals, rather than through a large company. The drawback that comes with using this platform is the fact that scammers can easily get on there and draw you in. You definitely don’t want to get involved in a fake banking transaction, so make sure that you are careful when using this platform.
While bitcoins may sound like the currency of the future but the tax future of bitcoins is certainly uncertain. Being virtual currency they are difficult to account for and it is quite a task to convert their fluctuating values in terms of money. Then again, if one idea changed the way transactions take place, another brilliant one might provide a solution for this as well.
3. Kraken
Kraken is a bitcoin service provider that’s completely focused on trading of bitcoins. You will be able to leverage and short on the platform, which makes it a pretty great option for a lot of bitcoin traders out there. If you’re worried about the legitimacy of the platform, don’t worry! Kraken is amongst the first bitcoin exchanges to clear an autonomous audit, which means that your transactions are completely safe on this site. If you are a trader of Bitcoin, then this one is definitely one that you’ve got to check out.
However, when you use Kraken you have got to note one thing. You are going to have to set up 2FA (2-factor authentication) in order for your account to be kept up on the site. Without that, your entire account will be deleted and drained, so watch out!
4. BitStamp
BitStamp is the first licensed operator of Bitcoin. You would be surprised to hear that this exchange has been running for a full 5 years already, so it’s very reputable in that sense. With this exchange, you are going to be able to use your credit or debit card to do bitcoin exchanges, which is a huge plus for many buyers and sellers out there. Another really huge advantage that comes with BitStamp is the fact that you can take out your bitcoins for actual, physical gold! That’s right, you’re going to be able to take out your bitcoins and receive actual gold in return. That’s perfect for those of you who are into keeping gold around for the rough economic times we might hit.
Of course, as with other exchanges, if you are someone who performs more gray-area activities with bitcoin, you had better stay away from this exchange.
5. OKCoin
Next up, we have a company that’s currently based in Hong Kong. OKCoin perfect for both buyers and sellers of Bitcoin. You only get the nuts and bolts with this site. There are no flashy logos and cool effects, which is nice to an extent. It’s a very practical site to use, so it won’t take long for you to get used to using it. However, it’s still a better and easier platform for those of you who are used to trading – you’ll be able to pick up faster than a novice.
6. BTC-e
Next, on the list, we have another exchange that’s just reaching 5 years in existence, which is pretty big for a bitcoin company! The best thing about BTC-e is the fact that it is super transparent. You’ll see the current price of the bitcoin at every moment you’re on the site and all of the recent transactions, which is a great feature to have in a bitcoin exchange. Another great thing that comes with this site is the chat box feature, which can help you out with helpful tips whenever you’re trading.
7. ItBit
With this last option, just note that you’re going to have to pay a small fee to become a part of itBit. There are pretty good rates for the bitcoins, but that fee is going to make it a bit more expensive than it would be otherwise, which is good to keep in mind while you’re trading. However, another important thing to note about this platform is that there are premium services available to those of you who are trading in a large number of bitcoins.
There you have it! When you are choosing which bitcoin service to choose from, you’ve got to keep this list around.
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