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Bit-giant.ltd Review: 3 Reasons Why Bit Giant Is Risky
Bit Giant Review: A legit investment or another short span HYIP? Read our reviews to see what experts have to say about Bit Giant Investment.
This website promises to grow your money. Is Bit-giant.ltd a legit hyip? You may have come across many systems on the internet promising you quick fortunes, the truth is that majority of them turn out to be scams.
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In this review, we provide you information based on our investigations and user experiences to help guide you make the proper decision.
What Is Bit Giant- Is Bit-giant.ltd Paying?
PBit-giant.ltd is a recently launched investment platform with an awesome interface. They claim they can double your bitcoin in 24hours. There doesn’t seem to be much about this platform online. However, their website is pretty convincing, and if given room to be popular, they would easily make away with people’s money.
Bit-giant.ltd Scam Review: Disturbing Things Found
Though this site might appear legit to a newbie, the truth is that it is just a wishy washy HYIP just like Flamebit, it is designed in such a way to convince unsuspecting investors. The truth is that BitGaint is a exact copy of a doubler platform called pay2x that duped a lot of investors few months ago.
This simply means, Bit Gaint is like every other HYIP. It is a just a type of ponzi scheme. Initial investors only get paid when new people sign up and invest, what this means is that you are under pressure to bring in new investors so that you will get paid. As soon as the amount of new investor drops, the owners do away with the money invested.
Thus, the site is closed down since there is no longer enough money to pay initial investors. Those that benefit most times are the first investors. However, the system is not sustainable because it will surely shut down abruptly leaving your money trapped in the hands of the scammers that set it up initially. Why spend your time on HYIPs when there are other legitimate and sustainable ways of making money?
Three Reasons Why Bit Giant Is Not an Ideal Investment Platform For You
Many HYIP monitors wouldn’t tell you how this system works, even trusted hyip monitoring sites wouldn’t be quick in telling you that some of these HYIPS like Bit-giant.ltd have a very very short span life. Below are reasons why we think it is not the best investment for you-
- Bit-giant.ltd is unpredictable. We can’t tell what their next move would be. That being said, your money is always at risk, as they might decide to stop paying anytime.
- Their ROI is very much unrealistic. No legitimate business can make you that 100% profit within 24hours. . Like Hello, how possible is that? I don’t think even drug lords make such amount just in a day.
- Bit-giant.ltd works with some HYIP monitors. Their affiliate program is lucrative, so even top 10 trusted hyip monitors would promote. Hey! don’t let your guard down.
Is Bit-giant.ltd a Scam or Legitimate HYIP?
Though they provide a registration certificate and so-called evidence of payments, don’t be deceived, anybody could get a sham address and certificate most especially from the Company House in UK which most of them use, for just £5. These companies claiming to be located in the UK or similar countries like the USA are not in actual sense located there.
Sometimes these platforms might pose as an investment platform, doubler platform or even a mining platform. Often times they might run an ads through the google ads academy or even get a youtube ads making them look legit. But the truth is that they do not have the equipment that make them what they claim to be. Rather what they do is circle the funds of investors, and when they have made a lot of unsuspecting investors trust them, they stop paying.
The truth is that even the longest paying hyip would one day flop. The system is not sustainable. Why waste your time and money when there are legit and paying bitcoin investment sites? You could even start forex trading with the help of trusted brokers.
Bit-giant.ltd is not a trusted Investment Platform
How To Know Investments Scam Formats
It is true that most of this high yield investment platforms look like the real deal, thus confusing us.However, there are various ways to find out if an investment platform is a lackluster HYIP or if it a trusted investment platform. Below are ways you could find out-
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- ROI- The returns offered. Are they sustainable? Can the funds be shuffled round and get to every investor? are the offers realizable?
- History- Does the platform have a history? Can the company behind it be found online?
- Transaparent– How transparent is the information on the website?
- Contact– Can you reach them? Is the address made available on the platform?
Everyday we get complaints of people been scammed. Most people fall for these schemes because of the sweet promises of making huge profits within a short time. .On a serious note, legit systems exists but scams are very very numerous. So you need a guide to help you make a good decision. We have made it our duty, by exposing scams.
They are lots of online investment opportunities which could fetch you money and give you a good Return On Investment. We constantly search them out to guide our readers so they don’t fall for scams. Always feel free to interact with us in the comment section.
Should I Buy Bitcoin in 2020? Why BTC is a good investment for some (and a bad one for others)
Last Updated on March 27, 2020
Should I buy Bitcoin?
This is the question that many people ask themselves when they hear about the outlandish returns that this cryptocurrency has had over the past 10 years.
After its creation in 2009, the Bitcoin price has been on a constant parabolic uptrend that has so far pushed its price from less than $0.01 to $20,000 per coin.
Meaning that a $50 investment in 2009, would have netted you $100 Million at the Bitcoin All-Time High!
Do you know any other asset that has offered similar returns? Probably not.
In this short guide, we will be covering the massive potential but also the considerable risks of investing Bitcoin, and we will hopefully help you to answer the question of whether you should buy Bitcoin, or not.
What is Bitcoin?
Bitcoin was created back in 2009 by its pseudonymous founder Satoshi Nakamoto. It was the first cryptocurrency to be ever created, and it has spawned an entire industry around it hundreds of businesses and thousands of new crypto assets.
Even though at the time of writing there are well over 2,000 cryptocurrencies out there, none of them has ever surpassed Bitcoin in total value (market capitalization) or in hash power (the computing power that keeps the network secure).
This lead many people to claim that the Bitcoin phenomena cannot be ever replicated again, just like nothing could replicate Gold’s success as a store of value in the past 2,700 years.
The main argument being that the type of fair launch and organic growth that Bitcoin had is impossible to replicate in a world that already knows so much about cryptocurrencies.
One example for this was the mainnet launch of “Grin”, which was supposed to be a fairly launched new privacy coin. However, shortly after the launch, it came to light that wealthy VC firms had set-up over $100 Million worth of miners to profit from the cryptocurrency at launch.
Why should I buy Bitcoin? 3 reasons why you should
Currently, the creation of money is in the hands of a few people whose interests are not aligned with the rest of the population. Bitcoin aims to change that and hence completely redefine the way that humans think about and interact with money.
Deflationary monetary policy
The fact that the creation of fiat money (USD, GBP, EUR, etc) is in the hand of a small elite, has lead to many unnatural forms of economic instability.
A notable example is the existence of inflation, which essentially is the percentage of value that fiat money loses every year due to the increase in the money supply.
When the increase in money gets out of hand, like in the case of Venezuela or Zimbabwe, hyper-inflation comes to place and the country’s currency loses most of its value in just months.
This can’t happen with Bitcoin because in Bitcoin the creation of money is not controlled by anyone.
Bitcoin has a hardcoded monetary policy that cannot be violated, and that makes it a form of money protected from the manipulation that fiat money is subjected to.
This hardcoded monetary supply is illustrated by the 21 Million coins supply cap of Bitcoin, and is enforced through the Bitcoin block reward, which is an algorithmically determined amount of Bitcoin that is generated every block (about 10 minutes.
Again, there will never be more than 21 million Bitcoins in existence. That’s less than 1 Bitcoin for every millionaire in the world. Let that sink in.
Bitcoin is Digital Gold
Bitcoin is not called “Digital Gold” for no reason.
It offers very similar qualities to gold, while also improving upon them at the same time. Some of the most notable ones are the following:
- Cheaper transport: Transporting $100 Million worth of Gold from one country to the other will cost millions of dollars in logistics and security measures. On the other hand, it is essentially free to send Bitcoin from one corner of the world to the other because it’s just an online transaction.
- Digital verifiability: If someone claims to own a certain amount of Gold, as some Central banks do, it is very hard to prove unless you visit the actual vault. On the other hand, Bitcoin’s blockchain is fully transparent and anyone around the world can easily verify how much Bitcoin a certain address holds.
- Ease of storage: Since Bitcoin is not a physical asset, you don’t need expensive vaults and around the clock security to store it. Storing your Bitcoin safely is as easy as sending them to a great cryptocurrency wallet.
- Smaller environmental impact: Gold mining is an extremely destructive industry. It not only permanently destroys the landscape where it is conducted, but often also dangerous chemicals are used which harm the wildlife in the area. Bitcoin mining does consume electricity and hence there is an environmental as well, but it is magnitudes smaller than Gold’s.
If Bitcoin becomes a form of digital gold and reaches the same total valuation as Gold, that would put the Bitcoin price at approximately $340,000 per coin ($6 Trillion market capitalization).
It’s uncensorable and unconfiscatable
Since the Bitcoin network is not controlled by a central entity, transactions on the blockchain cannot be stopped or rolled back. This makes Bitcoin possibly the most uncensorable money and digital currency in the world.
This is very powerful for a variety of reasons, but most importantly it enables people to protect their wealth from authoritarian regimes and it enables truly open commerce.
To illustrate this point better, let’s get back to the example of Venezuela. At the time of writing, Maduro’s regime prohibits anyone to store meaningful amounts of money in Gold and confiscates it when found.
This puts people in a tough position because if they store their value in the country’s currency, the value will completely disappear in just weeks due to hyperinflation, while if they store it in Gold they risk seizure and can’t move it around easily.
Therefore, what some citizens have decided to do is to store their value in Bitcoin. They can easily store their Bitcoin on a web wallet, a hardware wallet, a piece of paper by just writing down the recovery words, or even in their brain by memorizing them!
They can now also easily use that Bitcoin to buy goods and to quickly send it to friends or family abroad if necessary.
Many supporters believe that Bitcoin will not only become digital Gold, but that it will in fact eventually kill-off and substitute fiat currencies like the US Dollar, to become the world currency.
If that happened, the total market capitalization of Bitcoin jumps into the tens of Trillions of dollars, pushing the price to over $1 Million per Bitcoin.
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Should you buy Bitcoin now?
Never in the history of Bitcoin’s existence have so many positive price catalysts come together in such a short period of time.
This is a lot to absorb so let’s dive into each one in a bit more detail.
Blockchain scalability issues are being solved
With a limit of around 5 transactions per second, it was clear from early on that Bitcoin’s blockchain would not be able to process payments simultaneously for hundreds of thousands, or even millions, of people… Or could it?
Enter Lightning Network (LN). LN is a Layer 2 scaling solution for Bitcoin, meaning that transactions are not going through the main blockchain but through sidechains. This makes individual transactions a lot cheaper and throughput seemingly ceilingless.
The main limitation of LN is that it can only process as many transactions as many Bitcoins are locked in the network in the form of a channel.
That being said, the growth of the network capacity has been remarkable and shows no signs of stopping anytime soon.
With scalability solved, Bitcoin now has what it takes to truly become a global form of money, which leads us to the next point.
Bitcoin adoption is exploding
Aside from thousands of merchants accepting Bitcoin worldwide, an interesting trend to watch is one of citizens in third world countries adopting Bitcoin to protect their wealth.
As can be observed in the chart above, the trading volume of Bitcoin in Venezuela has gone through the roof. This is a clear sign of people adopting Bitcoin as a new currency when their national currency has failed.
Big institutional money is moving in
Finally, big investors all around the world are starting to get increasingly interested in Bitcoin.
Many speculate that this is not only due to quickly growing adoption but mainly due to global economic uncertainty and fear due to the outlandish amount of debt that is the foundation of the fiat money system.
Large institutions, like Fidelity, Nasdaq, and JP Morgan have all publicly announced that they are buying Bitcoin or that they are building bitcoin-related products for their millions of clients. However, this is likely just the tip of the iceberg.
It is very probable that dozens of additional institutions (and possibly even Governments) are also working behind the scenes on Bitcoin infrastructure but have not announced so to the public yet.
Risks of investing in Bitcoin
Is it safe to buy Bitcoin? Absolutely not, and everyone telling you otherwise should probably not be trusted.
Bitcoin is still a very young digital currency, and also a new highly volatile asset. Price drops of over 5% in a day are not unusual. That’s just how it is, with great opportunity always comes great risk.
Furthermore, Bitcoin is still largely an experiment and you should treat it as such. You should never invest in Bitcoin more money than what you can afford to lose.
Due to the speculative nature of Bitcoin, even mere rumors like a country potentially regulating Bitcoin can already cause a significant price drop and deep losses for investors.
At the time of writing, Bitcoin has had 6 major drops in its history where its price declined over -80% over the course of a year.
Bitcoin is a network, and hence unlike Gold, its existence could potentially be threatened by a single bad actor.
One devastating attack that could potentially be performed on Bitcoin is a so-called “51% attack”, in which a miner that controls more than 50% of the network’s computing power (Hash power), uses it to change transaction history or even spend Bitcoins more than just once.
Although it’s true that a 51% attack has never been performed successfully on Bitcoin, many smaller coins like Verge and Ethereum Classic have been affected by this attack, and the result was devastating.
If Bitcoin mining continues becoming more centralized, the risk of a network attack may become greater as Bitcoin starts threatening the currencies of major Governments.
On the flip side, if Bitcoin mining were to become more decentralized, the bigger Bitcoin becomes the stronger the blockchain gets. This would make a successful attack a lot more challenging.
We have seen over and over again that the first version of a technology is often not the one that ends up sticking around forever. This has been the case with mobile phones, cameras, and even social networks.
Many people claim that this won’t affect the Bitcoin blockchain since Bitcoin is not just a technology but a form of money and that the network effects that money establishes are very hard to break. Fact is, there is a very little precedent on this and therefore this point might indeed hold true.
However, it’s important to remember that social networks also heavily rely on powerful network effects, yet all of the social networks we use nowadays where only reiterations of the first versions.
So the possibility of other coins might take Bitcoin’s throne is something to keep in mind.
Incorrect economic assumption
Bitcoin is built on a deflationary model, meaning that the value of money increases over time. This is a strong contrast to the fiat money system, which through inflation is designed in a way that money loses its value.
There are two main schools of economics that explore these two economic models: Austrian economics and Keynesian economics.
Austrian economists believe that the world needs a deflationary monetary system to flourish, while on the other hand, Keynesian economists believe that inflation and debt are necessary to encourage economic growth.
It is hard to say which economic school is right without taking a subjective approach, but if Keynesians turn out “to be right” then Bitcoin would be flawed at its very core monetary policy, which would essentially guarantee its failure in the long run.
Coordinated Government crackdown
As stated earlier, once Bitcoin grows to a certain size where it starts to threaten major fiat currencies, Governments may take coordinated action to shut Bitcoin down.
One approach would be to illegalize Bitcoin exchanges and hence prevent investors from buying it. They might even go as far as legalizing Bitcoin and making anyone holding coins legally liable.
Something similar has already happened back in 1933 when the US Government made it illegal to hold gold, and confiscated this precious metal from its citizens.
That being said, unlike Gold, Bitcoin is not a physical asset that can easily be identified by the Government. An individual could simply memorize the private keys to his coins, or even send them to friends or family abroad with just the click of a button.
Therefore, such an endeavor could only be successful if coordinated on a global scale. And as history has shown in multiple instances, Governments are notoriously poor at coordinating on an international level, which would make a crackdown of this magnitude rather unlikely.
Who should buy Bitcoin?
Bitcoin is still a new high-risk and extremely volatile asset that should be treated with caution. It is definitely not the right asset for anyone and you need to be aware of that if you want to avoid unnecessary stress.
Here are a few situations in which a person is in a good position for investing in Bitcoin:
You have probably noticed that all of the above 3 profiles have one thing in common: they are not investing more money into Bitcoin than what they can afford to lose.
If you are a person that can handle wild market swings and that has some money set aside for high-risk investments, then Bitcoin might be a good option for you.
Who is investing in Bitcoin?
Now that we covered who should be investing in Bitcoin, let’s quickly also dive into who actually is buying Bitcoin.
In a research report by Finder.com, the following statistics came to light:
Since the research only involved a few thousand people, these numbers may not be entirely correct, but it does give you an approximate idea of the group of people that you are joining when you buy your first Bitcoin.
Which Bitcoin investment strategy should you follow?
It’s important to only buy Bitcoin if you have an exact investment strategy in mind. Having a framework that you can follow will make it a lot easier for you to handle the wild price swings of this digital currency.
Although there are a few more, in this article I will show you the 3 most popular Bitcoin investment strategies that you can start following today.
Buy and hold (“HODL”)
Yes, that is not a typo. “Hodl” is the name for a Bitcoin investment strategy that simply consists in buying Bitcoin, and holding it forever. The now iconic word was coined by a drunk Bitcoiner that said that he will never sell his Bitcoins and that he will “Hodl”.
This is by far the simplest way of getting exposure to Bitcoin because it does not require any active management from your side, and since Bitcoin has been in a long-term bull trend ever since its inception, it might also prove to be very effective.
Dollar cost average
Dollar cost averaging is a strategy also often used in stock market investing. It essentially consists of buying small chunks of an asset periodically (every week, or every month) in order to minimize the risk of buying at the top.
Here is an example of why it can be so powerful:
Investor A: Has a problem because he has made a big loss.
Investor B: Has also made a loss, but he still has $8,000 to buy cheap new Bitcoin now.
Therefore, if you are not comfortable with timing the market then dollar-cost averaging may be the right Bitcoin investment strategy for you.
Active portfolio management
Finally, the last strategy is to actively manage your portfolio. This can be done by selling some of your Bitcoin after it has gone up a lot, and by re-buying them cheaper if there is a drop.
Interestingly, you don’t necessarily have to actually sell your Bitcoin holdings to protect yourself from a big price drop. You may also go on a margin trading exchange like Bitmex, Deribit or Bybit, where you can open a leveraged short.
Let’s say you hold 10 Bitcoin.
Instead of selling 4 Bitcoin when you think that the price is going to drop, what you could do is send 2 Bitcoin to Bitmex and open a short with 2x leverage.
This way, you can trade with 2 Bitcoins but they are actually worth 4 Bitcoin in the trade.
When the price then drops and you think the bottom is in, you can now close the short at a profit and use the profits to buy more Bitcoin.
Needless to say, this strategy should only be used by people that are experienced with the matter and that are familiar with the risks of bitcoin trading.
When is the right time to buy Bitcoin?
Should you buy Bitcoin now? Is now the right time to buy Bitcoin? Is Bitcoin worth buying still?
If those are questions that you’re asking yourself, then you need to know that the Bitcoin price moves in 2 very well studied cycles:
The macro price cycle occurs in the form of multi-year bull markets that push for new all-time highs, and that is then followed by a 1-2 year bear market.
The bottom of this bear market has historically always been marked by the “Bitcoin Halving”, which is the event in which Bitcoin’s algorithmic monetary policy automatically reduces the yearly inflation by 50%.
On the micro level, Bitcoin is known to follow patterns in certain seasonalities. Although some speculate that this may have to do with year-end bonuses which some people use to buy Bitcoin, there isn’t really a proven explanation for this phenomena.
Historically, November has always been the best time to buy Bitcoin and was followed on average by a 30% rally in the same month and by a 40% average price increase in December.
On the other hand, January has historically been the worst time to buy Bitcoin since the average return in that month is -8%.
How much Bitcoin should you buy?
As pointed out earlier, Bitcoin is a highly speculative asset and you should never invest more money that you can afford to lose. Instead of getting into Bitcoin with the mentality to “make money quickly”, think of Bitcoin like another asset in a wider portfolio.
This portfolio could also include companies listed on the stock market, metals and bonds.
Hence, if you are asking yourself “How much Bitcoin should I buy?”, the answer is simple: It depends on your risk tolerance.
A good mentality hack to use before investing in Bitcoin is assuming that the money you are planning to invest is gone forever. If that thought makes you nervous, then you were planning to invest too much.
That being said, if you are going to start investing a bigger amount into cryptocurrency, then try to own 1 whole Bitcoin first. There will only ever be 21 million Bitcoins, which isn’t even enough for every millionaire in the world to own one.
After you own your first Bitcoin, then you are now in a good position to also invest in other cryptocurrencies.
Why buy Bitcoin?
So, you have read the whole guide until here and are now wondering: Why Buy Bitcoins?
Investors buy Bitcoin for 3 main reasons:
Hence, if any of the above situations apply to you, Bitcoin might be worth buying for you.
Should you buy Bitcoin or Bitcoin Cash?
Some investors wonder if they should be investing in Bitcoin (BTC) or Bitcoin Cash (BCH) because they don’t really know the difference between both coins.
Both coins are focused on becoming a digital currency. However, although “Bitcoin Cash” has the name “Bitcoin” in it, it’s not actually the original Bitcoin.
BCH is a “fork” (a new copy) that was created of BTC (Bitcoin) back in late 2020 with the aim of improving on some features that Bitcoin has, namely increasing the block size from 1 MegaByte to 8 MegaByte to supposedly have lower fees and be more scalable.
BCH has a significantly lower hash power (computing power) than Bitcoin does and its blockchain is hence significantly less secure. The network also has a lot fewer transactions since adoption is not as developed as Bitcoin’s.
With that being said, if you are just getting started and are looking for the best cryptocurrencies to invest in, then you should stick to Bitcoin since many people consider it the safest bet in the cryptocurrency space.
Once you are more familiar with the technology and this asset class, then you might want to also buy some altcoins like BCH.
In late 2020, another new fork happened. Bitcoin Cash (BCH) forked into two cryptocurrencies: Bitcoin SV (Satoshi‘s Vision) and Bitcoin ABC (Adjustable Blocksize Cap).
Bitcoin SV is affiliated to Craig Wright, who claims to be the real Satoshi Nakamoto. And on the other hand, the Bitcoin ABC community is lead by Roger Ver. He calls Bitcoin ABC “the conservative wing” because they plan to maintain a strong similarity with Bitcoin Cash.
These forks can lead to a high level of confusion, especially for new members of the community.
Should you buy Bitcoins or Ethereum?
Should I buy Bitcoins or Ethereum? – Many investors that are just getting started with cryptocurrencies ask themselves this question.
They wonder if Bitcoin still is worth buying now that it has already gone up so much in value, or if they should buy altcoins like Ethereum instead.
So, while the decision if you should buy Bitcoin or Ethereum is one you have to make, what we can do for you is to outline some relevant facts for you.
On the contrary to Bitcoin, Ethereum’s goal is not to be a currency and store of value.
Ethereum is a world computer that enables anyone to create and operate so-called “smart contracts”, which are essentially pieces of software running on the blockchain that cannot be stopped or censored by anyone.
This is especially powerful for fin-tech applications as Ethereum can completely cut rent-seeking intermediaries like banks out of the equation.
This not only applies for value transfer, but also to loans, digital representations of assets like companies listed on the stock market, and trading without the need for a central platform like a stock exchange.
The concept of a blockchain-based smart contract can be quite confusing at first, therefore it’s best to start out exclusively with Bitcoin and then potentially also dive into other coins like Ethereum once you have mastered Bitcoin.
If you want to learn more about Ethereum then a great starting point is our article about real-world use cases of Ethereum.
Should you buy Bitcoin or Ripple?
Since Ripple has developed into a very powerful coin in the market, we should also keep it in mind as an option. This digital currency currently ranks as #3 on Coinmarketcap, although it has beaten Ethereum in market capitalization a couple of times.
When choosing which cryptocurrency to buy most of, everyone has his own factors or reasons to always keep in mind. Some look more into security considerations, others more into ease of use, etc.
This all depends on the user and his own technical ideas. Setting aside other features, Ripple stands out for having a very strong community. They call themselves the Ripple Army or XRParmy.
The transaction system of Ripple is more similar to what a bank would like. Meaning fast transactions and higher capacity of transactions per second (tx/s). Bitcoin can normally manage around 5 transactions per second. On the other hand, Ripple can process around 1,500 transactions per second.
That makes it pretty clear that Bitcoin and Ripple are very different cryptocurrencies. Bitcoin dominates the market as a store of value, and Ripple looks forward to dominating the fast transaction system.
However, it’s important to note that Ripple’s fast transaction capability comes at a cost: it’s blockchain is extremely centralized. This means that transactions could technically be censored on the Ripple blockchain, and funds could be confiscated.
How can you buy Bitcoin? (3 simple steps)
Buying Bitcoin is a lot simpler than most people think. Let’s outline how you can buy Bitcoin in 3 simple steps.
1. Create an account on Coinbase
Coinbase is a great cryptocurrency exchange for beginners because it is not only safe and trustworthy, but it is also extremely easy to use.
So the first step to buy some Bitcoin is to create an account on Coinbase, this just takes a few minutes and the exchange will initially only ask you for your name and email.
After you verify the confirmation email to confirm your email address, you have the option to complete a basic identity verification where you submit your ID or Passport. You may only have to do this if you are planning to buy a large amount of Bitcoin.
Note: This is a common practice in cryptocurrency exchanges and Coinbase has to do this identity check with large buyers to stay compliant.
With that being said, let’s now jump to step 2!
2. Deposit some USD/EUR/GBP on Coinbase
In step 2, it’s now time to deposit your fiat currency of choice that you will use to buy Bitcoin. At the time of writing, Coinbase supports USD, EUR, and GBP.
This, again, is also very straightforward and only requires you to input your bank name, your own name, and the amount in USD/EUR/GBP that you will deposit.
Then just click “continue” and you will be brought to a page that gives you the bank account details of Coinbase where you have to send your funds.
Easy peasy right?
Buy some Bitcoin in just 1 click
The final step is the easiest and quickest of all.
After your funds arrived, which depending on your bank may take up to 2-3 days, you are now ready to buy Bitcoin.
To do so you simply need to click on the “Buy/Sell” tab, and then you are brought to the following page:
On this page, all you have to do is select Bitcoin (in the image above I already selected it), and then type in below the amount of USD/EUR/GBP worth of Bitcoin that you want to buy.
Then you have to click “Buy Bitcoin” and that’s it!
You are now a proud Bitcoin owner and among the first people in the world to own some.
Alexander has worked in community growth for multiple cryptocurrency companies. He is now the Sales and Operations Manager for CoinDiligent. In his free time, he writes articles sharing his industry insights. You can get in touch with Alexander on LinkedIn.
7 reasons why you should not invest in bitcoins, cryptocurrencies
Investors’ honeymoon with cryptocurrencies seems to be ending. After rallying significantly since the beginning of 2020, prices have now started crashing.
When Vivek Pethe read that the price of a bitcoin had surged five times between January and September 2020, he couldn’t resist jumping on the cryptocurrency bandwagon. Pethe started small. In June 2020, he invested Rs 11,000 in bitcoins and another Rs 15,000 in ATC Coin, an Indian cryptocurrency.
Although his Rs 15,000 investment in ATC Coin quickly grew to Rs 1.82 lakh, Pethe started having doubts when he tried to withdraw Rs 5,000 from his holdings. He was unable to execute the sell order smoothly. The computer screen just flashed ‘operational error’ messages. When that was resolved, and he was finally able to sell them, the money wasn’t credited to his bank account right away. “I finally received the money three months later, that too after many follow ups with the firm. I am not sure if I’ll be able to recover my remaining investment in this scheme,” he says.
While this incident prompted Pethe to sell his bitcoin stash immediately and vow to steer clear of such investments in the future, cryptocurrency exchanges claim that around 2,500 new users in India are entering the market every day. Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry says, “Bitcoin is fraught with risks and not backed by any tangible asset. But the number of investors is still growing, which is a concern.”
In Pic: Vivek Pethe 29, Pune
“Investors haven’t seen such high returns from other investments within such a short span of time. So many of them are tempted to try it out, hoping to make quick investment returns,” says Hitesh Malviya, Blockchain consultant and bitcoin expert, founder of itsblockchain.com.
However, Indian investors’ honeymoon with cryptocurrencies seems to coming to an end. After rallying significantly since the beginning of 2020, and reaching an all-time high of Rs 3.5 lakh on 1 September, prices started crashing. It dropped to Rs 2.4 lakh by 14 September, a massive fall of 31% in just two weeks! China’s recent decision to ban initial coin offerings by some cryptocurrencies was the main factor that triggered this.
BITCOIN PRICE SHOT UP 750% IN A YEAR
After the big crash, cryptocurrency prices are slowly starting to stabilise. Should investors use this crash as an opportunity to buy into the market? Experts don’t think so. Here’s why.
1. Extreme volatility
2. Neither commodity, nor currency
In Pic: Anshula Agnihotri 27, Chandigarh
3. Don’t invest if you don’t understand
The problem is apparent: If global bankers don’t understand the phenomenon, retail investors might not have much of a chance either. So what should you do? Follow the simple yet profound wisdom of Warren Buffett—if you don’t understand it, don’t invest in it.
In Pic: Priya Kulkarni 30, Pune
4. An unregulated space
5. The issue of legality
However, bitcoin exchanges want to draw investors’ attention to the fact that the RBI has not banned them. “While the RBI has voiced its concerns, bitcoin transactions haven’t been rendered illegal. So, in our opinion, investors shouldn’t lose hope, just exercise caution,” says Hesham Rehman, Co-founder and CEO, Bitxoxo.
In Pic: Rishi Arya 31, Vadodara
6. Ponzi schemes abound
Prakash Pillay learnt this the hard way. He invested Rs 5 lakh and accumulated 6.5 bitcoins through bitcoin trading company GainBitcoin in February 2020. Though he was able to recover Rs 3 lakh by selling one bitcoin in July, the company is no longer allowing him to sell the remaining bitcoins in his wallet. Instead, it is asking him to exchange them for MCAP, another cryptocurrency. “Gainbitcoin is a Ponzi scheme like Shavers and Gaw Miners. Investors should be careful to steer clear of such schemes,” says Jaju.
In Pic: Prakash Pillay 38, Pune
7. Prone to illegal activity
Incidents like this make it abundantly clear that it’s much more difficult to track illegal activities in the cryptocurrency space. “Since there is a lack of information about the trading parties, such a peer-topeer non-regulated system may expose the investors to unforeseen risks including breaches of anti-money laundering and financing of terrorism laws,” says Khurana. This risk also lowers the chances of cryptocurrencies becoming mainstream in India, leaving the future of the market mired in uncertainty.
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