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How to buy Bitcoin. – Takarudana Mapendembe – Medium

How to buy Bitcoin. – Takarudana Mapendembe – Medium

So many people have heard about Bitcoin. Some have studied it and others have got it. However, there are many people out there who do not know how to buy Bitcoin.

Do I buy it the same way I buy bread from a supermarket? Can I buy Bitcoin from the local bank? They say Bitcoin is a store of value. Where can I store it? Where can I buy Bitcoin from? How can I buy Bitcoin?

Many people ask these questions whenever they hear about Bitcoin price going up and down.

“Oh! My God! It’s like sex. How can it go up and down like that!” One old lady exclaimed one day in the work tearoom during Bitcoin news on telly.

“Yes, there is a great difference between the Bitcoin value and it’s price. That’s what makes storing it or trading it very interesting.” Sam, a top Bitcoin trader responded to the lady.

Now, I am going to tell you how to get Bitcoin. After this article, I will publish another one on how you can safely store your Bitcoins. That’s where I will be telling you about Bitcoin wallet.

I buy Bitcoins from Coinbase. Usually, I just transfer money from my bank account to my Coinbase account and buy. Sometimes, I use my debt card or my Paypal account.

Whenever the Bitcoin price goes up, I exchange my Bitcoin for fiat currency and withdraw it from Coinbase to my bank account or my Paypal account.

At the moment, you can only buy Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic and Litecoin. However, word has it that they are planning to add some more cryptocurrencies soon.

The other place where I buy Bitcoins from is Wirex. It’s like your local bank and around November 2018 they were granted an e-money license by the UK Financial Contact Authority (FCA). Registering with Wirex is like opening a UK bank account.

They give you a SWIFT code and IBAN to use for international transfers. They also give you a bank contactless VISA debt card. On their website and app there is an exchange where you can exchange your cash for Bitcoin or your Bitcoin for cash and do whatever you want to do with it. For every penny you spend using the Wirex card, they give you a reward in bitcoin.

Sometimes, I also buy and sell Bitcoins on the Local Bitcoins website. On this platform, you find people selling Bitcoins and buy them by depositing money into the person’s bank or Paypal account. If you are selling, the buyer deposits money into your bank account. The platform owners make sure everything goes transparently, smoothly and perfectly without any scams, theft or robbery.

Another place to get Bitcoins from is Blockchain.info. You can buy using your debt card. At the time I am writing this article, there is only Bitcoin, Ethereum, Bitcoin Cash and Stella. They are also giving away free Stellar worth about $52.

I also buy my Bitcoins from Coinify. I usually buy using my debt card. They also have got software that allows you as a business person to accept cryptocurrencies as a form of payment.

There are many other places and websites where you can buy Bitcoin from that I haven’t mentioned here. I have only told you the five that I have been using for the past three or more years. My next article will be on how to securely keep your Bitcoins and I will be telling you about private keys, different types of wallets and wallet address.

Published at Sat, 06 Apr 2019 17:04:11 +0000

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This Major Gold Investor is Entering the Bitcoin Market

One of the biggest asset managers in the United States and major investor in the gold market, VanEck, is now entering the bitcoin.


From Gold To bitcoin

VanEck is one of the biggest investment and asset management firms in the United States. The investment giant is currently managing an estimated amount of $38 billion in assets. The firm which was founded in 1955, has offices in the United States, Germany, and Australia, which in recent years has focused on precious metals like gold, silver, and platinum.

The company is currently offering more than 50 different exchange-traded funds(ETF) for pension funds, banks, and endowments. Currently, VanEck’s main investment tool is gold but now it appears that it’s going to “dive” into the bitcoin market.

The market capitalization of Gold is about $7 Trillion, compared to the market cap of bitcoin which is a little over $71 billion, bitcoin appears relatively small. But VanEck believes that there still a lot of potential in the bitcoin market.

In a recent article,  Morgan Stanley believes that bitcoin might still be too immature to serve as an inflation hedge and that gold is a better investment. In the article Morgan Stanley analyst, Tom Price, stated following about bitcoin:

Some claim that the protocol limiting bitcoin’s supply growth rate, underpins its value,

he also added:

But if bitcoin is successful long term, we should continue to see competitor cryptocurrencies and market strategies emerge to exploit the new economic rent — a Bearish risk for bitcoin’s price.

The VanEck bitcoin ETF

According to reports on August 11, the famous investment firm filed with the U.S. Securities and Exchange Commission(SEC) for an official VanEck Vectors bitcoin Strategy ETF. The idea behind this special fund would be that it would invest into bitcoin futures contracts and be available for trading on Nasdaq.

This is a huge deal since this would allow stock traders to invest into the success of bitcoin without actually buying any bitcoins. VanEck’s decision to create a bitcoin ETF might not come as surprising as most people might think. bitcoin greatly outperformed gold, since January bitcoin has risen 310% and gold has only grown 11% in the same timeframe.

The History and Future Of bitcoin ETFs

bitcoin ETFs aren’t a new invention. Back in May, the famous Winklevoss bitcoin ETF was officially rejected by the SEC because of regulatory issues. A very recent analysis by Bloomberg has concluded that bitcoin ETFs may soon become a reality.

What are your thoughts on VanEck’s bitcoin ETF? Do you think that it will make bitcoin mainstream for stock traders? Let us know in the comments below!


Images are courtesy of Pexels, Pixabay, Unsplash,

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