Types of Bitcoin service providers: Guide for Newbies
Even though the concept of Bitcoin is just getting known by most people, this crypto has existed for over a decade now. Whats more, it has earned its reputation as one of the safest currencies among tech-savvy individuals and crypto trading organizations.
However, amidst the Bitcoin hype today, you can easily get lost trying to get your way around this digital currency.
This guide on the different Bitcoin service providers – from Bitcoin wallets and ATMs to trading exchanges and the up and lows of the trading stocks
– should help you get to grips with the cryptocurrency world.
Best Bitcoin Exchangers/Trading Service Providers
Bitcoin trading entails speculating the price movements of a bitcoin through a CFD trading account. CFD accounts are derivative products that are leveraged, enabling you to speculate on whether your choice of cryptocurrency will rise or fall in value.
It does not include taking ownership of the coins. When you anticipate a price increase, you buy (also termed to go long) and when there is a potential price dive, you sell (going short).
As a newbie in crypto trading, youll need to open an account with a bitcoin exchange or trading service provider.
Whats more, different exchange platforms charge varying fees for trading within them and theres always a limit to how much you can deposit.
Before diving into bitcoin trading, analyze your exchange or trading platform choice based on the following key indicators:
2. Ease of use;
3. Performance and reputation;
4. Experience of a development team;
5. Geographical coverage.
Based on these criteria, the best performing bitcoin trading/exchange service providers are Coinbase, Binance, Cash App, Bisq, and CEX.io.
Lets look at the 2 most trendy bitcoin exchange service providers.
Paybis is one of the best places to buy bitcoin
and altcoins on the web. It provides:
● Customer-friendly commission rates and no fee for the first transaction;
● More than 10 altcoins including ETH, XLM, and LTC;
● Huge limits up to $20,000 per transaction and $50,000 per year;
● Operating in over 180 countries;
● Four bulk packages for purchase more profitable than regular exchange;
● Full compliance with the rules of UK and USA regulators.
Bisq is a decentralized downloadable software bitcoin exchange with P2P capability. Its lack of a central point of failure and the favorable KYC rule (which does not necessitate account registration) makes it ideal for beginners.
Bisq bitcoin exchange features include:
● Non-custodial services which mean you have full control over your funds;
● Instant access via mobile and computer;
● Support of numerous fiat currencies.
Best Bitcoin Wallets Providers
Bitcoin wallets are software or hardware storage facilities where you can store your bitcoins safely.
There are two distinct bitcoin storage wallets hot storage and cold storage
Hot cryptocurrency storage is the safe holding of bitcoins in a software platform that you can access by logging into an online exchange on your computer.
Cold storage involves a safe holding of bitcoins on a physical hardware cryptocurrency wallet that you can access offline.
The best cold and hot storage wallets you can consider are Coinbase and Ledger respectively.
Each of these wallet providers has its unique aspects. Lets see why each of these crypto-wallet service providers is so popular.
Coinbase is among the best-rated Bitcoin wallet providers currently available.
Its outstanding features include:
● A simplified user interface that eases selling, buying, and holding of cryptos in a seamless manner;
● Support of over 20 other cryptocurrencies;
● An 'Earn' feature that awards you with free tokens whenever you view videos or take quizzes.
This is another top-of-the-shelf hardware bitcoin crypto wallet. Its independent of internet connectivity, hence guarantees hack-proof bitcoin host.
Its main features include:
● Interconnectivity via Bluetooth, thus facilitating asset management on the go using your mobile phone;
● Support of 1250 assets;
● Stainless steel casing guarantees durable service.
While the above-mentioned wallets might seem to share some similarities, there are distinguishing features that give each wallet an edge over the others. Keenly review the wallets user-friendliness, security features, and supported cryptocurrencies before you settle on your ideal choice.
Best Bitcoin ATM Providers
Bitcoin ATMs also known as BATMs work similarly to regular ATMs but instead of fiat currency, they allow you to purchase bitcoins. These BATM/BTM booths have internet connectivity and allow you to exchange fiat currency for bitcoins using your debit and credit cards.
The list of the best BTMs providers includes Bitcoin Depot and Genesis.
This is currently the fastest-developing BATM service provider in the US with a buy-online option. Key features include:
● Instant transaction verification;
● Customer support with toll-free support via texts and calls;
● The quick setup process for account creation;
● Over 900 Bitcoin ATMs in the U.S with 24/7 operations.
Genesis is a premier BTM provider offering a range of BTM models. Notable models include the Rock Solid 2-Way model, Satoshi 1 or 2 Way, and the Finney3.
The BATMs have the following general features:
● Best bill validator;
● A dedicated scanner for barcode;
● Thermal printer;
● In-built electronic cash vault.
The Finney3 is an excellent model with MEI 600 note bill validator capacity, 21 LCD, and EMV code reader. There is a stark contrast in these bitcoin ATM service providers. Always look out for their cash recycling and NFC capacities.
Bitcoin cryptocurrency has extensively disrupted financial industries globally. In its wake, it has given rise to numerous opportunities for those willing to enter the world of cryptocurrencies. For newbies in this sphere, trading cryptocurrencies requires some in-depth research and basic knowledge about several key aspects such as crypto wallets, bitcoin ATMs, and exchange platforms.
This guide on bitcoin service providers should give you all the knowledge you require to venture into owning and trading bitcoin.