getting started with bitcoin
Getting started with Bitcoin can at first be a little daunting.
Unless you’ve been hiding under a rock for the last few months you may well be aware of the recent euphoria around Bitcoin reaching huge, new all time highs.
There seems to be a lot of people, and rightly so, suddenly interested in getting started with bitcoin and taking steps to make their first cryptocurrency purchase.
Understandably this can be quite a confusing task due to the massive amount of different advice and information out there, not to mention the risk of being scammed.
Having been through this fairly recently personally and being fortunate enough to have family members and close friends who are extremely knowledgable on the subject, I thought I’d share some information with you to help explain the best and most cost effective way to get involved.
where to buy ?
This for most is the first hurdle, from what I have witnessed the majority of people tend to start with Coinbase, although Coinbase is simple and easy to use it by far offers the highest fees and poor reliability. If you have already purchased with Coinbase I would recommend that you immediately switch to Coinbase Pro, this is simple to do and costs nothing but will provide reduced fees, see here for more details on this.
Another point to make regarding Coinbase, and I add this in the spirit of being informative rather than trying to bash them, there have been recent reports of accounts being put on hold for no reason there’s some details in this post from the ‘this is money’ website.
A second option is PayPal, people choose this because it’s known and considered trustworthy, but again you do not receive good value this way. Fees are charged and based between the market price they receive from their trading service provider (Paxos) and the exchange rate between US dollars and Bitcoin, additionally there is a fee only disclosed at point of purchase.
The best value current option is SwissBorg, there is no fee for initial deposits and exchange fees are also low at 1% , lower still for premium users.
Aside from fees, there’s 2 other major reasons for me being so comfortable in making such a strong recommendation –
- SwissBorg by default searches for the lowest purchase price at time of purchase rather than just going for an average market rate, this means more bitcoin for your dollar, pound, euro or groat …
- Availability – It’s very common for exchanges to fail when their web servers reach capacity, as an example scenario – yesterday Bitcoin hit an all time high and immediately after followed a fairly sizeable reduction in price. At the time many users were unable to cash out at the high point as the exchanges simply wouldn’t load on their phones or computers. SwissBorg being a smaller exchange was available throughout with no issues, this is not an isolated occurrence of this situation.
Feel free to ask any questions in the comments below, I’ll be happy to help.
I’ll be writing more posts on the topic of crypto currencies in the near future if you’l like to be alerted subscribe to the newsletter here and you will be automatically alerted of any new posts.
None of the above is to be considered financial advice, before doing anything related to cryptocurrencies do your own research and ensure you are comfortable with your decisions.
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