Category : Bitcoin

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5 Step For Beginners To Start With Bitcoin Trading

5 Step For Beginners To Start Trading Bitcoin

Have you been reading our posts? Today we will focus on the novice Bitcoin traders. Here, I will bring to you an easy guide in trading Bitcoins where you will reap a profit.

Cryptocurrency trading is the new thing and Bitcoin-the oldest can be extremely rewarding in terms of the spread. By spread I mean the arbitrage profit you will get by differing market prices. That is, the global market margin is widely available. This is usually as a result of different cross-rates calculations. With this, arbitrage comes in and many people can easily exploit this by trading Bitcoins.

If you have been careful about the cryptocurrency and economic news you watch; you will realize that there is a certain criterion followed by Bitcoin and any other Cryptocurrency out there. First, it is usually volatility followed by the bubble. With each bubble, the media attention shifts focus to Bitcoin. This spread of news creates attention and Bitcoin prices become volatile. That is with the increased attention; more people start tinkering with Bitcoin which becomes a hype and then the trading. This lasts until the Bitcoin hype fades.

Trading in Bitcoin is very easy. The reason for this lies in the fact that Bitcoin is global and has very little requirements. In fact, there is little to no verification when it comes to trading.  Like any other security in the market, investors want their Bitcoins to maximize their wealth while the speculators want to gain their spread from arbitrage.

To start trading in Bitcoins, you need to join one of the many online trading companies offering CFD. This stands for Contract For Difference.

What makes Bitcoin trading easy?

The answer to this question lies in the various characteristics of Bitcoin. Some of these also lie with other cryptocurrencies but are more advanced and recognized in Bitcoin. These are:

  • Volatility: Like any good speculating security in the stocks market, Bitcoin is volatile. Its prices are always yawning and are frequent enough to for daily charts. Actually, CoinDesk BPI provides these charts on a daily basis.
  • 24-hour trading: What makes Bitcoin more profitable and better than the securities market is that it trades 24/7. Part of this lies in the fact that Bitcoin is global and there is no time limit because of the different time zones.
  • Bitcoin is decentralized: This makes it independent of the various government controls. Also being decentralized makes it global meaning that any economic control in one place does not directly affect its prices. Such controls would be the devaluation of currencies or various controls in capital markets. Actually, these measures by the governments are what makes the prices of Bitcoin rise. An example is the 2013 Bubble created by Cyprus capital controls.

These factors have made Bitcoin a favorable security to invest and speculate in. actually, the other cryptocurrencies use Bitcoin as a Benchmark when it comes to trading.

Starting Bitcoin trading

Before we head there, it is important to know a few things when it comes to Bitcoin trading. First is that China leads in Bitcoin Trading. All the data collected from the many sources show that trading volumes in China are dominating the market.

It seems ironical considering that China is one of the most restrictive states to have a flourishing cryptocurrency in the market. Some might consider this a freedom of expression since Bitcoin is independent of any state power. However, that is not the case as most if not all Chinese Bitcoin Blockchain merchants consider Bitcoin as an asset to be capitalized on. That plus the following reasons is what makes China the leading Bitcoin Trader globally.

Global Leaders in Bitcoin

China hosts one of the largest Bitcoin miners, Bitmain. Bitmain operates two pools that accounts for almost 30% of all Bitcoin processing power. The other reason for China’s dominance is that the Bitcoin trading is that the Chines government had relaxed its finance regulations. This made trading much easier. This means that the Bitcoin market was also more developed and mature than the rest of the world. In the market, leverage was always maximized by lending, options, and derivatives. Also to this is that in China, exchanges were not charged. This means that Bots could trade non-stop to increase the spread in case of arbitrages.

This, however, has changed and the market dominance has shifted to Japan. The reason for this is that the Chines government has started imposing trade restrictions on virtual currencies. This is especially so on the companies that offer Initial Coin Offerings(ICOs) such as the oldest company in China BTCC. Others such as Huobi has have been exempted but the deadline will be on October 30.  As of September this year, Japan had slightly over 50% of the global trades.

Getting started with Bitcoin Trading

The first rule of the thumb is that Bitcoin has no official trading exchange. This leaves the duty of searching testing and trading to you. Have no worries though, there rules to follow while selecting these trading sites.

  1. Location:  Where the company doing the exchange is very important. This lies in the rules, laws and the regulations of that country. Also, this goes with the type of currency the exchange is taking. The recommended action is to always take exchange company in your country.
  2. Purchasing: The mode of purchasing is important. What method does the exchange take and what will work to your convenience?
  3. Exchange fee: You need to pay a certain fee when doing the exchange. Check if it has been inflated or if any other fee stands to reason.
  4. Security: Is the website HTT or HTTPS. The authentication steps to follow when entering your account.

After going using these basics to get your preferred site; you should also be able to avoid being scammed. There are many people over the net trying to get yours over using Bitcoin scams. Try to avoid these as much as you can.

Now, there are some reputable sites where trading is safe, secure and reputable. The following is a list that I have compiled. This is according to my best knowledge and your input and addition are welcome. This is compiled in terms of USD volume from the first.

Buy Bitcoin from best Bitcoin Exchanges

  1. Bitfinex. This exchange is the first in terms of USD volume. Its daily volume is 25000 BTC.
  2. Bitstamp. The company was founded in 2011 making it one of the oldest exchanges. its daily volume is 1000 BTC.
  3. Coinbase. This was the first exchange to be regulated in the United States. Coinbase trade volume is about 8000 BTC daily.
  4. Okcoin. Since the downfall of China dominance in the market, Okcoin has taken a huge dip but its worthy to mention it in the list. It used to trade at over 9000 BTC but this has fallen to less than 1000 on the day of publishing this article.
  5. Another worthy mention is Kraken. It is the first in terms of EUR daily trading volumes at around 6000 BTC. This makes it top 20 in terms of USD volume.

Trading risks

Like any other security in the market, Bitcoin has its own trading risks. Some of these are discussed below.

  1. Leaving money on Exchange:

Bitcoin is an independent non-participant currency. Apparently many do not know this. one of the most remembered cases is the Gox collapse. During its time, it was one of the largest exchange points. It was one of the easiest ways to obtain Bitcoins but on its collapse, users left more than 800,000 Bitcoins in Gox accounts. In February 20014, withdrawals were halted and up to now not have received their funds.

The best way to avoid a case like Gox catastrophe is to use a regulated exchange.

  1. Capital risk: Your capital your risk. You should start trading at low amounts then growing to larger and larger when you start gaining profit. This you will do after learning the strategies and understanding the market signs.

Above anything else, before trading, you should search and find the best strategies to use in trading Bitcoin. There are many resources on Bitcoin on the internet that you should utilize to your fullest.

Step by Step Bitcoin trading

To trade, you will of course need to sign up an account. Kraken will be used in this excerpt as a general guide to get you started.

To open an account, go to the official website and click sing up box.

Confirmation will be done using email. Once this is done, you will log in and fill your personal information.

Once you sign up and all your levels or verification are procedures are followed. You will get the following.

 

kraken_01

By the way. Every Exchange must follow the AML and KYC laws for verification.

Once your account is set up; go to funding and select your preferred choice of funding. You will get the following screen shot.

kraken_02

As with Kraken, there are many choices of deposits to choose from.

These are:

  • EUR SEPA Deposit (Free) – EEA countries only
  • EUR Bank Wire Deposit (€5) – EEA countries only
  • USD Bank Wire Deposit (Free until 3/1/2016, then $5 USD) – US only
  • USD SEPA and SWIFT Deposit (0.19%, $20 minimum)
  • GBP SEPA and SWIFT Deposit (0.19%, £10 minimum)
  • JPY Bank deposit (Free, ¥5,000 deposit minimum) – Japan only
  • CAD Interac Deposit (Free until 3/1/2016, then 1%, $10 CAD fee minimum, $5,000 CAD deposit maximum)
  • CAD EFT Deposit (Free until 3/1/2016, then 1%, $10 CAD fee minimum, $50 CAD fee maximum, $10,000 CAD deposit maximum)

The deposits are different. With the banking system, the deposits take a maximum of three working days to process while with Bitcoins it can take about an hour but with six different confirmations.

To begin trading, select Trade tab. You can switch the trading pairs to match which you want using the black bar. To begin our trade assuming a $300 deposit in the account, select new trade. Here, you see that Bitcoin is trading at 0.5XBT for $37O per Bitcoin.

kraken_03

On checking the last trade, the price was $383.17.

The reason for this is because, one may submit at a lower price than the current one. This is done when expecting a fall in the prices of Bitcoin. Since in this case my bid is lower than the market price; my order will be processed later than the others. This is so because of placing an order through the Limitorder. This places an order by a particular price. Before placing an order, you should check the orderbook for your trading pair before deciding the price.

An example is the following:

kraken_04_bitcoin_order_book

As you can see, there are various prices through which people have placed their orders. You can skip this by placing an order through the market price. Such as the following:

As such, the market order will submit a buy order at the lowest possible available sell order which is 0.5XBT at $384.07 per XBT. If it is selling, it will place at the highest sell order of which is $382.5.

If you liked this blog post, please follow us on Twitter @coins_iq and also make sure to subscribe to our e-newsletter to receive the best and latest information on bitcoin, cryptocurrency, crypto trading and bitcoin investment!

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Bitcoin Buy Bitcoin Exchange

Top Bitcoin Exchanges – Buy And Sell Bitcoins

top-bitcoin-exchanges-coinbase

The astronomical rise in the price of Bitcoins has resulted in immense attention from the general investing public as well. Owing to this very reason, many people are now looking for top Bitcoin exchanges to buy and sell Bitcoins. If you’re just looking for any exchange, you would find hundreds of options to choose from. However, when you’re looking at the top Bitcoin exchanges, you have to carefully filter out the best ones and use only those.

Also, buying and selling the Bitcoins would be dependent on the liquidity on that particular website. Owing to this very reason, you have to carefully select top Bitcoin exchanges which have the required amount of liquidity as well so that you are able to easily buy and sell Bitcoins.

We would today share with you four different exchanges on which you can easily buy and sell Bitcoins.

  1. Coinbase:

Coinbase is headquartered in San Francisco. One of the main reasons why it ranks so highly on our list is because of the user-friendly interface. Whether you have used Bitcoin exchanges before or not, you would surely be able to understand the simple interface of this Bitcoin exchange. It allows you to deposit funds through the cards as well as bank transfers. Thus, you would be able to easily buy the quantity of Bitcoins which you want.

It allows you to deposit 3 type of currencies which are:

  • USD
  • EUR
  • GBP
  1. PoloNiex:

If you’re looking for an exchange which would allow you to trade between different currency pairs, this one is the perfect option for you. It allows you to trade between 75 different pairs. Thus, you can easily trade between the different pairs without any problem. The only downside to this exchange is that you can only deposit money in the form of crypto currency. Also, the user interface of this particular exchange is not that friendly.

  1. Local Bitcoins:

This Bitcoin exchange accepts most of the popular currencies all over the world. You can even deposit cash in their bank accounts. You can use PayPal as well. You can also opt for bank transfers. You can easily buy Bitcoins through this exchange which would ensure that you are able to easily trade in Bitcoins. The user interface is also pretty easy to understand.

  1. CEX.io:

This exchange is located in London. It allows you to deposit funds with the help of cards as well as bank transfers and also Ethereum. The interface of this particular exchange is pretty easy to understand.

Some of the currencies in which you can easily deposit the funds are:

  • US dollar
  • Euros
  • GBP
  • RUB

So, if you’re looking to buy and sell Bitcoins, these are the 4 exchanges which you should be looking at. These 4 exchanges would not only ensure that you are getting plenty of liquidity but you can easily buy and hold Bitcoins as well.

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GreenAddress Bitcoin Wallet – Bitcoin Wallet Review

GreenAddress-Bitcoin-Wallet-Review

Yet Another Bitcoin Wallet Review by CoinsIQ

One of the main problems of using Bitcoins is that you are responsible for the safety of your own currency. That is not a centralized security mechanism. That is why you have to always take the extra steps; in order to ensure that you are able to secure the Bitcoins which you own. Moreover, whenever you are choosing the wallets in order to store the Bitcoins; you have to choose them pretty carefully as well.

Different wallets offer different security features. You have to find out which of the features are more important for you. Accordingly, you would choose the electronic wallet. Moreover, when it comes to the Bitcoin wallets; you can choose between the hardware wallets as well as the electronic wallet. You have to look into all of these points and thereafter only you would be able to choose the wallet which is the perfect option for you.

One name which you would often hear about; when it comes to the electronic wallet for Bitcoins is the GreenAddress wallet. If you’re hearing about this wallet for the 1st time; today we would not only debut it but also explain what exactly this wallet is and how you can use it on a consistent basis in order to keep your Bitcoins secure and safe.

GreenAddress-Bitcoin-Wallet-Review

What is GreenAddress wallet?

GreenAddress Bitcoin wallet is an electronic wallet which can keep your Bitcoins completely safe as it is a host of different security features. It also provides you with the 2FA authentication as well. Moreover, it provides you with instant Bitcoin transaction capability. Thus, you would not have to wait for a longer period of time in order to complete the transactions as well. At the same point of time, you need to understand that it provides you with the log of the entire transaction history as well. This makes it much easier for you to view any of the transactions which you have done in the past as well.

Ease of Use

In order to conduct any transactions, 2 keys would be needed. One of the keys is present with the user of the wallet and another key is present with the wallet company that is GreenAddress. One thing however which you have to keep in mind is that you need to take the backup of the keys as well. In between, when the site goes down due to high load, you would have the keys with you which would keep your Bitcoins entirely secure. That is why it is always a better idea to have the keys with you.

As you can see, there is plenty of security features employed by the GreenAddress which makes it much more secure as compared to some of the other electronic Bitcoin wallets.

GreenAddress – Features:

We would now go into some of the features of this wallet in order to help you better understand why you should opt for this wallet rather than some of the others.

  1. Robust security features:

If you’re looking into the security features of this wallet, you would realize that they are much more advanced as compared to some of the other wallet options. The 2 factors security authentication is just one of the 4 security types which are used in the wallet. Thus you can be sure that the security which is incorporated is pretty robust.

  1. Permanent payment address:

Instead of always having a new Bitcoin wallet ID, you have a single permanent address as well. Thus, whenever you want to post that publicly, you need to do is to take the permanent wallet ID and you can post it publicly and receive continuous payments as well. This would make it much easier for you to use the wallet whenever you want. You can even use it for regular buying and selling of Bitcoins as well.

  1. Cross-platform compatibility:

This wallet is not just limited to the smartphones. It can run on the smartphones as well as computers. That is why, the device on which you use it, is entirely up to you. This makes it much easier for you to use the wallet as and when you want. You can even switch between the devices while using the wallet. This ensures that you have to just log into the newer device and you would be able to use it again. Thus, you are not restricted to any kind of devices.

  1. Open source wallet:

The technology behind this wallet is entirely open source. This ensures that more and more development is possible. In fact, there are a wide variety of developers which are currently working for the development of this wallet and to increase the security features to the next level. This ensures that you do not have to worry about security at any point in time whenever you are opting for this particular wallet.

GreenAddress: Wallet setup via Chrome App from GitHub

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Bitcoin Invest Trading

3 Best Ways To Invest In Bitcoin by CoinsIQ

Invest_in_Bitcoin

Many of the people are intrigued by the continuous rise in the price of Bitcoins. Many people live in fear that if they invest in Bitcoin at the current price, they would be losing a significant amount of money. The truth is that still you can invest in Bitcoins in the right way. You have to make sure that you are having a proper strategy before investing in Bitcoins. Today we would share with you best ways to invest in Bitcoin.

Invest_in_Bitcoin

  1. Going through a reputed exchange:

Instead of buying Bitcoins through a shady website, you have to go through the reputed exchanges like coin base, Kraken etc. when you are able to invest in Bitcoin with the help of these reputed exchanges, it becomes easier for you to buy Bitcoins as well. Also, the liquidity on the platform is on higher side.

This ensures that you would be able to buy and sell the Bitcoins quite easily. Moreover, you have to look into the limitations of these platforms before you submit your documents. Only when the rules and regulations of these websites are good enough for you, you can go ahead and invest in Bitcoins through these websites.

  1. Investing through investment schemes:

Currently, there are mutual funds as well as other websites which can help you in investing a part of your portfolio in crypto currencies. These crypto currencies would also include Bitcoins. That is why, if you do not want to directly invest in Bitcoins, you can opt for these mutual funds as well as crypto currency funds which would ensure that you are able to invest in crypto currencies with the expertise of the mutual fund managers. This significantly reduces the risk of investing in crypto currencies.

  1. Mining:

If you do not want to invest in Bitcoins at such a high price, you can invest in a mining rig. This would ensure that you are able to generate Bitcoins with a profit. This can also ensure that if you are able to run the rig, for a longer period of time, you would be able to get a significant number of Bitcoins as well. Since the price of Bitcoins is continuously increasing, you would be able to get a decent profit through mining as well.

So, whenever you are looking for the best ways to invest in Bitcoin, it is important to look into these 3 best ways to invest in Bitcoin which we have discussed above and thereafter you can decide which option you need to opt for.

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Bitcoin Review Wallet

Samourai – Bitcoin Wallet Review

Samourai_Bitcoin_Wallet_Review

Another bitcoin wallet review by CoinsIQ

Bitcoin wallets these days are available in plenty. The problem is that most of these wallets are not secure. Most of the Bitcoin wallet companies do not take proactive steps in order to make them secure. When you’re storing your Bitcoins in these wallets, it is important for you that the Bitcoins remain entirely secure. That is why you have to always opt for the most secure Bitcoin wallet. Also, not all the Bitcoin wallets run on all operating systems. That is why it is important for you to look at the operating system compatibility of the Bitcoins as well. Once you are able to look at the operating system compatibility, that is only when you would realize whether this particular Bitcoin wallet is good enough for you or not.

Today we would speak about Samourai wallet – a Bitcoin wallet review. We would go into the details of this Bitcoin wallet in order to help you better understand whether it is a good enough option or not.

Samourai_Mobile_Wallet_Review

What is Samourai Bitcoin wallet?

Samourai wallet is a mobile wallet. The main focus of this wallet is on the security as well as accessibility of the wallet. Owing to this very reason, if you’re looking for a secured wallet which provides you with privacy as well, this is one of the best options for you.

As more and more electronic wallets become more accessible to people, the competition just keeps on increasing. Some of the electronic wallets just keep on innovating newer and newer features and incorporates them in its wallet in order to make it more usable for people. That is why, if you’re looking for advance mobile wallet, Samourai Bitcoin wallet is the perfect option for you.

Samourai Bitcoin Wallet’s Features:

Now we would go into the features of the Samourai Bitcoin wallet.

  1. Enhanced security:

Samourai wallet does not just comply with the industry standard security protocols but it also has an advanced security protocols as well. You would have to enter a pin code in order to open up the wallet each and every time you want to use it.

  1. Privacy:

Samourai Bitcoin only does not use the same Bitcoin addresses. This ensures that you are able to hide your identity as well. Also, you can conduct as many transactions as you want without having to use the same kind of Bitcoin wallet address.

  1. Easier to send Bitcoins:

The platform for sending the Bitcoins is also pretty easy to use. You can directly send the Bitcoins from your smartphone. Also, private sending feature is also possible. Whenever the network is slow, the wallet would also inform you regarding the time which it will take for the network to process the Bitcoins. This ensures that it becomes easier for you to decide how much fees you have to pay in order to get the transaction completed at a faster pace.

  1. QR codes facility:

Instead of sending the wallet ID, you can use the wallet facility in order to scan the code and send the payment. This ensures that you do not have to type the pretty long Bitcoin wallet id. This also provides you with an enhanced security as well as QR codes are very difficult to manipulate.

The QR codes can also keep the wallet ID of your Bitcoin wallet completely secure.

Samourai_Mobile_Wallet_Nodes

  1. Trust Node:

If while sending the Bitcoins, you do not want the Samourai Bitcoin wallet to use their own nodes in Iceland, you can input your own trust node. This would ensure that your transactions are completed through those trusted notes. This would provide you with an enhanced layer of security.

  1. Stealth mode:

Even if you want to remotely view the Bitcoin wallet ID, you can send an SMS to your phone with the text:

SW seed PIN_CODE

This would provide you with the seed of the wallet.

You can even wipe your wallet remotely as well. There are quite a few other commands as well which you can opt for remotely.

Moreover, if you want to hide the wallet in your smartphone, that is possible as well. Normal people would not be able to view the wallet at all. In order to view the wallet, you have to dial

**Pin_Code#

This would open up the Samourai Bitcoin wallet.

If you liked this blog post, please follow us on Twitter @coins_iq and also make sure to subscribe to our e-newsletter to receive the best and latest information on bitcoin, cryptocurrency, crypto trading and bitcoin investment!

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