Buy Bitcoin Online
The digital currency known as Bitcoin has continuously grown in popularity ever since its creation in 2009. As of 2017, there are well over 300,000 bitcoin transactions carried out daily, and there are over 16 million bitcoins in circulation. Thousands of retailers, including well-known businesses like Overstock.com, Dish Network, Expedia, and the fast food restaurant Subway, are now accepting payments in bitcoins. As the trend grows, more and more people are wanting to try out this form of currency. There are currently three ways to acquire bitcoins: verify blocks of transactions (also known as mining), receive bitcoins as payment, and buy bitcoins online.
Why Buy BitcoinMost people buy bitcoin online for any of several reasons. First of all, bitcoin transactions are fast. A transaction can usually be confirmed within just a few minutes, unlike a bank transaction that could take several days. While credit card purchases are also fast, credit card companies charge a fee that bitcoin users don’t need to pay. In addition, people may want to transfer money to another person or business anonymously. Since bitcoin transactions are verified digitally, there is no record of the sender’s or recipient’s name. Moreover, the transactions are encrypted, meaning that criminals can’t easily steal payment information. Many people also find it practical to make overseas purchases with bitcoin because it eliminates the need to exchange currencies. Finally, many people buy bitcoins online because they expect the value to go up and consider the purchase an investment. Most buying and selling of bitcoins takes place through bitcoin exchange websites.
How To Buy Bitcoin OnlineThe first step in buying bitcoin is to set up a bitcoin wallet. This is an open-source software program that can be installed on a computer, tablet, or phone. Alternatively, users can set up an account with an online wallet that is hosted in a cloud. The wallet creates an address for the user and generates public and private encryption keys for each transaction.
The next step is to find an exchange market. A bitcoin exchange market is a website where users can buy, sell, and trade bitcoins with each other. A first-time user will need to set up an account, verify his or her identity, and then begin searching for an offer to sell at an acceptable price. In most exchanges, payments can be made by either a bank transfer or a credit card.
Problems With Conventional ExchangesUnfortunately, there are some disadvantages to using these online exchanges, and even some risks. For one thing, a bitcoin exchange doesn’t meet the needs of users who want to buy bitcoin instantly. It can take some time for users to look through the various offers and determine which is the best fit. In addition, it can take several days for a transaction to be approved or for the seller to actually release the coin to the buyer. Thus, it is rarely if ever possible to buy bitcoin fast through a conventional exchange.
A potential risk of bitcoin exchanges is the vulnerability of users to fraud. Exchange websites have been hacked and virtual currency stolen. Also, scammers have been known to call victims and convince them that they owe a payment for something. If a victim is directed to a bitcoin exchange site to make that payment, he or she might unknowingly give account information or make an unwarranted payment to a criminal.
Advantages Of Using XCoins.ioXCoins.io is not a bitcoin exchange; rather, it’s a peer-to-peer marketplace that connects users who are seeking bitcoins to other users who have them. It offers faster and more convenient service than a conventional exchange.
The process of getting bitcoin via XCoins is very simple. Before his or her first transaction, a customer will need to sign up for the service, which is a quick process, and submit a photo ID. Once the ID is verified, which usually takes less than an hour, the customer can request an amount of bitcoin. The website’s automated system will then find an instant match. This automation saves a great deal of time and effort spent looking through a long list of possibilities and making a decision.
The next step is to make a payment through one of several methods. Currently, the site accepts payments through credit cards, bank accounts or debit cards, and a PayPal balance or credit. Once the payment is made, the bitcoin is transferred immediately to the customer’s XCoins wallet, where it can be spent or transferred elsewhere. In other words, people who are unable to buy bitcoin instantly through a conventional exchange can get it right away from XCoins.
Another advantage of using XCoins is the fact that the company has some systems in place to protect users against fraud. For example, the website employs an automated fraud checking system to screen all transactions, and first-time users receive a telephone call to confirm that they have in fact authorized their first payment. On top of these protections, XCoins provides dedicated customer service and responds quickly to customer inquiries.
Due to the fact that transactions are automatically verified, payment disputes are virtually non-existent. However, XCoins does offer the option of returning the bitcoin if it is no longer needed. This gives the customer a great deal of flexibility that is not available from a conventional exchange.