Buying Bitcoin is a Complicated Task for Beginners

Bitcoin (BTC) is the most renowned digital currency in the cryptocurrency mania. It is a virtual currency traded and used to transact online across many countries of the world. In a nutshell, Bitcoin is an unregulated digital currency that puts the owner in charge. It is based on high technology and blockchain with encrypted symbols and security codes that makes the trader anonymous. The trader is able to monitor the whole process of transactions which makes the users trust the system.

Where to buy bitcoin as a beginner?

Having known the basics of bitcoin, it is good to know the different platforms where it can be bought. Leading platforms include CoinCorner, Coinbase, cex.io, LocalBitcoin, and BitQuick. Each of these exchanges has its own advantages over the others making it suitable for use.

It is worth noting that different exchanges have certain characteristics that are similar and some that differ. For example, there are cryptocurrency and bitcoin exchange platforms that support only the buying of bitcoin, and others that support the buying of multiple cryptocurrencies. For example, CoinCorner is limited to bitcoin as the only currency whereas Coinbase, LocalBitcoin BitQuick and others can be used to trade multiple currencies such as Ether and Ripple.

Also, exchanges like Coinbase and Paxful are accessible to traders from all over the world to trade while others like BitQuick are limited to regions such that it operates in the US. Therefore, the type of exchange to use will depend on the type of transaction, region, and accessibility. However, CoinCorner makes the ideal exchange platform for buying bitcoin for beginners.

CoinCorner in a nutshell

In simple terms, CoinCorner is bitcoin exchange wallet and platform that enables users to trade. Traders can either trade directly from the CoinCorner website or use the CoinCorner mobile application. CoinCorner offers traders utmost security that enables them to trade. This is based on the fact that is technology keeps the identity of the traders anonymous.

CoinCorner went ahead to create their wallet and mobile application to make the transaction processes even easier. With their wallet, storing bitcoin is made easy. As a beginner, this is the best exchange since you get all the tools in one basket. Other exchanges may require the creation of a wallet on another platform. Read more about it here also: abitgreedy.com/coincorner.

What does every beginner need to know about the CoinCorner exchange website?

  • Has a vast range of payment methods available; credit cards, debit cards and Neteller. Most noteworthy, there are no limits when it comes to transacting using bitcoin.
  • Cryptocurrencies supported; bitcoin only. Makes the buying process, simple, fast and enjoyable. No distractions or stressing over what to do due to the availability of many cryptocurrencies on one platform.
  • An easy step-by-step guide to signing up and verification process. Verification is a major concern. Biographical identification and proof of residence are needed. Biographical identification refers to a passport, Address, occupation, phone, ID number, Source of Wealth, Driver’s license, passport). To prove residence, things like bank statements and utility bills are needed.
  • Security; CoinCorner is safe. Despite third parties having user keys, the bitcoins ate protected by being stored in cold wallets. Moreover, CoinCorner also uses Google authenticator to protect your wallet. You will get instant notifications on any attempted logins.
  • The speed of transaction is a letdown. With such excellent services for beginners, this could be the negative bit. Transactions for Euro and pound transfers made on CoinCorner usually take between 2-5 business days. However, with bitcoins, it takes a few minutes although CoinCorner warns that it may take days sometimes due to the varying payment methods.
  • Transaction fees are rather high. A 5% fee on all credit and or debit cards is another no for CoinCorner. Plus there is an additional $0.40 unless you are transacting using bitcoins only which is free. This is in a way exorbitant.
  • Limitations of transactions based on verified or unverified accounts, deposit limits for Neteller, trading limits and withdrawal minimum are part of the limitations of CoinCorner.

Advantages and disadvantages of CoinCorner compared to other exchanges:

Cex.io

Is simple to sign up for and use.

Pros

  •    Wide range of cryptocurrencies to trade
  •    Immediate exchange rates
  •    Competitive rates.

Cons

  •    Limited payment options
  •    No available online-based platform to help you complete your processes.

Coinbase

Ideal for buying bitcoins for beginners since it has simple steps to follow for signing up and trading.

Pros

  •    Wide range of fiat payment methods
  •    Offers instant transactions
  •    Bitcoin deposits are insured
  •    Wallet is available both online and on mobile
  •    Instant transactions

Cons

  •    Accounts are monitored hence not private

LocalBitcoin

Pros

  •    Various payment methods available to buy bitcoin
  •    Private; keep the transactions private
  •    No limitations on minimum or maximum transfers

Cons

  •    Relatively high transaction fees
  •    Handling of transfer details is done by the user
  •    Scams have been detected

 

BitQuick

Pros

  •    Easy to set up and use
  •    Excellent speed hence fast transactions

Cons

  •    High transaction fees
  •    Bitcoin prices here are usually above the market rate

 

Coincorner compared to other exchanges

CoinCorner is suitable for use by both beginners and experts. On the whole, it has more advantages over the other exchange platforms. The fact that it uses bitcoin as the only cryptocurrency means the transaction or buying process is easy and fast.

In conclusion, CoinCorner is the best exchange for beginners for buying bitcoin based on the following Pros and Cons

Pros

  •    Various methods of payment
  •    Has a wallet to store bitcoins on the same platform
  •   Enables trader to transact ether online via the website or through the CoinCorner mobile application
  •    Security and privacy during transactions based on the verification process.
  •    Intuitive interface making it interesting to trade
  •    Easy steps that guide during transactions

Cons

  • Delayed transactions.
  • The limitation to bitcoin cryptocurrency alone makes it unsuitable for beginner traders interested in transacting in other currencies such as ether and ripple.
  • The 5% transaction fee is very high and unreasonable.
  • Transaction limitations

 

Hopefully, after reading this article buying Bitcoin becomes much easier for you.

1 thought on “Buying Bitcoin is a Complicated Task for Beginners”

  1. I use furcoins, no sign up or verification, pretty easy. Usually any transaction with them always takes 45 minutes to 6 hours to be completed and there is provision for Live Chat Support/WhatsApp for purchase or sale of bitcoins or any other cryptocurrency.

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