Crypto Market Insights 2015-2020
Cryptocurrency is a cryptographic digital currency that runs on an encrypted algorithm and generates coins and conducts transactions. Cryptocurrency doesn’t have any physical currency or representation, and till now, it has not been fully regulated by any government body or financial institute.
The entire transaction is done online without any involvement of third parties. Bitcoin was the first cryptocurrency to be developed, and many others were also created, which are referred to as altcoin or alternative currencies.
Understanding Bitcoin and Its Use Case
Bitcoin is the first cryptocurrency developed that can be traded across the world through computing devices. As the world is now kind of adopting blockchain technology and comfortable in trading and exchanging goods in bitcoin, there are various exchanges which are offering to buy, sell, or trade these virtual currencies.
Types of crypto exchanges
Cryptocurrency exchanges are the platforms that give you the ability to buy, sell, or exchange cryptocurrencies for other cryptocurrencies or fiat currency like USD or Euro. For those who want to trade professionally and have access to excellent trading tools, you will possibly need to use an exchange that requires a KYC verified account. If you’re going to make only occasional, straightforward trade, there are other platforms that don’t need an account.
- Trading Platforms
- Direct Trading
Which crypto exchanges are best to buy bitcoin?
There are many platforms to choose from now, and every exchange has its own set of features. This is a user reviews-based list and filtered based on other criteria such as accessibility, user-friendliness, fees, privacy, and security. Here are the top ten of the best crypto exchanges in no specific order.
Best cryptocurrency exchange list:
Backed by trusted investors and has millions of customers worldwide, Coinbase is one of the most popular and best cryptocurrency exchanges globally. Coinbase platform has made secure buying, using, storing, and trading cryptocurrency reasonably easy. Users can purchase bitcoins, Ethereum, and now Litecoin from Coinbase platform through a digital wallet application available on Android & iPhone or through trading in market with other users on the company’s Global Digital Asset Exchange (GDAX) subsidiary.
- Pros: Good reputation, security, beginner friendly high trading volume, easy to use, reasonable fees, stored cryptocurrency is covered by Coinbase insurance. It’s easy for novice users to begin trade and buy bitcoin since it allows fiat currency trading also.
- Cons: Customer support, limited payment methods, non-uniform rollout of services worldwide, limited countries supported, GDAX suitable for technical traders only.
BitMex is one of the best and top online exchanges for Bitcoin and cryptocurrency trading. HDR Global Trading Limited founded BitMEX in 2014, it has had a meteoric rise to become one of the most notable Bitcoin trading platforms available globally. Ben Delo, one of the founders of BitMEX, is reportedly the first billionaire in the UK to make their fortune from Bitcoin. As of 2019, the company is currently under review by the CFTC (Commodity Future Trading Commission) as to whether BitMEX is undergoing illegal activity based on American trade requirements.
- Pros: Advanced margin trading services, Transparent operation, Meager fee
- And has 100x leverage, which is very exciting for pro traders.
- Cons: Not suitable for beginners and No fiat deposits/withdrawals, which is 100%, not the best fit for starters.
If your focus is to carry crypto-to-crypto trading, Binance is one of the most suitable options. Ranked as one of the most successful cryptocurrency exchanges worldwide, they give you impressive offerings and a meager trading fee. Although the Binance platform is a young competitor in the market, it is rapidly advancing and holds huge available options of altcoins with Bitcoin, Ethereum, and Tether pairings.
The exchange also offers its own coin termed as BNB (Binance coin). Being a centralized exchange, you can avail decent discounts while managing your trade with their token. Binance offers a standard and very nominal trading fee of only 0.1%, which can be reduced further if the payment is made with BNB.
- Pros: Ubiquitous platform, very cheap to transact, platform token, available worldwide.
- Cons: No fiat trading, limited payment options.
Bitcoin Use Case
Conventional currencies ( Fiat Currencies ) are backed by gold or silver reserves, but Bitcoin is based on cryptographic mathematical calculations. It follows a set of software programs based on purely mathematical calculations. This program is available in an open-source environment so that everybody around the world can look into it. Bitcoin can be exchanged through various credit cards and payment gateways, including PayPal.
Usages of Bitcoin
- Bitcoin Wallet Creation
- Wallet to Wallet Bitcoin Transfer
- Payment Using Bitcoin
- Bill Payment Using Bitcoin
- Exchange of Bitcoin with Local Currency