Buy Bitcoins, buy your future
Bitcoin is currently a typical marvel. It is a digital currency based on the blockchain technology with no central management or regulation. This digital currency uses advanced cryptography to build trust between anonymous users. Here, digital ‘coins’ are not stored in a local depository; they are kept in the global blockchain network. The platform is immutable since transaction data is automatically divided by blocks and combined with other universal transactions. This renders information scamming an inconceivability. But first, how can you obtain Bitcoins? Bitcoins can either be bought from an exchange or directly from people through marketplaces. Payment can be made in several ways, ranging from credit and debit cards to hard cash. Although Bitcoin exchange has gained a remarkable growth over the years, buying and selling Bitcoins remains surprisingly challenging.
Before you begin thinking of acquiring Bitcoins, get yourself a Bitcoin wallet first where you will need to store them. Different wallets have varying levels of security; hence you need to perform your due diligence before deciding. With a wallet, you’ll need an exchange to engage in regular trading and speculation. Bitcoin exchanges are an essential part of the cryptocurrency world and its ecosystem in particular. It is crucial to be cognizant of the fact that most exchanges have lengthy bureaucratic setup procedures usually involving the proving of physical addresses and submission of detailed contact information.
However, the problem with verification is nothing new; users are often subjected to two choices; convenience or security. It is not uncommon for people to avoid, cancel or fail to complete lengthy and tedious identity authentication procedures. At this time and age, we care more about ease speed and convenience, something that most forms of authentication (Out of band codes and SMS) entirely lack. Yet, lack of proper security for our finances is an outright doom. So, let’s took a look at one prominent exchange platform; Coinmama.
Coinmama is a Bitcoin exchange broker that allows users to trade Bitcoins using credit cards. The platform provides services to traders located almost anywhere in the world.
Opening an account
During registration, Coinmama requires current, accurate and absolute information about potential users. You will be required to provide precise information and documentation including your name, an email address, and password. You’ll also need to provide details of your country of residence. A scanned ID or selected utility bills could also ensure a smooth registration process. Coinmama’s verification is typically straightforward. Nonetheless, it’s wise to prepare for creepy steps like uploading your selfie while holding your credit card. If asked for a selfie during the process, clearly show your name, card’s expiry date, and the first and last four digits of your card.
The verification process is usually painstaking and can last a couple of days. Your identity documents could be rejected if they don’t meet the requirements laid down. Don’t give up so easily; it’s pretty common to get disappointed a few times.
Buying Bitcoins on Coinmama
Once you login to your account for the first time, you will be prompted to choose a payment method. You can either choose to pay with a credit card or cash via western union. Note that you can’t buy Bitcoins without a Bitcoin wallet. Coinmama sends Bitcoins directly to your wallet.
Purchasing coins on the platform is quite easy. Coinmama immediately delivers coins to your wallet upon payment receipt. As aforementioned, delays are normal and can recur again in the final step. Upon completion of payment, you may need to wait at least half an hour before Bitcoins get delivered to your address.
A sound security is a secure future
Verification and authentication is becoming increasingly rigorous due to the outburst of criminal elements that are adept at using technology to further their malicious intention. Throughout the world, regulatory authorities have seriously emphasized on the Know Your Customer (KYC) framework. The customer Due Diligence is done to collect additional information from customers to verify their identity and assess risks. Governments are also putting stringent measures in place to ensure financial service providers collect more information intended for identifying theft, preventing the funding of terrorist activities, and countering financial fraud and money laundering. Sufficient customer information also helps financial players to understand their customers better and manage risks.
Bitcoin holders own a secure and fully auditable programmable currency
that can be used to transact business at a global scale without being forged.
Bitcoins can be built into anything and everything.
With Bitcoins, you can’t be left out of the current most profitable investments. In what is turning to be the modern day “gold-rush”, investors are rushing to buy digital currency units, tokens that are up for grabs during an ICO. Tokens are inspired by the standard IPOs, but essentially different. Tokens are typically the fundamental part of the application intended to be built by a start-up. The gamble is that your investment (the application) will increase in popularity and generate a higher demand for tokens that ultimately increases its value. For example, when ethereum started, an Investment of one Bitcoin (roughly $500 then) got you 2000 ethers in return. At the current rates, your $500 investment would have increased to an astounding $800,000 in just three years! This mind-boggling Return on Investment (ROI) makes ICOs one of the most attractive investment ventures. Ethreum is an open blockchain-based platform that enables developers to build and deploy decentralized applications.