This week’s news is that a number of banks in both the USA as well as the UK have prohibited using credit card for purchasing cryptocurrency (CC’s). The stated reasons are difficult to believe, such as seeking to reduce the use of money for gambling, laundering, and securing the retail consumer from the risk of taking on too much risk. It is interesting that banks accept debit card transactions and make it obvious that the only risks being safeguarded only concern their personal.
With a credit card , you can play at casinos and purchase guns and other weapons, drink pornography, and everything else you’d like However, certain credit card and banks firms want to stop the use of their services to buy cryptocurrency? There must be plausible motives, and they’re not the reason given.
One thing banks are scared of that is the fact of how hard it will be to take CC accounts when the credit card holder is in default in payment. It’s more difficult than taking possession of the car or house. Crypto wallets’ private keys can be stored on memory sticks or a piece of paper, and then removed from the country without leaving any trace of where it is.
There is a possibility of a high value in certain crypto wallets. Credit card debt could never be paid back, resulting in the declaration of bankruptcy and a huge loss to the bank. The wallet will still contain cryptocurrency as well as the owner could later gain access to the private keys and then use an nearby CC Exchange in a foreign country to convert it and take the cash. A nefarious scenario indeed.
We do not advocate the kind of criminal practice, however, the banks have been aware of this potential and some are even threatening to end the practice. This isn’t the case when using debit cards because banks never have to pay out of pocket as the money will be taken directly from your account and only if there’s enough money in the account to begin with. It is difficult to discern any truth in the bank’s claim regarding limiting the gambling and risk-taking. There are different way to follow coins like comparison chart which are helpful at all the stages of buying and selling coins.
It’s fascinating to note that Canadian banks aren’t following the trend and are perhaps realizing that the reasons given for doing this are not true. The result of the actions of these banks is that both consumers and investors are conscious that the credit card industry as well as banks actually have the power to limit the purchases you can make through their credit cards. This isn’t how they promote their cards and this is likely to be an unwelcome surprise for many users who are familiar with deciding what they’ll purchase particularly with CC Exchanges and all the other retailers who have signed Merchant Agreements with the banks.
The Exchanges aren’t doing anything wrong, and neither do you However, greed and fear within the banking industry causes strange events to occur. This is further evidence of the extent to which the banking sector is worried about Crypto Currencies.
There is no trust, cooperation nor understanding, between the fiat currency industry and CC world. The CC world does not have a central control body that can ensure that regulations can be enforced all over the world, and this leaves every country in the globe in a dilemma of how to proceed.
China has taken the decision to ban CC’s, Singapore and Japan accept them, but numerous other countries are in a state of confusion. What they share is that they all want to tax CC investment earnings.
It’s not that different from the beginnings in the age of electronic music when the internet helping to facilitate the unfettered expansion and distribution of non-licensed music. Digital music licensing was later developed, and eventually accepted because people were happy paying a fee to listen to their music, instead of endless pirating as well as the industry (artists producers, musicians, record labels) were happy with fair licensing costs rather than nothing.
Is there a compromise in the near future of digital and fiat currencies? As people all over the world become more dissatisfied with the absurdity of bank profits and the overreaching of banks to their personal lives, there’s a chance that the public will be treated with respect and will not be forever burdened by high fees and unreasonable limitations.
Cryptocurrency Exchange or Digital Currency Exchange is a type of business which involves the exchange of crypto with other assets like cash or other type of digital currency. It’s a website service that allows electronic transactions that are in electronic form and charges fees for them.
All transactions and operations that are made that are made through Digital Currency Exchange can be done using debit and credit cards, postage-paid money orders or any other type payment methods. This article will explore the various cryptocurrency exchanges that allow crypto currency trading for newcomers and their benefits in terms of accessibility as well as user-friendliness and security, deposit/withdrawal options and charges. This guide on cryptocurrency trading will aid you to get started on cryptocurrency exchanges.
Coinbase is among the biggest cryptocurrency exchanges with its headquarters within San Francisco, California. It’s available in 32 countries, and has more than 10 million customers. It was launched in 2012 and features an easy-to-use interface that helps make Digital Currency Exchange an easy task for someone who isn’t a technical person. It’s also accessible for users on both iOS as well as Android. However, Coinbase does not offer crypto cryptocurrency mining for beginners, and is primarily an exchange.
It currently has four coins available, Bitcoin, Bitcoin Cash, Ethereum and Litecoin. It allows digital currency exchange with US Dollars, euros, and Great British Pounds. With minimal transfer costs, Coinbase has never experienced any security breach , making it an ideal option for digital currency exchange. Furthermore, Coinbase also offers a fully-fledged exchange that is called GDAX. GDAX offers advanced features as well as different and better rates for trading over Coinbase.
Bitstamp also offers a platform which allows digital exchange of currency. It’s relatively simple to use and has more advanced features through TradeView. Bitstamp provides coins like Bitcoin, Litecoin, Ethereum, Bitcoin Cash and ripple. It is a digital currency exchanger that accepts US dollars, and Euro. You can practice the latest methods of trading in crypto currencies on this exchange.
It provides flat deposits through bank transfer and also accepts debit and credit cards. The only disadvantage that one will encounter with Bitstamp is the slightly high cost as well as the reality that they has suffered one security breach within 7 years of operation. However, it is among the most trusted exchanges. It’s accessible on both iOS as well as Android.
Gemini is an UK company based in the UK, which was founded in the year 2015 by twins Winklevoss. Gemini is accessible in a few countries like the U.S, Canada, Hong-Kong, Singapore and South Korea. One of the drawbacks of the platform is it’s not particularly user-friendly. Thus, beginners aren’t recommended to utilize this platform.
It has two coins available and 1 currency called FLAT. Bitcoin Cash Ehtereum as well as US Dollars. Gemini adheres to strict guidelines regarding security. As of the year 2018 it hasn’t experienced any security breaches, making it among the most safe and secure digital currency platforms. But, it is essential to be aware of strategies for investing in digital currencies before you begin trading.
Digital ticks is an innovative cryptocurrency exchange that hopes to become an innovative player in the market. They’ve incorporated numerous of the latest methods that make it simple for anyone to start trading.
It is equipped with an exclusive feature known as the Single Portfolio View. This feature will allow traders to see all holding positions in one portfolio. It is easy to help traders make educated choices regarding the cryptocurrency exchange with this feature. It also works with Bitcoin, Ethereum, Litecoin and Dashcoin.
Kraken is among the oldest exchange platforms for cryptocurreny. It was launched in the year 2011. is the largest market in liquidity and volume of EUR exchanges. It operates worldwide, as well as the US.
Kraken offers a wide range of coins like Bitcoin Cash, Ethereum, Monero, Augur, Litecoin and numerous others. It also allows withdrawals and deposits via bank transfer and cryptocurrency. It has a sluggish user interface, it has performance and stability issues, but it’s a great platform for exchanges of cryptocurrency.
Bitfinex is the biggest trading platform for cryptocurrency. The platform was established in 2012, and is user-friendly interface and provides a variety of features like the margin trade, and margin financing and more. It’s available for both iOS and Android platforms. It has BTC, BCH, ETH, LTC, IOTA, XMR and NEO.
Like the other cryptocurrency exchanges, it allows withdrawals made using US dollars or Euros using bank transfer. Bitfinex has been the victim of two security breaches. The first occurred in May of 2015, which resulted in the expense of around $330,000. It was followed by another one in August 16, 2016 resulted in a loss approximately $72 million.
EtherDelta is an uncentralized exchange that provides peer-to-peer connectivity. It’s quite different from the previous exchange platform for cryptocurrency. Funds are stored in a smart-contract on the Ethereum network that you are the sole person responsible to deposit and withdraw funds from. At present, EtherDelta only supports Ehtereum tokens that are based on Ethereum.
EtherDelta is a complicated interface, making it challenging for users to conduct crypto exchange. One time, a person attempted to purchase the 750 Kyber for 0.007 USD each, however, they ended up paying 0.007 KNC at 750 ETH.
When we look at the various exchanges for cryptocurrency We are able to declare it is Coinbase and Bitstamp is the most prominent because of its great features such as security, user-friendly interface, multiple withdrawal/transfer methods, and many more.
They aren’t ideal, but I would say that it’s the most secure choice you could make. Every exchange platform for cryptocurrency is distinct in their own way and comes with advantages and drawbacks. It is only a matter of choosing the one that best suits our requirements.