2019-08-07

What is Bitcoin?

First of all, need some background information about what Bitcoin is? It's a digital currency used mostly for online purchases and as an investment, albeit a very risky one. It is not sponsored by any government. Instead, it works through a system where people in the Bitcoin community can earn coins from “mining,” or using their computer to complete calculations. You can also buy them with dollars or nearly any other currency.

THE 7 BEST BITCOIN WALLETS OF 2019

 

https://www.thebalance.com/best-bitcoin-wallets-4160642

 

Courtesy of Coinbase

 

Coinbase is the biggest and most respected Bitcoin platform in the United States. It offers both an exchange and wallet in one, making it one of the easiest places to start with Bitcoin. Coinbase also supports Bitcoin Cash, Ethereum and Litecoin.

Once you sign up and connect your bank account, you can easily transfer funds in and out of your account and convert them to Bitcoin and back to dollars at will. Coinbase charges a variable percentage fee of one percent for U.S. transactions ($1 min, $50 max) from a bank account or Coinbase USD wallet. Purchases with a credit or debit card add on a 2.49 percent fixed fee.

 

Courtesy of Robinhood

 

Robinhood started as a fee-free stock brokerage and recently expanded into the world of digital currencies. The best part: No fees! You can buy and sell Bitcoin and other digital currencies completely fee-free on this platform. Since February 2018, Robinhood supports Bitcoin and Ethereum trades and market data for another 15 currencies. Robinhood Crypto is technically a separate account from a Robinhood stock account. Crypto accounts support market and limit orders.

 

Courtesy of Square

 

This is another mobile app where you can buy and sell Bitcoin with no fees. The Cash app is already great for sending money to family and friends for free (similar to Venmo). But adding in free Bitcoin buying and selling puts the Cash app near the top of the places to buy Bitcoin list.

Courtesy of Binance

 

Binance supports a wide range of digital currencies including Bitcoin, Ethereum and its own Binance Coin (BNB). Binance charges very low fees at just .1 percent for trades. If you want to go far beyond the most popular coins, Binance is your best option.

Courtesy of GDAX

 

Coinbase Pro (formerly known as GDAX) is a serious trading platform with screens that look familiar to those who use Bloomberg terminals or active stock, commodity and option trading platforms. It charges fees ranging from 0.10 percent to 0.30 percent based on your trading volume. Most people trade less than $10 million per month and will fall into the 0.30 percent tier. If you want to try Coinbase but with much higher volume, this platform is the way to go.

 

Courtesy of CoinExchange

 

CoinExchange is another low-cost exchange with most fees pegged at 0.15 percent to turn your Bitcoin into other coins. CoinExchange offers a huge number of coins on its platform, perhaps the biggest lists of coins supported by any platform on this list.

Courtesy of Coinmama

 

Coinmama is an all-in-one exchange and digital wallet that makes it easy to buy Bitcoin and a limited list of additional currencies in U.S. Dollars or Euros. The site claims more than one million customers in 188 countries.

One of the easy features lets you buy Bitcoin in $100, $200, $1,000 or $5,000 increments in just a few clicks from the homepage. While the exchange offers great real-time transactions, it does charge higher fees than some others on this list at 5.9 percent. You’ll pay an additional five percent buying with a credit or debit card.

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