At one time, bitcoin was relatively unknown. People on the fringes of this community often heard tales about bitcoin mining, but most did not know what this currency was or how it could be used. Now, however, it has become a household name and more consumers than ever before are scrambling to invest in this cryptocurrency. That is because there are only so many bitcoins remaining and they are being mined every 20 minutes by diligent coders and mathematicians. As time passes, increased demand and dwindling supply will ultimately lead to higher bitcoin values. As such, a lot of people are currently asking the question which bitcoin exchange to use.
Exchanges are available to both those who wish to buy this currency and people who are eager to sell it. When you use an exchange you are basically either converting your digital coins into money or converting your money into digital coins. Exchanges are not neutral platforms, however, given that these are legitimate businesses with overhead expenses and financial goals of their own. As such, all of them currently charge fees for their transactions.
This makes it important for you to do your research before parting with your hard-won investment. You want to make sure that you are getting the absolute best value for the coins that you sell, rather than losing profits in the form of exchange fees. You should always wind up feeling as though you have gotten a better deal from your trade than your exchange has. This is the first and most important thing to keep in mind as you shop around.
Another vital point to consider is the look and the layout of the exchange platform. You want this to be easy to use. This is true whether you are conducting transactions on a mobile phone or table, or on a laptop or traditional computer.
Find out what information this system will need from you in order to complete a transaction. Moreover, take a minute to make sure that these details are typical. While you can use bitcoin without there being any other record of these transactions apart from the blockchain, the buying and selling of this commodity must be on record. As such, you may need to provide your bank account and routing number. In most instances, exchanges will not transfer funds to or from debit or credit cards.
Find out what other uses are saying about different exchanges by visiting bitcoin forums. Most people are fairly candid about their experiences with these entities. They will tell you everything you need to know about the associated services and fees. Taking the time to read this information is the absolute best way to make informed decisions. This will also give you the chance to determine whether or not you are actually ready to sell your coins off.
Although these transactions involve the movement of an entirely digital currency, they are still financial transactions. As such, you should be given the dignity that customers expect and should always have access to helpful and reliable customer service. Look for multiple ways to get in contact with team representatives when you need to.
One of the most important things to consider is the rate at which companies are capable of making transfers. Keep in mind that you are always going to have to wait the normal processing times on your bank’s end. When it comes to exchanges, these entities should deduct their fees and initiate transactions right away. This is always the hallmark of legitimate and trustworthy operations. If a company is known for waiting several hours or days, this should be deemed suspicious. There should be a digital record of the transfer as soon as the bitcoin or money has left your account.
More about the right Bitcoin exchange: