Bitcoin has been on a crazy upward trajectory with valuations shooting through the roof in recent months. Even now when bitcoin is at a record high of around 16,000$; people are still trying to buy some for themselves.
While some skeptics still choose to call this a bubble professing a near meteoric fall of bitcoin in the near future, the general public seem to not pay any attention to these warnings. There’s a solid reason not to as well. Time and again experts in economy have raised doubts about the legitimacy and staying power of cryptocurrency and the last half a decade has proved them wrong over and over again.
How to Choose a Bitcoin Exchange Platform?
So, it’s not just bitcoin, there are quite a few alternate cryptocurrencies that investors and traders are after. Many believe that bitcoin has achieved a sense of stability in the market and want to either mine or buy up altcoins in the hopes of striking it big someday. The problem? The same one as it is with any fad. There are a whole lot of people who are jumping into the bitcoin fray-from multimillion dollar investors to the average Joe. And while this is immensely good for the cryptocurrency landscape in general; it poses a few interesting questions.
The first and probably the most pertinent among them is the fact that where to buy bitcoins from. There are a few considerations that must be made when purchasing bitcoins and we would like to harp here on the top 3 factors that we look at before determining a bitcoin buying and trading platform:
- Usability: The platform must be easy to use and provide a plethora of features when it comes to being able to pay for transactions. The addition of niche payment features like iTunes and gift cards is always a bonus.
- Security: As bitcoin transactions are irreversible, security is one of the greatest selling point of any potential bitcoin exchange. Protection of buyers, as well as sellers from scams and hacks, is one of the key considerations to mull over before choosing a platform.
- Speed: Like any other form of trading, Bitcoin trades are also needing to be near instantaneous to net good value to the crypto traders out there. This is because the cryptocurrency market headed by Bitcoin goes through multiple troughs and peaks in a day and with a near instant platform, traders can buy low and sell high.
A combination of all these reasons often led to Localbitcoins being one of the top picks for trading bitcoins across the world. However, all that was in the past as if you want to buy bitcoin with gift cards, you cannot do that with Localbitcoins anymore. The ban of Localbitcoins iTunes purchases clearly indicate that an alternate resource has to be sought out.
Paxful: An Alternative Solution
One of the most important things that payment via gift cards encourage is a shroud of anonymity around the buyer. In fact, other methods of payment, be it PayPal or debit or credit cards, often carry with it a risk of identity theft as well as a probable risk of leaking other sensitive personal information.
Gift Cards circumnavigate that entire situation by essentially being prepaid and this is one of the main reasons why so many people prefer to deal with iTunes when purchasing bitcoins. This is why our preferred platform for Bitcoin buying as well as selling has been Paxful. They offer 300 payment methods and some of them are really secure and niche which means that no matter how you want to pay for bitcoins, you can while using this particular service.
Setting aside the security gains for a minute, we now come to a more pertinent reason for choosing gift cards over other payment methods. Gift Cards often are marked down by as much as 20% especially during the holiday season and a lot of eagle-eyed traders have noticed the opportunity and are thus eager to buy bitcoins and make a tidy profit using this loophole.
The beauty of bitcoin transactions is that its peer to peer secure and so fast that it can be almost instantaneous. With newer exchange platforms like Paxful popping up every day, you can now add easy transactions to the list of perks that bitcoin brings to the table. The rise of decentralised cryptocurrency is imminent and at the helm are these platforms that provide buying as well as selling services for bitcoin using anything from good old credit cards to an iTunes gift card!