Bitcoin is here and it is here to stay I believe. I haven’t yet written about Bitcoin in english, but if you speak danish you can give these two posts a read Bitcoin del 1 – En introduktion til Bitcoin & Bitcoin del 2 – Hvordan og hvor får jeg fat I Bitcoins. I will of course write about Bitcoin and blockchain in english as well, so stay in touch.
In general I don’t consider bitcoins an investment because this would entail me changing my money for bitcoins, for the opportunity of increasing my money. I buy bitcoins for the same reasons I buy euros or dollars when travelling, it is a currency for a specific market, and in the case of bitcoins, this market is the digital future. Below I have listed the various services I use in reference to Bitcoin.
Services I use
Coinverting(affiliate link): Converting is an entertaining way of entry to the whole Bitcoin/crypto-space. They make games for iOS, in which you make bitcoins. I have used their apps and received payments in bitcoins. This is actually how I got my first coins. It is unlikely you will become a millionaire from this, but I find it a good way of introduction to this space.
Coinbase(affiliate link): Coinbase is one of the major players in the Bitcoin-crypto-blockchain space. They offer a wallet with the possibilities of holding three different cyprocurrencies, Bitcoin, Ethereum and Litecoin. Coinbase can be accessed both via web and app from your smartphone. Using Coinbase is easy, simple and also offers the opportunity of buying the three aforementioned cryptocurrencies directly from your Coinbase account. This makes Coinbase an all inclusive experience which is valuable for those not wanting to use several platforms and apps. If you sign up for Coinbase through my affiliate link, and buy bitcoins for a minimum of 100$, we both get a 10$ bonus. I use Coinbase myself.
Breadwallet: Breadwallet is a super simple bitcoin only wallet.
Paperwallets: Paperwallets are a simple way of taking your bitcoins out of your phone/computer and thereby decreasing the potential for digital theft via hacking. They are also a simple way of gifting bitcoin for birthdays etc. An example of a wallet generater can be found at walletgenerator.net.
GreenAddress: Multi platform Bitcoinwallet utilising the newest Bitcoin technology.
Minergate(affiliate link): Mine your own cryptocurrencies through the simple, elegant and easy to use mining tool called Minergate. I use Minergate myself and have had no trouble transferring my earnings out of Minergate. Don’t expect to become a millionaire overnight, this is a way of getting into and understanding the mechanics of blockchains a little. It also doesn’t hurt that you can make a little on the side while getting smarter.
Genesis mining(affiliate link): Genesis mining is a cloud mining service. This basically means you buy hash power, mining power, and receive cryptocurrencies as a mining reward. I invested a small amount back in august 2016 and have received regular payouts since. I would like to point out though, that I have yet to make a return on investment as I haven’t broken even yet.
Coinbase(affiliate link): Like mentioned above Coinbase is an all-one-solution. As such they also function as a sort of exchange and you can buy Bitcoin directly from the Coinbase app or webplatform. If you sign up for Coinbase through my affiliate link, and buy bitcoin for a minimum of 100$, we both get a 10$ bonus. I use Coinbase myself.
Coinify: A rather big danish exchange. Here you have the option of buying or selling bitcoins trough both bank transfers and by card. They also facilitate businesses being able to accept bitcoin as payments. If you choose to buy via a bank transfer the fee is 0%. If you buy using a debit- or creditcard the fee is 3%. They accept DKK, USD, EUR and GBP. I use Coinify myself.
Copenhagen Bitcoin: Copenhagen Bitcoin is also a danish exchange. I have used them regularly in the past and the experience have always been great. They only accept bank transfers and charge a fee of 3.9%. You can both buy and sell bitcoins here.
Poloniex: Poloniex is an exchange that offers the opportunity to buy a lot of different cryptocurrencies. I don’t trade cryptocurrencies and therefore don’t buy a lot of different ones but I use Poloniex to withdraw my mining rewards from Minergate.
If you want to understand blockchains better, that is to say the underlying technology of something like Bitcoin, give this site a try: https://anders.com/blockchain/ It is simply unparalleled in explaining blockchains and it gives you the possibility of playing around in a clickable environment in order to better understand what all the fuss is about. Learning this should be mandatory in school if you ask me.