WELCOME TO WBI CRYPTO UNIVERSITY
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WHAT ARE CRYPTOCURRENCY EXCHANGES?
Cryptocurrency Exchanges are websites where you can buy, sell or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.
Types of exchanges
- Trading Platforms – These are websites that connect buyers and sellers and take a fee from each transaction.
- Direct Trading – These platforms offer direct person to person trading where individuals from different countries can exchange currency. Direct trading exchanges don’t have a fixed market price, instead, each seller sets their own exchange rate.
- Brokers – These are websites that anyone can visit to buy cryptocurrencies at a price set by the broker. Cryptocurrency brokers are similar to foreign exchange dealers.
Tips before selecting a cryptocurrency exchange
It’s important to do a little homework before you start trading. Here are a few things you should check before making your first trade.
It’s important to do a little homework before you start trading. Here are a few things you should check before making your first trade.
- Reputation – The best way to find out about an exchange is to search through reviews from individual users and well-known industry websites. You can ask any questions you might have on forums like BitcoinTalk or Reddit.
- Fees – Most exchanges should have fee-related information on their websites. Before joining, make sure you understand deposit, transaction and withdrawal fees. Fees can differ substantially depending on the exchange you use.
- Payment Methods – What payment methods are available on the exchange? Credit & debit card? wire transfer? PayPal? If an exchange has limited payment options then it may not be convenient for you to use it. Remember that purchasing cryptocurrencies with a credit card will always require identity verification and come with a premium price as there is a higher risk of fraud and higher transaction and processing fees. Purchasing cryptocurrency via wire transfer will take significantly longer as it takes time for banks to process.
- Verification Requirements – The vast majority of the Bitcoin trading platforms both in the US and the UK require some sort of ID verification in order to make deposits & withdrawals. Some exchanges will allow you to remain anonymous. Although verification, which can take up to a few days, might seem like a pain, it protects the exchange against all kinds of scams and money laundering.
- Geographical Restrictions – Some specific user functions offered by exchanges are only accessible from certain countries. Make sure the exchange you want to join allows full access to all platform tools and functions in the country you currently live in.
- Exchange Rate – Different exchanges have different rates. You will be surprised how much you can save if you shop around. It’s not uncommon for rates to fluctuate up to 10% and even higher in some instances.
The Best Cryptocurrency Exchanges
Today there are a host of platforms to choose from, but not all exchanges are created equal. This list is based on user reviews as well as a host of other criteria such as user-friendliness, accessibility, fees, and security. Here are ten of the best crypto exchanges in no specific order.
Today there are a host of platforms to choose from, but not all exchanges are created equal. This list is based on user reviews as well as a host of other criteria such as user-friendliness, accessibility, fees, and security. Here are ten of the best crypto exchanges in no specific order.
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Coinbase
Backed by trusted investors and used by millions of customers globally, Coinbase is one of the most popular and well-known brokers and trading platforms in the world. The Coinbase platform makes it easy to securely buy, use, store and trade digital currency. Users can purchase bitcoins, Ether and now Litecoin from Coinbase through a digital wallet available on Android & iPhone or through trading with other users on the company’s Global Digital Asset Exchange (GDAX) subsidiary. GDAX currently operates in the US, Europe, UK, Canada, Australia, and Singapore. GDAX does not currently charge any transfer fees for moving funds between your Coinbase account and GDAX account. For now, the selection of tradable currencies will, however, depend on the country you live in. Check out the Coinbase FAQ and GDAX FAQ
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Kraken
Founded in 2011, Kraken is the largest Bitcoin exchange in euro volume and liquidity and is a partner in the first cryptocurrency bank. Kraken lets you buy and sell bitcoins and trade between bitcoins and euros, US Dollars, Canadian Dollars, British Pounds and Japanese Yen. It’s also possible to trade digital currencies other than Bitcoin like Ethereum, Monero, Ethereum Classic, Augur REP tokens, ICONOMI, Zcash, Litecoin, Dogecoin, Ripple and Stellar/Lumens. For more experienced users, Kraken offers margin trading and a host of other trading features. Kraken is a great choice for more experienced traders. Check out the Kraken FAQ.
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CEX.IO
Cex.io provides a wide range of services for using bitcoin and other cryptocurrencies. The platform lets users easily trade fiat money with cryptocurrencies and conversely cryptocurrencies for fiat money. For those looking to trade bitcoins professionally, the platform offers personalized and user-friendly trading dashboards and margin trading. Alternatively, CEX also offers a brokerage service which provides novice traders an extremely simple way to buy bitcoin at prices that are more or less in line with the market rate. The Cex.io website is secure and intuitive and cryptocurrencies can be stored in safe cold storage. Check out the Cex.io FAQ
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Shapeshift
ShapeShift is the leading exchange that supports a variety of cryptocurrencies including Bitcoin, Ethereum, Monero, Zcash, Dash, Dogecoin and many others. Shapeshift is great for those who want to make instant straightforward trades without signing up to an account or relying on a platform to hold their funds. ShapeShift does not allow users to purchase crypto’s with debit cards, credit cards or any other payment system. The platform has a no fiat policy and only allows for the exchange between bitcoin and the other supported cryptocurrencies. Visit the Shapeshift FAQ
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Poloniex
Founded in 2014, Poloniex is one of the world’s leading cryptocurrency exchanges. The exchange offers a secure trading environment with more than 100 different Bitcoin cryptocurrency pairings and advanced tools and data analysis for advanced traders. As one of the most popular trading platforms with the highest trading volumes, users will always be able to close a trade position. Poloniex employs a volume-tiered, maker-taker fee schedule for all trades so fees are different depending on if you are the maker or the taker. For makers, fees range from 0 to 0.15%, depending on the amount traded. For takers, fees range from 0.10 to 0.25%. There are no fees for withdrawals beyond the transaction fee required by the network. One of the unique tools on the Poloniex platform is the chat box which is constantly filled with user help and just about everything. Any user can write almost anything but inappropriate comments are eventually deleted by moderators. It can sometimes be hard to distinguish the good advice from the bad, but the Chatbox is a great tool that will keep you engaged.
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Bitstamp
Bitstamp is a European Union based bitcoin marketplace founded in 2011. The platform is one of the first generation bitcoin exchanges that has built up a loyal customer base. Bitstamp is well known and trusted throughout the bitcoin community as a safe platform. It offers advanced security features such as two-step authentication, multisig technology for its wallet and fully insured cold storage. Bitstamp has 24/7 support and a multilingual user interface and getting started is relatively easy. After opening a free account and making a deposit, users can start trading immediately. Check out the Bitstamp FAQ and the Fee Schedule.
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Coinmama
CoinMama is a veteran broker platform that anyone can visit to buy bitcoin or Ether using your credit card or cash via MoneyGram and the Western Union. CoinMama is great for those who want to make instant straightforward purchases of digital currency using their local currency. Although the CoinMama service is available worldwide, users should be aware that some countries may not be able to use all the functions of the site. CoinMama is available in English, German, French, Italian and Russian. Check out the CoinMama FAQ
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Bitsquare
Bitsquare is a user-friendly peer to peer exchange that allows you to buy and sell bitcoins in exchange for fiat currencies or cryptocurrencies. Bitsquare markets itself as a truly decentralized and peer to peer exchange that is instantly accessible and requires no need for registration or reliance on a central authority. Bitsquare never holds user funds and no one except trading partners exchange personal data. The platform offers great security with multisig addresses, security deposits and purpose-built arbitrator system in case of trade disputes. If you want to remain anonymous and don’t trust anyone, Bitsquare is the perfect platform for you. Check out the Bitsquare FAQ
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Localbitcoin
Bitsquare is a user-friendly peer to peer exchange that allows you to buy and sell bitcoins in exchange for fiat currencies or cryptocurrencies. Bitsquare markets itself as a truly decentralized and peer to peer exchange that is instantly accessible and requires no need for registration or reliance on a central authority. Bitsquare never holds user funds and no one except trading partners exchange personal data. The platform offers great security with multisig addresses, security deposits and purpose-built arbitrator system in case of trade disputes. If you want to remain anonymous and don’t trust anyone, Bitsquare is the perfect platform for you. Check out the Bitsquare FAQ
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Gemini
Co-founded by Tyler and Cameron Winklevoss, Gemini is a fully regulated licensed US Bitcoin and Ether exchange. That means Gemini’s capital requirements and regulatory standards are similar to a bank. Also, all US dollar deposits are held at a FDIC-insured bank and the majority of digital currency is held in cold storage. Gemini trades in three currencies, US dollars, bitcoin, and ether, so the platform does not serve traders of the plethora of other cryptocurrencies. The exchange operates via a maker-taker fee schedule with discounts available for high volume traders. All deposits and withdrawals are free of charge. The platform is only fully available to customers in 42 US states, Canada, Hong Kong, Japan, Singapore, South Korea and the UK. Check out Gemini’s FAQ
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WHAT IS CRYPTOCURRENCY WALLET?
A Cryptocurrency Wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance. If you want to use Bitcoin or any other cryptocurrency, you will need to have a digital wallet.
In simple terms, Cryptpcurrency wallets are....
In simple terms, Cryptpcurrency wallets are....
- Crypto wallets can be kept on your computer, web browser, smart phone, be printed on paper, or be their own device
- Some wallets can house multiple coins, for ease of use
- Wallets also have varying levels of security, with the most secure being disconnected from the internet.
- Some wallets have central servers, meaning they use a username and password to gain access
- All wallets have individual addresses to send and receive different coins
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How do they work?
Millions of people use cryptocurrency wallets, but there is considerable misunderstanding about how they work. Unlike traditional ‘pocket’ wallets, digital wallets don’t store currency. In fact, currencies don’t get stored in any single location or exist anywhere in any physical form. All that exists are records of transactions stored on the blockchain. Cryptocurrency wallets are software programs that store your public and private keys and interface with various blockchain so users can monitor their balance, send money and conduct other operations. When a person sends you bitcoins or any other type of digital currency, they are essentially signing off ownership of the coins to your wallet’s address. To be able to spend those coins and unlock the funds, the private key stored in your wallet must match the public address the currency is assigned to. If public and private keys match, the balance in your digital wallet will increase, and the senders will decrease accordingly. There is no actual exchange of real coins. The transaction is signified merely by a transaction record on the blockchain and a change in balance in your cryptocurrency wallet. |
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Different types of Cryptocurrency Wallets
There are several types of wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online.
There are several types of wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online.
- Desktop: wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets offer one of the highest levels of security however if your computer is hacked or gets a virus there is the possibility that you may lose all your funds.
- Online: wallets run on the cloud and are accessible from any computing device in any location. While they are more convenient to access, online wallets store your private keys online and are controlled by a third party which makes them more vulnerable to hacking attacks and theft.
- Mobile: wallets run on an app on your phone and are useful because they can be used anywhere including retail stores. Mobile wallets are usually much smaller and simpler than desktop wallets because of the limited space available on a mobile.
- Hardware: wallets differ from software wallets in that they store a user’s private keys on a hardware device like a USB. Although hardware wallets make transactions online, they are stored offline which delivers increased security. Hardware wallets can be compatible with several web interfaces and can support different currencies; it just depends on which one you decide to use. What’s more, making a transaction is easy. Users simply plug in their device to any internet-enabled computer or device, enter a pin, send currency and confirm. Hardware wallets make it possible to easily transact while also keeping your money offline and away from danger.
- Paper: wallets are easy to use and provide a very high level of security. While the term paper wallet can simply refer to a physical copy or printout of your public and private keys, it can also refer to a piece of software that is used to securely generate a pair of keys which are then printed. Using a paper wallet is relatively straightforward. Transferring Bitcoin or any other currency to your paper wallet is accomplished by the transfer of funds from your software wallet to the public address shown on your paper wallet. Alternatively, if you want to withdraw or spend currency, all you need to do is transfer funds from your paper wallet to your software wallet. This process, often referred to as ‘sweeping,’ can either be done manually by entering your private keys or by scanning the QR code on the paper wallet.
Are Cryptocurrency wallets secure?
Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. A web server is an intrinsically riskier environment to keep your currency compared to offline. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network and don’t rely on a third party for security.
Although online wallets have proven the most vulnerable and prone to hacking attacks, diligent security precautions need to be implemented and followed when using any wallet. Remember that no matter which wallet you use, losing your private keys will lead you to lose your money. Similarly, if your wallet gets hacked, or you send money to a scammer, there is no way to reclaim lost currency or reverse the transaction. You must take precautions and be very careful!
Backup your wallet. Store only small amounts of currency for everyday use online, on your computer or mobile, keeping the vast majority of your funds in a high security environment. Cold or offline storage options for backup like Ledger Nano or paper or USB will protect you against computer failures and allow you to recover your wallet should it be lost or stolen. It will not, however, protect you against eager hackers. The reality is, if you choose to use an online wallet there are inherent risks that can’t always be protected against.
Update software. Keep your software up to date so that you have the latest security enhancements available. You should regularly update not only your wallet software but also the software on your computer or mobile.
Add extra security layers. The more layers of security, the better. Setting long and complex passwords and ensuring any withdrawal of funds requires a password is a start. Use wallets that have a good reputation and provide extra security layers like two-factor authentication and additional pin code requirements every time a wallet application gets opened. You may also want to consider a wallet that offers multisig transactions like Armory or Copay. A multisig or multi-signature wallet requires the permission of another user or users before a transaction can be made.
Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. A web server is an intrinsically riskier environment to keep your currency compared to offline. Online wallets can expose users to possible vulnerabilities in the wallet platform which can be exploited by hackers to steal your funds. Offline wallets, on the other hand, cannot be hacked because they simply aren’t connected to an online network and don’t rely on a third party for security.
Although online wallets have proven the most vulnerable and prone to hacking attacks, diligent security precautions need to be implemented and followed when using any wallet. Remember that no matter which wallet you use, losing your private keys will lead you to lose your money. Similarly, if your wallet gets hacked, or you send money to a scammer, there is no way to reclaim lost currency or reverse the transaction. You must take precautions and be very careful!
Backup your wallet. Store only small amounts of currency for everyday use online, on your computer or mobile, keeping the vast majority of your funds in a high security environment. Cold or offline storage options for backup like Ledger Nano or paper or USB will protect you against computer failures and allow you to recover your wallet should it be lost or stolen. It will not, however, protect you against eager hackers. The reality is, if you choose to use an online wallet there are inherent risks that can’t always be protected against.
Update software. Keep your software up to date so that you have the latest security enhancements available. You should regularly update not only your wallet software but also the software on your computer or mobile.
Add extra security layers. The more layers of security, the better. Setting long and complex passwords and ensuring any withdrawal of funds requires a password is a start. Use wallets that have a good reputation and provide extra security layers like two-factor authentication and additional pin code requirements every time a wallet application gets opened. You may also want to consider a wallet that offers multisig transactions like Armory or Copay. A multisig or multi-signature wallet requires the permission of another user or users before a transaction can be made.
How To Keep Your Cryptocurrency Safe: 7 Must Have Wallets
With the current merciless run of the bull market, it is only a matter of time before your crypto holdings surge in value. When it does, like it or not, crypto will unavoidably receive much-unsolicited interest from hackers. To not repeat the tragic Mt. Gox incident, holders are removing cryptocurrency from the exchange and decentralizing their storage.
The question of why you should purchase a wallet becomes the more pertinent question of which wallet should a cryptocurrency investor use. As do all forms of insurance, security comes at the cost of money and convenience. How should we balance it in a way that suits our risk profile?
In this post, I will summarize the unique features of the top 7 cryptocurrency wallets that an experienced holder must know of.
The question of why you should purchase a wallet becomes the more pertinent question of which wallet should a cryptocurrency investor use. As do all forms of insurance, security comes at the cost of money and convenience. How should we balance it in a way that suits our risk profile?
In this post, I will summarize the unique features of the top 7 cryptocurrency wallets that an experienced holder must know of.
Desired traits of a Cryptocurrency Wallet
What are the desired traits of a crypto wallet and how hard can choose a wallet to be? This seemingly easy answer, unfortunately, does not have a satisfying answer: convenience may come at the cost of security; additional features may come at the cost of a steeper learning curve. More importantly, what are the traits that, ultimately, you value over the others? See the list below, not in order of importance:
You may want a wallet that offers the best combination of the above-mentioned traits. Remember, all wallets have their edges and shortcomings.
What are the desired traits of a crypto wallet and how hard can choose a wallet to be? This seemingly easy answer, unfortunately, does not have a satisfying answer: convenience may come at the cost of security; additional features may come at the cost of a steeper learning curve. More importantly, what are the traits that, ultimately, you value over the others? See the list below, not in order of importance:
- Cost: Is it free? What are the drawbacks of using this wallet?
- Security: Does the company have a track record of security excellence?
- Mobility: Is it easy to keep and difficult to lose? Is it accessible anytime, anywhere?
- User-friendliness: Is the wallet User Interface (UI) intuitively designed? Can I store a range of altcoins?
- Convenience: Am I able to make a fast purchase when the time calls for it?
- Style: Do I have a weakness for cool tech gadgets?
You may want a wallet that offers the best combination of the above-mentioned traits. Remember, all wallets have their edges and shortcomings.
7 Must Have Wallets: How To Keep Your Cryptocurrency Safe
KeepKey – Hardware Wallet
The coolest looking tech gadget to show off to your friends. Made by a relatively new company, KeepKey offers a hardware wallet of a polished design. KeepKey is said to be a port of Trezor’s code and firmware, so their main difference is the material. KeepKey feels like a ‘premium’ wallet but might be a little on the heavy side and hence more susceptible to drops. It comes with a standard, simple to use client UI.
Nano Ledger S – Hardware Wallet
Nano Ledger S is just as secure as the other two hardware wallets. It is popular because of its relatively low price of $65 compared to its competitors. Being smaller than KeepKey, it is more portable and easier to carry around. It is a hardware wallet that comes at a very competitive price.
Trezor – Hardware Wallet
Trezor is one of the first movers in the hardware wallet industry and sets the gold standard for crypto security. Trezor has a reputation for providing top-notch security, protecting against both virtual and physical theft. What Trezor lacks in style, it more than makes up in the security department. Even if your PC is compromised with malware, your private keys will still be safe with Trezor. In this sense, Trezor is more of a vault than a wallet.
Coinbase – Hot Wallet
Coinbase is an online web-based wallet and is the beginner-friendly version of GDAX. As a hot wallet, you can easily transfer to the GDAX exchange instantly, and for free. In the same interface, you can make quick purchases with fiat. What’s more, 100% of your crypto holdings on Coinbase is insured. You can activate 2-Step Verification and Google Authenticator for more protection, and Coinbase even has a vault available if you wish to trade convenience for an added layer of security. The only drawback is that Coinbase only offers Bitcoin and Ethereum wallets.
MyEtherWallet – Paper Wallet
Paper wallets are for those who wish to have their own private wallets without forking out cash for hardware wallets. The money saved could be invested in their coins. Simply generate your wallet online at myetherwallet.com and note your private keys. The website does not store or transmit any of your private information. If you don’t trust the online version, you can even download it from GitHub and run it offline. Paper wallets are free but require an in-depth knowledge to set it up properly. In short, this type of wallets generally take a lot of hassle and are not advised for novices.
Jaxx — Software Wallet
Carrying your crypto around safely and conveniently is no longer a distant dream. Behold Jaxx, the world’s first mobile wallet solution. Versions for iOS, Android, desktop and browser are now available. Jaxx uses a mnemonic seed to back up your wallet or transfer it to a different device. Jaxx allows you to receive your funds, scan QR code, view your crypto holdings, all in one intuitive app. Advanced features such as shapeshift integration and multiple platforms wallet linkage makes this the preferred wallet for the tech savvy. The only drawback with this wallet is that it might have a steep learning curve, and features might not be stable with all the new integrations. With time, this will prove to be a promising solution.
Electrum – Software Wallet
Electrum is a fast, lightweight wallet for desktop and mobile users. It has a long list of supported features to make it the most flexible wallet today. It offers cold storage solutions, integration with hardware wallets (KeepKey, Nano Ledger S, Trezor) and able to achieve anonymity (with Tor). On the security side, Electrum enables multi-sig support, and it is not tied to a centralized server, so server downtime will not be an issue. Overall, Electrum is the established software wallet solution out there that warrants a try-out
The coolest looking tech gadget to show off to your friends. Made by a relatively new company, KeepKey offers a hardware wallet of a polished design. KeepKey is said to be a port of Trezor’s code and firmware, so their main difference is the material. KeepKey feels like a ‘premium’ wallet but might be a little on the heavy side and hence more susceptible to drops. It comes with a standard, simple to use client UI.
Nano Ledger S – Hardware Wallet
Nano Ledger S is just as secure as the other two hardware wallets. It is popular because of its relatively low price of $65 compared to its competitors. Being smaller than KeepKey, it is more portable and easier to carry around. It is a hardware wallet that comes at a very competitive price.
Trezor – Hardware Wallet
Trezor is one of the first movers in the hardware wallet industry and sets the gold standard for crypto security. Trezor has a reputation for providing top-notch security, protecting against both virtual and physical theft. What Trezor lacks in style, it more than makes up in the security department. Even if your PC is compromised with malware, your private keys will still be safe with Trezor. In this sense, Trezor is more of a vault than a wallet.
Coinbase – Hot Wallet
Coinbase is an online web-based wallet and is the beginner-friendly version of GDAX. As a hot wallet, you can easily transfer to the GDAX exchange instantly, and for free. In the same interface, you can make quick purchases with fiat. What’s more, 100% of your crypto holdings on Coinbase is insured. You can activate 2-Step Verification and Google Authenticator for more protection, and Coinbase even has a vault available if you wish to trade convenience for an added layer of security. The only drawback is that Coinbase only offers Bitcoin and Ethereum wallets.
MyEtherWallet – Paper Wallet
Paper wallets are for those who wish to have their own private wallets without forking out cash for hardware wallets. The money saved could be invested in their coins. Simply generate your wallet online at myetherwallet.com and note your private keys. The website does not store or transmit any of your private information. If you don’t trust the online version, you can even download it from GitHub and run it offline. Paper wallets are free but require an in-depth knowledge to set it up properly. In short, this type of wallets generally take a lot of hassle and are not advised for novices.
Jaxx — Software Wallet
Carrying your crypto around safely and conveniently is no longer a distant dream. Behold Jaxx, the world’s first mobile wallet solution. Versions for iOS, Android, desktop and browser are now available. Jaxx uses a mnemonic seed to back up your wallet or transfer it to a different device. Jaxx allows you to receive your funds, scan QR code, view your crypto holdings, all in one intuitive app. Advanced features such as shapeshift integration and multiple platforms wallet linkage makes this the preferred wallet for the tech savvy. The only drawback with this wallet is that it might have a steep learning curve, and features might not be stable with all the new integrations. With time, this will prove to be a promising solution.
Electrum – Software Wallet
Electrum is a fast, lightweight wallet for desktop and mobile users. It has a long list of supported features to make it the most flexible wallet today. It offers cold storage solutions, integration with hardware wallets (KeepKey, Nano Ledger S, Trezor) and able to achieve anonymity (with Tor). On the security side, Electrum enables multi-sig support, and it is not tied to a centralized server, so server downtime will not be an issue. Overall, Electrum is the established software wallet solution out there that warrants a try-out
Cryptowallet Comparison Chart
An all-in-one package wallet does not exist. It is important that you manage to find the wallet that addresses your greatest concern, be it security from theft, ease of transfer, convenience, monetary cost, or even style. A wallet may turn out to be your greatest investment decision, financial wise and emotional health wise.
Cryptocurrency Payment Card Sample
Bitcoin debit cards help bridge the Bitcoin world with traditional finance and you can either buy Bitcoins with your debit card or load a debit card with bitcoins to then spend bitcoins at almost any credit card accepting merchant. While Bitcoin debit cards do not allow users to spend bitcoins directly they at least allow people to store balances in bitcoin.
Since most debit card top ups only take a few seconds to confirm then bitcoin balances can be held up until the need to spend.
Since most debit card top ups only take a few seconds to confirm then bitcoin balances can be held up until the need to spend.
Cryptopay Debit Card
The oldest and most established Bitcoin debit card, the Cryptopay bitcoin debit VISA card with over 23,000 issued. Cryptopay bitcoin cards have made it simple for customers to spend bitcoins at millions of businesses around the world.
For purchases both online and offline, Cryptopay makes the process convenient for users and easier than ever for merchants.
There are both plastic and virtual Cryptopay Bitcoin cards issued. Cryptopay customers are not required to complete ID verification provided if they are happy to stay within the lower debit card limits. It is possible to stay anonymous where desired.
Costs range between €15.00, £15.00, $15.00 and €2.50, £2.50, $2.50 depending on currency, location and card limits.
For purchases both online and offline, Cryptopay makes the process convenient for users and easier than ever for merchants.
There are both plastic and virtual Cryptopay Bitcoin cards issued. Cryptopay customers are not required to complete ID verification provided if they are happy to stay within the lower debit card limits. It is possible to stay anonymous where desired.
Costs range between €15.00, £15.00, $15.00 and €2.50, £2.50, $2.50 depending on currency, location and card limits.
SpectroCoin VISA Debit Card
- SpectroCoin offers Bitcoin prepaid cards, which can be used at any ATM around the globe or shops as an ordinary payment card.
- The card is funded instantly, so you do not have to worry about exchanging your bitcoins in advance. The card can be denominated in dollars (USD), euros (EUR) or pounds (GBP).
- Pay with bitcoins wherever you want. SpectroCoin bitcoin debit card is accepted everywhere where MasterCard or VISA is accepted. That includes automated teller machines (ATMs) for cash withdrawal, online sites, and physical shops. This Bitcoin debit card can also be linked to PayPal or any other online wallet.
- Virtual and physical bitcoin debit cards are available. Virtual bitcoin cards are issued instantly and can be used to spend bitcoins anywhere online. Physical bitcoin cards are delivered within 1-4 weeks and can be used to spend bitcoins anywhere physically and online.
- Instant loading. Bitcoin debit cards can be loaded immediately from SpectroCoin wallet.
- No verification required. To simplify the process, you are not obliged to complete verification immediately. However, to benefit from higher debit card limits, you will have to verify your account.
- Cards in several currencies are available. USD (dollar), EUR (euro) and GBP (pound) cards are issued.
- Multiple digital currencies this debit card can be funded with various digital currencies including Bitcoin, DASH and more.
- Low fees are guaranteed for SpectroCoin bitcoin debit card holders. The dollar, euro or pound denominated debit card costs 9 USD/8 EUR/6 GBP respectively. There is also no loading fee.
- Unlimited lifetime withdrawals and deposits to the bitcoin debit card for verified cardholders. Other limits also being high.
Uquid VISA Debit Card
- Uquid guaranteed for free access to Bitcoin, Ethereum, Litecoint, PIVX, Ripple, Monero, DASH and other 75 cryptocurrencies network.
- Uquid enables users to utilise all the benefits of transfer coins into the debit card with real market price.
- With guaranteed provides an easy and hassle-free. Unbanked and travellers can obtain a Visa debit card with no identification or credit check required and free delivery to 178+ countries.
- Uquid users can spend over 75 different cryptocurrencies on mobile top ups, bill payments, pharmacy and food vouchers, transportation tickets, wi-fi recharges, and PIN-less calls.
BitPay VISA Debit Card
- Although the newest Bitcoin debit card, BitPay's VISA card is perhaps the most exciting of the bunch. It is the first Bitcoin debit card that is available to US residents from all 50 states.
- BitPay's debit card costs $9.95 to order, and arrives 7-10 days after purchase. It can be used online, in-person, and also works with any ATM that works with VISA cards.
Xapo Debit Card
- Xapo's debit card was the first to market. It is available in most European countries, but not the United States.
- The Xapo debit card costs $20 and also has an annual fee of $12. Once ordered, the card takes 10-25 days to be delivered. It debits funds directly from your Xapo web wallet.
Coinbase / Shift Card
- Shift was the first Bitcoin debit card available to U.S. residents. It is currently available to residents in 41 U.S. states.
- The Shift card connects to your Coinbase account. For each debit card purchase, it automatically withdrawals the necessary amount of bitcoins based on the dollar value of the transaction.
- For now, the Shift card is completely free to use but costs $10 to purchase. Shift and Coinbase have both stated that in the future there will be transaction fees for each purchase.
Bitwala Visa Debit Card
- Bitwala’s VISA debit card is the most affordable bitcoin debit card on the market, both in terms of card price and the lowest, transparent fees that follow card usage.
- The Bitwala debit cards are issued in both physical and virtual forms and costs €2.00. Customers can also enjoy a super low 0.5% (€1 min.) fee for card top ups using Bitcoin or Altcoins.
- Denominated in Euros, the Bitwala debit card can be used to pay online and offline where VISA is accepted. Cardholders can also cash out at any ATM worldwide with the best rates and transparent fees.
- Bitwala offers 2 shipping plans: Free of charge (Arrives 7-10 days after purchase, no tracking information) and express shipping that costs €69.00 (Arrives 3-5 days after purchase incl. tracking information).
Services To Avoid
BitPlastic - was among the first Bitcoin debit cards. However, they do not appear to be innovating much.
Supposedly they are TOR compatible but I get strange error messages whenever I try to use their services. Perhaps I have too much cybersecurity on my computer for them!
Additionally, many websites may fail to process a card with no-name. And if you lose your card then you have lost your funds so be extra careful!
E-Coin/Wirexapp - The signup process was extremely poor and required a phone verification. Then the account did not even function properly. So I am not sure they even offer a legitimate Bitcoin debit card at all. So just steer clear of these guys.
BitPlastic - was among the first Bitcoin debit cards. However, they do not appear to be innovating much.
Supposedly they are TOR compatible but I get strange error messages whenever I try to use their services. Perhaps I have too much cybersecurity on my computer for them!
Additionally, many websites may fail to process a card with no-name. And if you lose your card then you have lost your funds so be extra careful!
E-Coin/Wirexapp - The signup process was extremely poor and required a phone verification. Then the account did not even function properly. So I am not sure they even offer a legitimate Bitcoin debit card at all. So just steer clear of these guys.
More to come...Stay tuned!
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WBI CRYPTO UNIVERSITY
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of WBI Crypto University.
WBI CRYPTO UNIVERSITY
All Rights Reserved.
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of WBI Crypto University.