For those who are unaware of the booming trend of Bitcoin and other cryptocurrencies, you may be one of the many scratching your head wondering what exactly this new digital asset is. Bitcoin is a peer-to-peer system that enables online payments to be sent without going through a financial institution. The benefit of paying with Bitcoins is that it is more secure than traditional methods. In recent years, many crypto enthusiasts has dubbed Bitcoin an inflation hedge or a store of wealth (like gold).
What is Bitcoin?
Bitcoin is a digital currency that has reached a market capitalization in the billions of dollars. It was created by a group or individual in 2009 and introduced in online communities. Bitcoin is generated through “mining”, which is using computer power to solve maths problems. This verification process prevents the same bitcoin from being spent twice, and this system generates new bitcoins at a controlled rate. There is a finite amount of Bitcoin that can be mined.
Coinbase – Get $10 in BTC
Coinbase is what most people think of when buying Bitcoin. It’s one of the most popular exchanges and probably one of the easiest platforms to use for someone who is new to this space. Coinbase has also an excellent reputation for one of the safest platforms around.
They often offer rewards to learn about new cryptocurrencies through simple questions which are multiple choice. The total rewards I earned from this hit highs of around $120.
Sign up to Coinbase and get $10 in Bitcoin when you buy $100 or more.
Nexo – Get $25 in BTC
Nexo is a great platform for earning interest on your crypto balance. Their interest rates are very competitive and with some cryptos yielding up to 18% APR. Nexo allows you to earn, exchange or borrow against your crypto holdings.
What I like about Nexo, you don’t have to hold a minimum balance to get the best interest rates. The way Nexo works is if you hold a percentage of their native token, called the “Nexo token“. There are 4 tiers as part of their loyalty program: Base, Silver, Gold, Platinum, This means if you hold in <1%, 1-5%, 5-10% and over 10% respectively you get an increased interest rate. If you hold over 10% of your balance in Nexo, you will get their best interest rates as part of being on their platinum tier.
Sign up today and get $25 in BTC when you deposit $100 or more of crypto into your Nexo Account.
Gemini – Get $10 in BTC
Gemini is another popular exchange based in the US. This platform is renowned for its simplicity and is one of the few exchanges that is FDIC insured up to $250,000 on US Dollar funds. Gemini’s deposit addresses store your assets in their insured hot wallet or institutional-grade cold storage system. Check out BitCaps’s review on Gemini here.