Bitcoin investing with ModernTender, today we’re going to be talking about how to get into the bitcoin market what the different channels are and the pros and cons of each. So with that, we will get started.
That’s right. Now this is a video targeting bitcoin investing beginners. So if you’re sitting there scratching your head wondering how you’re going to make that first bitcoin investment than this video for you. We’ve got some useful information. So we start with peer to peer exchanges and those might come in a couple of different forms. It might look like local bitcoin which is a Web site that exclusively facilitates these sorts of transactions or maybe a Craigslist ad, a classified ad or maybe your friend just happens to be selling some of his own coins and you buy them off him. The major advantage in going this direction is that you don’t have to do any kind of I.D. verification you don’t have to hand over personal information. And it’s also a very quick way to go. On the other hand, the major disadvantage is that if you’re meeting someone you don’t know for a high dollar transaction you’re leaving yourself wide open to danger maybe it’s a scam maybe it’s robbing you. It’s just best to make sure that you know that danger is possible and avoid any potential bad situations.
it’s come to our attention that there have been some bad actors out there posing as representatives of companies such as utility companies large online retailers and wholesalers that are reaching out to businesses and individuals as fake representatives and stating that they will only be accepting transactions in cryptocurrencies and that these transactions need to be facilitated immediately. With the case of utility companies they’re actually saying that you are behind on your payments and that your services will be shut off immediately if you’re not going to send them the total dollar amount in bitcoin within 24 hours. These are very obvious scams. be aware of anyone reaching out to you and requesting cryptocurrency, there’s a good chance someone is trying to scam you. Be careful protect yourself.
That’s exactly right. And we do have an in-depth video on this topic. So if you are curious what we believe for you down below and what’s up with that said I’m going to move on to online exchanges that might be you know your Poloniex, Coinbase, and GTAC. some advantages and disadvantages to using just about any of these for bitcoin investing. The major advantages are that your coins are physically secure they’re all stored on the exchanges server bank or storage bank server that happens to be no one’s going to break into your house and steal the flash drive or you keep all your wallets or steal your paper wallets. And also the interface is usually pretty simple so once you’re online working it’s pretty quick to start trading now, on the other hand, there are some disadvantages.
The major disadvantages are that you generally have to hand over a lot of personal information driver’s license pictures of yourself linked to bank accounts even in some cases and that process can be pretty lengthy and even beyond that. There is the problem that the exchanges control the funds you don’t control them. So if for example the exchange is hacked then you could potentially lose all of your money with absolutely no chance of restitution. Even when law enforcement is involved and the other disadvantage is that the exchange itself might freeze your funds. So they can do web maintenance or maybe they’ve run into a legal snag and they need to suspend operations whatever it happens to be. The coins are never actually in your control and that can leave you in a lurch. Yeah absolutely.
So we’ll talk about Bitcoin Teller Machine next so what the cost might be there’s really just location based. So if you live in a metropolitan area they’re probably good to go. There are lots of dry metropolitan areas in the country. Denver Colorado is your Houston Texas areas those large metropolitan areas are pretty well saturated when you get a little out into the rural areas it might be harder to come across which is a big cost for Bitcoin Teller Machine since they are the easiest and simplest way to get involved into the crypto market transactions are processed instantaneously. So it takes at most 30 minutes usually 10 or less for funds to be deposited into your personal wallet. When we’re talking about the anti-money laundering process with the online exchanges that’s 48 72 hours or even more sometimes with Bitcoin Teller Machine scan of your ID that runs you through anti-money laundering instantaneously. So everything there is just super fast.
When we’re talking about the security again you’re not having to worry about peer to peer transaction we don’t know this other individual. And there’s that risk is eliminated going through Bitcoin Teller Machine and it’s three steps to move through the whole process. OK. Wolf what was so there for you guys is a quick and dirty compare and contrast between peer to peer exchanges online exchanges and Bitcoin Teller Machine. We’ve left some more reading for you don’t description. And of course, if you want to see more bitcoin investing content like this then don’t forget to like comment and subscribe down below.