What If I Want To Purchase Some Low
If youre a newbie, I would not recommend this section to you at all, but if you are ambitious, there are a few routes you could take. You can either try a non-KYC crypto-only exchange, a decentralized platform, or a centralized anonymous swap system. I will list out the ones I know about, but I am sure there are more out there you can try.
First Debit Card Bitcoin Purchasing Options
The other BitLicense was approved for LibertyX, which becomes the very first regulated company to let New Yorkers buy bitcoin from traditional ATMs.
Last year, the company announced a partnership with Genmega. There are over 100,00 Genmega ATMs throughout the US, where users can buy BTC with their debit cards.
Speaking on the matter, Chris Yim, co-founder & CEO at LibertyX said:
After an extensive review process, we are delighted to receive the blessing of the NYDFS and offer the first debit card Bitcoin purchasing options to New York State residents.
The DFS has so far approved sixteen BitLicense applications, including Robinhood and LibertyX.
What do you think of the DFS granting BitLicense to both Robinhood and LibertyX? Dont hesitate to let us know in the comments below!
Images courtesy of Shutterstock
Coinbase Makes Buying Ether In Usd Easier
That post is now outdated. A second exchange, Coinbase, is now approved to trade Ether, even in New York State. Now anyone can establish an account on Coinbase and buy Ether with USD.
His vote of confidence in Coinbase gives me confidence in Coinbase as a company. Im glad to see Coinbase supporting the purchase of Ether in USD, even in New York. It represents a positive step in making cryptocurrency more available to the average consumer.
P.S. Want to use Coinbase to buy Ether in USD?
This article is not intended, at all, to be an offer of investment advice, tax advice or anything else remotely related to using Ether as a financial vehicle.
Im simply a blockchain enthusiast. I enjoy challenges and enjoy experimenting with new technologies. I only work with very small amounts of Bitcoin and Ether during my experiments.
You May Like: Where Is The Nearest Bitcoin Atm
Exchange Hacks And Crypto Scams In New York
Despite the aggressive approach that the New York Attorney General has taken to crypto regulation and prosecution, some shady people have still attempted to make a quick buck off naive investors.
Perhaps the biggest crypto scam related to New York is the most popular stablecoin: Tether . The New York Attorney General, Letitia James, has brought a suit against Hong Kong-based iFinex Inc. – the operator of Bitfinex and the owner of Tether – alleging that the company to cover unreported losses.
This could have been a hack of Bitfinex, who would have then decided to coverup the intrusion and payout customer withdrawals by creating new Tether.
Tether, which claims though has never definitively proven to be backed 1:1 by U.S. dollars, denies the allegations and is disputing them in court.
On a smaller scale, there have been a number of people charged in New York for Bitcoin scams.
One man was arrested at JFK airport on his way back from Ukraine, where police found him in possession of thousands of ill-gotten credit card numbers. The DoJ alleges that Vitalii Antonenko earned more than $140,000 in BTC from selling these card numbers over a period of six years.
Antonenko used SQL injection attacks to scour the internet for websites with vulnerabilities that were likely to expose sensistive information, from where he obtained the credit card numbers. Police were alerted after seeing a large volume of BTC exchanging hands on a third-party website for well below the market rate.
How To Use A Bitcoin Atm
Don’t Miss: What Is The Price Of Bitcoin Now
How To Buy Bitcoin In New York Bitcoin Atms
Another increasingly popular alternative is to buy Bitcoin via a Bitcoin ATM. Bitcoin ATMs are being installed in an increasing number of places around New York State. LibertyX operates over 1,000 Bitcoin ATMs throughout New York State.
Bitcoin ATMs enable you to buy Bitcoin using a bank card.
To use a Bitcoin ATM, you must first have a Bitcoin wallet.
Blockchain.com can help you create an excellent Bitcoin wallet.
How To Buy Floki
In order to purchase Floki, you need to acquire a stablecoin called Tether . A stablecoin is designed to match the value of fiat . As such, Tether will typically always hover at around $1 hence the name stablecoin. You cannot buy Floki directly with fiat.
The crypto-trading platform well be using to acquire USDT is Gate.io, which you can use to buy Floki. Once youre all signed up with Gate.io, heres how to buy Floki.
1. Go to Buy Crypto > Credit Card.
2. Under Currently Purchased, select USDT from the dropdown menu.
3. Under the Buy with Fiat Currency Field, type in how much USDT youd like to buy .
4. Click on a service provider. Click around between Simplex, advcash and others to determine which has the cheapest fees. .
5. Once youve selected your provider, tick the disclaimer, select Purchase and follow the prompts to complete the transaction.
6. Now that you have USDT, you can trade it for Floki by going to Trade.
7. Type in Flokiinto the search bar and click on Floki_USDT
Note: The Gate.io interface is intimidating, but dont worry, Ill walk you through it. Whats tricky about Gate.io is that it doesnt do market orders. In other words, it doesnt allow you to immediately buy at market price. Instead, youll have to set a price youd like to buy Floki at, and when it does hit that price, the order will go through. If you dont want to wait too long to initiate the transaction, follow the next steps.
9. Click on 100%.
Recommended Reading: How Much Money Does Crypto Mining Make
Is Siacoin A Good Investment
This is the big question, isn’t it? Should you invest money in Siacoin? As with all things related to crypto, the answer sometimes isn’t easy. After all, who would have considered Bitcoin itself a good investment back in 2009?
The long-term success of any altcoin depends on how successful its blockchain-based platform is. Siacoin is no exception, so let’s look at what the blockchain itself offers: a secure, efficient, decentralized, low-cost alternative to traditional cloud storage platforms.
It seems Sia offers a service that could be of great value to a lot of people. Things are looking good for Siacoin from this angle.
Siacoin price predictions tend to agree. 1 SC currently has a value of 0.003261 USD. This price is expected to increase to 0.006061 USD by the end of 2020 or early 2021, an almost 86% increase in value.
How To Buy Shiba Inu Coin In New Yorknot A Straightforward Process
Historically, Shiba Inu has surged in price after a tweet from none other than “the Dogefather,” Elon Musk. Given its “tokenomics” and hanging on the success of Dogecoin , many new investors hope that SHIB tokens will shine.
However, SHIB isn’t readily available for everyone, especially people residing in states like New York. How are New York residents buying SHIB?
The Shiba Inu token founders decided that 50 percent of the tokens’ total supply would be allocated in DEX Uniswap. After its initial launch, SHIB was primarily purchased on Uniswap.
After some time, more CEXs like Coinbase and eToro started trading SHIB and gave people who weren’t familiar with DEXs an opportunity to get exposure to SHIB.
Despite more options out there to trade SHIB, New Yorkers have to get a bit more creative to buy and trade SHIB. According to Reddit, many New Yorkers say that they buy SHIB on KuCoin or SHIB’s own DEX, ShibaSwap, under unverified accounts.
Don’t Miss: Can I Trade Bitcoin On Td Ameritrade
Create An Account On Binance
If you already have a Binance account, go ahead and skip to the next step. If not, read on.
Head over to www.binance.com and click on the yellow Register button in the top banner.
Fill in your email address, type in a secure password, then click on Create account and follow all the steps to verify and activate your account. Don’t forget to set up Two-factor authentication for added security.
Q8 What Are The Revenue Sources Of These Crypto Exchanges
Crypto exchanges gain revenue from various sources, such as commissions, collection of funds, market making, initial coin offerings, initial exchange offerings, tokens, etc.
Therefore, do not skip out on the opportunity to carry out cryptocurrency trading simply. It is important to conduct detailed research regarding the fees involved, ease of use, safety measures, insurance funds provided, and the different features offered by the exchange. All of this is in order to make an informed decision.
Recommended Reading: How To Buy Bitcoin With Credit Card No Verification
Understanding The Different Payment Methods Available
There are four main methods of depositing local currencies on a crypto exchange. They are: 1) Local bank transfers 2) International wire transfers 3) Third party payment processors 4) Credit/debit cards.
For the first several years, it was not possible to buy Bitcoin or any of the other early cryptocurrencies with a credit card, debit card, or with third party payment processors like PayPal, because it is possible to reverse those transactions. Since a blockchain transfer cannot be reversed, it would have been possible to pay, receive the crypto, transfer it off the exchange and then reverse the payment. This meant that for years, the price of BTC and all crypto was supported by real money with no borrowing.
Therefore, until quite recently, it was only possible to get Bitcoins from an exchange with either a local bank transfer or a wire transfer.
|Usually the quickest, easiest and cheapest with a local bank account||Not all exchanges will offer this service|
|International Wire||The SWIFT protocol is widely accepted and used to transfer money||May take a few days to process, higher fees|
|Quick and easy for users with accountson these platforms to deposit and withdraw||Need to create an account with third party payment sites|
|Quick and easy to deposit small amounts of money||Very expensive , and there is usually a maximum deposit sum|
International Wire Transfer
Third Party Payment Processor
How Does The Sia Platform Work
Sia lets users buy and sell data storage space. Traditional, centralized storage services like Dropbox allow you to store files on their servers, and you can always purchase additional space as needed.
But those servers belong to Dropbox, and if they ever go toes up, you could end up losing valuable data. But you know Bob? That guy from work that bought a computer with a 1 TB hard drive and just uses his PC for sending emails and watching cat videos? He has a ton of unused disk space.
Sia would let him rent out that space to users who need it. Files would be split among several computers and encoded cryptographically, so Bob can’t ever know just what is being stored on his rented disk space, much less access to those files.
Files are protected by cryptographic keys that only you possess, so your files are always safe. And since the platform is decentralized, there is no one server that, in case of failure, would make you lose your data.
Buying disk space on Sia is a lot cheaper than doing so on the traditional platforms up to 90% less expensive!
You May Like: How Much Is Bitcoin Worth
Crypto Plans And Reactions In New York
Other than schools, the Mayor-Elect indicated plans to bring cryptocurrencies to businesses in New York once he assumed office in January. He plans to tread carefully and get it right when encouraging enterprises to adopt digital assets such as Bitcoin as a mode of payment. New York, per Adams, should retain its quality of being a center of innovation, no matter what innovation is.
Adams propositions received mixed reactions from the crypto community on social media. One user, nimadows, said such studies must be part of the school curricula. New investors should have an open mind and sufficient knowledge before interacting with digital asset markets, the person added.
Others, such as InnocenceCapit1, criticized the stance calling crypto assets speculative garbage. In lieu, schools focus on successfully teachmath, history, science, language and actual financial concepts first, the person stated.
Last Friday, Harvard economist Jason Furman admonished Adams for his decision to receive his first three mayoral paychecks in the form of BTC. Miami Mayor and Bitcoin cheerleader Francis Suarez also plans to take his next paycheck in 100 percent Bitcoin. According to Furman, such a move is a bad economic strategy and also represents a conflict of interest. In support of the economist, user OnlyAPrimate tweeted:
Ira Financial & Gemini Exchange
IRA Financials new cryptocurrency solution is the first to allow retirement holders to hold cryptocurrencies in an IRA directly on an exchange. The account is opened in the name of the IRA but controlled by you as the authorized representative on the account. The IRA holder has 100% control over the account and can trade anytime. Also, the IRA holder has 100% control over their private keys and can hold the cryptos in a cold wallet.
Read Also: When Do You Pay Taxes On Crypto
How Much Is The Tax For Capital Gains On Bitcoin In New York
Capital gains tax is something to keep in mind whether you’re a daytrader or a longer-term investor. Cashing out will incur capital gains tax if the value of your Bitcoin has appreciated since you bought it.
That said, the tax code is notoriously complicated, so finding out which capital gains tax rate applies to your specific situation is not always easy. Combine that with the fact that many accountants are unfamiliar with the ins and outs of cryptocurrency trading, and it can seem like an impenetrable problem.
A range of software has cropped up to address this problem, and with a little bit of effort on your part calculating your crypto taxes has never been easier.
Check out out there.
About the Author: Jordan Tuwiner
Jordan Tuwiner is the founder of BuyBitcoinWorldwide.com. His work has been featured in The Guardian, International Business Times, Forbes, VentureBeat, CoinDesk and many other top Bitcoin media outlets. His articles are read by millions of people each year looking for the best way to buy Bitcoin and crypto in their country.
He has also written extensively about the history, technology, and business of the crypto world. Jordan is also the creator of some of the internet’s most famous Bitcoin pages, including The Quotable Satoshi and Bitcoin Obituaries.
To learn more about Jordan, see his
How To Buy Bitcoin In New York
How to Buy Bitcoin in New York
As bitcoin and other cryptocurrencies have recently experienced a significant surge in value, many would-be investors are looking to get their share of the bitcoin pie. However, bitcoin is not as straightforward an investment as stocks or bonds because it has no physical presence like a stock certificate or bond.
The bitcoin market can be difficult for someone new to the cryptocurrency scene to navigate because of the complicated nature of buying bitcoin. Luckily, you can simplify your bitcoin purchase by using Coinbase and Binance!
Coinbase is an extremely user-friendly website that allows anyone to use traditional forms of payment like debit or credit cards to purchase Bitcoin and two other cryptocurrencies: Ethereum and Litecoin. Coinbase also acts as a wallet where you can store your Bitcoin after the bitcoin purchase.
Binance is a Hong Kong-based cryptocurrency exchange that facilitates bitcoin purchases with USD or EUR. Binance also allows you to buy bitcoin through brokers like Coinbase and Coinmama, and bitcoin can be stored in Binance’s online wallet after purchase.
Here are the steps to follow to buy Bitcoin on Coinbase:
Contact this poster directly
Also Check: How To Buy Small Amounts Of Bitcoin
How To Buy Bitcoin: Steps For Beginners
To complete your first purchase, you will need to select the coin you wish to buy on the exchange. Exchanges have a Trade section and within this you will need to choose a coin, such as BTC, ETH or another. Cryptoassets are traded in pairs. The largest coins will have pairs that match the main government currencies. This means that you can buy directly from USD, EUR, GBP, etc. into your coin of choice.
Purchases can either be made at the current market price or you can set a price that you would like to buy at. If you set your price too far below the current market price, your deal might not be concluded for some time, or possibly never! It will only be concluded if the asset falls to the price that you have entered.
Many smaller coins and assets do not have pairs with fiat currencies. To buy or sell these, you will need to transact via another asset, usually BTC, ETH or a stablecoin based on the U.S. dollar. To do this, you should select a coin, select BTC and then make your purchase. A few seconds later, your account will show you as holding BTC rather than your deposited currency. Now you can select a new trade, using BTC as one half of the pair and your coin of choice as the other. The exchange will be concluded at the current coin to coin market rate.