It is a well-known fact that Bitcoin stands as one of the major speculative asset categories in the online investment and trading arena. More and more investors are taking in cryptocurrency, and Bitcoin is experiencing exponential growth in its user base.
The most overarching reason in this trend is the cryptocurrency review by financial pundits and Bitcoin enthusiasts who believe Bitcoin is going to play a major role in the future financial landscape. However, it is still not too late to enter the Bitcoin market. You may still get a highly favorable price compared to what you may end up paying if you wait for too long.
However, you must first educate yourself about the cryptocurrency and how to use a secure Bitcoin account with XTRgate.
Bitcoin Account: A Complete Guide
Although the term Bitcoin account is widely used by crypto-users, it is not an official term. Bitcoin itself is a decentralized cryptocurrency, which means there is no physical money, and you will not have or need an account with any entity or third party.
Instead, you can use cryptocurrency exchanges and platforms to invest, buy, or sell Bitcoins. You can then withdraw your Bitcoins to a private digital wallet, which is also known as the Bitcoin account.
What is Bitcoin Account?
A Bitcoin account or officially a Bitcoin wallet is a software program where cryptocurrency users can store their Bitcoins. Bitcoin is digital, and there an individual secret number or private key for every Bitcoin stored at a particular address. This address is the location of the Bitcoin account/wallet where your Bitcoin is saved.
Bitcoin account facilitates receiving and sending of Bitcoins and then displays the balance of Bitcoins to its individual users. It can come in many four major forms, such as mobile apps, desktop applications and software, web applications and platforms, and hardware solutions.
Understanding Bitcoin Account
A Bitcoin account or Bitcoin wallet plays a very vital role in the trading or investment of cryptocurrencies. To establish such a wallet is critical to the whole process of obtaining Bitcoins, just like Bitcoin is a cryptocurrency that is a digital equivalent of paper currency. Similarly, a Bitcoin wallet is the digital version of a physical wallet of a person.
But instead of literally storing any Bitcoins in an account, a Bitcoin wallet stores a lot of information relevant to the Bitcoin user. This information is secured by secure private keys, and the account holder can use this key to access their Bitcoin addresses to carry out transactions from where they are, and whenever they want.
Desktop Bitcoin Account
You can install a desktop wallet on your computers or laptops, and it grants you complete control over your Bitcoin reserves. A desktop Bitcoin wallet will enable you to create your Bitcoin address for receiving, sending, investing, and transferring Bitcoins.
It will also allow you to store a private key. Some of the most famous desktop Bitcoin Accounts or wallets are MultiBit, Hive OS X, Bitcoin Core, Armory, Electrum, etc.
Mobile Bitcoin Account
The Mobile Bitcoin account overcomes the limit of the mobility of a desktop wallet because a person does not carry a laptop all the time. However, everyone does carry some form of a mobile device these days; it can be your smartphone, iPhone, iPad, or an android tablet, etc. You can install free or paid apps depending on which Bitcoin account you prefer.
Once you run this Bitcoin account app on your mobile device, it will carry out the same functions and offer the same features that you will get on your desktop Bitcoin account. Now you can pay, buy, or sell your Bitcoins for whatever purpose. Thus a mobile Bitcoin wallet facilitates prompt payments in physical shops and stores using touch to pay technology through QR code and NFC scanning.
Some of the popular mobile cryptocurrency wallets are Mycelium, Hive Android, and Bitcoin Wallet. It is important to note while we do a cryptocurrency review that now all Bitcoin wallets will run both on Android and iOS systems. Therefore, it is advisable that you research your preferred mobile platform and then find out which mobile Bitcoin account is supported by your Android or iOS platform.
Additionally, beware as there are quite a few malware or hacking software out there posing as legit Bitcoin accounts or wallets.
Web Bitcoin Account
Web Bitcoin wallets are more flexible. They allow you to access your Bitcoin addresses from anywhere, such as using a browser, desktop computer, tablets, and mobile phones.
However, you must be vigilant when choosing which web Bitcoin account you will be using to access your Bitcoin reserves because these web wallets may store your private keys online. The two major players in the web Bitcoin Account arena are Blockchain and Coinbase.
Hardware Bitcoin Account
Hardware Bitcoin wallets are hands down the most secure and protected kind of Bitcoin accounts. They let you store your Bitcoins reserve on a physical device. It is a piece of equipment that can be plugged into a computer through a USB port, just like a pen-drive.
They are foolproof and immune to virus attacks, and a very few hacking or other fraudulent instances have been reported when using a Hardware Bitcoin account. These Bitcoin account devices are the only form of Bitcoin wallets that come at a cost and are not free at all. You can get one of these between price ranges of $100 – $200.
You must always remember that keeping your Bitcoin account safe is your responsibility. It is because the higher the value of your Bitcoin account, the more it will be an ideal target for cyber hackers. There are several safeguarding techniques that you can use to protect your cryptocurrency assets. You can use encryption of your Bitcoin account with a strong password.
You can also choose a cold storage facility that means storing your Bitcoin wallet offline. In any case, while we do this cryptocurrency review, we would like to advise that you frequently back up your mobile wallets and desktop wallets. It is essential because if you face any issue with your Bitcoin account software on your mobile phone and computer, it may erase all your holdings.
Four Best Bitcoin Account Providers
So now that you know what a Bitcoin account is. Now we are going to do a cryptocurrency review of some of the best Bitcoin Account providers and how you can set up a Bitcoin via the following few simple steps. Now only will you be able to trade in Bitcoins using these accounts but also be able to see the current market value of your Bitcoins with ease on your screen.
It is an all in one Bitcoin wallet and exchange. If you are a Bitcoin investor in the US and looking to open a Bitcoin account on a platform that is a regular broker in cryptocurrency, then look no further. eToro is a recommended cryptocurrency leader, and it is one of the well-regulated Bitcoin account platforms with licenses from multiple regulatory bodies.
eToro is a one-stop Bitcoin account solution for Bitcoin users. It allows you as a user to buy physical coins and store your purchase in an eToro wallet, or even trade Bitcoins as CFDs (For European users only).
If you are looking into cryptocurrency investment and trading, then eToro will provide you intuitive and secure Bitcoin wallet with stringent security. It enables short selling and leveraged trading, which allows the user to make profits on their Bitcoin account even when the market is down.
eToro does not charge any commission, trading, or transaction fee. Therefore, all you have to worry about is the spread. It is also one of the social trading platforms, which makes it an ideal Bitcoin account for Bitcoin users who are just new in the Bitcoin trading.
This Bitcoin account offers beginners a copy trading technology, which lets a novice user get involved in Bitcoin trading by learning what successful Bitcoin investors do.
Bitcoin Trader is a tool suitable for auto-trading, which was created in 2017 by Gary Roberts. He claims that the software has capabilities to automatically invest, buys, sell, and trade Bitcoins on customer’s behalf for profits.
It can do so by following trends in the Bitcoin market and execute automatically for potentially profitable trades much faster than its competitors.
Bitcoin Trader is software that promises to provide the most accessible means to the cryptocurrency user’s top open Bitcoin account. It is also ideal for newbie Bitcoin investors with little or no investment experience.
It has claimed that it has the ability to generate over $1300 of profit for the Bitcoin investors on a daily basis. However, Bitcoin Trader charges a minimum trading fee of $250 for this feature.
You can get your hands on a free demo Bitcoin account. It is available to all cryptocurrency investors free of charge, only to allow new investors to get familiarized with the platform before making real-time investments.
Once you have learned the ropes and know how the Bitcoin account works on this platform, you will be required to make an initial deposit of $250. It will get you started as an investor, and you must activate the auto-trading feature. It will allow the bot to execute open and close investment trades with little to no intervention from your end.
Binance was founded in 2017. It is easy to use the cryptocurrency platform to sell and buy 184 tokens. Binance is an ideal Bitcoin account for cryptocurrency enthusiasts looking to gain access to the latest Bitcoins.
Plus, this platform offers one of the lowest transaction fees in comparison to other Bitcoin accounts in the crypto-market. This low trading fee becomes more cheaper if you purchase your Bitcoins via Binance Coin (BNB).
Binance is an efficient and fast Bitcoin account with compatibility over various platforms and devices such as computers and mobile devices etc.
Opening a Bitcoin account using Binance is a relatively simple process, and you can have your account up and running within 24 hours. However, you must note that it is an unregulated exchange, which makes it slightly vulnerable due to lacking safety and security.
Although useful in features, Binance vulnerability to breaches and hacking makes it a less popular choice in the cryptocurrency reviews worldwide. Additionally, Binance does not have the feature to purchase Bitcoins in fiat. As Binance is a crypto-specific exchange, you will have to own tokens to buy Bitcoins.
If you are a cryptocurrency enthusiast based out the US and looking to register a Bitcoin account, then you need to check out Plus500. It is a regulated CFD broker from the UK, which allows users to sign up for a Bitcoin account within minutes. However, you will first need to open an account and provide verification to gauge your legitimacy.
Once that is out of the way, you can deposit funds straight away and get on with buying some Bitcoins. Plus500 is well-reputed in the digital brokerage arena. It is fully licensed by FCA in the UK and its parent company that has a listing on the (LSE) London Stock Exchange.
Plus500 is similar in nature to eToro. It does not charge you any transaction commission or free except for the spread. You can also use other day-to-day payment methods to add funds into your Bitcoin accounts, such as credit or debit cards and PayPal.
Please note that your Plus500 Bitcoin account will be in a CFD form; therefore, you will not be able to withdraw the Bitcoins as cash funds. However, it does support short-selling, which means you can apply certain leverage while trading in Bitcoins.
Now that you have a cryptocurrency review on everything, you need to know about a Bitcoin account. We would suggest you dive right in an open your brand new Bitcoin account and start trading in cryptocurrency. However, always gauge your needs and limitation of the Bitcoin account carefully before making a final choice.