Bitcoin (BTC) was founded in 2009 by a person or group known as Satoshi Nakamoto and is today used in multiple crypto deposits between wallets or accounts. But is it a good idea to make crypto deposits with Bitcoin?
The main reason that people use Bitcoin as a funding source is because they create a new crypto wallet or opening an account with another exchange if they already got Bitcoin in their wallet. And many got BTC in their crypto wallets. One of the reasons behind the creation of the cryptocurrency was to reduce the power of banks and other traditional financial institutions. As a peer-to-peer payment method, it enables transactions without the need for intermediaries. Since Bitcoin is decentralized, it is extremely difficult for hackers to alter the blockchain. But what are the transfer time and fees like when using BTC for account funding?
Top 20 sites for buying, selling and trading crypto with Bitcoin
This is the toplist with the best sites to buy, sell or trade cryptocurrencies with Bitcoin. To learn more why a certain site is ranked the way it is, you can read our review by clicking the review button. We generally recommend using an exchange or platform with good track record, great reputation and positive feedback from its customers. The better option for you as customer, the better ranking we give them.
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- 1 Top 20 sites for buying, selling and trading crypto with Bitcoin
Here are the best crypto exchanges, platforms and brokers offering funding through Bitcoin.
BTC was the first cryptocurrency to be developed, and that means it enjoys the first-mover advantage. It is extremely popular and is used for lots of payments online. Bitcoin payments typically reflect within about 10-15 minutes, and they should cost you about $23. This fee can go up or down depending on the number of transactions that are pending. Since this is one of the most important cryptocurrencies today, it is no surprise that there are many crypto sites accepting Bitcoin for funding.
+It makes it easier to transfer funds to foreign crypto exchanges.
+You can use this deposit method if you are unbanked.
+You can make Bitcoin payments without revealing your identity.
+The transactions are secure and cannot be reversed.
+All transactions are recorded on a public ledger.
-The transfer fees are very high.
-You will have to pay high transaction costs for the transfers.
-It is possible to lose access to your virtual wallet.
-The value of the cryptocurrency changes significantly over short periods.
-You can easily become a victim of crypto scammers.
Why care about Bitcoin deposits?
BTC works on the blockchain, which is a public ledger. Bitcoin deposits are anonymous as you will usually not need to reveal your identity when making the transfers. As a decentralized cryptocurrency, it doesn’t have a governing body and is extremely secure. Ever since it was developed, it has never been hacked. Also, no counterfeit currencies have ever been uttered on the network. However, the transfer costs are way higher than most other cryptocurrencies. So if you need to make a transfer between wallets, ETH on Tron is way cheaper or Litecoin for that matter. Read Crypto Lists review of Bitcoin here, which also covers the latest Bitcoin news.
Bitcoin Transfer Costs
The transaction fees of BTC increase as the transaction size and network volume go up. Although the cryptocurrency doesn’t rely on intermediaries like banks to process transactions, you will still have to pay some transfer fees. These are meant to compensate the miners. The fee you pay will determine the speed of the transaction. If you choose to pay lower fees, you may have to wait a few days for the transactions to be confirmed. The average BTC deposit fee is $23. The average cost for doing a transfer with Ether on ERC-20 is about 25-30 USD, while Ether on Tron blockchain only cost about 1 USD. So out suggestion is that it’s not worthwhile to use Bitcoin for transfers, unless you are going to keep the transfer in Bitcoin on the new wallet. If you are going to make an exchange to another cryptocurrency, there are many better alternatives when it comes to low transfer costs.
Transaction speed for Bitcoin
BTC is the oldest cryptocurrency, and that means a few issues weren’t foreseen by the developer of the cryptocurrency. In its early days, the cryptocurrency could process transactions instantly. However, with the increased usage of the network, the average transaction speed is now 10 minutes. It is even possible for the payments to take several days to be confirmed. You can get faster transactions by paying higher transfer fees.
Bitcoin Deposits: How to do it?
1. You can start by signing into your crypto exchange account.
2. After that, you should navigate to the deposit page, where you can choose to deposit cryptocurrencies.
3. Next, you have to choose BTC from the menu provided and add the amount you want to transfer.
4. Finally, you can validate the transaction.
Which are the main countries where Bitcoin is used?
This cryptocurrency is mostly used in English-speaking developed countries, including the USA, the UK, Canada, Australia, and South Africa. Brazil is also known to be a major market for this coin. The coin has been banned in a number of countries, including China, Egypt, Morocco, and Iraq.
Can you withdraw with Bitcoin?
You can make withdrawals from your crypto exchange to your BTC wallet. It is important to remember that centralized crypto exchanges will generally require you to complete the KYC procedure before you can withdraw funds using this cryptocurrency.
Reputation of Bitcoin
BTC is generally regarded as the most important cryptocurrency, especially because it was the first one to be created. Although many people are nervous about the identity of the developer of BTC, it is generally accepted as a reliable and useful cryptocurrency.
BTC currently has a strong team of developers, and they help to implement changes to the blockchain. That means users can expect continuous improvements to the network. It is worth noting that all changes made to the network are meant to be in line with the original vision of Satoshi Nakamoto, the developer of the blockchain.
BTC discussions are held on many platforms on the internet, including Twitter and Reddit. On Twitter, the official page of the altcoin has about 5 million followers. Bitcointalk.org is another popular forum for discussions on the cryptocurrency.
Find the most frequently asked questions about Bitcoin deposits into crypto wallets below.
Is it safe to use BTC for investing in cryptocurrencies?
Yes, this cryptocurrency is safe to use when funding your crypto exchange account. The blockchain is almost impossible to hack, so you just need to make sure your crypto wallet is secured properly. Remember to never share your private keys with anyone.
How do I set up BTC?
First, you will have to sign up on crypto wallets such as Coinbase, Exodus, Trezor, and Ledger. You can then purchase the cryptocurrency and use it to make deposits on your crypto exchange.
Is BTC instant?
Although this is currently the top cryptocurrency, it does not offer instant transactions. The payments will usually take about ten minutes to complete. However, you can get faster transfers by paying higher transaction fees.
When was BTC founded?
This cryptocurrency was founded in 2009, just as the recession was coming to an end. This timing helped it gain popularity with people who were losing faith in the traditional banking industry.
Who created BTC?
The developer or developers of this cryptocurrency are still not known. They referred to themselves as Satoshi Nakamoto in online forums but have never revealed their true identity.
Does BTC only work on Apple devices?
Crypto sites that accept BTC will generally accept transfers made from all devices, as long as they are connected to the internet. Therefore, you don’t necessarily need to own an Apple device to use this deposit method.