This first step is to sign up for a Coinbase account. This will give you a secure place to store your bitcoin, and easy payment methods to convert your local currency into or out of bitcoin.
After you sign up, connect your bank account. You'll need to complete some verification steps before you can use the account. Once the verification steps are complete, you can start a purchase.
After starting your first purchase, they will complete your buy and deliver your bitcoin. (Sells work the same way but in reverse). The price of bitcoin changes over time, so they show you the current exchange rate before you buy with a live bitcoin price graph.
Alternatively, You can make an account at Binance.com to get started on trading over 100 coins and tokens, buying them at any increment, and storing them in Binance's online wallet linked to your account (So its smart to use things like 2FA and a strong password!)
Bitcoin fell to a two month low on Tuesday after the weekend hacking of South Korean cryptocurrency exchange Coinrail. The original virtual currency is nearing its lowest level of the year of just under $6,000 BTC-BTSP on the Bitstamp platform. It fell to a low of below $6,500 and last traded down 4.7 percent at $6,551.48.
So far bitcoin is down nearly 53 percent since the beginning of 2018, a far cry from its $20,000 pricetag after soaring more than 1,300 percent last year.
On Sunday, Coinrail, a relatively small cryptocurrency exchange in South Korea, said its system was hit by “cyber intrusion,” causing a loss of about 30 percent of the coins traded on the exchange. It did not quantify its value, but local news outlet Yonhap news estimated in an unsourced report that about 40 billion won ($37.28 million) worth of virtual coins were stolen.
The latest hacking wiped out more than $40 billion in the market value of the cryptocurrency market on Sunday. Bitcoin itself declined by nearly $1,000.
Bitcoin was able to recover after Sunday’s bloodbath on Monday, but it has since continued its downtrend.
Other digital currencies also declined in sympathy with bitcoin. Ethereum, the second-largest by market value, was down 5 percent over the past 24 hours to $496.07, while the third-largest, Ripple, lost 4.3 percent to $0.55, according to cryptocurrency price tracker coinmarketcap.com.
South Korea is one of the world’s major cryptocurrency trading centers, and is home to one of the most heavily trafficked virtual coin exchanges, Bithumb.
Investors and regulators were jolted earlier this year after Japan’s cryptocurrency exchange Coincheck was hacked in a high-profile theft of over half a billion dollars worth of digital currency.
Since the beginning of the year, bitcoin has been trading in a “descending triangle,” with important support at $6,500 analysts at online FX broker FxPro said.
A move below $6,500 is a strong technical signal for a sell-off.
There's been a lot of negative news for Bitcoin and cryptocurrencies lately, from cyber hacks, transaction problems, sky high power consumption, and criticism from the world's established financial industry.
However, there have been some bright spots too, transaction fees are down, the number of stores, markets and outlets accepting Bitcoin both online and in the real world are up.
One of the best things for the Bitcoin price this year has been the interest from some of the world's biggest trading platforms and exchanges — with at least two expected to announce they will soon allow large investors to buy and hold Bitcoin.
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange, was revealed last month to have been developing an online platform to buy cryptocurrency, according to a report by The New York Times.
Meanwhile, Nasdaq, which entered into a partnership with crypto-exchange Gemini in April, is also planning on launching a futures market for cryptocurrencies.
These two will be joining Cboe Global Markets and CME Group, which have already begun issuing cryptocurrency futures.
A Bitcoin trader in Los Angeles, California is facing prosecution for allegedly running an unregistered multimillion dollar Bitcoin-fiat money transmitting business, NBC LA reported yesterday, June 11.
Under her pseudonym the ‘Bitcoin Maven’, Theresa Tetley, 50, reportedly earned at least $300,000 annually from her black market business, which ran between 2014 and 2017 via a listing on localbitcoins.com. The U.S. Attorney's Office has contended that the ‘Maven’ exchanged between $6 and $9.5 mln in the course of her operations.
The case is reportedly considered to be the first of its kind in Southern California.
Tetley has pleaded guilty to federal charges of operating an unregistered money transmission business, as well as to conducting one financial transaction prosecutors are alleging involved proceeds from drug trafficking.
The government is pursuing a 30-month federal prison sentence for the crime, with Tetley's defense attorney arguing for a reduced term of one year.
Federal prosecutors further request an order of forfeiture for exactly 40 Bitcoin (about $269,600 at press time), in addition to a whopping $292,264 and 25 assorted gold bars that were seized by law enforcement on March 30.
Prosecutors postponed sentencing on Monday, June 11, and have yet to announce a rescheduled date.
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) regulates crypto-fiat dealings under existing legislation for money transmitters.
As of 2011, U.S. cryptocurrency exchangers and administrators have been subject to the Bank Secrecy Act (BSA). In 2013, FinCEN issued further guidance clarifying that they are required to register as money service businesses (MSB) and comply with anti-money laundering (AML) measures and a range of internal safeguards aimed at financial crime prevention.
In the court papers, prosecutors accuse the Maven of "fueling a black market financial system"