Bitcoin.com Review – All You Need To Know
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The digital currency craze has hit major headlines all over the world. It doesn’t seem like the hype is about to die down anytime soon. More and more currencies are popping up everywhere with myriads of opportunities that seek to revolutionize every industry. For some reason, the decentralized nature of cryptocurrency seems to apparently solve a lot of historical problems in major industries. However, due to the esoteric nature of cryptocurrency and blockchain, a few sites have taken upon themselves to be a shining beacon to lost souls who wish to know more about blockchain or Bitcoins. One of those sites is Bitcoin.com. Join me as I make a complete breakdown of Bitcoin.com. Who are they? What do they do? Where they came from? Are they legit? All these and more.
What is bitcoin.com?
Judging by the domain name, one would mistake Bitcoin.com as the official website for Bitcoin. However, Bitcoin.com is a commercial website that lists wallets, exchanges, and other Bitcoin-related companies. Roger Ver, CEO and Bitcoin entrepreneur, gained control of the domain name back in April 2014. The site was founded in 2015 and it continues to strive to be a thought leader in the industry by providing relevant information on everything Bitcoin related. The site runs under the Saint Bitts organization which is a limited liability company registered in Saint Kitts and Nevis Federation. Despite the fact that the site claims to be a one-stop for all things Bitcoin, its main agenda is making a profit. A complete newbie would actually mistake it for an information website at first glance.
The website makes cash from certain products and services that it sells or allows on the platform, these include:
- Selling Bitcoins for a 2.5% commission plus 5% credit card processor commission (or $10).
- Cloud mining services.
- Hosting games.
- Banner advertisements.
- Sponsored articles.
- bitcoin.com Wallet.
It offers its services on a global level.
Let’s take a look at their services
- Selling Bitcoins
It is the site’s main agenda. To buy Bitcoins, you first visit their homepage, proceed to submit a Bitcoin wallet and then pay the market price plus any fee using a credit card. After this, you receive your purchased amount of Bitcoin credited to your address. A fairly simple process.
- The Bitcoin.com Wallets
Apart from selling Bitcoins, Bitcoin.com has developed a wallet application for storing Bitcoins which they encourage some of their buyers to use. There isn’t anything faulty about the wallets, only the fact that through the wallets you get to have control over your private keys which is needed.
- Hosting Games
Personally, I do not condone any gambling and I think that gambling is addictive and can have adverse effects. Therefore, I chose not to review it as I do not participate in any gambling neither do I promote or condone it. I think gambling should be done in utter privacy and in a responsible manner.
- Cloud Mining Services
Cloud mining services conjure mixed reactions among different individuals. Any cloud mining service providers that provide such services usually takes into consideration the profit that they will make, otherwise, these services would be free.
Buying and Selling on Bitcoin.com
There are generally two ways to buy Bitcoins on Bitcoin.com. The faster and cheaper way of doing this is through the use of a credit card. However, the use of a credit card attracts some fees. The other way which is considerably more involving than the first is buying Bitcoins on an exchange. If you do choose to buy Bitcoins through the credit card option, do note that there is a 2.5% commission on each Bitcoin and a 5% credit card processing charge or a minimum of $10. If you chose to use your bank account, any sales or purchases you make will be deposited or deducted to your bank account.
Bitcoins.com wallets give the user the option of buying, sending, storing and receiving Bitcoins. Their wallets apparently support both Bitcoin Cash and Bitcoin Core (the usual Bitcoin). They make use of Multisig technology to enhance security features of the wallets. A record 2,017,499 wallets have been created so far.
The site pockets a 2.5% service charge for every Bitcoin purchase made via a credit card with a 2.5% commission for credit card processing. The site doesn’t really provide more information which is a bit weird. Also, their fees are 1.5% higher than what you would get charged at Coinbase or Bitstamp. Either way, Bitcoin.com doesn’t seem to bother much on providing information than making a profit.
Is Bitcoin.com Safe?
There are mixed reactions all over the internet over whether bitcoin.com is legit or not. The majority are numerous claims that the site is a scam and is just out there to scam people out of their hard-earned cash or Bitcoins and also complaints that the site is out there to mislead newbies in the cryptocurrency industry. Some of the negative feedback online includes comments like“The site is a SCAM and completely misleading people who are interested in the REAL Bitcoin.”And “Consistently misleading website. Please visit bitcoin.org for the original”. There are also positive feedbacks left by people who seem to support Bitcoin.com and its services. Some of the feedback includes comments such as“Great site for reading news and tutorials about Bitcoin” and “Very trustworthy website about the real Bitcoin”. However, most of the positive feedback seemed to praise the site for providing great cryptocurrency information and not the other services such as the wallets or cloud mining.
There are other specific complaints that seem to not get addressed at all. They include the presence of unexplainable blocks mined on the blockchain and also the complete lack of proper information and instructions on the site catering to those who are interested in actually mining Bitcoin rather than cloud mining.
The website makes use of SSL certificate (https) which ensures that any and all communication from devices remains encrypted. Bitcoin.com also uses 2FA to enhance security.
Bitcoin.com’s customer support is almost non-existent. They don’t seem to have any support services being provided at the moment.
My personal opinion is that Bitcoin.com is a safe platform. However, due to the numerous complaints all over the internet, I would highly recommend taking precaution and exploring other platforms before committing to Bitcoin.com.
How to Use Bitcoin.com
Bitcoin.com sells Bitcoins and charges 2.5% for a Bitcoin. A 2.5% commission is charged for those who use a credit card to make purchases.
If you have a wallet already, then the purchase process is easy. You just have to provide your wallet address, pay through a valid credit card and you should receive your Bitcoins within your wallet in minutes if not hours.
In a Nutshell
Bitcoin.com seems to have no problems when it comes to purchasing of Bitcoins using credit cards. It also is hailed for its ability to provide relevant information on all things Bitcoin. However, there are numerous cons that paint a bad picture of the site. The site is questioned for promoting Bcash and actually having the ability to support both Bcash and BitcoinCore in the same wallet. It also seems to post misleading information on its site often and also promotes gambling.
The site should be used by individuals with a lot of knowledge on all those things crypto-related. However, it’s not a good choice for newbies as it does seem to post misleading information that may confuse beginners. I can recommend its use, however, in moderation. With such numerous complaints, I would recommend taking precaution and use multiple sources to verify every information they post. Remember, the customer is always right.
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