How to Buy Bitcoin
Table of contents
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Why Bitcoin?
§
5 Steps to Convert Your Apple Gift Card to
Bitcoin
o
Choosing the Right Platform
o
Completing Identity Verification
o
Listing Your Apple Gift Card
o
Making the Trade
o
Safeguarding Your Bitcoin
§
Why Choose iTunes Gift Cards for Bitcoin
Purchases?
§
7 Tips for Seamless & Smooth Transactions
§
Pros & Cons of Buying BTC with iTunes
Gift Cards
o
Pros:
o
Cons:
A straightforward
step-by-step guide on using iTunes Gift Cards and converting them into Bitcoin
for both tech-savvy users and beginners.
It's fascinating
how technology converges, isn't it? There was once a time when gift cards were
simple tokens for shopping. But today, they have the potential to be gateways
into the world of cryptocurrency, even paving the way to places like a bitcoin online casino.
Apple gift cards,
highly sought after for their versatility, can now be transformed into Bitcoin BTC, 0.32%, a currency many
believe is shaping the financial horizon.
Why Bitcoin?
Before diving in, it's imperative to
understand the appeal of Bitcoin. This digital currency has surged in
popularity, promising a decentralized transaction system free from traditional
banking. It has proved particularly resilient in uncertain economic climates,
with an intrinsic value continually on the rise.
5 Steps to Convert Your Apple Gift Card to
Bitcoin
Converting your Apple gift card to Bitcoin
may sound like rocket science, but it’s surprisingly straightforward when you
know the steps.
Choosing the Right Platform
Selecting
the right platform to buy Bitcoin with a gift card is
the cornerstone of a successful transition from Apple gift card to Bitcoin. In
the vast digital landscape, several platforms offer varying trading experiences
tailored to diverse needs. When picking a platform, it's vital to consider its
reputation, security features, user reviews, and transaction fees.
It is also important to ensure that the
chosen platform is reliable, provides a user-friendly interface, and emphasizes
secure transactions. Doing a bit of homework before making a choice can set the
stage for a seamless and fruitful exchange experience.
Completing Identity Verification
Before you can start, most platforms will
require you to verify your identity. This might seem cumbersome, but it's a
crucial step to ensure security in the volatile world of digital currency. As
with all online transactions, it's always best to proceed with caution.
Listing Your Apple Gift Card
Once verified, it's time to list your Apple
gift card. This process varies slightly from platform to platform but generally
involves:
·
Stating the value of your gift card.
·
Setting your preferred exchange rate. Some
platforms will have a standard rate, while others let you negotiate with
potential buyers.
·
Uploading proof of the gift card, usually a
picture or a digital code.
Making the Trade
Upon finding a match, the next steps are
pivotal:
1.
Secure the Deal:
Always conduct the trade within the confines of the platform to ensure safety.
These platforms act as intermediaries, holding onto the Bitcoin until both
parties are satisfied.
2.
Verification:
Once you've uploaded your card, the buyer will verify its legitimacy. This
process can take anywhere from a few minutes to a few hours, depending on the
platform and the buyer's efficiency.
3.
Receiving Bitcoin:
Once everything checks out, the Bitcoin will be released to your digital
wallet.
Safeguarding Your Bitcoin
With your Apple
gift card now transformed into Bitcoin, it's vital to protect your investment.
Use hardware wallets, keep your private keys
confidential, and always maintain robust passwords.
Why Choose iTunes Gift Cards for Bitcoin
Purchases?
The unconventional pathway of using iTunes
Gift Cards to acquire Bitcoin has been gaining traction. Based on the insights
from the provided links, let's delve into the reasons behind this growing
trend:
·
Anonymity and Privacy: Many individuals
appreciate the discretion this method provides. Unlike traditional banking
systems where transactions are meticulously documented, trading iTunes Gift
Cards for Bitcoin can be relatively anonymous, giving a degree of privacy that
direct purchases might not offer.
·
Liquidity of Unused Gift Cards: A significant
number of people have unused iTunes gift cards. Instead of letting them sit
idle, converting them into Bitcoin can offer a tangible return and allow users
to tap into the crypto market.
·
Ease of Access: For those residing in regions
where purchasing Bitcoin is challenging due to financial regulations or lack of
infrastructure, iTunes Gift Cards present an alternative route to step into the
world of digital currency.
·
Avoiding Banking Fees: Traditional methods of
buying Bitcoin can sometimes involve bank fees or transaction charges. By
trading a gift card you already own, you can bypass these extra costs.
·
Simplicity for Beginners: For those
unfamiliar with the intricacies of the cryptocurrency world, starting with
something as straightforward as an iTunes Gift Card can make the journey less
daunting.
7 Tips for Seamless & Smooth Transactions
Embarking on the journey of exchanging iTunes
Gift Cards for Bitcoin can be both exciting and overwhelming. To ensure a
smooth transaction, consider the following pointers:
1.
Verify the Trader:
While the allure of a good deal can be tempting, always check the reputation
and reviews of the trader you're dealing with. History and positive feedback
can be indicative of trustworthiness.
2.
Clear Communication:
Initiate a transparent dialogue with your trading partner. Setting expectations
and understanding terms can prevent potential disputes.
3.
Avoid Oversharing:
Protect your personal information. While some details might be necessary for
the transaction, always be wary of oversharing.
4.
Document the
Process: From the initial agreement to the
completion of the trade, keep records of your interactions. This documentation
can prove invaluable in case of discrepancies or disputes.
5.
Use Trusted
Platforms: Opt for reputable platforms that have
established protocols for trading. They often offer added layers of security
and dispute resolution mechanisms.
6.
Stay Updated:
The value of Bitcoin can fluctuate. Having a grasp on current market conditions
can help you decide when to trade or hold off.
7.
Ensure Your Gift
Card is Valid: Before initiating the trade, ensure that
your iTunes Gift Card is valid and the entire balance is intact. This not only
streamlines the transaction but also builds trust with the trader.
Pros & Cons of Buying BTC with iTunes
Gift Cards
Diving into the world of cryptocurrency using
Apple Store gift cards as a gateway might sound unconventional. Yet, it's an
avenue gaining traction for various reasons. Let's weigh the pros and cons to
understand this method better:
Pros:
·
Utilising Unused
Gift Cards: Many of us have received iTunes gift cards
but never used them. This provides a way to convert them into something with
potential future value.
·
No Bank
Interference: You don't need a bank account or any direct
banking transaction, making it suitable for those who prefer privacy in their
dealings.
·
User-Friendly for
Beginners: Especially for those new to the world of
cryptocurrency, using a familiar item like an iTunes gift card can ease the
transition.
·
Global Transactions:
Irrespective of where you received your gift card, you can often trade it for
Bitcoin from anywhere in the world.
·
Avoiding
Traditional Buying Barriers: In some regions or scenarios,
purchasing Bitcoin can be challenging due to various barriers. iTunes gift
cards can bypass some of these.
Cons:
·
Potential for Scams:
Like all digital transactions, there's a risk of fraudulent activities. Only
use reputable platforms to ensure security.
·
Lower Value:
When trading gift cards for Bitcoin, you might receive a value less than the
card's face value, as many traders factor in a risk premium.
·
Fluctuating Rates:
Unlike standard exchange platforms that might offer consistent rates, trading
with gift cards can have more variable rates, depending on the trader's
preferences.
·
Slower Process:
It might take longer compared to traditional methods, especially if you're
waiting for a trader to match your offer.
·
Complexity for the
Uninitiated: If you're entirely new to the world of
Bitcoin and digital currencies, the process might feel a tad overwhelming at
first.
While the prospect
of buying Bitcoin with gift cards comes with its set of advantages, it's
crucial to approach it with caution and awareness. Being well-informed and
prioritizing security can turn this unconventional method into a fruitful
venture.
Board Launches Options Alpha With Verifiable Data From Space and Time
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Diving Board Goes Deep on Data
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Low Volatility Makes Options Attractive
Onchain options
project Diving Board has launched its alpha, enabling DeFi users to get a feel
for its UX and core contracts. The options platform has been the product
of intensive development and boasts verifiable data that utilizes Space and
Time (SxT), the decentralized data warehouse that’s becoming a DeFi mainstay.
Crypto traders who favor derivatives but
prefer to keep their trades active over a long timeframe are drawn to options.
While not for everyone, those with the knowledge to utilize them and the
patience to wait for contracts to reach maturity can be rewarded for correctly
calling the market. Access to crypto options trading has traditionally been
limited, however, due to a paucity of platforms that offer the products. Diving
Board is thus a welcome addition to the fold.
Diving Board Goes Deep on Data
One of the
challenges when creating crypto options contracts that are settled onchain is
the amount of data that must be pulled in. Pricing and other market data from
multiple sources must be queried to ensure that strike prices and expiration
dates are accurate. Traders who believe an asset such as Bitcoin BTC, 0.32% will go up in
value can take out a call option, while those who believe it will go down can
take out a put. For a platform such as Diving Board to operate correctly, these
contracts need to be accurately tracked and measured.
Enter Space and Time,
whose ability to provision verifiable data onchain is ideally suited for such
scenarios. Vinita Rathi, Founder of Diving Board and CEO of Systango, explains:
“Options are incredibly data-driven,
and it’s paramount that the data powering our platform is accurate and
tamper-proof. We’ve built Diving Board on Space and Time’s verifiable compute
layer to power more informed and strategic trading for our users.”
Having recently been integrated into
Chainlink nodes, Space and Time’s verifiable data solution has become more
accessible to DeFi developers. Using zero knowledge proofs, SxT’s flagship
Proof of SQL allows a database to generate a SNARK cryptographic proof of an
SQL query execution. This guarantees that the query was computed accurately and
on untampered data. There are two components to this process: the Prover
generates a proof of query execution, while the Verifier validates the proof
against a cryptographic hash of the data.
Low Volatility Makes Options Attractive
When it comes to
derivatives, crypto traders favor volatility. It’s how their money is made –
and lost. Through applying leverage, savvy traders can profit from movements in
digital assets, and the more sudden the breakout, the better. Lately, however,
the crypto market has been unusually calm. In Q3 of this year, crypto
volatility hit a multi-year low, with Kaiko’s market reporting observing:
“Even the Grayscale ruling at the end of
August – which requires the SEC to review Grayscale's application and is
believed to increase the odds for a spot BTC ETF approval – did not cause any
significant price movements.
While crypto assets continue to exhibit more volatility than most traditional
assets, the gap has been narrowing, with both BTC and ETH closing the quarter
slightly less volatile than oil.”
Options trading is
better suited to these sorts of conditions, allowing traders to leave positions
open for longer without perps fees mounting up. Diving Board has therefore
debuted at a propitious time when the comparatively calm market allows options
to be put through their paces.
Table of contents
§
Poloniex posted record volume in August,
while other exchanges experienced “one of the lowest volume months since 2020”
§
HTX’s volume surges to pre-China ban levels
§
Justin Sun says he is “defending the crypto
frontier,” but is that really the case?
Key
takeaways:
·
A report by crypto analytics firm Kaiko shows
that trading volumes at Justin Sun-owned Poloniex and HTX don’t seem organic
·
The surge in volume on Poloniex and HTX
cannot be linked to any significant changes and occurred during a period when
other exchanges were grappling with multi-year low trading volumes
·
In March 2023, the SEC accused Justin Sun of
wash trading
Crypto analytics
firm Kaiko has published a startling report that highlights the abnormally high
trading volumes on Huobi and Poloniex,
two cryptocurrency exchanges owned by crypto entrepreneur and Tron CEO, Justin Sun.
The report follows
last month’s decision to rebrand Huobi as HTX (Huobi
Tron Exchange). The timing of the rebrand and the similarity with the
now-defunct Sam Bankman-Fried-led exchange FTX is probably not a
coincidence.
Poloniex posted record volume in August,
while other exchanges experienced “one of the lowest volume months since 2020”
The report by Kaiko shows that the volume on Sun-owned
Poloniex surged past $20 billion in August 2023, which was coincidentally one
of the lowest volumes for other exchanges. “This surge did not coincide with
any major changes that can influence trade volume to such an extent (for
example, removing trading fees for major pairs like BTC-USDT),” wrote the
author of the report, Rlyad Carey.
The surge in volume on Poloniex in August didn’t correspond to any major changes that could influence such a drastic traffic increase, per the report. Source: Kaiko
It’s impossible to say what drove the trading
volume, as internal exchange transactions are, contrary to blockchain
transactions, a bit of a “black box.” What’s undeniable, however, is the fact
that Poloniex’s volume surged at a time when other exchanges faced significant
volume declines.
In March 2023, the
SEC charged Justin Sun and his companies
with the unregistered sale of crypto assets TRX and BTT,
wash trading, and paying celebrities to promote these tokens without disclosing
compensation.
While we can’t say for certain that the surge
of volume on Poloniex in August could be attributed to wash trading, there’s
certainly precedent for this kind of behavior happening at Justin Sun’s
ventures.