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Bitfinex Gets Its Bitcoin Back from US Government, Not All Users Will Be Compensated Though

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After the hack of Bitfinex in 2016, now US authorities have managed to recover some of the lost BTC and give it back to the exchange
Bitfinex Gets Its Bitcoin Back from US Government, Not All Users Will Be Compensated Though
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As the new week begins, in a Medium post Bitfinex announces that nearly 28 Bitcoins from the ones it lost during the malicious attack in 2016 have now been recovered thanks to the work of US law enforcement agencies.

BTC are returned to Bitfinex

The hack Bitfinex suffered in 2016 was well recorded in documents. Since then the platform has been cooperating with global anti-crime agencies to help them find the hackers along with the stolen funds.

In late autumn last year, the exchange got a notice from the US government that some of the BTC stolen in 2016 had been found.

Bitfinex has been given back nearly 28 BTC. In accordance with the strategy of funds recovery, this crypto will be paid out to Recovery Right Token (RRT) holders in USD.

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The plan to recover funds after the hack

After the hack in early August 2016 occurred, Bitfinex, being determined to reimburse its customers, chose a special method to do that. They gave their clients BFX coins at a ratio of 1 USD disappeared in the hack.

Bitfinex was eager to pay out the damage to its customers. In over half-a-year after the theft, all holders of BFX tokens got their coins redeemed at 100 cents on the USD or had the chance to get their tokens swapped for shares of iFinex Inc. capital stock. When it was done, all BFX tokens were burnt. Apart from that, Bitfinex launched an RRT token — a tradable one — for those users who changed their BFX coins into iFinex securities.

RTT tokens were made for those who did not use BFX ones and wanted to wait for BTC retrieval. Now that all BFX tokens have been exchanged for iFinex securities and burnt, the BTC transferred by the US government will be given back only to the RTT holders – 1 USD per 1 RRT.

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Denys Serhiichuk

Best and Cheapest Way to Buy Bitcoin in 2019

Despite the fact that the rate of Bitcoin is not so big as it was a few years ago, it remains the leading cryptocurrency
Best and Cheapest Way to Buy Bitcoin in 2019
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The trend around cryptocurrency in general and Bitcoin in particular does not subside. On the contrary, people talk more and more about the most popular cryptocurrency even when there is a little increase in its rate. If 7-8 years ago, those who wanted to become crypto-investors could be counted on one's fingers, now almost everyone thinks about investing in BTC.

Bitcoin Guide

The Internet is full of guides on how to buy Bitcoin. But many of them either contain a lot of unnecessary details or are not completely understood by beginners.

We will tell you where to buy Bitcoin in 2019, what the difference between different platforms is, and how to choose the best way of buying the most well-known cryptocurrency.

How to purchase Bitcoin on online-exchanges

A weighty argument in choosing such a way to buy Bitcoin is ease of use. Today, there are more than a hundred online-exchanges where you can exchange fiat money for virtual coins and vice versa. Such a large range greatly complicates the choice of service. First of all, you need to pay attention to the reputation of the platform, the availability of a reserve, the speed of the support service, and the execution of the application. In this regard, Changelly and LocalBitcoins are among the best.

Changelly

Changelly web interface

This is a simple automatic exchange service that supports about 40 cryptocurrencies. You can buy Bitcoin here for both US dollars and euros using MasterCard or Visa.

To do that, you need to register and (preferably) enable two-factor account authentication in order to secure your profile.

Changelly has no restrictions on the purchase or sale of coins. However, there are cases where the minimum limit does apply. For example, when the amount sent or received does not cover fees, you receive a message from the system.

The fee of the exchange is fixed and amounts to 0.5% of the transaction amount. Charges are determined and retained automatically. So, the user will receive the total amount minus commission. Overall, Changelly is a really good way to exchange fiat for Bitcoin.

LocalBitcoins

LocalBitcoins interface

This is a platform where you can absolutely and anonymously exchange Bitcoin for fiat money (dollars, euros, rubles and other currencies) or for other digital assets and vice versa. This resource is used by residents of 224 countries around the world, and it has around 75 trading pairs. It is one of the largest exchanges in the world.

To get started, one needs to create an account and log in. To sign up,  you should specify only an email address, no other personal data is required.

Other advantages of the service:

  • High security

  • Easy handling

  • 30 possible payment systems

  • Moneygram for ordinary bank transfers

  • No commission for buying Bitcoin and only 1% of fees for selling coins

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How to buy Bitcoin on the exchange profitably

A cryptocurrency exchange is a platform for trading digital assets. Experienced traders manage not only to buy a few coins, but also to earn on the acquired crypto.

Any platform requires registration. Today, there are more than 300 similar exchanges. However, choosing a truly reliable one is a difficult task.

The most used trading platforms today are Binance, Kraken, and Bitfinex. These are exchanges trusted by millions of people all over the world. Let's see which platform is right for you.

Binance

The platform started to accept traders only in the spring of 2017, and in January 2018, it was in the top in terms of daily trading volume. First of all, Binance impresses with its ease of use. In addition, there are dozens of trading pairs — more than 280 cryptocurrencies are represented here.

The exchange also has other advantages:

  • Minimum commissions - 0.1% per transaction

  • 9 languages are supported

  • High speed of work

  • Increased security level, as evidenced by the lack of hacks and money theft by hackers

The reliability of the exchange allows traders to keep the purchased coins and not worry that they can disappear.

Kraken

Kraken was launched in 2011, and currently, it is one of the biggest exchanges in terms of trading volume. Using Kraken, one can buy, sell and exchange Bitcoin for other coins, as well as fiat currencies such as US dollars, Canadian dollars, euros, British pounds, and Japanese yen. More than 49 trading pairs and 15 cryptocurrencies are available on the platform. For experienced users, there is the possibility of margin trading and many other trading options. German bank Fidor and Kraken are working together to create the first specialized cryptocurrency bank.

As with any exchange, Kraken takes a percentage for each transaction. It varies depending on the status of the trader and the monthly volume of its trades. The status is divided into two types: maker and taker. In the first case, the trader creates an order to which other investors respond. In the second, the user of the exchange agrees to the already created order. The commission per transaction can range from 0 to 0.16% for the maker and 0.1% to 0.26% for the taker.

It is worth mentioning that Kraken is the first Bitcoin exchange that passed a cryptographic audit, which means that it is well protected and suitable for safe use.

Pros:

  • Positive feedback, high liquidity

  • The referral program is provided for business clients, as well as for users who carry out transactions with big sums of money

  • Dynamic commissions vary depending on the volume of trades and the type of trading pairs

  • The ability to deposit the wallet with various fiat currencies and cryptocurrencies

  • Availability of API and two-factor authentication

  • The chance of margin trading, several types of orders (stop loss, take profit, etc.)

  • Relatively low transaction fees

  • An app on iOS

Kraken is recognized as a very secure exchange despite the fact that the only way to secure an account here is 2FA. It should be noted that it is used not only during the login to the personal account but also during the entry to the trading page.

We can conclude that Kraken is a good and reliable tool for cryptocurrency trading, showing quite positive results year after year. The exchange offers interesting solutions that far from all competitors can boast. It will be an excellent option when choosing a trading platform.

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Bitfinex

Bitfinex interface

The exchange is registered in Hong Kong since 2012. It has impressive trading volumes and is one of the largest trading platforms. There is also the possibility of margin trading. The rate of commission depends upon the selected cryptocurrency and type of order. It varies from 0.1% to 0.2%.

Advantages:

  • Multifunctionality (margin trading with a leverage of up to 3.3x, the possibility of granting and receiving loans)

  • API availability, as well as 2FA, extended verification tools to control account integrity

  • Official apps for Android and iOS

  • Customizable interface (selection of topics, sorting)

  • Technical analysis tools built into TradingView

  • Variety of orders (stop loss, take profit, etc.)

Binance vs Kraken vs Bitfinex

Exchange

Binance

Kraken

Bitfinex

Referral program

Yes

No

Yes

24/7 customer support

No

Yes

Yes

Mobile application

Yes

Yes

Yes

Margin trading

No

Yes

Yes

OTC desk

Yes

Yes

Yes

Fiat deposit/withdraw

No

Yes

Yes

Choosing the best way to buy Bitcoin in 2019

Nowadays there are lots of ways to purchase Bitcoin. In addition to those mentioned above, there are many more — Bitcoin ATMs, gift cards, local brokers. And all this seems so complicated.

In fact, everything is very simple, and buying coins through the exchange or using the payment system can be comfortable and fast. The main thing is to decide how you want to purchase virtual coins.

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