For those who have never heard of bitcoins, they are an online, digital currency that can be used anonymously and they are not controlled by any government. Cryptocurrency, what they are technically called, is a digital form of currency. There is no physical item to hold, it’s all in the form of codes and algorithms.
If being able to buy things anonymously without any government control sounds too good to be true, we understand completely. But rest assured, bitcoins are legit. Digital currency is still in its infancy somewhat but the potential is definitely there.
In this article, we will review the cryptocurrency website called Coingate.com.
Our first impression is that the website looks very professional. A company can certainly have a great website and not be legit, but let’s at least give them a few points for getting that right.
What Does Coingate Do?
There are two services provided by CoinGate. First, they provide merchant services to businesses who accept Bitcoin. In addition, they provide trader services for those individuals who want to buy and sell bitcoins on CoinGate. You can buy and/or sell bitcoins on the site for a 3% fee.
When you are selling, you have the capability of choosing to have funds deposited in your bank or your paypal account. When buying, you can pay with a bank transfer. Another great option they have is that when you are selling, you can actually lock the price before sending your bitcoins.
Refer to the support section of their website for information about how to pay with altcoins.
How To Use Coingate
First of all, like most websites, you will need to register and receive a login. You will need to activate your account via email and then you will need to verify your identity by uploading a copy of your government ID. You will not be allowed to buy or sell if you do not verify your identity.
Once you have activated your account and verified your identity, click on Buy or Sell Bitcoin. Follow the steps (they vary depending on which task you wish to do) and before you know it, you will have completed your transaction. If you intend to join the cryptocurrency world and buy your first bitcoins, congratulations.
If you are a business owner and wish to receive bitcoins as payment from your customers, you’ll want to click on Accept Bitcoin Payments, then follow the steps laid out for you. The great news is that you pay only 1% vs. the close to 3% you might be paying your current merchant account provider.
There is vast amount of information in the support section of their website, so we would recommend you do your due diligence and read it all before transacting business with this company.
CoinGate Final Words
Bitcoins can be a source of security and freedom while also providing a bit of anonymity. A company like CoinGate who can handle your transactions on their secure servers might be just what you were looking for. If so, we are delighted we could be of service.