Jan 162017
 

Spectrocoin review
This SpectroCoin review will dive into the features of SpectroCoin that make it stand apart – ability to hold multiple currencies, and use them to buy Bitcoin, and also its Bitcoin Debit Card which is as versatile as it gets when you want to use your Bitcoin to shop everyday. As Bitcoin expands in scope and use, there are many services that allow you to buy Bitcoin, sell Bitcoin, hold Bitcoin, and spend Bitcoin – essentially all the functions that you’d normally do with your own money. However, what makes SpectroCoin stand out is that it is able to do all these functions and more in the simplest way possible.

As a reminder, we do not recommend holding significant amounts of Bitcoin in any online wallet or service, even SpectroCoin. If you’re holding for the long-term, you should buy Bitcoin, and transfer it to a wallet whose private keys you control. If you hold significant amounts of Bitcoin, we strongly recommend getting Bitcoin hardware wallets.

Now let’s dive into the SpectroCoin review.

Note: This is a sponsored review by SpectroCoin.

Multiple Currencies to Buy and Sell Bitcoin

SpectroCoin allows you to hold multiple currencies. This is a feature severely lacking in many other Bitcoin services. Even the most popular of all, Coinbase, won’t allow you to hold multiple currencies. At SpectroCoin, you can hold US Dollars, British Pounds, and Euro. This is important to me, as it reflects the global nature of Bitcoin. It is also common in Europe to have multiple currencies (GBP and Euro, for example) and bank accounts with multiple currencies.

Spectrocoin accounts

Once you fund your account with USD, GBP, or Euro, you can buy Bitcoin or sell Bitcoin directly from the interface. The price is competitive and updated real-time. You will know the price when you’re buying or selling.

Buy Bitcoin SpectroCoin

Selling Bitcoin is very similar as well. If you’re depositing government currencies (USD, GBP, Euro), you need to fill in the profile with your personal details. This is actually a very good feature – you can register for SpectroCoin without providing identifying information. You only need to give this information when doing specific tasks like buy Bitcoin from the interface. This is a good privacy feature.

To transfer government money into your account, you can use a debit card, a credit card, or use a bank wire. SpectroCoin is one of the few ways you can use a credit card to buy Bitcoin.

Multiple Countries

SpectroCoin supports more countries than most other services out there. Remember though that the currency options are still limited to USD, GBP, and Euro. However, someone from Algeria or Qatar can still buy Bitcoin from SpectroCoin. You can see the list of all supported countries here. Again, if you’re in the US or Europe, you can probably use Coinbase, but outside of that, such services are limited. SpectroCoin is as good an option for US and Europe as it is for the rest of the world.

However, do remember that SpectroCoin will comply with EU regulations irrespective of where you’re physically located. This means you may be asked for state-issued identity, like a passport, to use some of the services like buying or selling Bitcoin, or transferring funds.

Bitcoin Debit Card to Spend Bitcoin

This part of the SpectroCoin review is for its debit card service. It is one of the few issuers of global Bitcoin debit cards. You can use the SpectroCoin debit card to shop regularly, or to withdraw cash at ATMs. If you hold Bitcoin in your SpectroCoin account, then they will automatically sell Bitcoin when you make a purchase with your SpectroCoin debit card.

Spectrocoin debit card

If you want to use the Bitcoin debit card, you should know about the fees. They charge $1 a month as service fees, and $9 shipping fees. There are other fees like conversion and forex fees. You can see the full set of fees here. A Bitcoin debit card is a great way to spend Bitcoin. You can also use the debit card to get cash out of ATMs globally, although I find the fees to be high.

Mar 012015
 

How to Buy Fractions of Bitcoin

Firstly, yes, you can buy fractions of Bitcoin. Each Bitcoin is divided into 100 million units, each called a ‘satoshi’. If you’re looking how to buy fractions of Bitcoin, the process is similar to buying a full Bitcoin. However, when you only want to buy smaller amounts of Bitcoin, there are some additional ways you can do so, which don’t scale up if you’re looking to invest tens of thousands of dollars. Before we proceed, here is a quick Bitcoin conversion guide to keep things straight.

Bitcoin is a cryptocurrency that can be divided up to 8 decimal places. That means you can easily buy fractions of a Bitcoin, even if you can only afford one cent! Just to get you familiar with the terminology, here are the conversions:

1 mBTC (milli-Bitcoin) = 0.001 Bitcoin or 1/1000 of Bitcoin (a thousandth of a Bitcoin)

1 uBTC (micro-Bitcoin) or 1 bit = 0.0000001 Bitcoin, or 0.001 mBTC (a millionth of a Bitcoin)

1 satoshi = 0.000000001 Bitcoin or 0.01 uBTC (a satoshi is the smallest unit of Bitcoin)

Note: bits is becoming more and more popular method of denoting the number of Bitcoin, and you generally don’t have to deal with pesky decimal places!

If you’re living in the United States or most of Europe, the easiest and most trusted way is to buy Bitcoins at Coinbase (This is a full list of countries served by Coinbase: Austria, Belgium, Bulgaria, Canada, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Liechtenstein, Malta, Monaco, Netherlands, Norway, Poland, Portugal, Romania, San Marino, Singapore, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom, United States).

This is a company valued at $400 million, and raised over $75 million in its last funding round. It is a trusted player in the space. You can buy Bitcoin by linking your bank account, and you can buy even small fractions of Bitcoins. When you initially login, the funds might take up to 3 days to appear in your account, after which you can purchase Bitcoins. You can also sell Bitcoins via Coinbase, and you can use it as a convenient online Bitcoin wallet. In addition, they offer multi-signature wallets too, which means Coinbase will no longer have any custody of Bitcoins.

In recent months, a formidable challenger to Coinbase has emerged: Circle. Circle doesn’t charge you any fees (although its prices to buy Bitcoin tend to be a little higher than Coinbase), and the best thing is, you can buy Bitcoin through credit cards. This is not possible at Coinbase. However, you have to pay the credit card processing fees in that case. You can avoid this fees by linking your bank account, just like with Coinbase. How to buy fractions of Bitcoin with Circle? Just enter the dollar amount, even as small as $10 and Circle will buy it for you.

Coinbase and Circle are the best ways, but if you’re looking for options, you can try Expresscoin or BitcoinInsanity. Both these places allow you to buy fractions of Bitcoin through credit card. BitcoinInsanity also allows you to buy through PayPal. However, the prices are higher.

For peer-to-peer trading, LocalBitcoins is a nice option. Use this if you’re outside the United States (or really want privacy with your Bitcoin purchase) and it’s hard to buy on online exchanges in your area.

Here are some other trusted places you can buy Bitcoins online in various countries:

US: Coinbase or Circle

UK: Check out this guide written by Coindesk. Be aware of the fees, which seems to be the norm for UK exchanges

Europe: Coinbase operates in these European countries, and should be the best option: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Greece, Hungary, Ireland, Italy, Latvia, Malta, Netherlands, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland

India: Unocoin

Philippines: Coins.ph or Rebit.ph

Finally, if you just want a small fraction of a Bitcoin and willing to work online for them, there are a few options that you can explore (the payout is usually much lower than having a full-time job, so take that into consideration) in my Free Bitcoin Guide.

Photo Credit: Chris Devers

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