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How to buy Bitcoins in Sri lanka? Explained.

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Srilanka is one of the most popular developing countries, you can buy Bitcoins in Sri Lanka by adopting any one of the many methods available to them.

Various options available for the citizens to buy Bitcoins in Srilanka.

Intro

The Bitcoin craze is hovering in the minds of most of the citizens of various countries of the world. Volatility is the key matter of concern for which Bitcoin and other cryptocurrencies are famous for. In certain countries, the cryptocurrency domain is completely banned, while in some of the other, they are unregulated, there is also a third category of nations which have understood the potential of cryptocurrencies and Blockchain Technology and they are regulated and supported completely by the country. There are different methodologies by which one can avail Bitcoin and as well as various other cryptocurrencies, depending upon the type of regulation in the country but it is disheartening that some countries around the world, have completely chosen to deny the usage of cryptocurrencies. Let us see how you can buy bitcoins in Sri Lanka.

 

How to buy Bitcoins in Sri Lanka?

Sri Lanka is one of the most popular developing countries among many others in the list. The users can easily buy Bitcoins in Sri Lanka by adopting any one of the many methods available to them.

 

1, Paxful

One of the best and the preferred methods to buy Bitcoins in Sri Lanka is through Paxful. Paxful enables the Bitcoin enthusiast to connect with each other in order to undertake transactions. It is basically a peer-to-peer Marketplace similar to a broker but not a cryptocurrency exchange. Therefore, if anyone needs to buy Bitcoins in Sri Lanka they can simply select the number of Bitcoins and their payment method and the peer-to-peer Marketplace provided by Paxful would match the conditions with respective buyers or sellers and then it is up to the users to choose from the list of options provided by them. Paxful is one of the most reliable services that one can utilize in order to buy Bitcoins in Sri Lanka as their cryptocurrency wallet is highly secure and the funds can also be transferred to different wallets in a very easy manner.

 

2. Coin.ik

One can also utilize the services offered by Coin.lk in order to buy Bitcoins in Sri Lanka. Even they are well known for reliability and robustness in the service. They offer a service of buying as well as selling Bitcoins, but Commission fee of 5% is charged whenever one needs to buy Bitcoins in Sri Lanka but interestingly no transaction fees are levied upon the users for selling Bitcoins. Coin.ik accepts only Bank deposits and claims to reflect the respective amount of Bitcoin within one hour in order to avoid price slippage issues. In order to buy Bitcoins in Sri Lanka, the users can simply reach out to the official website and follow the steps mentioned there.

 

3.  Localbitcoins.com

The citizens can also buy Bitcoins in Sri Lanka by utilizing the services offered by Localbitcoins.com. Localbitcoins.com is very similar to Paxful, as it is also a peer-to-peer Marketplace which connects the buyers as well as sellers of Bitcoin throughout the world but preferably nearest to your location within the same country. The users need to select the type of payment, as well as the number of Bitcoins they need to buy or sell, then the Localbitcoins.com algorithm will search for the best buyer or seller matching those preferences within the same country. If available, the users can directly contact the other person and can undertake the transaction, it offers a variety of payment options to choose from including Bank transfers, net banking, and online payment methods like Paytm, PayPal, Amazon pay, etc also if the users are unsure about the payment method then there is also an option called ‘all online offers’.

 

Disclaimer

As the whole cryptocurrency market is online in nature, the people who need to buy Bitcoins in Sri Lanka along with any other country for that matter need not rely upon anyone. However, investments in the cryptocurrency domain must be undertaken only after risk calculations. The citizens must not make investments in the Bitcoin unless and until they are willingly ready to lose the amount, as the Crypto market is the most unpredictable one. A consultation with a professional in the field is highly recommended.

#Bitcoin

Cryptocurrency Price Analysis: Great Week for the top 10

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The current week has proved to be quite amazing for the cryptocurrency market as all major coins are holding green. The total cryptocurrency market rose by around $1.5 billion yesterday night with the price of bitcoin reaching $4100.

 

Bitcoin:

BTCUSD Price Chart

BTC/USD Weekly Price Chart

Bitcoin broke the $4000 resistance level on 17th March and has been over this range since then. Bitcoin has turned the previous resistance into strong support now and has moved upwards slowly currently trading around $4120 (according to Bitfinex chart) with around 1% increase in the last 24 hours. If bitcoin is able to maintain its position above $4100 range for long, it might soon move ahead towards the major long term resistances such as $4500 and $4600.

 

Altcoins:

ETHUSD Weekly Chart

ETH/USD Weekly Chart

Ethereum also saw a nice bullish momentum this week after reaching the highest point of $143. Currently, Ethereum is trading nicely around $140 and is experiencing a few dips while trying to move upwards.

Unlike other top 10 coins, Ripple market is experiencing volatility from the last week but the momentum is still quite bullish.

LTCUSD Weekly Chart

LTCUSD Weekly Chart

Litecoin has been following trends and is steadily trading around $60 from the start of the week. Litecoin has increased more than 1.67% in the last 24 hours which makes it the best performing crypto of the day (in comparison with the top 10 cryptos according to market capitalization). LTC is currently trading around $61 (according to Bitfinex chart).

 

The overall cryptocurrency market is in a bullish momentum with sings of further gains. After a long bearish trend, cryptocurrency analysts are now believing that the bull market might be coming soon.

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Tom Lee: Bitcoin Bull Market Coming Soon

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Tom Lee, the co-founder of Fundstrat Global has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months.

Tom Lee, the co-founder of Fundstrat Global also known as the bitcoin bull has predicted that the price of bitcoin will likely experience a bullish run in the next 5 to 6 months. Lee predicted this during an interview with the CNBC. According to Lee, the 200 daily moving average is the number to keep in mind. If bitcoin is able to stay above $4000 till August this year, it will cross the 200 daily moving average and thus technically the overall chart would start to look bullish.

During the interview, he also mentioned that the future of bitcoin and other cryptocurrencies lies on the fact of whether it becomes an asset class and bitcoin is still in the early days of becoming one. Although Tom Lee has been quite bullish about the price of bitcoin, Fundstrat had recently posted a warning that the cryptocurrency market might crash to a new bottom before actually starting a bull run.

 

Tom Lee on JP Morgan Coin:

In the interview, Lee also expressed his concerns regarding the recently launched JP Morgan Coin which is a stablecoin launched by the banking giant JP Morgan Chase. He said that things such as the JP Morgan Coin and Facebook Coin create use cases for cryptocurrencies and according to him, the JPM Coin is surely not a competitor to bitcoin as it is a stablecoin in nature.

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Alert: Bitcoin Breaks Record, Highest Hash Rate Since November 2018.

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The hash rate of bitcoin which is the power that secures the bitcoin network has recorded the highest level yesterday (19th March) since last year November.  The Bitcoin hash rate passed over fifty-two quintillion hash per second in accordance with the data feed on Blockchain.com.

 

Bitcoin Hash Rate:

Bitcoin hash rate is the computation of the performance of bitcoin miners. In simpler terms, as the hash rate goes higher, the bitcoin network becomes more secure. It becomes more difficult to attack the bitcoin network as an attacker would need increased resources in order to attack the network. The increasing hash rate also depicts the increase in the number of bitcoin miners. As the BTC mining difficulty level is quite stable now, more and more miners are joining the bitcoin network. Although, the increasing hash rate would eventually result in an increase in the overall difficulty level.

bitcoin hash rate 19th march

Bitcoin hash rate 19th March 2019

 

The bitcoin network security is at its peak since November last year. The highest hash rate ever recorded has been around 62 quintillion hash per second in August last year. Looking at the current chart, it depicts that the hash rate might even cross this level in the coming time.

 

The increased hash rate also builds up confidence in the minds of the miners as it shows the overall security of the bitcoin network and thus predicting a secure future of the investment of the miners. Thus, overall, more and more miners are now joining the bitcoin mining network after a subsequent decrease last year which led to a lot of miners moving out of the mining business. Bitcoin price analysts believe that the hash rate of the network follows the price of bitcoin as it helps them in speculating the future price of BTC.

 

During last year’s bear market, the hash rate also fell drastically which led to a lot of miners shutting down and the mining equipment were being sold at waste prices. Now as the hash rate is rising, miners are again turning on their mining rigs and moving back to business. It is also worth examining that the current hash rate of the network is even more than the recorded hash rate in December 2017 when the price of BTC went up to $20,000.

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