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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

The Current Bitcoin Market Scenario: Price Manipulation by Whales

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The crypto markets started the last week with a different Euphoria. Each and every trader watched as Bitcoin rallied past $7000 to an astonishing $8000.

The crypto markets started the last week with a different Euphoria. Each and every trader watched as Bitcoin rallied past $7000 to an astonishing $8000. However, at the dawn of Friday, 17th May they woke up to a different scenario. The bitcoin gap just went lower by about 20% or over $1500. As a result of that, the rest of the crypto market was brought down. Some traders were caught unawares while others had foreseen it. The question on every person’s mind was what just happened and which direction should be taken now.

 

It all started on the Bitstamp exchange at about 10 pm ET on Thursday, 16th May. At that time, numerous crypto traders honed in the rather suspicious sell wall. The trader placed a sell order for 3,645BTC (c. $22m) on the exchange. It was formed at a moment when the Bitcoin market liquidity was at its lowest. It especially happens on a singular exchange.

 

The immediate reaction was to reduce the price of Bitcoin on Bitstamp. You could even view the spread in cost between other exchanges and Bitstamp. Such exchanges could include Kraken and Coinbase. As a result of the crypto market arbitrage, the prices on other similar exchanges followed the same track. Bitcoin would fall across the board. The rest of the market sank. It is due to the correlation of the other crypto assets with bitcoin. However, there was far more on the move than just a mere massive Bitcoin selling.

 

What occurred with the wall was an example of cryptocurrency spoofing. On a clear observation, one could notice that the selling wall decreased by the coming of more orders that matched it. This kept occurring as Bitcoin passed through $7500, then $7000 and thereby hitting around $6200. In the end, the sell was completely consumed albeit at a seemingly reduced price.

 

Then, once the cost had hit around the $6200 level, there was another massive buy well that was created on the same exchange ($11m). It could have brought about the sudden recovery that we have noticed in the price greater than $7000. It gave a clear evident of cryptocurrency spoofing in reality.

 

The gentleman or lady behind this doing was clearly attempting to impact the price. There are very few surplus explanations to answer why they would have issued an order of that magnitude at that moment. If an individual had the desire to trade a huge block of Bitcoin at the most suitable price, they would attempt to facilitate an OTC deal. It would be of minimum impact on the market.

 

Furthermore, the timing of a massive buy wall immediately after the trade wall coming to light is suspicious. It is either the orders were greatly coordinated or completed by rather the same party. Similarly, this can also occur on the reverse as sellers place large buy wells. Back in April, something of the sought happened. It was as an individual trader placed a massive order through. It was at a seemingly illiquid moment.

 

Spoofing is something that is considered illegal at the traditional financial markets. However, it is given the unlimited character of the cryptocurrency markets. On the other hand, whales tend to have free reign. However, a question pops up, why would a whale have an urge to tank the market in that way? The solution could lie in a completely distinct market.

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Alert: GotSatoshi Reveals the Real Identity of Satoshi Nakamoto?

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A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.Here is what they revelead.

The identity of Satoshi Nakamoto is one of the biggest secrets in the world, especially in the cryptocurrency industry. A lot of people have speculated the real identity of the bitcoin founder and some people such as Craig Wright has even self-proclaimed themselves to be Satoshi Nakamoto. A new website called GotSatoshi now claims to know the real identity of the founder bitcoin Satoshi Nakamoto.

 

Where in the world is Satoshi: The Countdown ends

The website ran a countdown and also posted on their official twitter account claiming to know the real identity of the founder of bitcoin.

 

The countdown which ended just a few minutes back (from the time of publication) revealed a video which is actually marketing a news website called PaiNews. It seems that it was just another joke or a method of fooling and attracting traffic to the website.

 

What are your thoughts on such lame jokes or methods of attracting traffic? Tell us in the comments section below.

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Kevin O’Leary from Shark Tank calls Bitcoin: Garbage and a Useless Currency

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During an interview with the CNBC, Kevin O'Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

During an interview with the CNBC, Kevin O’Leary from Shark Tank said that according to him Bitcoin is garbage and a useless currency.

 

Kevin O’Leary calls Bitcoin Worthless

Famous as the founder of Softkey, a startup that earns annual revenue of around $29 million and a host on the American business reality series Shark Tank, Kevin O’Leary is a celebrity amongst the business class in the United States of America.

 

During the interview published on 14th May 2019, Kevin expressed his thoughts over the king of cryptocurrencies bitcoin and called it a useless currency as the people who accept it just wants to hedge against the high volatility of the virtual currency. This comes in the midst of the current bitcoin surge as the virtual currency doubled its value in just a few days from below $4000 to more than $8000.

 

Kevin also explained why he has such negative views on bitcoin giving the instance of how once he tried using bitcoin for a real estate transaction in Switzerland. He said that it is not possible to get in and out of bitcoin while transacting in huge amounts.

 

He also gave an example stating that if one wants to buy real estate in Switzerland for $10 million. The seller wants a guarantee that the value comes back to him as currency at ten and the buyer has to hedge the risk of the cryptocurrency, hence it is not a real currency. Kevin said that the seller or the receiver would never want to take the risk of such high volatility and thus BTC is worthless.

 

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