Bitcoin dollar: which are the digital wallets that offer the best prices to buy cryptocurrencies

The choice of a wallet should not be limited to the price, but should also take into account what are the objectives pursued when entering the crypto world (Reuters)

The permanent swings in the price of Bitcoin set off alarms when choosing it as a savings or investment instrument. Due to the strong volatility of its price, We must add the fact that the sale of the most famous cryptocurrency requires taking into account prices and commissions so as not to lose along the way. This applies both to those who want to “stay” in Bitcoin and to those who use it as a way to avoid the exchange trap and become dollarized.

According to the CriptoYa platform, which compares the conditions for buying and selling cryptocurrencies in more than 20 wallets available in Argentina, the differences are notorious. As can be seen in the table that accompanies this note, there is a wide dispersion in the values ​​that include the impact of commissions.

There is a strong dispersion in the purchase and sale values ​​that include the impact of commissions.

To buy Bitcoin, the quotes allow to obtain an exchange rate (a “Bitcoin dollar” value) ranging from $189.34 to $206.19. In the case of the sale of the crypto, the exchange rate obtained starts at $176.83 and can reach 188.94 pesos.

These quotes correspond to the afternoon of April 1; The clarification is valid because the operation with cryptocurrencies works 24 hours a day, so the changes are constant and it is necessary to inform yourself before buying or selling.

Quotes include commissions Source: CriptoYa
Quotes include commissions Source: CriptoYa

The choice of a digital wallet should not be limited to the pricebut you must also take into account what are the objectives that are pursued when getting into the crypto world. According Javier Peredadeveloper of CriptoYa, highlighted that the wallet “has to be a registered company with a track record” and mentioned three central criteria:

– If Bitcoin is bought to save and maintain the investment for a long time, “It is important that the exchange has double authentication factor or additional security measures”. The second factor of authentication can take various forms; Once a key is uploaded to the app, fingerprint identification can also be required as a second security measure.

Once a key is uploaded to the app, fingerprint identification can also be required as a second security measure

– If the idea is to invest and obtain profitability, “Those wallets that pay interest for keeping cryptocurrencies in the wallet are taken into consideration, some of these are: Let’sbit, Lemon, Ripio, Belo, Buenbit, Decrypto, TiendaCryptoamong others. Some in turn issue cards that allow you to spend the funds and give them a use similar to current money. There are apps like Lemon, Belo or Buenbit that, in addition to having a card to pay for any purchase with crypto, offer refund of moneythat is, they return a part of the amount spent in cryptocurrencies.

Even with the growing controls, Bitcoin can be a way to dollarize by circumventing the limits of the exchange stocks (Reuters)
Even with the growing controls, Bitcoin can be a way to dollarize by circumventing the limits of the exchange stocks (Reuters)

– There are more advanced users looking to “buy and then invest in decentralized finance (DeFi) platforms or withdraw to wallets without custody; isThis is they prioritize factors such as cheaper withdrawal networks that allow funds to be sent to these platforms paying lower commissions”.

When it comes to selling cryptocurrencies and turning the money into bank accounts, already in pesos or dollars, The limits set by each financial institution must be taken into account, since many banks set limits for making transfers to fintech companies.

At the same time, even though the entire cryptocurrency circuit appears far from state surveillance, the banks do have the eyes of the regulators on them. Therefore, it is common for a bank to require proof of the origin of the funds it receives from a crypto wallet.

It is common for a bank to require proof of the origin of the funds it receives from a crypto wallet

Another key point when choosing a wallet is knowing which networks it operates with when withdrawing the investment, something that impacts profits. “For withdrawal, the networks on which the cryptocurrency works and whether the wallet allows withdrawal on a certain network must be taken into account. In the event that an exchange does not allow withdrawal on a network, the option is to exchange for another cryptocurrency that does allow it. Keep in mind that withdrawal fees are not the same for all networks”, explained Javier Pereda.

Even with the growing controls, Bitcoin can be a way to become dollarized by circumventing the limits of the exchange rate. At the end of the day, it is an asset that can be bought with pesos and is priced in dollars.

The same goes for any other cryptocurrency, in particular the stable coinsthose whose price is linked to a conventional currency. Cryptocurrencies such as DAI, USDC or USDT, with their value tied to the dollar, are the most used for this purpose.

Bitcoin can be a way to become dollarized by circumventing the limits of the exchange rate

The ease offered by the crypto world to move funds from one wallet to another, both local and non-local, allows easy access to the “Bitcoin dollar”. But it forces you to keep an eye on the commissions and the spread (the difference between buying and selling) both to buy and to turn them from one exchange to another.

Another tool widely used to dollarize is the platforms to operate “P2P”; then, instead of buying the cryptocurrencies from a wallet, the exchange is made between two individualsone who places an offer on a platform until he finds someone who wants to close the deal.

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