Bitcoin.com explained: cashing in on the name

In todays world, you can almost always trust that a companies name followed by “.com” will bring you to the best website for their product. The thing is, Bitcoin isn’t really a company and that’s one of the reasons why people love it. Nevertheless, people have had a hold of the URL since before the Bitcoin we know was realized.

Bitcoin.com is a sad story of failed businesses selling the name back and forth to each other in hopes of driving traffic to their projects. Here’s a bit of history on the site and how it currently compares to other businesses that aim to get you started investing in crypto assets.

Firstly, Bitcoin.com is very expensive 

Right now, purchasing Bitcoin from bitcoin.com is like buying water a theme park. You didn’t prepare enough and are being penalized for it.

On August 16th, 2019, the price of bitcoin is $10,363 on Coinbase. This means that $50 is worth about .0048 btc. With that being said, $50 would buy you .0046 BTC on Coinbase, .00477 on Cash App, and .0036 on bitcoin.com 

Basically, the website charges a 2.5% fee that they give to themselves and a 5% credit card processing fee with a minimum of $10. If you are considering buying bitcoin for the first time, don’t get it from bitcoin.com.

Oh.. So is it the official Bitcoin site? 

Definitely not. An anonymous individual with they pseudonym, Satoshi Nakamoto created Bitcoin. Nobody has ever identified Satoshi and the network is completely self sufficient.

Namecheap, Inc. registered the domain a year before the Bitcoin whitepaper was released. The website was “taken over” by a failed exchange called Tradehill later on. Roger Ver, the current owner then purchased the site in 2014. 

Ver leased the domain to the exchange okcoin.com until they stopped paying their rent. In the words of Ver himself,

“When they took the website offline, and stopped paying the money that they owed,  I decided to manage the website myself.” – Roger Ver

What is the site good for then?

Well, it’s not really the best at anything it does. 

There is an acceptable wallet that meets industry standards, but it only accepts BCH and BTC. Other wallets like exodus.io allow you to store many more coins and exchange them in their app. 

They also link you to a URL that allows you to immediately begin gambling if you are in a legal area. Unfortunately, the U.S. prohibits gambling Bitcoin so I am not able to test the quality of the site. 

The site also has a mining pool which makes up a respectable 1.5% of bitcoin mining as of 2019. What isn’t so respectable is their history of promoting the cloud mining product with an estimated profitable return. 

Estimating where a volatile asset such as bitcoin will go is something that not even the most successful traders can do. Even today, you can see that the website is estimating quite a bit of return for people who purchase their cloud mining service. They also end your contract if “the total revenue from the past 30 days is less than the total daily fee for the same period.” This, of course, happens when long term uptrends reverse. 

The last thing that they offer is news. There is nothing particularly offensive about their articles, but do note that Ver is very biased towards the success of Bitcoin Cash if you read the site. 

In summary

It is unfortunate that such an important domain name has had such a traumatic history. Bitcoin being decentralized is one of the reasons it is so new and cool. Even if newcomers hear that bitcoin is decentralized, they might not fully understand that it means there is no owner. Even I thought there may have been some sort of team that updated the product. In reality, it just exists and all there can be are spinoffs. 

Bitcoin.com value seems to rely on the traffic that they receive for owning the name. Their fees are higher than anywhere else, their news isn’t very sought after, the cloud mining has frustrated many users, and their casino is, well… a casino. 

It is very easy to not have enough information to make the best decisions in this growing environment. Just remember that the people who lose the most are the ones who are overcome by fear of missing out. You are here early, so take advantage of that time to do some research.