Exchange Reviews

Gemini Bitcoin exchange: How it all started

The birth of the Gemini Bitcoin exchange has an interesting twist given that its founders were rowers. So, how did the founders find themselves among the first Bitcoin billionaires and why did they choose to build a reputable crypto exchange, Gemini.

The Gemini Bitcoin exchange founders

The exchange was founded by twins, Cameron Winklevoss and Tyler Winklevoss. But who were the Winklevoss before the Gemini Bitcoin exchange?

Cameron and Tyler were American rowers who competed in the rowing competition in 2008 during the Beijing Olympics. Apart from rowing, the twins have an interest in the internet and they jointly built the ConnectU which was earlier called HavardConnection, a social networking website.

The social networking website would later make them millionaires. The same year they launched the earlier version of ConnnectU, 2004, they sued Facebook’s founder, Mark Zuckerberg for copy-pasting their idea and using it to build the now famous social networking website, Facebook. The lawsuit was later settled with the twins taking home 65 million U.S dollars.

Investing in Bitcoin

Of the 65 million U.S dollars, the twins invested 11 million U.S dollars into Bitcoin. The brothers said that with their investment, they held 1 percent of all Bitcoins.

Gemini Bitcoin

During this time, the brothers said:

We have elected to put our money and faith in a mathematical framework that is free of politics and human error. People say it’s a Ponzi scheme, it’s a bubble. People really don’t want to take it seriously. At some point, that narrative will shift to ‘virtual currencies are here to stay.’ We’re in the early days.

The birth of the Gemini Bitcoin exchange

After investing a huge amount in Bitcoin, Cameron and Tyler moved deeper into the Bitcoin world and built the Gemini Bitcoin exchange.

The Gemini Bitcoin exchange is based in New York, U.S, where it is registered as Gemini Trust Company. The exchange is fully regulated by the New York State Department of Financial Services (NYSDFS).

With other exchanges evading being regulated by traditional financial watchdogs, the Gemini Bitcoin exchange has from the start sought to be guided by a regulatory framework. This framework stipulates that the exchange should adhere to the laid out banking, compliance and other standards as the regulator may deem necessary.

How to use the Gemini Bitcoin exchange

For you to use the services offered by the exchange, you will need to first create an account.

Account creation

Gemini Bitcoin

This process will start by visiting the official Gemini Bitcoin exchange’s website where you access the sign-up option. You will be prompted to enter a valid email address, your name and choose a strong password. A link will be sent to your email to kick start account verification.

The verification process will involve:

  • Activating a two-factor verification for added account security
  • Providing a bank account for deposits and withdrawals
  • Providing identification documents. For example, a government-issued document like an ID card or passport. Identification documents enable the Gemini Bitcoin exchange to abide by the set AML guidelines. Note that an account that has not uploaded verification documents cannot be allowed to initiate deposits and or withdrawals.
  • Your account is ready for use.

Buying Bitcoin on the Gemini Bitcoin exchange

Before buying Bitcoin (BTC) or Ethereum (ETH) from the Gemini Bitcoin exchange, you will be needed to first fund your account by transferring fiat from your connected bank account to your Gemini account. This can be done by accessing the ‘Transfer Funds’ menu from your account then selecting the deposit option. However, the Gemini Bitcoin exchange caps the amount that can be deposited to 500 U.S dollars per every 24 hours.

After a successful deposit, you can proceed to the Gemini Bitcoin exchange’s market and choose either BTC or ETH trading pairs. Here you will be required to specify the amount you are willing to spend and the quantity of BTC or ETH you wish to purchase.

Gemini Bitcoin

The Gemini Bitcoin exchange also allows its users to deposit BTC or ETH from other exchanges. All deposits to the Gemini Bitcoin exchange, whether crypto or fiat, are free. However, for bank transfers, the bank may charge a fee to transfer the funds from your account to the exchange’s account. For BTC and ETH withdrawals, the Gemini Bitcoin exchange allows 30 free withdrawals per month.

Trading fees charged on the Gemini Bitcoin exchange

The Bitcoin exchange charges its trading fees as a percentage. Both makers and takers pay a 0.25 percent trading fee. However, the makers enjoy a zero percent trading fee for trades that exceed 5K and 100K for BTC and ETH respectively for one month. Under the same conditions, takers enjoy a 0.10 percent trading fee.1

In conclusion

The Gemini Bitcoin exchange presents the perfect starting point for anyone looking to start trading or purchasing BTC and or ETH. Its commitment to abide by a strict regulatory framework helps the Gemini Bitcoin exchange to appeal to both individual and institutional cryptocurrency investors.

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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