Guide To Best Buy Bitcoin Online Credit Card For Beginners
Bitcoin launched over a decade ago, and it has been revolutionary in transforming the fintech sector. This revolutionary digital currency permits peer-to-peer transactions without the need for intermediaries, and cross-border transactions can now take very little time to confirm. BTC is a decentralized currency that is not governed by any authority, and this has been attracting most investors. Interestingly there are various ways to get your hands on BTC, which is to buy a bitcoin online debit card or buy a bitcoin online credit card.
The potential returns, price volatility, and the fact that crypto exchanges operate 24/7 has made Bitcoin investment very attractive for most investors. Through bitcoin exchange credit cards, crypto enthusiasts can easily get BTC, which they can trade for profits or uses as a medium of exchange. With e-commerce growing, BTC is increasingly becoming popular as a form of payment, gaining mainstream tractions. Credits/debit cards have become popular nowadays, and it is now easy to buy bitcoin online credit cards at an exchange that supports this form of payment. Remember, you need a bitcoin wallet, preferably from PrivateX.io, where you will store your coins after purchase.
The growing popularity of credit cards in buying BTC
Bitcoin exchanges have evolved, and nowadays, they accept debit/credit card purchases of BTC. The growing popularity of debit and credit cards for BTC payments is because of the protection payment processors offer, considering they are highly regulated. Also, credit card bitcoin purchase in most countries is permitted, unlike for other services such as gambling and forex that are blocked. Equally, Bitcoin is a growing industry in most countries, and very few have banned them; thus, several users across the globe can access bitcoin exchange credit cards for transactions.
The process of buying bitcoin with a debit/credit card is simple, as all are needed opening an account with a bitcoin exchange. Some exchanges offer bitcoin wallets where you store your funds, but you can opt for a secure and safe third-party provider like PrivateX.io. Privatex.io is one of the most secure wallet providers, which gives the user a 12-word privacy key to ensure their funds are secured.
You can then deposit cash using your credit card to the exchange account, which you will use in acquiring bitcoins. Once you buy your bitcoin, they are instantly sent to your crypto wallet, making this method one of the quickest ways of purchasing BTC. There are several exchanges supporting users to buy bitcoin online debit cards. Still, you should research their transaction fees and settle for the most affordable but always consider the exchange's security.
Instant purchase of BTC with credit card
As indicated, once you buy BTC with your credit card, you instantly get your funds in your wallet. It is the main reason credit/debits are a preferred option for buying bitcoin. The crypto industry is all about speed because of BTC's volatility; one needs to leverage price fluctuations to make profits. BTC prices are unpredictable and can move up or down by up to 10% in a matter of minutes, which becomes a boon and bane for traders who can make quick cash or lose money within minutes.
Traders prefer credit cards because they can easily deposit cash to exchange, trade, and withdraw returns to the credit card. On their part, it also helps them benefit from points depending on their usage of the card. Users get a double bonus in profits and rewards for using the card.
Benefits of credit card purchase of bitcoin
Since payment providers that give credit cards are regulated, users get enhanced protection. For instance, if you use your card to purchase BTC on a particular exchange, you have an alternative, should the transaction fail. It means that if the transaction doesn't go through, it is traceable via Mastercard or Visa. On the other hand, purchases using cryptocurrency are not traceable, riskier, especially for greenhorns.
Another advantage of BTC purchase with a credit card is that you receive your funds instantly in your bitcoin wallet. As stated, the volatility of BTC price is one thing traders are after leveraging; thus, instant receipt of bitcoins is essential. Similarly, when withdrawing, it is seamless, and one gets their funds immediately after withdrawing.
With a credit card, you don't need to have cash at hand to make BTC purchase as the credit card provider can advance some credit that you can use to make purchases. It is important to note that credit card payments are made after 30 days, and this ensures that one can use the credit to buy BTC and trade and realize profits that they can use to repay the credit card balance when due.
BTC has become more accessible through credit cards as users can buy bitcoin in their local currency. For instance, you can buy BTC in GBP using your credit card. Some exchanges such as Kraken support the purchase of BTC in GBP, EUR, and USD. Since credit cards are international, it means you can use them to purchase BTC anywhere provided regulations permit.
How does credit card bitcoin purchase compare with other purchase methods?
Besides using credit/debit cards to buy BTC, you can buy BTC through other methods such as PayPal. Both methods offer enhanced security, but credit cards provide surety against fraud like when a transaction fails, and you don't get your BTC, the provider might give back your money.
The only shortcoming of credit cards is when it comes to personal information that you give away, unlike PayPal. There is a lot of personal data included with credit cards, unlike PayPal, which offers some anonymity.
Most bitcoin exchanges accept credit card purchases, unlike PayPal, which might be restricted in some cases.
Transactions are processed instantly for both credit card and PayPal purchases, but for other payment forms such as wire and bank transfer, transactions can take up to 24 hours before receiving your BTC. Sometimes credit card transactions are charged higher fees by exchanges than a bank transfer and PayPal in some exchanges.