Why buy bitcoin with credit card? Many people prefer this method of acquiring cryptocurrency. There’s a very big reason for that: it’s one of the only options available to more than a small percentage of the population and it offers near-instant access to your newly acquired funds.
Other methods may take days, especially if you live in an obscure part of the world and choose to buy BTC without exchanging any fiat currency for it first (such as by using LocalBitcoins ).
These are also accepted at many places where cryptocurrency exchanges are not, so they give users more options on where they can spend their new money. And lastly, because more people have these plastic rectangular objects than bank accounts worldwide – by about 90% according to some sources – this option gives many more people access to BTC than any other.
Where to buy bitcoins with credit card?
On the other hand, using them isn’t without disadvantages: while it has substantially lower transaction fees than debit cards and wire transfers, it also carries over a certain percentage of your balance’s interest rate (usually around 1-4% per year). Also, if you buy BTC on an exchange that follows KYC/AML regulations, you may need to verify your identity before buying. Some exchanges do not allow this sort of verification though, and some require all users to trade under their real name (without disclosing exactly who they are) – trading like this is called “tumbler” or “mixer”.
How buy bitcoin with credit card?
Step 1: Get a wallet where you can securely store your coins. The safest option is to buy a hardware wallet, such as the ones from Trezor or Ledger. An even better option might be a paper wallet or cold storage. You should not buy them before having a place to put them – doing so would be like buying a safe without walls and then wondering why it’s empty inside. If you don’t want to buy hardware wallets, then at least buy yourself an encrypted email address (it should cost only 0.01 BTC per year and it will give you one more layer of security). And if you’re serious about wanting maximum protection for your digital life, buy yourself a gun and move to the middle of nowhere.
Step 2: Choose an exchange that allows buying digital money with a credit card. It will require you to deposit fiat currency (before you can buy anything, so keep in mind that your options are limited depending on where you live. Examples include Bitstamp, Coinbase, Kraken, or Gemini.
Most exchanges work similarly, but some offer different ways of buying crypto. If trading CFDs, make sure it’s either short-term trades (like eToro ) or high liquidity (like AvaTrade ).
Does FAQ buy bitcoin with a credit card?
Just like any other online transaction, the first step would be to register an account with an exchange first. Some exchanges will ask for a number of personal details, which you would need to fill up and submit before the process can start. After this, you will have access to your amount on deposit along with a buy bitcoin with credit card option available on the account page. In order to buy it, choose the aforementioned option and follow through the next steps carefully.
Sometimes crypto exchanges might want some identification from users, especially if they plan on operating in countries that have strict KYC/AML regulations. However, there are other options as well. One such way is LocalBitcoins, where users can buy BTC using a number of methods including PayPal or cash.