Buy Bitcoin with Credit
Gone are the days where acquiring Bitcoin was a complicated process that would take weeks of studying and analyzing on how Bitcoin works and where you can get it. There just wasn’t an easy way to buy Bitcoin with a credit card. Today, there are many methods you can use to get your hands on this cryptocurrency without worrying about anything else other than its prices and which services are the best out there.
So, is it possible to use a credit card to buy Bitcoin? The short answer is yes, it is possible. As we said earlier, back when Bitcoin was just starting, it was a very obscure and “underground” concept that not many people knew. That made not only purchasing it hard for users but even knowing about it meant days of digging the darknet in search for answers and information. If you wanted to buy Bitcoin with credit card, there weren’t many options available for you. It was unlikely but somewhat possible in some cases.
However, this small possibility was enough for Bitcoin to surge past this stage and become the trend that is today: an industry with a market cap of hundreds of billions of dollars.
Today, we have Crypto Exchanges.
Crypto exchanges are the most comfortable and most popular way to buy and sell Bitcoin worldwide. And it’s also how you can buy Bitcoin with a credit card. It’s just a matter of creating an account, linking your credit card, and then you can start trading Bitcoin at your leisure. Here’s how:
Get A Personal Wallet.
First, you need a personal wallet where all your coins will be sent to for storage.
You can download mobile wallets like BreadWallet or Mycelium, use desktop wallets like Electrum, web wallets like blockchain.info, or even invest some extra cash into a hardware wallet like Trezor.
That is important because the only place you can trust to keep your coins is your own wallet.
Choose an Exchange.
Then you must select the exchange you wish to use.
An excellent exchange for beginners is Coinbase since it has a very intuitive user interface that is beginner-friendly and has low fees.
Register an Account.
Exchanges work by giving you an account, much like a bank.
When you register, you will need to give some data like your e-mail. Some exchanges require less information and others ask for more. It’s up to you to decide how much you want to give away. During registration, most exchanges will guide you through the steps necessary to affiliate your credit card so you can buy Bitcoin with a credit card.
Once you have your account, you can just start trading. Most exchanges work by setting up buy and sell orders with specified amounts to purchase and will then proceed to do so automatically.
Transfer Your Coins to Your Wallet.
It’s doubtful but somewhat possible in some cases that an exchange could be an excellent place to keep your coins.
This means that the best way to ensure your Bitcoin’s safety is to move them to your personal wallet after purchase.
As interest and demand in the crypto space grows so does the availability of the technology that enables users to do more. In this specific instance the buying of crypto coins with credit cards. As the players in the space continue to innovate there is growing regulatory issues that come with it. Certain banks are banning the use of using their issued credit cards to purchase crypto. Do your own due diligence into the rules and law governing transactions in cryptocurrency.
Warning: Don’t Over-leverage
While this highlights the ability to utilize credit to purchase crypto do so with extreme discretion. Margin and credit when used correctly can help however more often than not using margin is risky. It is up to each person to exercise their discretion and caution in making their own decisions.