Buying Bitcoin With A Credit Card-Part 1

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Author : Crypto Income Staff 10 August 2017

Using a credit card is actually the easiest and perhaps best way to buy bitcoins. Most of the major bitcoin exchanges, mining companies, and wallets welcome credit card purchases. In fact a credit card is often the best means for an average person to buy bitcoin. There are several advantages to using your plastic for altcoin purchases that you should be aware. WHY YOU SHOULD USE A CREDIT CARD TO BUY BITCOIN. You should consider using a credit card to buy Bitcoin for several reasons including. You will be able to contest questionable or inaccurate transactions and have them removed from your bill if necessary. Visa and MasterCard credit card transactions can be done instantly online with most locations in the world. When you use a credit card you will not have to reveal details of your identity or location. You will not be putting your bank account or banking data at risk of data theft by using a credit card. By tapping your credit card balance you can buy Bitcoin without having to spend your savings. Many Bitcoin exchanges are faster to work with those who use credit cards than persons that simply use a bank balance. Some exchanges such as CEX.IO will allow for smaller Bitcoin purchases with credit cards. CEX.IO lets you buy less than $300 of altcoin with a credit card but not with bank transfers. WHAT YOU SHOULD KNOW ABOUT BUYING BITCOIN WITH A CREDIT CARD. There are a few restrictions and potential pitfalls to Bitcoin purchase with a credit card that you should be aware of. These include.

You can only use a Master Card or Visa. Most Bitcoin exchanges and wallets will not accept either American Express or Discover. There will be fees charged for the purchase. You will have to repay the credit card balance at some point. You might be putting your credit information at risk from being stolen. So make sure the site is secure. You should use a very reputable exchange such as CEX.IO or a well-known; wallet such as Coinbase or Bitpay, when you use a credit card to buy bitcoin. It is a good idea to make your purchases from a company based in a large highly developed country like the United States, Canada, Singapore, Australia or the United Kingdom. Some exchanges will require that you buy a specific amount of coins. Others have limits or maximums that you must follow. Make sure that you read the fee schedule. CEX.IO charges a 3.5% commission plus 25¢ on all bitcoin transactions. This can add up fast if you are making a lot of purchases. HOW TO BUY BITCOINS WITH A CREDIT CARD. Even though there are a wide variety of bitcoin wallets and exchanges out there their operations are all pretty much the same. Here is the standard method for purchasing Bitcoin with a credit card. To buy bitcoin using a credit card you will have to. Sign up for an account. You can sign up directly on the site, or use an app. Some Bitcoin wallets; such as Coinbase and TenX, have smartphone apps available through the App Store and Google Play.

Add your account information this includes the account number on the front of the card and the Card Security Code or Card Security Verification Value. This code is a three digit number usually found on the back of the card next to your signature. Once the card has been verified you should be able to start buying and selling bitcoin through the wallet. BUYING BITCOIN WITH GIFT CARDS AND RELOADABLE DEBIT CARDS. There is an interesting way that a person can purchase Bitcoin via Visa and MasterCard without using a credit card account. He or she can purchase MasterCard and Visa branded gift cards or reloadable gift cards. Many retailers; including Walmart and most grocery stores, sell a wide variety of such cards. Some retailers also sell reloadable cards into which funds can be transferred from a bank account or “loaded” at a store with cash. Here is how to buy bitcoins with a reloadable debit card. Make sure that you purchase a Visa or MasterCard branded product. No Bitcoin wallets, miners or exchanges I know of accept American Express and Discover payments. Load the amount of money that you want to use to purchase Bitcoin onto the card. Go into your wallet or exchange and follow the instructions for entering a credit card for payment. You should be able to enter the numbers from the gift card as you would a regular credit or debit instrument. Once the card is accepted you should be able to buy bitcoin.

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