Friday, April 19, 2019

Buying Cryptocurrencies with Credit Cards

For the young crypto enthusiast and soon to be cryptocurrency trader looking to buy some Bitcoins or get their hands on some new rave cryptocurrencies, we provide a few guides to getting you started on the right foot.

Welcome to the Potluck of Digital Gold

If you are intent on buying Bitcoin or some other digital currencies, it means you are ready to join the train of millions of people in the world who have found a more secure and definitely more prospective means of exchange other than your fiat paper; And even after ten years since the first cryptocurrency surfaced, fear not, you are not late to the party—yet.

How to Buy Bitcoin

The first and biggest cryptocurrency Bitcoin emerged in 2009 after being coined by its anonymous founder and programmer, Satoshi Nakamoto. The allure of the Bitcoin as with other cryptocurrencies—as we trust you to know by now—is the decentralized nature of its creation and distribution. Not controlled by any government or centralized body, the cryptocurrency market has grown into one worth trillions of dollars and rightly so as more people in the world continue to buy and trade digital assets.

Buying Instantly with a Credit Card

The question is if you can purchase cryptocurrencies as easily as you’d purchase from an online store. Yes of course, but is definitely more than the simple retinue of providing your credit card information as you’d on eBay, your first step would be to find a trusted cryptocurrency exchange. The first step is crucial and requires careful research on your part, as a number of trade platforms on the internet are scams and are only looking to part away with your real-world money and credit card information.

However, look for larger, recognized and regulated crypto exchanges to buy your first digital assets and create your own virtual wallet.

Here are ultimate steps to buying your first digital coins with a credit card:

  1. Find a trusted online cryptocurrency exchange e.g Coinmama, CEX.io, Bitpanda, etc.
  2. Decide on the amount you wish to spend to purchase your coins
  3. Supply your ID for verification
  4. Create your first digital wallet
  5. Supply your credit card details
  6. Wait for your purchased digital coins to be sent to your wallet

Sides to Purchasing Cryptocurrencies with Credit Cards

There are benefits and of course cons to purchasing digital currencies with a credit card online, although there aren’t plenty of options if you are buying for the first time. While there are the advantages of it being very easy and also the possibility of making a purchase when you don’t need cash, you would have to find a trustworthy exchange to prevent your credit card information from getting stolen.

You may also find that there are transactions fees involved, and you might not want to spend than you intend to. Once you buy your cryptocurrencies, however, cherish them, trade them, they are yours.

Enjoyed this article?
Subscribe to our mailing list and receive the hottest news directly to your inbox!
 

Advertisement

More Articles