Would It Be Possible to Purchase Bitcoin with a Credit Card?
2022-02-14 17:56:43
According to cryptocurrency analytics company The Tie, data from Google Trends showed that “Buy crypto” searches on Google surged to all-time highs in January, far exceeding the previous peak of early 2018. The keyword received a perfect score of 100, which indicates maximum relative interest. A similar spike was also observed in Bitcoin’s case, despite its weak price performance.
One thing is pretty clear: the interest in crypto is growing rapidly and new investors are looking for the best way to get into the ecosystem. With a growing demand for digital currency, especially the original and most popular coin, Bitcoin, buying in has never been easier.
The ease of buying and investing in cryptocurrency has grown tremendously in recent years. If you’re accustomed to using a credit card for all your purchases, you might be surprised to learn that buying bitcoin with a credit card is also available. Several years ago, buying Bitcoin using a credit card was difficult. But, thanks to exchanges such as Binance and Gate.io this process became seamless and fast.
These days, a majority of major crypto exchanges and wallets provide the option to purchase Bitcoin with a credit card. This is doable either directly or through a third party payments provider. For example, Gate.io offers users who cannot use fiat currency to buy Bitcoin the ability to use Visa credit cards instead. This is possible with the help of third-party suppliers such as Banxa and Mecuryo.
Why Purchase Bitcoin with a Credit Card?
The first pro of buying Bitcoin with a credit card is being able to invest almost instantly. The second pro is being able to take advantage of the rewards.
Purchasing Bitcoin with a credit card is one of the only ways to get Bitcoin instantly. Compared with linking a bank account, a card link can happen instantly. Purchasing with the former method can take days to process. On top of that add the time it takes to verify your account. By contrast, using a credit card allows you to make the purchase right away which can ensure you don't miss out on large upward swings. As we all know, the bitcoin price live may change in seconds.
At the same time, you may potentially earn rewards to buy bitcoin with a credit card. But this only happens when your card issuer treats crypto transactions as regular purchases. A handful of credit cards, such as those offered by BlockFi and Gemini, issue rewards in the form of crypto. You may also be able to take advantage of lower interest rates on your spending.This allows cardholders to avoid the fees associated with crypto purchase transactions.
The fees for buying Bitcoin with a credit card could be considerably expensive with an average rate of 3.75%. Also, the credit purchase can be considered as cash advances that may attract higher fees. Moreover, some exchanges may limit the amount of Bitcoin that can be bought with a card. This is partly due to the fact that credit card companies can reverse charges. Therefore, if you’re thinking about investing in Bitcoin with a credit card, it’s important to DYOR (Do Your Own Research).
One thing is pretty clear: the interest in crypto is growing rapidly and new investors are looking for the best way to get into the ecosystem. With a growing demand for digital currency, especially the original and most popular coin, Bitcoin, buying in has never been easier.
The ease of buying and investing in cryptocurrency has grown tremendously in recent years. If you’re accustomed to using a credit card for all your purchases, you might be surprised to learn that buying bitcoin with a credit card is also available. Several years ago, buying Bitcoin using a credit card was difficult. But, thanks to exchanges such as Binance and Gate.io this process became seamless and fast.
These days, a majority of major crypto exchanges and wallets provide the option to purchase Bitcoin with a credit card. This is doable either directly or through a third party payments provider. For example, Gate.io offers users who cannot use fiat currency to buy Bitcoin the ability to use Visa credit cards instead. This is possible with the help of third-party suppliers such as Banxa and Mecuryo.
Why Purchase Bitcoin with a Credit Card?
The first pro of buying Bitcoin with a credit card is being able to invest almost instantly. The second pro is being able to take advantage of the rewards.
Purchasing Bitcoin with a credit card is one of the only ways to get Bitcoin instantly. Compared with linking a bank account, a card link can happen instantly. Purchasing with the former method can take days to process. On top of that add the time it takes to verify your account. By contrast, using a credit card allows you to make the purchase right away which can ensure you don't miss out on large upward swings. As we all know, the bitcoin price live may change in seconds.
At the same time, you may potentially earn rewards to buy bitcoin with a credit card. But this only happens when your card issuer treats crypto transactions as regular purchases. A handful of credit cards, such as those offered by BlockFi and Gemini, issue rewards in the form of crypto. You may also be able to take advantage of lower interest rates on your spending.This allows cardholders to avoid the fees associated with crypto purchase transactions.
The fees for buying Bitcoin with a credit card could be considerably expensive with an average rate of 3.75%. Also, the credit purchase can be considered as cash advances that may attract higher fees. Moreover, some exchanges may limit the amount of Bitcoin that can be bought with a card. This is partly due to the fact that credit card companies can reverse charges. Therefore, if you’re thinking about investing in Bitcoin with a credit card, it’s important to DYOR (Do Your Own Research).
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