In 2008, the Bitcoin blockchain was released. Back then, not many people realized what an impact cryptocurrency will have in the future. Today, the formerly unknown cryptocurrency has become mainstream. Bitcoin increased in price a lot, to say the least. Now, people realize that cryptocurrency is a great way to get profit.
Today, you can even buy Bitcoin with a credit card. The bitcoin blockchain isn’t governed by any central authority, which is what initially attracted so many buyers. While having BTC, you can get access to plenty of services and goods.
But how do you get BTC if you aren’t a miner? As it was mentioned, you can do it by using your credit card! Check out the article to learn how to do it, and if it’s even safe.
Can You Purchase Bitcoin by Using a Credit Card?
It is definitely possible to buy BTC by using a credit card. Usually, centralized exchanges allow such a method for the convenience of their customers. A centralized exchange isn’t operated or regulated by the government, but there is a third party that allows you to buy coins quickly.
Centralized exchanges always have currency in stock, so users can easily and quickly purchase coins that they need. It depends on the platform though. Some exchanges, even centralized ones, do not allow this method.
In some cases, these centralized exchanges are based in countries where their banks do not support purchases with credit cards. Meaning, that it’s meaningless to even add the ability to buy cryptocurrency since no one will be able to buy it.
Is it Worth Purchasing BTC with a Credit Card?
Some experts warn buyers about using credit cards as a payment method to get Bitcoin or any other cryptocurrency. Here are a few drawbacks of buying Bitcoin with a credit card:
l Credit card fees. Some banks may increase fees for making a purchase. You need to pay attention when you are completing the purchase – if the fee is too high, it might be more beneficial to use a different method.
l Exchange fees. Experts recommend using exchanges with lower fees. Using Binance, BTCBIT.NET and other exchanges may save you a lot of money.
l You may get your credit limit lowered. Sometimes banks decide to reduce a user’s credit limit after they purchase cryptocurrency.
l Foreign transaction fees. If you are using foreign exchange, you may have to pay even higher fees because of the exchange rate.
On the bright side, if you are using quality exchange platforms that value your customers, you may get your cryptocurrency. Buying crypto with a credit card is one of the easiest methods, which is why so many crypto fans prefer using their cards.