The Complete Guide to Buying Bitcoin with Credit Card, Cash, or Bank Transfer
If you’re on the fence about buying Bitcoin with credit card, debit, cash, bank transfer, or any other payment method, it might be because you don’t know the facts about this obscure cryptocurrency. Bitcoin seems to be taking over the world, but there is no point in making an investment if you don’t know the first thing about it.
Maybe you know the basics but have no idea to go about making an investment. Is buying Bitcoin online even safe? Is it OK to use my credit card for Bitcoin purchases? What’s the Bitcoin buying, trading, and selling process like? These are all common questions surrounding Bitcoin.
Yes, it is completely safe. Yes, you are able to use your credit card as well as many other payment methods for Bitcoin purchases. To answer the last question on how the buying, trading, and selling process works, continue reading below.
Find Your Bitcoin Wallet
Before you can do anything else pertaining to Bitcoin, you need to sign up for something called a Bitcoin wallet. Just like the wallet you keep in your purse or back pocket of your pants, a Bitcoin wallet stores your money. The main difference, though, is that it stores it using an online portal, so you won’t actually be able to touch, feel, or smell your crypto cash.
Many Bitcoin wallet providers don’t actually allow users to buy, sell, or trade their bits; a wallet is merely a place to store the funds. For investing in Bitcoins, getting it off your hands, or trading it for another cryptocurrency, you’ll need something called a crypto exchange platform. After you find and sign up for your Bitcoin wallet, you’ll need to find a Bitcoin exchange. Some Bitcoin resources do it all, such as Coinbase.
Choose Your Bitcoin Trader
A Bitcoin trader is the same thing as a Bitcoin exchange, the thing that we just mentioned above. Digital Trends says this about choosing the right exchange/trading platform: “There are a whole lot of exchanges out there, with varying performance. Some are less trustworthy than others and some can be quite limited, so it’s important to pick the right exchange to start with.” Sure, there are a lot of options out there, but keep in mind that they’re not all created equal.
Select Your Preferred Method of Payment
The beauty of investing in Bitcoin now rather than 10 years ago is the ease of investing. In the past, purchasing Bitcoin was complicated, but now, the process can be done the same way as you would buy anything online. Just follow the instruction for purchase on the exchange platform of your choosing, select your payment method, and wait for the transaction to process.
There are plenty of payment methods to choose from, including credit or debit cards, bank transfer, or cash with Bitcoin ATM locations. Once you’ve made your purchase, it is highly recommended that you move your funds from the exchange platform to a more secure Bitcoin wallet.
