In this article, I will discuss the complete procedure of How to Buy Bitcoin with a Credit Card.
What is Bitcoin:
A few years ago, in 2009, bitcoin was launched by a programmer named “Pseudonym Satoshi Nakamoto.” It was the first cryptocurrency, and it’s a way of sending money peer to peer without any third party.
The cryptocurrency was created to come up with alternative payment methods between counterparties. Many people don’t know yet that how to buy a bitcoin with a credit card. There are many press releases and news regarding cryptocurrency. Also, a lot of companies and businesses aren’t aware of it yet. Bitcoin, A Digital Gold, was worth $0 when first introduced, and investors started trading in it. In February 2011, it was worth hit the level of $1 for the very first time.
HOW CRYPTOCURRENCY WORKS?
Cryptocurrency is a highly decentralized and properly encrypted form of exchanging money without banks or third parties, and cryptocurrency transactions are safe. You can store/hold any crypto coin in your crypto wallet easily.
The most popular cryptocurrency to date is bitcoin and has a market cap of around $893.66B. The process is the same as we purchase goods physically through paper currency. We can buy bitcoin through a Credit card. Bitcoin can be traded with crypto wallets that you have on your mobile phone, laptop, or anywhere. All the transactions are done through blockchain technology, and tracking all the transactions is called mining.
| How to buy BITCOIN with Credit Card |
Before you buy bitcoin or any other cryptocurrency, I’d highly suggest you go through all the information, data, and statistics about them. Then, It will be easy to understand how to buy bitcoin with a credit card.
1. Account making and verification | Buy BITCOIN with Credit Card
There are multiple exchanges on which you can make your account to buy, sell and hold cryptocurrencies. The best exchange would be that it allows you to transfer funds without interfering with any third party. Also, that allows the user to withdraw their crypto to their wallets.
Every beginner asks the same question that how to buy bitcoin with a credit card. There are multiple exchanges on which you can make an account and start trading like Coinbase, Gemini and Binance, etc. However, Binance is one of the most popular and professional platforms for buying and selling cryptocurrencies. It requires KYC and double-step verification to prevent your account from scammers and make your money safe.
One of the essential factors in this step is choosing your internet connection stable, and the account password should include uppercase, lowercase, numbers, and special characters.
2. Select Payment Options:
When the exchange has been chosen, then comes payment options. Credit Card and Debit card is the most common options to buy or sell bitcoin, but if the region you live in doesn’t allow or support the banking system, P2P trading comes in.
3. Place Cryptocurrency order:
Many people think a lot about that how to buy bitcoin with a credit card. First, you need to deposit money from a credit card into your wallet then you will be able to buy bitcoin. Now comes multiple options of trading like Spot trading, Margin trading, and Future trading. If you’re a beginner, I’d recommend starting with spot trading because there’s less chance of loss than going in the Future or Margin trading. You can buy bitcoin or any other cryptocurrency through that money you have transferred in your wallet, and spot trading gives several options like stop loss, take profit, market, limit, etc.
Let me quickly tell you the brief difference between them. Stop Loss is the option in which you put a specific amount which means you don’t want to bear loss more than that.
Take profit is another option you get while trading. You put a specific amount of profit you want, and when the market goes up to that amount, your order will automatically be completed with that profit you had put in.
The limit is that you will put the amount while buying or selling. It means that if the market price touches the limit that you have entered, your buying or selling will be done automatically even if your mobile phone is off or you are sleeping.
The market is the most acceptable option, in my opinion, because there’s no need to wait for anything. You need to make sure that you will click buy or sell when the market is high or low in the second. When you click on buy, cryptocurrency will be there in your wallet at the exact rate when you clicked on the “buy” button, and there will be the same case in selling. That’s how you can buy a bitcoin with a credit card.
4. Selection Of Safe Storage:
So now the most important step comes in that where to store or hold your cryptocurrencies. There are two types of wallets called Hot wallet, which means an online wallet, and the other is called a Cold wallet, which means hardware or physical wallet.
The main differences between them are that you can make transactions quickly and easily in a hot wallet. It also saves your transaction fee, but there’s a need for private solid keys and passwords because there’s a chance of hacking. So, it would help if you stayed away from scammers.
In cold wallets, there’s nothing like an internet connection, you save your funds in the physical wallet, and there will be a transaction fee in every transaction you do, and there will be a third party.
HOW TRANSACTIONS OCCURS?
This particular aspect of cryptocurrency is very reliable and authentic that sending and receive money from any corner of the world. The transactions on multiple cryptocurrency exchanges are so quick that there’s no need for banks or other platforms.
Let me get you more detail that how a transaction occurs when you buy bitcoin with a credit card. All the transactions are controlled by the miner who takes place in the broadcast.
Well Liked Cryptocurrencies:
Few specific cryptocurrencies are famous all around the world. Without a doubt, Bitcoin has to be on the top of the list. Other than that, ADA, ETHER, DOT, XRP, USDT, LTC, BNB, LINK, IOTA, EOS, and BCH are also on this list.
Cryptocurrency future predictions
Cryptocurrency is not the future; it’s the present. Let me give you an example that why it’s the same as other investments. See, the thing is, when you invest your money in any business or real estate, loss and profit are there.
It’s the same in the crypto market; you will face loss as well as profit. When the demand for anything goes high, its rate would be increased as well, and as other NFT’s(Non-Fungible Tokens), BTC went up to $60,000 in April 2021 and fell to $30,000 in July. Also, experts say you should invest only 5% of your money in the crypto world because if you face loss first-hand, you can deal with it.
Bill Noble says, “Bitcoin may go to $75000 at the end of this year.