How to Buy Bitcoin With a Credit Card – Kuri007.com
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How to Buy Bitcoin With a Credit Card – Since the inception of Bitcoin in th. 2009 until now, the existence of cryptocurrency has become a worldwide concern as a form of digital money that is decentralized, meaning without intervention from the authorities.
In fact, in more than a year. Finally, Bitcoin has also gone from being recognized as an illegal payment method to becoming the most profitable investment option.
With its high popularity and the lure of big profits, it means that traders and small investors can find ways to be able to buy these crypto assets, including by using a credit card. Apart from being popular along with its convenience, traders and investors with minimal capital can afford credit capital to start getting into the crypto market.
The lure of huge Bitcoin profits has resulted in some people ultimately wanting to buy Bitcoin with a credit card and hoping to be able to pay off the debt of using the credit card. However, of course the risk that must be borne. The question is, can you really spend Bitcoin with a credit card? If so, then what are the risks for you?
Can You Buy Bitcoin With a Credit Card? How?
As a high-value asset, people naturally want to be able to buy Bitcoin by way of credit. Please note that this payment method is not widely available, as some exchanges avoid billing. You can only afford to buy Bitcoin with a credit card on an outside exchange which unfortunately is not regulated by Bappebti.
Because there is no local exchange regulated by CoFTRA that provides a credit card payment option, it is wise to choose an outside exchange. Because, when you register for an account to buy Bitcoin using a credit card, of course they want all the special knowledge for the KYC (Know Your Customer) system. Do not let you implement a KYC verification system on an exchange that does not know its reputation for maintaining user privacy data.
Apart from only a few crypto exchanges providing the option of buying Bitcoins with a credit card, not all credit card issuers also allow their users to buy cryptocurrency on credit. So, if you want to buy Bitcoins with a credit card, make sure to use exchanges and credit cards that actually allow this method of transaction.
Is Buying Bitcoin Together With a Credit Card a Good Idea?
Not. Using a credit card to buy Bitcoins is a highly speculative and expensive method, as the potential downsides tend to outweigh the benefits. If you don’t have the ability and qualified experience in analyzing the crypto market, then buying Bitcoin with a credit card is not recommended at all.
Bitcoin purchases can generally be recognized differently from other purchases by credit card issuers. In many cases, buying cryptocurrency with a credit card is often recognized as risky behavior, because this can cause credit issuers to reduce credit limits or even close them.
Disadvantages of Buying Bitcoin Together With a Credit Card
As mentioned above, using a credit card to spend Bitcoin is not a good idea. There are too many risks to be reckoned with compared to the speculative profit potential. What are the disadvantages of buying crypto together with a credit card?
As is well known that a crypto exchange generates and earns money through transaction fees. The average transaction fee is around 0.1% per transaction, but for transactions using a credit card, there is a possibility that you may be charged more.
For example, one external exchange allows you to buy Bitcoin with a credit card, but can charge up to 7% as a transaction fee for buying Bitcoin with a Visa or Mastercard credit card instantly.
Credit Card Fees
It should be noted that in general buying cryptocurrencies with a credit card is similar to cash withdrawals. So you have to know in advance what percentage of the card’s cash withdrawal limit, as well as admin fees and interest.
The two fees above are not the only risks when you buy Bitcoin with a credit card. The most important risk that must be understood is the high level of speculation. Cryptocurrency is a technology that is still relatively new, but has experienced price changes from one to one with a large range, as it appears on the latest Bitcoin prices.
This can erase your profit if you buy Bitcoin with a credit card and then the price then crashes like it is now. Not increasing profits, but later you will pay more credit card debt than the value of assets.
In addition, as previously written above, there is no local exchange that provides a method of purchasing crypto using a credit card, this is also due to the enormous risk for exchanges and local banks providing credit.
Thus, if you really want to buy Bitcoin with a credit card, then your transaction cannot be protected by regulations that are supervised and regulated by CoFTRA.
Even though you can now buy Bitcoins with a credit card, this method is not a wise financial decision. You have to remember that the risk of using a credit card to purchase ordinary goods is quite large, especially if it is used to buy Bitcoin, whose price volatility is very high.
These risks and costs can not only reduce your potential profit, but can also affect your credit score unless the purchase is recognized as very large and high-risk. So, always use cash only to buy Bitcoin and look for other ways to earn money from crypto.