Bitcoin Buying Guide Using Credit Card or Debit

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Bitcoin buying guide cryptocurrency

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Cryptocurrency and Bitcoin Buying Guide

Cryptocurrency has become increasingly popular globally, and more people are beginning to embrace it by purchasing bitcoin using their credit or debit cards. In the early days, buying bitcoin with your credit or debit card used to be quite tricky – this is changing, however. Bitcoin buying guide.

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Bitcoin and Cryptocurrency Wallet – Bitcoin buying guide

Before you begin purchasing bitcoin using your debit or credit card, you must have a bitcoin wallet. For newbies, a bitcoin wallet is similar to a bank account. This wallet allows you to receive bitcoins and other coins, store them, and even send them to other people.

Furthermore, a bitcoin wallet has private keys and secret pins that enable you to perform any transaction. These private keys and secret passwords must be well-protected since without them; you cannot access your wallet.  

The common types of bitcoin and crypto wallets are hardware wallets and hot wallets.

Hardware Wallets

This is a physical, electronic device specifically designed to secure crypto coins. The hardware wallet must be connected to your computer, phone, or tablet for any transactions to happen. These types of wallets are also considered secure and reliable for bitcoin storage. According to research, the most common hardware wallets around are Ledger Nano X and TREZOR T.

Hot Wallets

These are crypto wallets that run via internet-connected gadgets – such as computers and mobile phones. An example of this is the Nakitcoins wallet. Hot wallets are gaining popularity as they can be accessed anywhere via mobile devices.

See also15 Real World Use Cases and Applications of Blockchain Technology

Coinbase

Coinbase is one of the largest bitcoin brokers in the world. It operates in Europe, the USA, Canada, the UK, and Australia. Coinbase allows you to purchase up to $150 of bitcoin per week, using your debit card (but not a credit card). It charges a 3.99% fee on all purchases, which is the lowest option for European and US-based clients.

Here is a step-by-step process on how to buy bitcoin with your debit card on Coinbase;

  •   Create an account by opening and signing in to Coinbase
  •   Link your debit card to your Coinbase account
  •   Confirm and verify your ID with Coinbase
  •   Purchase bitcoin with your debit card.

Advantages of Coinbase

Majors benefits of using Coinbase include;

  •   It has high liquidity and buying limits
  •   Suitable and easy-to-use for bitcoin newbies
  •   It has an “Instant buy” option

CoinMama

CoinMama is a bitcoin broker that allows you to buy bitcoins with either your debit or credit card.  It charges you a 6% fee because of the risks and processing fees that come with credit card payments. One fantastic feature about CoinMama is that it allows the purchase of up to $5000 worth of bitcoin per day and a maximum of $20000 of bitcoin per month.

Here is a step-by-step guide on how to buy bitcoins on CoinMama using either your credit or debit card;

  •   Create your account then verify your email address
  •   Log-in into the account
  •   Verify your identity by providing all your details and then uploading your ID
  •   Select a payment method, which can either be your credit or debit card
  •   Select the number of bitcoin you intend to purchase
  •   Enter your bitcoin wallet address followed by your credit or debit card info
  •   Purchase the bitcoin

Advantages of CoinMama

  •   It operates in all countries
  •   CoinMama is reliable and has the highest limits for buying bitcoin with a credit card

See also: APPLICATIONS OF BLOCKCHAIN IN Internet of Things

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