Buy Bitcoin with a Credit or Debit Card

07/02/20

 

A blockchain-driven financial system is inevitable and when it happens, cryptocurrencies are going to be at the center of it. So, no matter what people say about Bitcoin, many experts believe it’s prudent to start buying them as soon as possible.

If you are new to the Bitcoin wave, first learn how to buy bitcoin with a debit card as it’s easier than other methods. Here’s how.

Buying Bitcoin with a credit card

When learning how to buy Bitcoin with plastic, you should be aware that many credit card companies treat crypto transactions like cash advances. This is not — as some outlets have suggested — because legacy payment systems are “scared” of cryptocurrencies but because you’re using the bank's money for what is considered a highly speculative investment.

Investors who buy their assets with debt often plan on paying the bill with their profits. Banks want to avoid this because if that investor’s Bitcoin drops in value, they might not be able to pay their bill at the end of the month. Due to America's history with debt-fueled investment, credit card companies want to make sure they’re not the ones holding the bag if a would-be crypto millionaire suffers significant losses.

That said, some banks do allow their clients to use credit cards to purchase Bitcoin and altcoins. If your bank does, buying on the Xcoins platform will be a piece of cake. However, if you do not fall into that category, you still have options.

Bitcoin and debit cards

Debit cards often run on the same Visa and MasterCard rails as your credit card, but that doesn’t mean they have the same limitations.  

The reason is, with a debit card, you only stand to lose your own money. When you purchase with your debit card, it deducts the amount directly from your bank account— without borrowing, without interest and without leaving someone else to pick up your losses. You can buy all the Bitcoin you can afford and pocket the profits when the price goes up.

No-fuss. No debt. No cash advance charges.

Using debit instead of debt reduces the amount of cryptocurrency you can buy, as a debit card transaction limits your purchase to cash on hand. Those who want to buy bitcoins with debt, such as a credit card or bank loan, often do so because they intend to invest more than they can afford. It’s called leveraged investing, or “buying on the margin" and by definition, it almost always means the investors won’t have assets to cover their losses if things go wrong.

That’s not good for anyone.

If you’ll collect killer points and have the cash to pay off your bill, by all means, reach for that credit card. Otherwise, why not buy Bitcoin with the money you already have?

How to buy Bitcoin with a debit card

Before you buy Bitcoin, get your wallet and follow the following six steps:  

That’s it! Now sit back and relax. We will send your coins to your wallet within 15 minutes of payment approval. 

Buying Bitcoin is quick and easy with a Visa or Mastercard, credit or debit card. Sign up for free and buy Bitcoin today!

 

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