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As Bitcoin is becoming truly mainstream, it is quite useful to understand, where and how one can purchase this magic token. Please see the detailed analysis of possible ways for doing this below.
It seems an eternity ago when Bitcoin was a fringe idea that was the mains currency of the nefarious dark web markets, a time when the wider society viewed with both distrust and derision. Times have rapidly changed for Bitcoin and the year 2017 is the biggest year it has ever had in its 8 year lifespan.
This year is so significant not only because Bitcoin has been able to multiply in leaps and bounds over 7 times its price from the beginning of the year, but because it has scaled through some of its toughest challenges yet, one of them being a Chinese Government crackdown a few months ago. Investors and speculators are trooping into Bitcoin, and the wider cryptocurrency industry’s huge success this year can all be traced back to the zeal among investors to find the next Bitcoin.
With the rapid adoption of Bitcoin from big time investors, to everyday people and small businesses (who view it as a way of getting better pay for their services), the ways of acquiring it have been becoming more and more accessible as well. Gone are the days when you will need to go through a lot of trouble to get your hands on this prized commodity. Huge demand has ushered in the easiest and fastest possible ways of buying Bitcoin, with Credit/Debit card purchase leading the way in this category.
Bitcoin due to the irreversibility of its transaction has been very slow to be adopted by the credit card buying option. Most exchanges and sellers have been too fearful as the result of the ease through which credit card information gets stolen and misused by criminals without the knowledge of its owners. This often triggers charge backs when the real owners lodge complaints with their financial institutions. But this has slowly changed as the sheer demand for Bitcoin has forced the cryptocurrency traders to develop safer processes for buying Bitcoin using Credit or Debit cards.
Seven of the best known ways of buying Bitcoin using your Credit or Debit card include:
One of the first exchanges to hit the ground in providing flexible payment means for Bitcoin is CoinMama. This US based exchange has always tailored its business towards providing the easier payment option for their customers. Even before their adoption of credit and debit cards, CoinMama was one of the very few exchanges that allowed their users to make a Bitcoin purchase through Western Union. And now that they have adopted credit and debit cards, buying has even become easier
CoinMama is a very solid company with a great track record, which makes it among the most reputable places you can buy your Bitcoins especially using your Debit or Credit card
When it comes to buying Bitcoin through Credit Cards, CoinMama is a bit of a specialist in this field. Their service is especially attractive to buyers because of the high volume of Bitcoin you can buy through this means of payment. Unverified accounts can buy up to $150 worth of Bitcoin, while verified customers can purchase up to $20,000 in Bitcoin, every single month!
How to Buy Using CoinMama
No list of ways of buying Bitcoin either using Credit card or any other means for that matter will be complete without including Coinbase, the world’s largest Bitcoin broker. This is one of the most reputable exchanges in the whole world with very tough security protocols that has won them respect throughout the industry.
Coinbase for example is said to hold all its Bitcoin and other cryptocurrencies in a completely offline vault, that requires their staff to physically go and tap from for daily transactions on the platform. Coinbase is especially popular because they accommodate more countries than most other US based exchanges. As at present it accepts payment for Bitcoin from 33 countries with more rumored to be coming soon. A registered buyer could make an instant purchase of $150 per week and once fully verified, the number is bumped up to $1000 per week using credit cards.
For those that are completely new to the cryptocurrency universe but still want to buy their first Bitcoins, Coinbase comes highly recommended due to the relative ease it gives for a customer to conclude their purchase. It charges a flat 3.75% fee on each credit card transaction.
How to Buy Using Coinbase
If you are in the Euro zone and are looking for one of the easiest ways to buy your Bitcoin then perhaps Bitpanda is where you should be looking at. This Austrian based startup came into business in 2014 offering a wide range of payment options such as Neteller, Skrill, SEPA and of course directly using your Credit or Debit card.
Bitpanda charges are not flat, as the payment means you choose determines how much you actually get charged. But on the whole, their fees are mid-ranged due to the array of chargeback modes they accept. Using your Credit Card actually has less charge than using the other options such as Skrill, as Bitpanda will typically charge you in the 2 percent region for any Credit Card transaction in contrast to 3.77 percent for most of the other payment methods
Bitpanda is innovative when it comes to its verification process, and the amount of Bitcoin you are allowed to buy depends on what verification level you chose. The lowest level which will require your phone number will allow you to buy 50 Euros worth of Bitcoin at an instant and a total of 600 Euros in any given month.
For fully verified accounts that have government-issued IDs attached, the user get a huge rise in their daily and monthly purchase volume. A verified account is able to buy up to 2500 Euros of Bitcoin every 24 hours and a total of up to 75,000 in a month using just their Credit Card to make the purchase.
The Bitpanda platform is very intuitive and is easily navigated by those with the most basic know-how of the cryptocurrency industry. And it has an overall positive feedback as far as its customer service is concerned. For a company that has just been in business for a little less than three years, Bitpanda certainly seems to have a solid reputation that other companies who have been on the scene longer haven’t been able to gain.
How to Buy Using Bitpanda
This is a Bitcoin broker that actually started up as a cloud mining startup in 2013, but has since transformed into one of the most famous cryptocurrency exchanges in the world offering easy payment options for its users. As one of the oldest in the business, CEX.IO has a lot of experience and has almost half a million registered users presently on its platform.
Given its openness to accepting highly risky payment options like Credit Cards, CEX.IO takes extra measures to verify a customer’s identity before they are allowed to transact freely on its exchange platform. Once a user is verified however, transactions are very swift to conclude, as the buyer usually receives their Bitcoin almost instantly. And unlike other exchanges such as Bitsamp, CEX.IO always keeps its own end of the bargain by delivering exactly what was agreed on the Bitcoin transaction. For example if the buyer wants to purchase 3 Bitcoins at say $500 per Bitcoin and goes on to pay for it, that is exactly what they will get at the end of the transaction notwithstanding any volatility of the market.
It also has one of the most generous transaction volumes available for any exchange. A non-verified account can buy as much as $500 of Bitcoins in a day and up to $2000 worth in a month. Verified accounts can trade up to $100,000 in a month with daily transaction volumes pegged at $10,000. And if you want unlimited transaction powers then there is also a Verified plus or Corporate accounts available.
On the flip side, one of the biggest sources of pain for CEX.IO’s users is its charges and transaction fees. Sometimes CEX.IO takes as much as 7% of the total amount you are paying as transaction fees. So if you were to buy $1000 of Bitcoin the amount you will eventually receive will be equal to $930 in fiat currency.
How to Buy on CEX.IO
This is one of the very first exchanges to ever set foot in the cryptocurrency business which is registered in Luxembourg. It is very popular with Bitcoin buyers that are restricted from the other major exchanges due to their locations as Bitsamp runs a worldwide service. Bitsamp has a solid reputation within the cryptocurrency exchange communities as it has more experience than most on the behaviors of the market.
Due to their accepting of customers from every country, Bitsamp’s registration and verification process requires extra patience on the part of the user. Verification of accounts to allow for larger amount of transactions take very long, and the overall user interface can be trying for those unfamiliar with this field.
Bitsamp accepts a wide range of payment options and it processes its credit and debit card payments through Simplex, the same service CoinMama uses for its customers.
How to Buy On Bitsamp
This is another great way of Buying Bitcoins using your credit card if you are not based in the US or European countries that most of the other exchanges exclusively serve. This one of the most brilliant worldwide exchanges when it comes to customer support, its user interface is pretty simple and can be understood and navigated by those with basic know-how f the cryptocurrency industry,
Partly due to its accepting of all kinds of customers from every country, 247Exchange is a bit tedious when it comes to actually verifying your credit card. It is usually charged a meager amount of which you must verify on your account before you start buying. This charge sometimes gets “hooked” along the way and you may not get the necessary alert to conclude the verification unless you try severally.
How to Buy
It is easy to forget that it is not only through different established exchanges that a user could make Bitcoin purchases. Even peer-to-peer market places such Localbitcoins offer this service, as they offer the most diverse ways of getting Bitcoins of which Credit Card payment is one of them.
With Localbitcoins you are not dealing with an established and registered exchange with huge headquarters. You are dealing with people just like you, who happen to have a lot of Bitcoin for sell and who might specify their own payment terms. Vendors on Localbitcoins accept a wide range of payment methods like wire transfers, PayPal, local bank deposits or even gift cards.
What Localbitcoins will surely offer you is a wide variety of prices to choose from, as every vendor determines their individual selling rates. It also offers other advantages as Anonymity when buying as the vendors will not demand your personal info like the exchanges. And unlike exchanges, some vendors will ask that you to make an online purchase for goods worth the Bitcoins you are buying and have them sent to their addresses.
How to Buy Using Local Bitcoins
So as you can see there are lots of different ways to buy or sell Bitcoins. It is up to you to decide which way of buying or selling cryptocurrency to choose. But the best variant to choose is to consider all the pros and cons of each method. Also, we need to mention that the main principal is security. It is necessary to be extremely careful and cautious while entering your payment card data. Remember that if you have any suspicions about the service you choose you need to stop any transactions there. All the responsibility lies on you. The best way is to use services that were checked up by the people you know. Sometimes it can be extremely hard to bring the money back, especially if you were defrauded.