For many individuals and businesses, cryptocurrency has now become a very popular investment option. With the value of Bitcoin soaring in recent years, many people have switched from mining to trading and buying Bitcoin directly with credit or debit cards.
Using a debit card, credit card, or prepaid card to purchase Bitcoin (BTC) is, nevertheless, tricky. Companies such as Coinbase and Binance, on the other hand, have made this procedure smooth and quick. You can now buy Bitcoin directly from your account at any international or domestic exchange using a credit card, debit card, or prepaid card.
How to buy Bitcoin using a debit card?
We’ve put together a step-by-step guide for buying Bitcoin with a debit card online.
1. Select a broker
You may buy Bitcoin from a variety of venues, including several crypto exchanges, but the safest and most dependable way to do so is through a broker, just like you would with regular equities. The broker will take care of the technical and administrative aspects of the transaction, as well as carrying out your requests.
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2. Create an account
To open an account with a cryptocurrency broker, you’ll need to provide certain information, just as you would with a bank or traditional stockbroker. You’ll be able to keep track of your investments, manage your crypto funds, and file your taxes using your account.
3. Link your debit card to your account
If you want to buy Bitcoins with your debit card, you’ll need to link it to your account, which is simple. Most brokers now allow you to do this instead of using a standard bank account, which may be more convenient.
4. Consider getting a wallet
You may want to consider purchasing a ‘wallet,’ which can be hardware or software, to help you manage, transmit, and receive your Bitcoins or other cryptocurrencies safely. Software wallets include mobile applications, while hardware wallets resemble USB disks.
5. Purchase Bitcoin now!
With your debit card, you should now be able to trade Bitcoin and other cryptocurrencies. Simply place an order with your broker and wait for it to arrive.
Banks That Allow Purchasing Bitcoin
Blockchain technology is already being employed in a variety of financial industry applications, including international payments. To enable B2B cryptocurrency payments between their customers, some U.S. institutions are already developing their own blockchain-based platforms, which include digital currencies. Reduced transaction fees and speedier money transfers are among the potential benefits, according to proponents. Japanese banks are also developing digital currency-based payment solutions.
Debit card purchases are permitted at some banks.
Coinbase consumers who have invested in the exchange can check their bitcoin balances via their smartphones, thanks to USAA. This is the first time a large bank has put money into an exchange.
Simple Bank works with the majority of bitcoin exchanges and allows for direct bitcoin buy-sell transactions.
Bankera’s SpectroCoin aims to be a fully functional bank that provides payment accounts, interbank foreign exchange rates, debit cards, loans (with cryptocurrencies as collateral), and payment processing.
Worldcore offers multi-currency accounts with debit and virtual card access. The PayAnyCard of the Czech Republic’s largest bank may be loaded with altcoins, making digital currency spending easier.
One of the most Bitcoin-friendly banks is Ally Bank. Ally is an online-only bank, which means it doesn’t have any physical locations. They do, however, offer 24/7 help and an online chat function. You may effortlessly link your bank account to Coinbase and use your debit card to purchase desired cryptocurrencies. You can also buy crypto using your credit cards because Ally hasn’t said they’re against it, but you’ll have to pay the costs.
Customers can deposit funds into their accounts with a debit or credit card, a bank transfer, or cryptocurrency. Wirex can also be connected to a third-party service. Customers have the ability to change currencies at any moment.
Benefits of Owning Bitcoin in 2023
Even though Bitcoin was launched in 2009, it is still regarded as a new type of currency with a lot of misunderstanding. Understanding the advantages of Bitcoin will help you decide if it’s a good investment for you.
High Potential for Profit
Bitcoin values are notoriously volatile, fluctuating dramatically monthly and even daily. For example, Bitcoin was priced at $975.70 in March 2017, and it soared to $20,089 in December after only a few months. Bitcoin’s price reached an all-time high of $64,000 in April 2023, just a few years later.
Furthermore, other investors anticipate Bitcoin will continue to appreciate in value over time, with values approaching $500,000 by 2025. Because of the fixed supply cap of 21 million coins, this is the case. And that supply cap will most likely occur within a certain time frame, which many believe will boost Bitcoin’s long-term worth.
Crypto transactions are simple, inexpensive, and private compared to most other types of transactions. Anybody can send and receive a variety of cryptocurrencies using a simple smartphone app, hardware wallet, or exchange wallet.
Security is Exceptional
Decentralized cryptocurrencies are considered secure forms of payment because they are based on encryption and blockchain technology. This could be one of cryptocurrency’s most reliable advantages.
The hash rate plays a big role in cryptographic security. It would require more computational power to compromise the network with a greater hash rate. Bitcoin is by far the safest cryptocurrency, with the highest hash rate of any network.
Account verification is required by cryptocurrency exchanges that allow you to buy Bitcoin with a debit or credit card. This includes submitting a name, verifiable ID, photos, and geolocation information. After linking your account to your debit or credit card, you can buy right away.
With the implementation of anti-fraud technologies for Bitcoin exchanges in recent years, purchasing Bitcoin with a debit card has become quite simple. However, because these systems are costly to run, exchanges will typically charge a premium for buying Bitcoin with a debit card.