Bitcoin is becoming more popular as a means to invest and also as a currency for everyday purchases, the prediction is that Bitcoin and other Crypto currencies will be the currency used for the majority of online transactions by 2030 and that major national currencies will start to fail at some point in the future due to the rise of these virtual currencies. Bitcoin certainly seems to be more stable than the national currencies of some South American and African nations. So how can you exchange your US Dollars for Bitcoin? Can you just buy bitcoin with debit card instantly?
Where to Buy Bitcoin with Debit Card Instantly
Well buying Bitcoin with either a Debit Card or Credit Card couldn’t be easier. As long as you have a Crypto wallet, online Bitcoin brokers will take you through the easy process of paying for Bitcoin with a Debit or Credit card and transfer the money to your Cryptocurrency wallet. If you don’t already have a cryptocurrency wallet some of these brokers will link you to a provider of one to set up as you carry out your transaction.
Is Buying Bitcoin with a Debit Card Secure and How Much Does it Cost?
The platform most online brokers use is Simplex which is a very secure platform which carries out verification of your card and your Identification. The process can take up to 30 minutes as several checks have to take place and the transaction has to be recorded. Charges for a transaction go from around 8% up to 15% so make sure you find a broker that has a total fee closer to the lower figure here.
Alternative Ways to Buy Bitcoin
There are other ways to buy Bitcoin, for example you can actually buy Bitcoin with cash at a Bitcoin ATM. At a Bitcoin ATM you insert cash and it is exchange to Bitcoin and transferred to your cryptocurrency wallet. Bitcoin ATM’s are spread throughout the country at major shopping malls and city centers and other secure locations where you can make your transaction. Up to $900 you can make a cash transaction with just your cell phone number as a verifier, but over $900 you have to use your state ID and a photograph is taken of you by the ATM. For transactions over $3000 more in depth ID is required.
Where Can Bitcoin Be Stored?
Because Bitcoin is a virtual currency, it is the codes which accompany the transaction which have the value, there are no actually notes or coins given to you. You could of course write these codes down, but it makes no sense because they are not secure then, and the codes must be stored digitally with the transaction information so that when you later transact the Bitcoin it can be verified that you own that Bitcoin, and then your codes used again to sell on or buy merchandise with your Bitcoin.
So yes its pretty easy to buy Bitcoin with Debits Cards, or Credit Card or Cash.
