Unless you are living inside a cyber-rock, you have probably heard about cryptocurrency. There has been a lot of noise lately, specifically about the bitcoin, whose market value has rocketed. This has made those who started trading bitcoins years ago very happy indeed.
But what is this about? Can you jump on the wagon and trade with cryptocurrency? Well, you actually can, and it is not that hard. All you need is your credit or debit card. If you think about it, your credit and debit cards represent online money although is not called “crypto”. Every time you purchase something with your card, you never really see the physical money.
How to Buy Cryptocurrency with your Credit Card
The first thing you will need to buy cryptocurrency is a wallet; a bitcoin wallet, for example. Without it, you cannot buy, sell, or trade cryptocurrency. Your wallet can be physical (a hard drive) or virtual.
Once you have your wallet, you can start buying. There are several sites such as Coinbase, Coinmama, or BitPanda that allow you to buy currency. Note that not all sites will allow you to buy cryptocurrency in all countries.
Here’s a quick step on how to do this:
- Create an account on the selected site.
- You will have to add your credit or debit card. Make sure your card issuer allows international transactions.
- Verify your identity. This is usually done through a phone call or video conference.
- Buy your cryptocurrency using your card.
Some Important Points
Now, the process is easy but there are some things you need to know. For instance, there is usually a limit to the amount of cryptocurrency you can buy. Coinbase, for instance, has a $150 or €150 per week limit.
Make a thorough research of the site you are using to buy your currency. There are some sites just preying on your hardly-earned money. Be safe and good luck!