Before you start buying Bitcoin, you should ponder upon the thought of getting a digital wallet, where you can store your Bitcoin separately and without any trouble or concern.Īs mentioned above, digital wallets can be either hardware or web-based, and they are also called cold wallets and hot wallets. In the previous section, we mentioned that you shouldn’t keep the Bitcoin you buy on the cryptocurrency exchange itself, as it can be insecure and more vulnerable to theft. Once your debit card is successfully added, the cryptocurrency exchange will use it to take out funds against any Bitcoin you buy. You can, however, ask them to set up an account with their name and use it to buy the Bitcoin for you. So, if you are looking to use a friend or family member’s card on your online account, you might not be able to do so. This is a way for these exchanges to ensure that users don’t add a stolen card and rob someone of their hard-earned money. Most cryptocurrency exchanges make it mandatory that you can only use a debit card that has your name on it, i.e., the name on the online account should match the cardholder name otherwise, the card won’t be added. This action would prompt a form or pop-up to appear, where you will have to enter the cardholder’s name, card number, expiry date, and CVV number. Since we are focusing on paying through debit cards in this article, you will select ‘Debit Card’ from the available options. Now that you have found the perfect cryptocurrency exchange and also set up your online account, the platform would ask you to choose the method of payment through which you will make payments for buying cryptocurrencies. So, to answer the question, it isn’t difficult at all to buy your Bitcoin and pay through your debit card because the transactions are highly secure and recorded on the blockchain, which means they can’t be tampered with. Plus, there are several cryptocurrency exchanges companies that have streamlined the process, making it smoother and faster for every individual. Thanks to the decentralized nature of blockchain on which Bitcoin transactions are recorded, as well as the numerous security protocols in place, it has become much safer and more convenient to use your debit card on the exchange app or website without having to worry about losing your money or falling victim to a fraud or scam. When cryptocurrency exchanges were developed and started growing in number, buying Bitcoin with debit or credit cards was one of the options that you had, but it was considered to be quite complex since not many people had an idea of the process and weren’t ready to put their trust in something they hadn’t even heard about until a while ago. Let’s dive right in and see what the fuss is all about. This article covers everything you can do in order to buy Bitcoin using your debit card. There are several easy ways through which you can do so but doing it with a debit card is one of the most convenient methods, and the process is incredibly smooth and rapid nowadays. With that said, you must be eager to learn how you can buy Bitcoin and start your investment journey. Although the risks are still prevalent, no other investment is as lucrative and has massive gains like Bitcoin does. Moreover, some banks are eager to provide their customers with cryptocurrency services.
What adds to the popularity and credibility of Bitcoin is that several companies and corporations all over the world have started accepting payments in the cryptocurrency, which is a giant leap forward. It is also the reason why hundreds of people have become millionaires and billionaires, and hundreds more have lost millions of pounds. In the past 13 years, it has gone from being the world’s first recognized cryptocurrency, worth only a few cents, to the world’s most powerful asset, priced at a record high value of $68,000. In this day and age, if you don’t know what Bitcoin is, or you have never heard about it, you must be living under a rock.
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