Bitcoin: A Short Introduction
Bitcoin is one kind of cryptocurrency. It’s a digital currency and it’s not available in physical form. This means you have to buy Bitcoin only in the digital form.
There are many cryptocurrencies in the world. But, Bitcoin has multiplied its value rapidly. Hence, it’s one of the most popular cryptocurrencies in the world.
How To Buy Bitcoin
To buy Bitcoins, you have to join a cryptocurrency exchange. There you will see multiple payment methods to buy Bitcoins. If you use a credit card, then you can buy Bitcoins fast.
Can You Buy Bitcoin Through Credit Card
Yes, you can buy Bitcoin through a credit card. But, first of all, you have to find a Bitcoin exchange. A Bitcoin exchange or a cryptocurrency exchange helps to transform your traditional money into Bitcoin.
For Instance – You can use the ‘exchange’ (through your credit card) to transform $200 into Bitcoins.
Step By Step Process To Buy Bitcoin Through Credit Card
Step One –
To keep/store your Bitcoins, a ‘digital wallet’ is required. An ‘exchange’ can also offer you a digital wallet. But, you can have a wallet of your own.
Now, there are two types of digital wallets – 1) software wallet 2) hardware wallet. A software wallet should always be encrypted with a strong password. Otherwise, it may get hacked. A hardware wallet is also liked by many people. But, you can’t use this wallet instantly.
Step Two –
After getting your wallet, you have to find a cryptocurrency exchange. You can also call it a Bitcoin exchange. However, an exchange may not only exchange ‘Bitcoins’. There might be other cryptocurrencies. Hence, you should know – whether the exchange supports Bitcoin or not.
A reliable exchange may verify your ID and they may even verify your documents or photos. You should remember that there are many scam exchanges on the internet. They may set a trap to steal your credit card information. So, you choose a Bitcoin exchange carefully.
Step Three –
Now, you have to ‘sign up’ to your chosen ‘exchange’. To link your credit card you need a digital wallet. Your chosen exchange may also offer you a digital wallet. So, to buy Bitcoins, link your credit card to your digital wallet.
An exchange may have some limits on your Bitcoin purchases. Further more, an ‘exchange’ may also apply some ‘exchange rates’ and ‘processing fees’.
Step Four –
Choose the payment method and link your credit card. Then, you have to provide some information on the ‘exchange’. The ‘exchange’ will ask you to provide your credit card information. The verification process is crucial. So, you shouldn’t give them false information.
After completing the verification, you will be ready to purchase bitcoins. You have to choose the currency. Then, you have to enter the amount to buy Bitcoins through your credit card.
Some exchanges may not offer you a digital wallet. In that case, you may have to submit your digital wallet’s address to the ‘exchange’.
There are many cryptocurrency ‘exchanges’ in the digital world. The verification process may not be the same in those exchanges. Moreover, an ‘exchange’ may have different processing fees, exchange rates, and purchase limits. Hence, you should know everything about a Bitcoin exchange before choosing it.