How to Buy Bitcoin with a Credit Card in 2024

Can you purchase Bitcoin with a credit card? Yes, Paybis allows you to buy Bitcoin with a credit card.

As Bitcoin gains popularity, more people are looking at buying the digital asset, either to diversify their portfolios or chase some gains with excess cash. However, Bitcoin was difficult to purchase for some time, as traders needed wallets to buy tokens. Since then, crypto trading platforms have become available, making Bitcoin access even easier. More recently, some companies have allowed users to buy Bitcoin with a credit card, making for the easiest access to Bitcoin yet. 

How to Buy Bitcoin With a Credit Card: Step-by-Step Guide

Take a look at the process required to purchase Bitcoin with a credit card.

1. Sign up with an exchange: There are a handful of sites that allow you to buy Bitcoin with a credit card, which are covered below. Once you have chosen a site, you can sign up, typically using an email or phone number.
2. Verify your account: Most sites are subject to know-your-customer (KYC) laws, which require them to certify the identity of their users. This means that you will have to provide identification and answer some questions, which usually take between 10 and 30 minutes.
3. Purchase your tokens: Once you have a verified account, you can purchase tokens. You can do so by going to your portfolio and searching for Bitcoin, where you can enter the amount of tokens you want to buy. From there, you can complete the transaction. For example, Paybis supports Apple Pay, Google Pay, credit cards, debit cards and other payment methods. This means that you can buy Bitcoin with Visa, MasterCard, Discover and American Express. Additionally, Paybis only has a minimum required purchase of $4. 

Pros and Cons of Using a Credit Card to Buy Bitcoin

Take a look at some of the pros and cons of buying Bitcoin with a credit card.

Pros:

• Instant access: Paybis allows users to have instant access to their Bitcoins. This means that you can begin using your Bitcoins as soon as the transaction is complete. 
• Ability to time the market: Oftentimes traders see opportunities in the market but do not have the funds to act on their convictions. By buying Bitcoin on a credit card, traders can buy and sell Bitcoin without having to possess the funds.
• Cashback: Some credit cards offer cashback on all purchases. So, it can allow you to get some of your money back when you buy Bitcoin with a credit card. 

Cons:

• High fees: When you buy Bitcoin with a credit card, there are often high fees. These fees can add up over time and eat away at the actual investment. This is especially true for smaller investors, as some sites charge a flat fee such as $5 per transaction.
• Risk of debt: If you buy Bitcoin with a credit card, you run the risk of not being able to pay back the credit card company. This can cause your credit score to go down, which can have negative financial consequences.
• High interest: If you end up going into credit card debt, most companies charge extremely high interest rates that compound every month. If you take out too much credit and cannot pay it back, the balance can get exponentially higher.

Where to Buy Bitcoin With a Credit Card

Below, you can find widgets showing several different exchanges that offer the ability to buy Bitcoin with a credit card. Some of Benzinga’s favorites are Paybis, Coinmama and CEX.IO.

What Can You Do After Buying Bitcoin?

There are a few main ways that Bitcoin is used:

• Investment: Many people believe that Bitcoin is the future of money because it is decentralized and perhaps more secure than other financial systems. Because of this, they see it as a solid investment and a way to earn excess returns when compared to other markets. These Bitcoin users will generally buy and hold their position.
• Form of payment: Bitcoin was created to be a form of payment and a way for people to transfer money. This means that you can use Bitcoin to pay your friends who also use Bitcoin or purchase things online. For example, you can buy computer parts using Bitcoin on Newegg. 
• Store of value: Bitcoin has a set schedule for releasing new tokens. Each block, which lasts around 10 minutes, releases 6.25 new Bitcoins into circulation. However, this number is halved every several years, which means that the supply is increasing at a decreasing rate and is set to be capped in 2140. Because of this, the value of Bitcoin is much easier to determine, as the supply is known. This contrasts with other currencies, such as the U.S. dollar, as the supply can be manipulated by the Federal Reserve. 

Buy Bitcoin Instantly With a Credit Card

It is now easier than ever to buy Bitcoin, as you can do so in minutes with a credit card. The process is simple, allowing you to quickly and easily get your hands on tokens. With these tokens, you can invest, store value and pay certain vendors. However, this process has risks, mainly revolving around your ability to repay the credit card companies. If you can repay promptly, then buying Bitcoin with a credit card could be a good option for you. 

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