Imagine having money in a wallet online that you can use anywhere you want to, without even having a bank involved. Amazing right? Now, that is what cryptocurrency is about! Cryptocurrencies have been widely accepted in many countries in the world, and different kinds of these currencies have since been introduced. But one cryptocurrency that is highly popular and the forerunner of many others, is Bitcoin.
What is Bitcoin?
Created in 2009 by an individual with the alias “Satoshi Nakamoto”, Bitcoin is a cryptocurrency that serves as a means of worldwide payment. It just happens to be the first digital currency with a decentralised system, which makes it work without a single administrator or a central bank. This way, transactions are made without having to go through a middle man, so no banks involved. Interesting, isn’t it? Another way to look at it is seeing it as a peer-to-peer system where users make transactions between themselves directly.
How does it Work?
Bitcoin is organised through a channel known as the blockchain technology that serves as an online ledger where records of each transaction are kept securely all in a single place. Any time you buy or sell bitcoin, blockchain logs the swap. The accumulation of these back-and-forth swaps make up a block, which is decentralised across all devices with a bitcoin wallet, and the only way you can get this wallet is by buying bitcoin.
With bitcoins you can buy products and services anonymously. You can book hotels in the UK, buy Xbox games, shop for furniture, and even buy groceries. Yes, it’s that easy!
Using your credit card to buy bitcoins can be a bit confusing, but a company like Coinbase has made it very fast and smooth.
Before you think of buying bitcoin, you will need to first have a Bitcoin wallet because most exchanges where you are going to buying bitcoin from will definitely need one.
Using Credit Cards to Buy Bitcoin
One of the largest Bitcoin broker in the world is Coinbase, and they have made buying bitcoin with Credit Cards way easier than it used to, especially if you are in the UK.
With Coinbase, you will be able buy as much as £150 worth of bitcoin on a weekly basis with your credit card. All you get charged is a token fee of 3.99% on all purchases made. Here is a quick guide on buying bitcoins on Coinbase via credit card:
- Create a Coinbase account
- Connect your credit card to your profile on Coinbase
- Verify your ID
- Start buying bitcoins with your credit card
If you are newbie to buying bitcoins, then this is an easy way for you to do so instantly, with no stress whatsoever.
With the bright future and constant surge in value of bitcoin, it has been able to catch the attention of both private individuals and investors. Buying bitcoin with credit cards has in the past been a bit of drag, but not anymore. Now you know where and how to easily get bitcoins with your credit card. To exchange or trade bitcoin with other cryptocurrency you can use Binance.