Introduction How to Buy Bitcoin
Purchasing cryptocurrencies with a debit card is becoming easier every day. This tutorial will show you how to buy BTC with a debit card in five easy steps:
Open an account with a cryptocurrency exchange Kucoin
There are many cryptocurrency exchanges available to help you buy and sell cryptocurrencies. When choosing an exchange, you need to make sure that it meets the following criteria:
- Regulated by a government authority (e.g., SEC in the U.S.)
- A good track record of security practices
- Easy-to-use interface
We recommend Kucoin
Choose a cryptocurrency exchange
Choosing a cryptocurrency exchange is the second step in buying bitcoin with a debit card. There are many different exchanges, so it’s important to choose one that has high volume of trading and good customer service. You can also choose an exchange that has a good reputation for security, but this is not as important as the other factors mentioned above.
Verify your identity if you haven’t already
If you haven’t already, you will need to verify your identity in order to buy cryptocurrency with a debit card. This is because the process of buying cryptocurrency is still new and therefore not fully understood by the banks that issue debit cards, so they are required by law to make sure that their customers are who they say they are. You can do this by uploading a photo of either:
- Your driver’s license or passport
- A utility bill (up to 3 months old) or bank statement (up to 6 months old)
- A government-issued ID card
Find the BTC wallet address of the exchange
Once you’ve selected the cryptocurrency you want to buy, the next step is to find its wallet address. A cryptocurrency wallet address is a long string of numbers and letters used to securely send and receive cryptocurrencies. Each exchange has its own unique wallet address that you’ll use to deposit money into your account, so make sure you pay attention here!
We recommend you buy a hardware wallet from Ledger to keep your crypto safe.
Use the debit card to buy BTC
If you’ve made it this far, then great! You’re ready to buy some bitcoin with a debit card. The process is fairly simple and straightforward, but there are still a few things that need to be covered before we get into the nitty-gritty.
To purchase Bitcoin on Coinbase using a debit card:
- Sign up for an account on Coinbase here or via Android or iPhone app;
- Verify your identity by uploading your ID (if necessary);
- Link ACH funds from your bank account;
- Purchase BTC at market price (usually this means buying BTC at its current price).
Cryptocurrency purchases have high transaction fees and take more time.
Cryptocurrency purchases have high transaction fees and take more time.
Bitcoin purchases are subject to high transaction fees as well, which can add up quickly if you make many small transactions. Debit card payments also take a long time because the same amount of money must be transferred from your bank account to the crypto exchange’s bank account before it can be used in a purchase. In contrast, credit card purchases often take only seconds because they’re fully processed instantly by Visa or Mastercard for customers who have their credit cards linked directly with their crypto exchanges.
Conclusion
Bitcoin is a good investment for long-term investors. If you are looking for a way to buy bitcoin with your debit card, then use our guide to help you do so. We have outlined all of the steps in great detail so that even beginners can understand how this works!
