Have you been thinking of investing in bitcoin (BTC)? Well, BTC is a relatively new type of currency that you can purchase with a debit card. It’s no secret that BTC is a hot topic these days, and many people are looking to buy some. Though it may seem like an easy task, there are some precautions you should take into account before you can purchase the currency. Purchasing BTC is an easy process, but there are some simple mistakes that you need to avoid to ensure the safety and security of your purchase. Let’s explore these mistakes you can encounter as you buy cryptocurrencies and some suitable ways to prevent them.
1. Forgetting To Check the Fees
This is one of the most common mistakes that people make when they want to purchase digital currencies with a debit card, as they are usually not very informed about how their bank or credit card company works and what kind of fees they charge. Banks typically charge a currency conversion fee for each purchase you make in another country, with such fees ranging from 1% to 4%. Whether you are buying gift cards with BTC, you need to carefully check the fees.
2. Using a Low Limit Debit Card
When you buy bitcoin with a credit card, the transaction can be approved instantaneously and instantly added to your account for sale. With a debit card (or bank), however, it is not that easy. Banks may take up to 5 days to verify a transaction, which can lead to delays and may put you in a situation when the price of BTC changes drastically.
3. Not Being Fully Informed About BTC
Before you can buy cryptocurrencies with your debit card, make sure that you are familiar with how this currency works and where it comes from. Buying something blindly can be dangerous as you may fall prey to scammers.
4. Using a Cheap or Unsecured Website to Buy Bitcoin with a Debit Card
The BTC market is not regulated by any government entity. As such, many websites claim they can sell you BTC for your debit card but, in reality, will only take your money and never deliver the coin in the end. Because BTC is a digital currency, there are no security measures in place that can help you get your money back, so stay away from shady websites and search for legitimate ones before making any transactions.
5. Not Checking Into the Reputation of the Exchange
Many people don’t do their homework when they want to buy bitcoin with debit card, mainly because they don’t know what to look for. That is why you must check into the reputation of the exchange and ensure that they are legitimate. There are several ways to do this; when looking up their info, search for customer reviews, read news surrounding them and make sure that no one has complained about the service they are providing.
6. Not Making a Test Purchase
If you want to make sure that your payment is processed successfully, without any delays or complications, then there is one thing for you to do: perform a test order first! It is not hard and doesn’t take too much of your time. Just see how the seller treats you and what kind of website they have before making further purchases. Once you are sure that everything is okay, feel free to invest more money in BTC.
7. Not Checking Into the Credentials of Your Seller
Like exchanging real money for other fiat currencies, you must also check the credentials of your seller beforehand. Many sites offer this service, so there is no way for you to tell which one is fake. Whether you want to acquire BTC or buy cryptocurrencies, you should use Google to see if they have been registered with any agencies and search for customer reviews online.
8. Using Outdated Methods
Thinking that new ways of buying cryptocurrencies with a credit card are scams makes you stick with the old ones, thus missing out on some amazing opportunities. There are many new methods to purchase digital currencies with your debit card; some of them are very fast and cheap, while others will cost you less but may take longer for the BTC transactions to be approved.
BTC is quickly becoming the new gold. It’s a digital currency that has come into prominence over the past few years, and its value is rising sharply. Today, people have fun when they buy gift cards with cryptocurrencies and having them delivered to their desired locations. Whether you have heard it from friends or seen it on the TV, there are a few things you should be careful about as you buy and start using the currency. Understanding these mistakes is a step closer to avoiding them.