Topic: Using credit cards to buy bitcoin in the bull run (Read 8114 times)

Even when the site is found, you finally see that the fee for this operation will be extremely high. Traditionally, they ask for approximately 6% commission. I do not think that in this case, this is the best option.

if we fail and still have debt on the credit card, it will be dangerous for our reputation in the bank, because in the end we have trouble borrowing money from banks on all kinds of credit. therefore wise in using it will be better, but indeed for that we must disburse it to fiat currency first

That would be a difficult call to take if there's certain risk it should be reassess before considering, but if you are freely to do the business it would be a good time for you to start doing this investment you'll be able to find success after some time of holding your coin a good way to spend your credit balance and convert to real cash.

very true what you say in your opinion is too risky to take all of these risks because in my country the government still prohibits using crypto currencies for direct transactions and certainly there are no guarantees for those risks

In my country, average monthly interest for credit card purchases is 3.5% per month. If you are confident that when you trade or invest, your profits will go above and beyond 3.5% then its a good idea considering that there is no collateral needed for that loan/card purchase. But again, what I don't like is the idea of entering your credit card number for an online purchase.

as far as I know if we pay in monthly installments, then the interest will be very high. although not for cryptocurrency, I have made installments on the credit card that I use, even if counting the interest can surprise us. unless there is an installment promo, we can save money

It depends on the site as not all sites accept any type of card. I know a guy who converted his credit limit to fiat and bought Bitcoin, this way you don't need to expose your card number. However, converting your credit limit to fiat also comes with high fees when you are about to pay it and most specially if it will be paid in monthly installments.

i wont buy bitcoin with credit card. i wil buy it with my own fund. butcoin is promising, but its too risky if you buy with credit card.
i dont know in my country its allowed or not. maybe they allow you to buy something as long as you pay the bill. surely, its hard if you loss and you are using credit card.

Maybe its better to have a cash loan with your cards and do buy bitcoin on your trusted exchange. Well, if you want to catch-up the bull run then buying more while its cheap is better. I do have my spare cash on my bank accounts right now waiting for a more cheaper price, but it looks like the bottom is already on the level of $11k because we are going to start pumping as we continue to reach new peak hopefully this year.

especially for countries that have not legalized bitcoin. of course direct trade like this will deal with state law. besides being dangerous at high fluctuations, this loan without collateral will certainly burden the consumer with high interest rates

the creation of bitcoins and other crypto currencies to keep up with the times and technology in the economy and indirectly bitcoin will develop systemically by becoming better and developing

if it's an idea, it's very brilliant in my opinion, when the bull run all play it safe. it seems that this way will make us feel comfortable with the current atmosphere. and as far as I know there is no credit card that provides bitcoin purchase services, it doesn't know in other countries.

As practice shows, those who want to get rich quickly do not stop even in the face of the threat of becoming homeless.  Already at the end of 2017 there were such "unique" who sold all their property, To buy Bitcoin and get rich.  As a result, these people were left without their property, because the price of Bitcoin in 2018 fell.

Every trader or investor has got strategies for their purchase but the best times to buy Bitcoin is during the bear market where prices are relatively low and are capable of rising further to higher prices - this is what brings the profit. During bull market, most of the early investors make sales and withdraw their profit at the peak.

i think its bad idea, its to risky, like you sell your home to buy bitcoin than hope you can buy home better than previous. i dont know if in other country is allowed, but if i have one company about credit card, i will make rule to not buy bitcoin with credit card.

This is more like it. Nice work.

Another example: A woman in the USA takes out two new lines of credit from credit cards. Each card has $5,000 and they are both 0% interest for the first 18 months. So the woman goes ahead and uses the cards to buy $10,000 worth of Bitcoin. Bitcoin is worth about $10,000 right now, so she now owns 1 full Bitcoin! She has to service those credit card bills and it is $35 per month for each of the cards, so that is costing her $70 per month to own 1 Bitcoin. The bright side is she literally has 18 months to wait for a profit, and her profit chances probably increase because of the Bitcoin halving coming early next year.  Also another bright side is that as she makes $70 payments each month, what she owes to the credit company begins to shrink.  Even brighter, she continues to own that 1 Bitcoin regardless of anything else that happens (so whether she pays the credit card bills or not, she outright owns that 1 Bitcoin).  It is at this point where she can decide to either play by the rules and continue paying her credit card payments while keeping her 1 Bitcoin, or just blow her creditors off and stop paying but still keeping her 1 Bitcoin. She may lose her morals and get greedy or crazy and say to herself, screw this, holding onto this 1 Bitcoin is worth more than faulting on the credit card debit.

Believe it, the Tax Man has read these brilliantly evil ideas presented in this post. LOL. Don't worry I am not divulging all of the sinister possibilities and truths.

So anyways she decides to play by the rules: to make the $70 payments, she could just make a few safe scalp trades using the $10,000 worth of Bitcoin, and those quick scalps can allow her to easily make the monthly payments with just minutes of her time per month is all it would take. Of course it takes a lot of practice to successfully scalp, and many do not have that skill but if she knew how to scalp really good, she could use that 1 Bitcoin to scalp for just a few hours per week and by the end of the 18 months the whole $10,000 would be paid off. She now owns 1 Bitcoin and she never paid a dime for it, she just used her trading skills and her time for scalping her way to making small crypto riches - by using someone else's money! She used the credit cards money, her skills, paid all of the loan back on time and in full, she played by all the rules, and made off clean, legal and like a bandit.

Mixing leverage with Bitcoin is like using oil on water, it only makes a mess of what you are doing and obscures your vision.     Use the credit card to buy goods, to buy food and petrol even but then use the money you saved by that credit to purchase the Bitcoin separately.

This is still leverage but its more controlled, less likely to incur fees and be as unbalanced

There are extremly high fees on paying btc via credit card unfortunately

Now I understand why there is such a question, where there are certain risks of buying Bitcoin using credit cards.  If you buy Bitcoin in this way, then with the help of the banking system, the state captures all all user and cryptocurrency market relations.  I consider it unacceptable and dangerous.

Credit card policies are not similar in every country, sometimes fee's and interest rates of credit cards are not high in the developed world and you can get to buy a bunch of bitcoin with your credit card and increase your bitcoin holding a lot.

For example, if a guy from USA wants to buy bitcoin at 1200 dollars with his credit card he is going to buy it now and going to have to pay 101 dollars a month for example (from 15% max thanks to Bernie and AOC hopefully that is a bit over 101, like 101.5 or whatever) and that would mean that in the end you would be paying 101 per month and that is not too much money, many Americans can afford such expense and in the end you are going to have 1200 dollars worth of bitcoin and in a year it could drop or increase but you can wait until it goes up.

However, in some other countries the rates are super expensive and they make way too much money from it.