Using credit cards to buy bitcoin in the bull run - page 3.

Lawrenzoo

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Quote from: Pipdips on June 24, 2019, 10:15:04 AM

If you were going to do this, what card would you use?

Do any credit card companies have restrictions on bitcoin purchases?

Which cards offer incentives and bonus dollars for purchases?

why would any credit card offer incentive for purchase?

Pipdips

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Quote from: alphaboon on July 02, 2019, 02:14:57 AM

For me I have been using credit cards for bitcoin for a while now and facing no prob

What price did you buy using a card? How do you service the credit card fees?

alphaboon

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For me I have been using credit cards for bitcoin for a while now and facing no prob

BitHodler

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Quote from: FanEagle on July 01, 2019, 09:55:18 AM

Credit card is something weird that I have never really understood, I have seen people spend it like a regular debit card and I never understood why.

I mean I know someone who literally spends all month from their credit card making themselves a debt and then pays it when he gets his paycheck, even have some leftover for cash needs. He could literally stop using credit card and live with his pay check, he does make enough for it, he doesn't need credit card at all, it is just that he uses it because he has some installments on it for couple of stuff and it is easy for him to pay with card than cash so he continues using it. So for people like him, if its not going to make any dent in your economy at all, maybe its not a bad idea at all, maybe it would work for them to invest with credit card.

I think credit cards give people peace of mind in the way that they know there is money available to them at any time of the day. I know someone who uses his credit card just for that reason.

It has gotten more difficult for the average person to make ends meet with how the income hasn't seen an increase in the last couple of years, and that while due to inflation there is like 2% less purchasing power every year.

I also know that certain people tend to use their credit cards just to buy cool things such as a new smartphone. They can't afford one directly but buy one on credit hoping to pay it all back before the 12 month period.

I personally have never used a credit card. My current debit card has an option to unlock credit card features, but that's something I will not touch. I am against spending money I don't have.

FanEagle

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Credit card is something weird that I have never really understood, I have seen people spend it like a regular debit card and I never understood why.

I mean I know someone who literally spends all month from their credit card making themselves a debt and then pays it when he gets his paycheck, even have some leftover for cash needs. He could literally stop using credit card and live with his pay check, he does make enough for it, he doesn't need credit card at all, it is just that he uses it because he has some installments on it for couple of stuff and it is easy for him to pay with card than cash so he continues using it. So for people like him, if its not going to make any dent in your economy at all, maybe its not a bad idea at all, maybe it would work for them to invest with credit card.

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Quote from: Swordsoffreedom on June 24, 2019, 01:56:36 PM

I would avoid buying bitcoin with credit card - not because of restrictions, but because all exchanges have extra fees on crypto purchases with credit cards. I know for Bitstamp, Coinbase and Crypto.com app.

Not only that, but you usually pay exorbitant fees with credit card purchases, and buying crypto with them is basically buying on margin except with a much higher rate of interest. There's no way in hell I'd use a credit card to buy crypto, not even in the hottest of bull markets. A debit card, yes. A credit card, absolutely not.

Unfortunately there are doubtless many folks who think bitcoin's price can outpace whatever interest the CC companies charge, and those are the people who end up buying bitcoin at the top. That kind of thing happens in every bull market. I recall in 2017 there were people selling household possessions (including their house) to buy bitcoin, and I found that crazy. My philosophy has always been that if I can't pay cash for something, I'm not buying it. But hey, good luck to those speculators who are doing this--but I think it's not a great thing for bitcoin in general if it pushes the price up too high too fast.

Linkkoin

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Quote from: fiulpro on June 30, 2019, 07:20:08 AM

If you are thinking of using your credit card then you should realize that you are probably thinking of buying a huge amount .

For even 1 BTC you would spend more that what you would earn as profit ,

With daily volatility reaching up to 20%? Cannot agree with you.

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Quote from: yusupjatigumilar on June 27, 2019, 06:55:18 AM

I think buying bitcoin using a credit card is not very attractive to me because it incurs a large transaction fee between 3% -6% depending on the credit card and the exchange party. So I prefer to buy bitcoin by using a bank transfer because the cost is not too large so I can get more profits.

Using credit card will surely incure more charges which will not favor a trader, because you have to consider so any charges to be paid before the money finally gets to destination, there are so many charges already on ground, bitcoin network charge, local exchange charge trading fee, withdrawal fee and many more, if we now add credit card fee to it, it will be too outrageous, so I think it is better to use bank transfer as you said.

The issue with bank transfer is that it has to go first through your local exchange that is registered with your country’s domiciled bank, because I dint think you can just make a transfer directly to any payment system that will convert you fiat directly into the bitcoin, but we have to deposit it first into a bank that can only be provided by a third party local exchange.

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If you are thinking of using your credit card then you should realize that you are probably thinking of buying a huge amount .

For even 1 BTC you would spend more that what you would earn as profit , this is completely not good because the first law of investments is :-
Never give more for a future investment which may or may not give gains.
If you loose a descent amount of fiat , your loss will only double. Dont use it instead you can actually just lend some money from a friend and then do.

veleten

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Quote from: bitcoinposts on June 28, 2019, 02:15:04 AM

coinmama.com is one website offering bitcoin with credit card coin mama is genuine website for buying crypto currencies they maintained their trust all through the years

coinmama charges crazy ace amounts of money , it is one of the worst places to buy with a credit card
not saying it is not legit or bad , but they charge you 5.5% for credit card purchases if I remember correctly
the problem is not to buy crypto with a credit card , there are at least five legit places to do so , the problem is not to pay too much in the process

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Quote from: Shenzou on June 29, 2019, 04:10:38 PM

Quote from: Pipdips on June 24, 2019, 10:15:04 AM

If you were going to do this, what card would you use?

Do any credit card companies have restrictions on bitcoin purchases?

Which cards offer incentives and bonus dollars for purchases?

I really don't recommend that you buy bitcoin with debit card, it tried to do it once but the transaction took a long time that the price between the issuing of the transaction and when it arrived the price of bitcoin has changed by a considerable amount, aside from the high fees like 5% that i had to pay when buying , i would advice you to plan ahead and do bank transfers before buying any bitcoin so you won't lose time and potentially profit.

It boils down to timing though, it you had bought your bitcoin using your credit cards last December 2018, then obviously its good investment as the profit returns is already multiplying but today's price. But with the current price today? For me it will not be a good thing to do.

bitcoinposts

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coinmama.com is one website offering bitcoin with credit card coin mama is genuine website for buying crypto currencies they maintained their trust all through the years

Shenzou

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Quote from: Pipdips on June 24, 2019, 10:15:04 AM

If you were going to do this, what card would you use?

Do any credit card companies have restrictions on bitcoin purchases?

Which cards offer incentives and bonus dollars for purchases?

I really don't recommend that you buy bitcoin with debit card, it tried to do it once but the transaction took a long time that the price between the issuing of the transaction and when it arrived the price of bitcoin has changed by a considerable amount, aside from the high fees like 5% that i had to pay when buying , i would advice you to plan ahead and do bank transfers before buying any bitcoin so you won't lose time and potentially profit.

legenduim

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Quote from: yusupjatigumilar on June 27, 2019, 06:55:18 AM

I think buying bitcoin using a credit card is not very attractive to me because it incurs a large transaction fee between 3% -6% depending on the credit card and the exchange party. So I prefer to buy bitcoin by using a bank transfer because the cost is not too large so I can get more profits.

All operations with credit cards, even when you deal with fiat, need commissions. Thus, using exchanges is much better. Cool if you have a list of trusted exchanges and monitor their exchange rates to pick the better one.

TastyChillySauce00

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Quote from: Vness10 on June 27, 2019, 10:29:36 AM

Quote from: Pipdips on June 24, 2019, 10:15:04 AM

If you were going to do this, what card would you use?

Do any credit card companies have restrictions on bitcoin purchases?

Which cards offer incentives and bonus dollars for purchases?

I think there some card that can buy bitcoin i cant remember but i think coinbase is using card to buy cryptocurrency. And i think to others its a convinient way to buy bitcoin using cards but i think it will big charges too.

Big charges is the "norm" of using credit card to be frank. Also most of exchanges nowadays accepting credit card but very few that doesn't require KYC simply because they don't want to risk accepting unverified or stolen credit card elsewhere and sued. They prefer to keep their asses safe and be sure to not purchase using credit card if you come from a 3rd world country because you'll be surely declined (there's an exception tho).

guoyu78

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Quote from: Pipdips on June 24, 2019, 10:15:04 AM

If you were going to do this, what card would you use?

Do any credit card companies have restrictions on bitcoin purchases?

Which cards offer incentives and bonus dollars for purchases?

The last time that I checked in my country, there is no credit card company that is allowing purchase of cryptocurrency directing with our debit cards because crypto is still against the law of the central bank, and until the government fully support cryptocurrency before they can also consider to permit the purchase of cryptocurrency with card.

Hough I still make fiat deposit into local exchanges with my credit card, since they are third party, I guess they already know how to work around it, so I think that is still the only way for now that you can use your credit or debit card to make payment of cryptocurrency, which is going to strictly be through third party exchanges like the local exchanges around you.

ichai

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Quote from: Pipdips on June 24, 2019, 10:15:04 AM

If you were going to do this, what card would you use?

Do any credit card companies have restrictions on bitcoin purchases?

Which cards offer incentives and bonus dollars for purchases?

currently I have not found a secure credit card to buy BTC directly through them. But I will wait, it will soon be available on paypal or visa in the future.
With their influence, I think they will be a place for all traders to buy and sell coins there.
You know, in the black market, tokens and coins are sold at very expensive prices. Therefore, Visa has another great advantage in competition and they will definitely buy and sell at a more reasonable price.

Vness10

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Quote from: Pipdips on June 24, 2019, 10:15:04 AM

If you were going to do this, what card would you use?

Do any credit card companies have restrictions on bitcoin purchases?

Which cards offer incentives and bonus dollars for purchases?

I think there some card that can buy bitcoin i cant remember but i think coinbase is using card to buy cryptocurrency. And i think to others its a convinient way to buy bitcoin using cards but i think it will big charges too.

MadeinCoin

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Quote from: Swordsoffreedom on June 24, 2019, 01:56:36 PM

I would avoid buying bitcoin with credit card - not because of restrictions, but because all exchanges have extra fees on crypto purchases with credit cards. I know for Bitstamp, Coinbase and Crypto.com app.
Bitstamp has 5% fee on credit card purchase, Coinbase 3.99%. If you top up your account via Bank transfer, it's zero fee on both mentioned exchanges.
The only scenario in which I would consider purchasing with credit card is when bank transfer takes too long (deciding to buy on Friday but bank is closed so bank transfer will be done on Monday) or I expect Bitcoin price to increase more then 6% in a day so it's better to pay 5% fee than buy Bitcoin at 6% higher price the next day when bank transfer arrives.

Buying BTC with a credit card does require a large fee. I myself always use the bank transfer option, in my opinion the bank transfer is not as long as you say, maybe you use a type of transfer clearing or RTGS so it takes days. It is better if you use the bank transfer option using the RTO (Real Time Online) transfer type this does not take long, in just seconds.

FanEagle

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Warren buffet always says "do not spend and invest the leftovers, invest and spend the leftovers", if you want to make legit investments even if you are a poor person that makes the end of the month difficult just try to invest your money into whatever you want (in this case bitcoin) and then spend the rest for living making it even more difficult to live but if you can adjust it and manage it leave it as it is, if you fail and its not possible at worst you will cash out your bitcoins.

So, there is no loss in this scenario, just invest as soon as you get your pay check and try to live, if you fail at worst you are fine but if you spend your money and try to invest whatever is left then you will most likely have nothing left at all. That is what I have been doing for years and it worked perfectly most of the time (sometimes I had to cash out a bit to be honest but that was fine).

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