The Best Ways to Buy Bitcoins Using Prepaid Cards
Among the most recognized, the very first cryptocurrency became famously known as Bitcoin and entered the field, capturing the attention of many investors and enthusiasts. However, the question of how to buy Bitcoins with prepaid card can be confusing for a new end-user. Prepaid cards are recommended for keeping control over your crypto acquisitions, although on every platform, spendings are not allowed. This article digs deep into the best ways to buy Bitcoins using prepaid cards securely.
Why Purchase Bitcoins with a Prepaid Card?
Prepaid cards have many advantages when it comes to buying Bitcoins:
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Privacy: While debit cards or credit cards remain attached to your bank account, a prepaid card gives you an additional level of privacy in your financial transactions. You load them with only the amount you want to spend on Bitcoin, minimizing the exposure of this information.
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Safety: That is in case of a security breach on the exchange—only the funds loaded on the card are at risk, not your whole bank account.
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Control: Prepaid cards control the total amount loaded and, therefore, keep your expenses at a lower rate while on the Bitcoin expenditure.
Things To Think About Before You Buy
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Not All Exchanges Accept Prepaid Cards: While many favorite exchanges may, others could have restrictions. Do your research and ensure the platform you choose allows this method as an option for payment.
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Fees: Understand any possible fees involved with using prepaid cards. These include purchase fees for the card, loading fees, and transaction fees on the exchange.
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Verification Requirements: Some exchanges might want to further verify when the prepaid card is used since there is a higher risk of fraud. Be ready to provide IDs.
Best Places to Buy Bitcoin with Prepaid Cards
Here are some legit sites that permit the buying of Bitcoin with prepaid cards:
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BitPay is a simple platform because it has apps and an online widget for mobile devices: It makes buying bitcoins using different purchase methods easy, from prepaid cards. According to them, they are fast, supporting over 60 other cryptocurrencies.
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Coinbase is a well-established exchange that is known to be quite user-friendly. Though not directly accepting the use of prepaid cards for purchasing, you would need to use a third-party gift card service like Paxful to indirectly make a purchase of Bitcoin with a prepaid card from Coinbase.
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Binance is one of the largest exchanges in the world, allowing you access to quite a wide range of cryptocurrencies and trading experiences. Binance has some prepaid cards via which you can buy Bitcoin directly. Availability may vary depending on location.
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CEX.IO helps purchase Bitcoin with prepaid cards, among others, and they also have a very intuitive interface while supporting quite a few cryptocurrencies.
Steps to Buy Bitcoin with A Prepaid Card
The overall general process of buying Bitcoins with a prepaid card consists of a few steps.
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Choose Your Guru Platform: Research and identify an actual exchange that accepts prepaid cards in your region.
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Create an Account: Open an account with your chosen platform and verify it, often requiring your ID and proof of address.
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Link Your Prepaid Card: Sign in to your account and look for the payment section to add the details of our prepaid card.
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Buy Bitcoin: Find the “Buy Crypto” option and change your currency to Bitcoin (BTC). State the number of units of Bitcoin you want to purchase and execute.
Other Tips to Purchase Bitcoins Safely
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Reputable Platform: Generally use an established and secure exchange platform with a strong reputation.
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Two-Factor Authentication (2FA): Add another layer of security to your account by enabling 2FA. Typically, this is done by using an authentication application on your phone.
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Keep your Bitcoin Safe: Do not leave your Bitcoins on the exchange for long. Transfer them to a protected cryptocurrency wallet for long-term storage. There are multiple wallets available, including hardware wallets and software wallets. Borrowing Against Bitcoin: If you’re looking for liquidity, some platforms allow you to borrow against your Bitcoin holdings, enabling you to access funds without selling your assets.
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Be Aware of Scams: The unfortunate truth is that the cryptocurrency space is known for attracting scammers. Be on the lookout for unsolicited offers and do business only with reputable platforms.
Conclusion
It is easy to get a prepaid card and accommodates better transaction convenience and security mode to buy Bitcoins. Follow the above-mentioned tips and proceed confidently in case you choose a reputable platform. Certainly, moreover, do not forget that the market of cryptocurrencies changes every single moment. Be informed, and accordingly, do all necessary research before stepping into any investments.
