Buying Cryptos with Prepaid Card
At first, it can seem hard converting visa gift card to cryptos. However, you should not worry so much since this article is going to provide you with solutions that will help you to convert prepaid visa card to cryptos.
What are Prepaid Cards?
Prepaid cards as the great gifts for special occasion and birthdays when you actually do not understand what the person wants. Because Visa is accepted across the world, it is sensible to provide a credit card to individuals who can enjoy shopping either offline or online.
The main objective of the prepaid gift card is providing you with money you are able to spend, as they want without them actually giving you cash.
Also, all gift cards will always be worth some amount of cash, same way to using with prepaid balance will work. You can log into your website as a card user to track the remaining value on your gift card or simply call your customer support.
Visa cards operate same way other ordinary cards do and may be spent in-store or online. The difference is simply how the gift cards are never linked to bank accounts, and this makes them less favorable to huge purchases. For some people, they just are after converting the cards to something else like Bitcoin.
Where can you buy Cryptos using prepaid credit Cards?
If you have been wondering whether you can tell us your prepaid card to purchase cryptos, then you have a reason to be happy. According to the 'How to buy Bitcoins with prepaid card' by A Bit Greedy Website, you can find many sites (such as Coinbase, Bitpanda, Cei.io, Localbitcoins, and others) to purchase Bitcoins.
The following are some websites you can buy Bitcoins using your prepaid credit card.
You can buy Bitcoins at coin base using your prepaid card.
It has an INSTANT BUY option.
Charges a 3.99% fee.
It is available in Australia, Europe, and the US.
Coinamma has some of the best rates and it allows prepaid card use.
It is available across the world, charges 5.50% fee.
This website is new in the market, but it already has a good reputation.
It undertakes a process of verification and displays fee charges openly.
Available across the world.
3% fee on the transactions.
The Process of Buying Cryptos Using Prepaid Credit Card
The procuress to purchase cryptocurrencies might be slightly different, but the following is a general procedure you can use.
Find a wallet
You should download a wallet to the drive of your computer, tablet, smartphone or get a hardware wallet.
Select a good exchange
You need to be careful considering the fact that many scammers exist out there. Carry out a background study to establish the reputation of a site before committing your money.
Open your account
Sing up using your main and name and click on the 'open an account'.
Select the payment options
Go to the settings mode, and find the payment method you prefer.
Click on it and choose debit/credit card.
Then you can add prepaid card as your option of payment.
Verification of account
You should key in your ID and then submit. Be patient, as verification will take a short while. After verification, you will be ready to purchase your first cryptocurrency.
Advantages of Using Prepaid Cards to Buy Cyptos
It is important to purchase cryptos using prepaid credit card since it is among the easiest ways of purchasing cryptocurrencies.
Because most people know how they can shop online using prepaid debit and credit cards, it can be easier for buyers to use credit cards when purchasing cryptos like Bitcoins.
The option avoids the possibility of giving a lot of information, something that Bitcoin seems to be opposing, companies such as Coinbase and Bitpay are forced to follow the regulations of business in their countries of operations.
You should understand that almost all the exchange platforms require the users to go through the process of ID verification. Some people might be pissed off by the idea of scanning their IDS, given proof of address, and even scanning back and front of their card.
However, when it comes to using of prepaid cards to purchase cryptos, you will be able to remain anonymous.
Disadvantages of Using a Prepaid Cards to Purchase Cryptos
You may decide to buy a cypto using a gift card. The number of the Bitcoins exchange that deals with card gifts is rather low.
This is because accepting of the plastic card payment will always open the door for huge charge bank rates and fraud, something Bitcoins companies want to avoid.
Once you make payments using a credit card, it will be reversible. Merchant will always decline credit card payments until two months after swiping of the card.
Since the transactions payments are normally irreversible, it is hard for the merchant to sell Bitcoins using credit card payments.
However, companies have realized that there are other ways of preventing fraud and such has made it easier in buying Bitcoins using a credit card.
How to be safe?
Any crypto user must have control over the private keys. The reasoning behind this is if you do not have control over this, you will lack control over your cryptos.
For instance, Circle users may use to prepaid VISA gift card, however, they have to also rely on Circle to ensure that their private keys are offline, hidden and safe in a vault in case of fraud and robbery.
Any money that you wish to spend is always in a hot wallet understanding that it is vulnerable. One can operate out of Bitcoin completely, and the other one would be acting as a personal bank.
If you have been wondering whether it is possible to purchase cryptos using your prepaid card, then you are at the right place. This article has clear guidelines to take you through the topic of purchasing cryptos using your prepaid credit card. Grab your prepaid credit card and purchase your first crypto.