Bitcoin is a digital currency with a high value. In fact, in 2018, the value of a single Bitcoin reached almost $20,000. The value has since gone fluctuated, but it is still one of the most highly valued cryptocurrencies and remains at around $20,000. Cryptocurrency is simply a form of digital currency and it uses cryptography to ensure that the transactions are secure. Cryptography is the process of converting ordinary text into unintelligible text to secure it. The process is not done via centralized servers, meaning that it does not have a regulating body, and this has caused it to be touted as the currency of the future. Cryptocurrencies use blockchain technology where every participant can access a public ledger that records all of the transactions within the network. You are assigned a digital wallet when you buy or sell cryptocurrency and that is where your currency is held. You are also assigned a public and private key that will be used to authorize transactions.
The process of buying Bitcoin with credit card
For you to buy Bitcoin with a credit card, you have to go through the exchange platform where your real-world money is exchanged for Bitcoins. You have to do your transactions through a reputable website to avoid losing your money through scams, and Nakitcoins website is well-known for having a record of positive feedback. You first have to create your virtual wallet in the form of a Bitcoin address, which is similar to your PayPal address, where you will be receiving the purchased Bitcoins.
1. Visit the chosen cryptocurrency exchange
It is important to check out all of the details of the website and how the company does their transactions. Your security is important, and you should therefore not provide personal details that can lead hackers to breaking into your account. The company’s security strength is a key factor to consider before trading.
2. Choose the amount you want to transact on cryptocurrency
It is important to know when to buy or sell the cryptocurrency because it fluctuates continuously. To make a profit, you need to have a good sense of speculation.
3. Provide your ID for verification
For your transaction to be authenticated, you need to provide details of your ID as directed by the exchange site.
4. Create your virtual wallet
This is the account that you are going to receive all the Bitcoins you have purchased and you are given a private and public key. On your transactions, you do not have to provide your private key for safety purposes.
5. Provide your credit card details
You can link your virtual wallet to your bank account to make transactions easier by inputting your credit card details. Transactions through credit cards are widely accepted.
Buying Bitcoin using a credit card has become much easier, and the problem of chargebacks have been done away with through anti-fraud companies. Cryptocurrency transactions have been under constant attack, which has led to the installation of the best security to protect the traders against the hackers compromising their personal details.