Bitcoin Cash is a very popular cryptocurrency that was derived from a fork from the original Bitcoin chain. Created in 2017, Bitcoin Cash aims to accommodate a greater number of transactions on its blockchain than Bitcoin can. BCH is widely available through a variety of sources, and one of the most popular purchase methods for acquiring Bitcoin Cash is via credit cards.
Credit cards are widely accepted all over the world, making them an ideal and convenient method for purchasing Bitcoin Cash. There is also usually payment protection associated with credit cards and most of the major exchanges support them.
Our Quick Tutorial to Buy Bitcoin Cash with Credit Card
Step 1: Sign-Up
Step 2: Make your First Deposit
Once your account is set up, you can go to "Deposit" and follow the instructions to fund your account with Credit Card . Enter the amount you want to deposit (beginners normally start with lower amounts), follow the steps and check your new account balance.
Step 3: Buy Bitcoin Cash!
Other Methods of Buying Bitcoin Cash with Credit Card
It can be difficult to purchase Bitcoin Cash with a credit card outside of digital exchanges. Fortunately, there are several of these available, and consumers still have decent choices within the marketplace.
Advantages and Disadvantages of Buying Bitcoin Cash with Credit Card
Buying Bitcoin Cash with Credit Card Fees
One of the downsides of purchasing Bitcoin Cash with a credit card is the fees associated with the transaction. These can vary hugely depending on several factors, including the particular credit card involved, the credit rating of the consumer and the site from which one is purchasing.
However, as a general rule, purchasing Bitcoin Cash with a credit card will be subject to a cash advance fee of 3% of the total transaction. It should also be noted that this cash advance will accrue interest from the day of the transaction, and that this can be at a rate higher than the purchase APR.
What this means is that it's advisable to clear any credit card balance immediately when purchasing Bitcoin Cash via this payment method.
Is Buying Bitcoin Cash with Credit Card the Best Method?
This depends on the needs of the individual. Credit cards are certainly convenient and efficient, and they can be used in an advantageous fashion when purchasing Bitcoin Cash. But consumers should be aware of hidden fees and interest payments, which can significantly impact on the process.
To avoid fees for regular purchases, using a bank transfer is a far more suitable method. This is because it will avoid the fees associated with credit cards and other methods such as PayPal.
Frequently Asked Questions
The most obvious advantages are that credit cards come with guarantees and insurance, making them a safe method of purchase. Using credit cards astutely can also enable consumers to benefit from certain offers, making them attractive compared to other methods of payment.
While full records of payment methods are not readily available, it is likely that credit cards are the most common payment method for Bitcoin Cash, considering that they are so widely used generally.
Bitcoin Cash is a hard fork of the highly popular Bitcoin, imbued with new features and rules. Essentially, Bitcoin Cash is a peer-to-peer electronic cash system, with an algorithmic approach intended to be superior to its cousin by having faster transactions and confirmations.
Bitcoin Cash was the result of a split in the Bitcoin community. There were disagreements at the time about the future direction of Bitcoin, resulting in the creation of Bitcoin Cash. Those who support Bitcoin Cash believe it is the natural and authentic continuation of the original Bitcoin project, featuring true peer-to-peer digital cash.
There is no doubt that Bitcoin Cash has been hugely successful, but it should be noted that it is currently not as valuable as Bitcoin. Nonetheless, it has firmly established itself among the top 10 cryptocurrencies, and has increased in value massively since it was first released just three years ago.
Many market observers believe that Bitcoin Cash will escalate in value in the years to come, as the cryptocurrency market continues to expand. It is difficult to predict by precisely what degree the currency will increase in value, but most experts believe that its long-term prognosis is promising.
In common with other cryptocurrencies, Bitcoin Cash enables you to take full control over your money, and make transactions and transfers anywhere in the world, for virtually no fees whatsoever. This also never requires the permission or approval of any third-party. Furthermore, Bitcoin Cash is one of the more established cryptocurrencies available and has proved itself to be a highly successful project.
Yes, Bitcoin Cash can be sent to exchanges in the same manner as all other assets used on the platforms. Most have a deposit button which makes it possible to access and deposit into your wallet.
This depends on the exchange in question, but it is definitely something to be avoided. It has been possible to credit accounts when such transfers have been made previously, and if this does not work then funds could be lost forever. It is certainly advisable to be careful with such transactions, and it is not ideal to send Bitcoin Cash to a Bitcoin address.
Yes, all credit card transactions are fully covered when purchasing Bitcoin Cash like any normal retail credit card purchase.