(2) Debit Card
It is one of the most popular payment options to complete Bitcoin transaction successfully. Debit card usage is soaring in the world. It is particularly true as far as high volume of smaller transactions is concerned.
According to a recent survey conducted by LendEDU, out of 672 active Bitcoin investors polled, 33.63 percent of the participants used a debit card to buy Bitcoin purchases.
People are not hesitating to use debit card as payment option to buy Bitcoins. It is particularly true even when they can’t exceed the available funds in their bank account.
Debit card users can buy Bitcoins without any need to pay higher processing fee. Additionally, your purchases are not made by using borrowed money as in the case of credit cards.
However, one should always open a Bitcoin wallet before buying Bitcoins with debit card. Apart from this, you should always be alert for security & fraud protection when dealing with debit card.
(3) Bank Account Or Bank Transfer
It is one of the best payment options to complete Bitcoin transaction successfully. Everyone is not interested to buy a lot of Bitcoins. But, those who want to buy a large amount of Bitcoins need to look for associated cost also.
Generally, using a bank account or bank transfer will usually result in lowest fees as compared to credit or debit card. But, unlike credit card payments, bank transfers are considered irreversible. This unique transaction quality helps in reducing the risk of chargeback.
According to a recent survey conducted by LendEDU, out of 672 active Bitcoin investors polled, 18.6 percent of the participants used ACH bank transfer process to buy Bitcoin purchases. On the other hand, those who used bank wire transfer were 13.39% only.
Additionally, Bitcoin buying limit when using a bank account as a payment option will always be much higher as compared to using a credit or debit card. However, bank transfer process may take a longer time to get processed.
It is mainly due to the fact that bank transfers are complex in nature & every transaction needs to clear several banks on its way to the Bitcoin exchange. People also prefer bank transfer over other payment methods in order to get the best exchange rate.
However, it will not be the suitable methods for those who want to keep privacy as you will have to provide ID verification with every transaction.
- Payment Methods To Buy Bitcoins: Shutterstock