Controlled by a vast network of computers set up by users around the world, Bitcoin is a form of digital currency that is becoming increasingly popular all over the world. It’s a decentralised peer-to-peer payment network, with no central authority.
What makes Bitcoin popular is that it allows its users to remain anonymous and avoid having to share their credit card details.
Everyone on the network controls their own money and there is no physical currency.
The most common way to buy bitcoins is through an exchange.
These exchange sites have made it increasingly easier for customers to access bitcoin. There are options to buy bitcoins with a credit card, a debit card or cash. Since inception however, by far the most popular method of buying bitcoin has been by using a credit card.
Using an exchange site like Coinbase is an easy way to buy bitcoin using a credit card. Coinbase is a Silicon Valley start-up that operates digital bitcoin wallets for over 2.8 million people across the globe.
The company debuted the first bitcoin debit card in the US in 2015, giving users an even more convenient way to transact using bitcoin.
Although a bitcoin credit card is not yet available, changes are still underway and easier transaction tools are expected to be launched in the near future.
“At the end of the day, what we’re trying to do is make bitcoin easy to use,” says Coinbase vice president of business development and strategy Adam White.
One of the main benefits if using a credit card to buy Bitcoin is that your credit card details are not passed on.
Using an exchange site, you can simply pay with a credit card by creating an order and choosing “Visa, MasterCard” option as the method of payment. It’s hoped that with more use of bitcoin and safer measures put in place, a bitcoin credit card will be available soon.