Have you ever wondered how one Buy Bitcoins with Debit card? It is not that difficult, but it is not as easy either. Unlike credit cards, electronic currency is only used when the cardholder has enough funds in his account. This way, he can buy and sell currency without needing an international currency broker. Sadly, because most consumers usually have to wait for several days to have their transactions processed, buyers usually are unable to purchase more than a certain amount of bitcoins and are thus not able to purchase more than one hundred or two hundred dollars’ worth at a time.
Helpful source to Buy Bitcoins with Debit card:
If you wish to purchase more than a certain amount of bitcoins immediately, you will need the help of three regulating bodies:
- The Federal Trade Commission,
- The Banking Department,
- And the Internal Revenue Service.
They are the three bodies that guarantee that the laws on electronic money are followed all over the world. They also ensure that buyers and sellers get the protection they deserve from abusive websites and processors. To make sure that they are doing everything they can to maintain the integrity of the system, each of them has appointed a team of auditors that regularly visit websites and other establishments to make sure that their processes and systems do not violate any regulations.
Freedom of action:
Buying and selling currencies using your debit or credit card depends entirely on the rules and regulations of the country you are buying them from. Most European countries, for example, allow both parties to function smoothly and profitably. Buyers have the freedom to sell their bitcoins to the seller, and vice versa. Once a transaction is initiated, the seller will be issued his deposit fees which allow him to hold his digital asset until it is fully converted to a fiat currency, usually the Euro or the US dollar.
Way to buy bitcoins with debit cards:
There are two ways to buy bitcoins with debit card.
- Buyers can either go through a gateway that acts like a bank where they would have to open an account,
- Or they can use a processing service which is more like a shopping portal.
Buyers who want to transfer large sums of money need the convenience of using prepaid credit cards. Although they require a lot of research and careful consideration, they are more cost-effective and safe than traditional banking systems. Buyers also have to take care of deposit fees that are paid by the seller once a transaction is made.
Buyer benefit:
A buyer’s advantage is that he does not have to have access to any fund. All transactions are done automatically by the payment network using its software. Transactions are also fast. Buyers can enjoy all the benefits of using the Internet without worrying about security issues and fraud as much because they do not involve dealing with banks. They have the freedom to withdraw their money at any time, which is much faster than bank transfers.
Buyer drawback:
A downside to using prepaid card payments when you want to buy bitcoins is that there is no way for the buyer to confirm the transaction. Once the money is transfer. This is because the only thing that the buyer knows is the amount of money that was deposit into his account. This means that the buyer cannot double-check the transaction or go through the legal formalities that would be required once the money has been transferred through a bank transfer. Another disadvantage is that most merchants handling credit and debit cards do not accept this method of payment because they do not generate the necessary amounts of income or payout enough commissions for the providers.
Financial facilitator:
Another option for people who want to buy bitcoins is the option of using the services of a financial facilitator or a broker. This ensures that the buyers can buy the digital currency in a completely legitimate manner. The verification process includes checks or scans of official documents such as tax returns or bank statements. Also, these documents must have clear ownership of the funds, which help the government determine whether or not the owner was being fraudulent.
Online companies:
Finally, the third option for those who wish to Buy Bitcoins with Debit card is through an intermediary service. There are online companies that allow users to open an account which allows them to manage their trading accounts. Through these accounts, members can deposit money into their trading accounts. They can then trade in the market as usual. This process is similar to what happens with traditional forex trading. But instead of working with a broker or a financial facilitator, members can work with an online marketplace where they can instantly trade in the marketplace after paying a minimal fee.
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Conclusion:
This option allows buyers the ability to Buy Bitcoins with Debit card. They want with as little hassle as possible. The main purpose of these regulating bodies is to make sure that people enjoy the full benefits of the freedom of electronic cash transactions without worrying about exchange site scams or payment processor frauds.
