Purchasing bitcoin using credit card or purchasing it through wire transfer or any other payment method shares the same legality, hence if it is safe using wire transfer or any other payment method, then it is also safe using credit card for purchasing of bitcoin. Every trader should be careful while using any payment method, but should be extra careful while using credit cards for buying bitcoin as there are many hackers watching your moves. The cryptocurrencies industry has gained a lot of popularity among the people and has also gained lot of attention of hackers. Bitcoin industry is spreading and many untrained developers are also becoming a part of this industry which is opening up the vulnerability of this industry to the hackers and this is the reason why the traders need to be cautious while using credit cards to buy bitcoin. buy bitcoin credit card makes it possible for the hackers to steal the credit card information and the bitcoins but if the trader sticks to the reliable exchanges the chances of getting hacked are very low. Reliable exchanges with good past records can be a safe gateway for buying bitcoins.
Advantage of using credit cards for buying bitcoin:
The biggest advantage of using a credit cards for buying bitcoin is the entire transaction speed. Bitcoin market is highly volatile and hence, speed is paramount. If a trader uses credit card for buying bitcoin, the funding of the trader’s account at the exchange and the withdrawal takes place at quicker pace and also in a seamless manner. Credit cards also allow the trader to take the full advantage of the price movement in bitcoin. Usage of credit cards allows the traders to fund their account instantly and also benefits them in topping up the account as long as the credit card has reached its limit. Credit cards help in buying and selling bitcoins quickly, ultimately helping in increasing the points in the credit card.
Disadvantage of using credit cards for buying bitcoin:
The only disadvantage is that using credit cards makes it vulnerable for the hackers to steal the personal details of the credit cards and ultimately stealing the bitcoin. If your personal details are hacked, you can be in critical situation where you have to face a heavy loss and difficulty in repaying the credit card balance as well as the interest that is charged on this situation. Read more about the blogs regarding to the credit cards.