Also known as pay-as-you-go cards, prepaid cards make the process of purchasing goods and services much easier for the customer, as it is loaded with funds before it is even used. Working just like a regular debit or credit card while shopping, prepaid debit cards, however, do not draw on a line of credit from a bank account. Their increasing popularity and diversity of use have penetrated even the sphere of cryptocurrencies today, with many investors seeking the answer to the common query – can you buy bitcoin with a prepaid debit card?
Put simply, the answer is YES – prepaid debit cards can be used to purchase Bitcoins. In fact, they have emerged as a much better alternative to cash for the purpose in recent times, for you can easily use them regardless of credit history and reload with cash whenever the balance runs out. Prepaid credit cards are also an effective budgeting tool for you to spend only as much amount as is available on the card.
There are several benefits of using prepaid debit cards for buying Bitcoins. Using a prepaid debit card enables you to buy crypto instantly, while a bank transfer, though cheaper, could take around three to five days for the complete process. At the same time, even though most platforms offer options for purchasing Bitcoins using credit cards, prepaid debit cards emerge as a much safer option.
According to several surveys, a massive percentage of investors who have used credit cards to buy Bitcoin have been unable to pay off their purchases right away, which often leads to the accumulation of debt and associated pressures. Considering the highs and lows of Bitcoin prices, such a strategy could prove to be very risky indeed.
Using a prepaid debit card, on the other hand, enables you to make Bitcoin purchases without having to spend more money than you have. This saves you from the risks and pressures linked to not being able to pay back these hefty debts.
Bitcoins can be purchased on both cryptocurrency exchanges and OTC crypto desks. However, while the first fails to keep your personal information secure and is easily exposed to cyberattacks, OTC markets are a much safer, secure, and reliable alternative. OTC desks are also the best option for you if you are someone who likes to play in large numbers, considering that crypto exchanges have monetary limits on your activities.
To buy Bitcoin OTC using a prepaid debit card, the first step would be to choose the OTC desk of your choice and create your account on it. Next, you deposit sufficient funds into your bank account to be able to use your prepaid debit card suitably. These prepaid debit card details must be entered on the OTC platform.
Following this, you can look up Bitcoin on the OTC desk, select the purchase amount, and simply start trading at the click of a button! Prepaid debit cards enable instant and convenient bank transfers, while OTC desks ensure the security and safety of your purchase.
While traditional crypto exchanges have for long been the resorted method for buying cryptocurrencies like Bitcoins, they have also become a hub for several raging concerns. Firstly, crypto exchanges may mask your personal information, but your transactional data remains available for everyone to see, including cybercriminals who can use your address and wallets to carry out planned attacks.
At the same time, crypto exchanges may not allow you to make large-scale Bitcoin purchases, leaving the big investors out. For those who use the platform, Bitcoin or other cryptocurrency prices become heavily associated with the activity of these currencies on the platform itself, thus leading to several unpredictable highs and lows.
OTC desk crypto trading, on the other hand, not only ensures unprecedented security but also complete anonymity to keep your information safe. Bitcoin OTC brokers also specialize in facilitating high volumes of Bitcoin for large-scale buyers and institutional investors. The high liquidity on OTC platforms means that you can secure full, faster transactions compared to traditional exchanges.
Besides, there are no fluctuations due to the volume of Bitcoins being traded. Therefore, the purchase of large amounts of Bitcoin will not lead to a sudden price surge. Yes, the transaction fees involved may be higher, but there are several benefits to reap as well.
When purchasing Bitcoins, or using either prepaid debit cards or OTC platforms, or both for the first time, investors are sure to have several burning questions they need expert advice on. Where to buy Bitcoins from? Do you need a wallet to buy Bitcoin? Can you buy $100 worth of Bitcoin? What is the safest way to invest in Bitcoin?
At Secure Digital Markets, we not only facilitate the safe and secure investment of Bitcoin for our investors but also answer their most pertinent questions. Get expert help and insights on some of the most common and even case-specific questions on Bitcoin purchase, investment, and trading on our one-of-a-kind platform!