Comparing Different Modes Of Payment For Bitcoin

Those who are starting to dabble in the world of Bitcoins would wonder what modes of payment are the best and whether there are certain advantages associated with certain payment methods versus others. In the initial days buying Bitcoin was difficult as it had to be mined first. However that obstacle has been overcome today as there are different ways you can make payment and purchase Bitcoin within seconds.

  • Different modes of payment

Bitcoin purchases have become as any other digital asset purchase that is done online; it can be done through credit cards, bank transfers, PayPal or cash as well as iTunes gift card or other gift card codes; these are popular and convenient payment methods for most people. There might be certain differences that lie between these different modes of payment, especially when it comes to certain fees being charged for the transactions. Here we look at the main points of differences between the different modes of payment.

  • Speed of payment

This is one of the aspects that make a difference when you are making a Bitcoin purchase. Credit card payments happen fast and that is why it is preferred by many when they wish to make instant purchases of Bitcoin. The most efficient and secure way of payment is through PayPal but you need to have an account with them; cash or bank transfers are slow. The other option that certain forums offer is payment through gift cards. Here the card codes are accepted and it is usually a fast method of payment as well.

  • Fees involved

This is another factor you need to consider when choosing a mode of payment for Bitcoin purchases. While credit cards are fast modes of payment, they usually incur high fees; the next mode of payment that also incurs high fees for payment transactions is PayPal; bank transfer or cash payments have low or no fees charged; gift card codes like iTunes gift cards also incur high fees.

  • Security

This is an aspect that needs to be taken seriously when you are looking to purchase Bitcoins. The mode of payment by credit card is a high risk one; it is better that you opt to pay through PayPal. Anonymity is also maintained when you pay through cash or gift card codes; bank transfers are also insecure ways of paying for Bitcoins.

  • Conclusion

The above points will help you take a decision on the mode of payment to choose when purchasing Bitcoins. Certain digital forums allow different crypto currencies to be exchanged and in that case, using a crypto currency wallet to make a Bitcoin purchase could be done. The mode of payments might be different for different sellers; however you need to ensure dependability and security of the network before you sign up and proceed to purchase Bitcoins online. Also ensure that you make such purchases with a secure online wallet. It should come with the option of an offline format. These aspects will help you make secure your Bitcoin purchases and your modes of payment.