Crypto

How to Buy Bitcoin With Credit Card and No Verification

Written by CHANEL G.

The crypto market is active at $30,000 per Bitcoin right now. The price of Bitcoin is expected to hit $66,000 by the end 2021. This means that we can expect more people to search for anonymous ways to buy bitcoin with credit cards.

The most trusted online platforms now require KYC to purchase Bitcoin via bank transfer or card. Usually, you will need to provide proof of address, your name, residence, and photo ID. For large transactions, the platform might require you to verify your source of funds.

The subject matter process can be done through two types of services:

  • Centralized Service: This type allows you to directly buy Cryptocurrencies from a company.
  • Decentralized/P2P (Peer-to-Peer) service: This type allows for purchases from non-affiliated suppliers with the platform acting as an intermediary.

Centralized Services

These services offer anonymous Bitcoin purchase via centralized servers:

  • Exchanges: Binaryance is a well-known crypto trading platform. There are no fees and there are usually no charges when buying bitcoins via bank transfer. Credit card fees can also be paid easily. You must be prepared to verify fiat withdrawals and inputs. Fiat currency exchanges accept only credit card transactions from processors that have been approved. They do not allow anonymous credit cards transactions.
  • Exchangers Some of the most popular examples are Paxful, Coinbase and many others. You will also need to know your customer (KYC). Credit card fees may be very high (10% or higher) and are not listed on the website.
  • Unofficial exchangers: This is the only way to instantly purchase bitcoins from your home, without KYC. The risk of using these services is high because they are not licensed. Include your name, reference name, contact number and email. Although the website states that you can buy Bitcoin with a debit card, it is not possible to do so right away. Exchange requests are usually handled manually.
  • Wallets Many reputable cryptocurrencies make it possible to buy bitcoins from your wallet without leaving your wallet. KYC is not required when sending or receiving cryptocurrency using a wallet. For purchasing cryptocurrency using a card, KYC is required.
  • ATMs Although this is the only anonymous and official centralized method, more machines are now requiring KYC. This Bitcoin ATM is available in Florida if you live in Florida.

Although the process of buying and selling bitcoins at an ATM can vary by machine, it generally works like this:

  • Enter your crypto wallet address to purchase a Bitcoin ATM. After depositing cash at an ATM, you will be given the code.
  • While selling at Bitcoin ATMs, ATM deposit addresses can be obtained. The QR code can be scan and is usually included. Send the code to this address. The cash will be sent to you.

Although Bitcoin ATMs are increasingly common, they can still be used if you’re close by. This is more convenient than buying bitcoin online, but you will need to purchase and sell BTC at an ATM. The high price of Bitcoin ATMs is another issue.

Decentralized/P2P (Peer-to-Peer) Services

Decentralized exchanges connect buyers and sellers for peer-to-peer transactions. Exchange is possible without intermediaries.

Decentralized exchanges allow buyers and sellers to place orders. If you are looking to acquire bitcoins, there are two options. It is possible to tell how much you are willing to spend, what you would like to pay and how much.

You might also consider asking a seller for an offer. This includes the selling price, offered amount, and accepted payment methods. When you accept an offer, send money to the seller. The seller will send the crypto to your wallet. Decentralized exchanges include security measures like deposit, escrow and arbitration to prevent fraud.

The Most Important Things to Remember

These are the most important points to remember when buying bitcoins using a credit card:

  • If you tell someone your wallet address, never expose your private key or seed phrase.
  • To ensure that there are no hidden fees or excessive costs when buying Bitcoin with your credit card, double-check the charges.
  • Before using the exchange, verify it.
  • Double-check your Bitcoin address.
  • You can track your transactions with a Bitcoin Explorer service.

Is Bitcoin buying a good idea?

It is important to understand that anonymous services can have both benefits and drawbacks. These are the benefits:

  • You can quickly purchase bitcoins with your credit card without wasting time on KYC.
  • Your personal information is safe.
  • Tax officers cannot determine if you have cryptocurrency, but tax avoidance is not a good idea.

These are the drawbacks:

  • Banks can deny transactions and suspend your card or account.
  • The prices can be high in anonymity situations.
  • It is difficult to check the status of transactions at ATMs.
  • Unofficial promises to buy bitcoins quickly using a debit card with KYC are not true. There is no way to get your money back.

Now you are able to purchase Bitcoin anonymously with your credit card.