How to Buy Bitcoin (and other cryptocurrencies) with Credit Cards
We are currently in a period of time where there is still so much doubt and uncertainty when it comes to the world of cryptocurrencies. This is very apparent in the stance that some banks are taking in regards to the purchase of cryptocurrency right now. It seems like every day there is another bank that has decided that they will no longer allow the purchase of cryptocurrency with their credit cards. This recently happened to me with my Capital One credit cards. In the past I have had no issues making purchases on Coinbase with my Capital One credit cards but just recently they started a new policy that does not allow for these transactions anymore. This can be frustrating, especially when the market is down and you want to make some quick purchases with your credit cards. Most of these credit cards have made it so you can no longer make purchases through Coinbase, but I have been able to find two ways around this that might be helpful to other investors out there, so I wanted to share that information with everyone.
The first way that is pretty simple is merely using your credit card for a cash advance. In my case, I get checks in the mail every month for my Capital One credit cards urging me to take a cash advance for a low fee and 0% APR for a year. All that I have to do is fill out the check, deposit it into my bank account, and the next day that credit has been turned into cash. I can now buy Bitcoin through my checking account with that cash. In less than 24 hours I have effectively turned credit into cash into Bitcoin. This is a quick and easy way to buy cryptocurrencies with your credit cards if you have the option to get cash advances with your cards.
The second way that I have been able to buy cryptocurrency with credit cards is through my Bovada account. For those that don't know, Bovada is an online casino that is still one of the few websites that can be used in the United States to gamble. The nice thing about Bovada is that it recently started to allow Bitcoin deposits and withdrawals. I might not be able to use a credit card to purchase cryptocurrency on Coinbase but those same cards work on Bovada. So, I deposit money into my Bovada account with my credit card and it will instantly arrive in my account. Now I can put in a withdrawal request (this can take up to 48 hours for Bovada to approve). Once they approve the withdrawal, the transaction takes less than 15 minutes to show up in your designated Bitcoin address.
Hopefully these two strategies will help anyone who is looking to buy Bitcoin and other cryptocurrencies with their credit cards in the future.
Stay Cool My Friends
*DISCLAIMER* - This article is not meant to serve as any investment advice and is meant purely as entertainment.