5 Things you should remember when buying Bitcoins through Bank Account!
Bitcoins have been a part of the internet for almost 10 years now. It was launched in 2009 and people have been raving about it since then. The main reason people were into bitcoins was that they wanted a currency that is not controlled by a national bank.
Nowadays, there are numerous ways to buy bitcoins online. Multiple wallets and services are out there that let you purchase bitcoins through your bank account and we are here to share with you some things that you must remember when buying bitcoins through your bank account.
3. Always Use a Secured Wifi Connection: This is always the step one before you make any kind of Bitcoin transaction. It is recommended that under no circumstances one should use public wifi to make bitcoin or any cryptocurrency transaction. Forget transaction, you should not even access your wallet while on public wifi. If there is some emergency and you need to access the wallet, then make sure that you use a VPN (Virtual Private Network). Please do not take this lightly, one guy had around 177K USD worth of bitcoin in his wallet that got stolen by a hacker because he accessed his wallet on public wifi.
4. Bank Account Purchases might be Slower: This is a big con of using a bank account to purchase Bitcoin. Bank transfer purchases are usually slower than credit card or debit card purchases. If you use your credit card or debit card for transactions, the purchases will be done almost instantly. Usually, most people receive their bitcoins within half an hour when using credit or debit card to make the purchase. Whereas, people purchasing through bank account usually take 2 - 4 days to receive the bitcoins. The main reason for this is that the banks take longer to process SEPA transfers.
5. Bank Payments are Less Predictable: One thing about bitcoin’s price is that it can be extremely volatile. As we said in the previous point, bank account purchases are way slower than Credit card or Debit card purchases, this makes the transaction a little bit problematic. Suppose you try to purchase a certain amount of bitcoin from a digital money platform and you choose bank transaction for it, the problem is that since bank account transaction takes more time to process, by the time your transaction is confirmed, the price of bitcoin might change. As a result of this, you might end up more or fewer coins depending on whether the price went up or down.
So there you go, 5 things that you must remember when purchasing Bitcoins through your bank account. We hope you enjoyed reading the article, and make sure to keep these things in mind to be safe from any kind of scam. If you have purchased bitcoins through bank account before, then share your experience with us on the comment section below. Good luck!