There are very few exchanges or other Bitcoin venues that accept credit cards.
Credit cards may lead to chargebacks but since trading bitcoins is an irreversible process, it’s impossible to get back your bitcoins which is why very few enterprises accept credit cards.
However, this doesn’t mean that you can’t still purchase bitcoins using your credit card, albeit not so directly.
Buying bitcoin with credit card is possibly one of the fastest ways to procure the digital currency, even though it’s not a direct transaction from your credit card to the exchange.
However, you need to be aware that this operation will have some additional charges and fees. This is the price you pay for speed and somewhat convenience.
We also need to note that even though the operation seems a bit complicated, there is nothing really complex about it.
It’s a pretty straightforward process but it has a few links in the chain before you reach your “target destination.”
How to buy bitcoin with credit card Visa and Mastercard?
For the purpose of this tutorial we’ll use VirWoX.
The virtual currency exchange will allow you to make a purchase of a bank wire, or with your credit card by using PayPal of Skrill.
Both Skrill and PayPal have been known to ban accounts for trading in Bitcoins. PayPal directly opposes the idea of the digital currency since people can use it as an alternative.
For example, instead of sending money via PayPal and paying their fees, you can send it via Bitcoin and pay a lot less. Skrill are also not too fond of digital currencies. Both companies have banned accounts for trading bitcoins which is why few people trade in bitcoins directly.
However, instead of going for the direct approach, you can use a workaround. Through VirWoX, you can buy Second Life Lindens (Linden Dollars or SLLs) and then exchange them for bitcoins.
The process does have some relatively high fees, but it’s fast and efficient.
No one can forbid you to buy SLLs (at least not yet) so you’re still within the terms and conditions of the sites.
This is a great way to acquire some bitcoins quickly and somewhat efficiently. The best part is that you can exchange the SLLs for bitcoins directly at VirWoX so you won’t have to move them around anymore.
This is the fastest way to buy bitcoins. It’s also possibly the easiest way to buy bitcoins, so it’s great for newbies.