Bitcoin is extremely popular but it is also quite volatile. After the wild rollercoaster ride of $8,000 at the beginning of the COVID-19 pandemic to around $50,000 in December 2021, people feel confident that Bitcoin is here to stay and want to trade it or at least use it for purchases.
People who are new to bitcoin and other cryptocurrencies may ask about the safest ways to purchase digital currencies. There are risks involved in cryptocurrencies themselves as well as crypto platforms, but buying and trading bitcoin can be relatively safe following certain precautions.
You can use a debit card to purchase cryptocurrency, but it is essential to use a regulated and reputable cryptocurrency platform that will keep your sensitive data safe from hacking. Protect yourself against unscrupulous or fake bitcoin services by doing the research before opening an account. If you notice unauthorized charges on your debit card or feel that your cryptocurrency platform is taking your money, talk to professionals immediately about fund recovery services.
Chargebax has the expertise and the right strategies to make your chargeback, wire recall or crypto recovery case successful. We consult with clients and develop strategies to bolster your claim and help you recover your funds.
Is Bitcoin For Real?
There are so many mixed messages about bitcoin and other cryptocurrencies in the media that it is hard to know whether to buy bitcoin right away or stay away from it for good. There are many celebrity investors who sound like fans of bitcoin one day only to express mistrust about its inherent value and its environmental sustainability the next.
The price of bitcoin can often rise or fall dramatically on statements from individuals such as Elon Musk and other public figures. In addition to the inherent volatility of cryptocurrency even under the best circumstances, the FBI has warned that crypto scams are topping the list of cyber fraud threats.
So are cryptocurrencies worth the risk? To answer this question, it is important for the prospective crypto buyer or trader to ask themselves how they feel about risk and volatility. Are they fairly risk-averse and prefer stable long-term investments that rise gradually over time or quick trades that they can win or lose but can make them money in a short space of time?
Secondly, those who want to buy or trade bitcoin and other cryptocurrencies must be prepared to do due diligence and research crypto platforms before opening accounts or buying bitcoin. This means ensuring the platforms are regulated and have oversight and reading reviews of the services on reputable sites that have proven expertise in cryptocurrency services.
Third, finding a secure means of purchasing cryptocurrency is essential from the beginning. If you feel comfortable using a debit or credit card online and that a platform will have this secure information, go ahead. Those who may be unsure may not be informed of ways to use their credit or debit card securely online and the chargeback process if fund recovery is required.
Although there are occasional problems such as hacking, unauthorized charges or fraud, many people today use credit and debit cards online for a wide variety of purchases. If you feel safe using a debit card to buy clothing or home supplies on eCommerce sites, there is no reason to be worried about using debit cards to buy bitcoin, unless there is doubt about the security and honesty of the platform. This is not a minor concern.
The Benefits and Risks of Using a Debit Card for Online Transactions
Some consumers are more worried about using a debit card online than a credit card. There may be some good reasons for this.
The debit card takes money directly from an account. That means if a third party hacks your debit card information, your account could be wiped out. This makes fund recovery more urgent if it involves a debit card.
Credit cards have limits and protections that can make the chargeback and fund recovery process easier than for debit cards. However, both are relatively safe if the crypto platform uses encryption and is reputable.
Many consumers prefer to use debit cards because they are convenient and eliminate the hassle and delay of having to pay a credit card bill. Instead, money from the bank account is used to pay in one transaction. Also, a debit card avoids spending money that you don’t have and relying on credit which can sometimes be perilous, because credit card debt can add up and accrue interest.
How to Buy Bitcoin Safely with a Debit Card
Here are some tips for purchasing cryptocurrency safely with a debit card:
- Use a regulated broker or platform
- Check the site is secure and uses encryption
- Use a secure bitcoin wallet
- Check your account daily for unauthorized charges
- File a complaint if you notice something irregular
- Familiarize yourself with the chargeback process
There are many crypto scams that are popping up with the popularity of digital currency. Your best bet is to trade cryptocurrency with a regulated broker or a licensed platform. Trading requires a significant amount of trust and oversight is required to protect the consumer. The same is true of purchasing bitcoin as well as trading it.
Look for the lock icon on the web address as well as “https” instead of “http.” These are the signs that a website is secure. Never enter any sensitive data, such as a debit card number on an unsecured website. A secure bitcoin wallet can help keep your cryptocurrency safe and your codes hidden, but make sure that the wallet is sold by a licensed and legitimate company.
If you notice unauthorized charges on your debit card, it is important to prepare a chargeback claim. The chargeback process is slightly different for debit cards than credit cards and it is useful to seek the advice of experts in fund recovery.
Chargebax experts deal with numerous fund recovery cases and have helped our clients retrieve funds from crypto scams, forex scams, and disputes. We create intelligence reports, negotiate with banks and provide a plan of action that will help you get your funds back.