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Why Credit Card Companies Should Allow Customers To Make Payments With Cryptocurrency
In this article, I will dive into why credit card companies should allow customers to make payments with cryptocurrency! As someone who gets paid primarily in cryptocurrency, I have looked around for a solution or a service that allows me to payoff or pay down any debts (mainly credit cards) directly with cryptocurrency. Unfortunately, after months or research, there does not appear to be a way to do this directly in the United States. Interestingly enough in my journey for looking for a solution, I was able to come across an article that an Australian start up company called Living Room Of Satoshi was doing this (successfully, I might add) in providing a way for users to pay for every day bills using bitcoin. This includes: Car Registration, Electricity Bills, Cell Phone Bills, Bank Fees, and even (yes, you guessed it) Credit Cards. It’s been reported that the number one bill paid by consumers is credit card debt, according to CreditCards.com.
THE 3 CREDIT CARD BEHEMOTHS
However, there is no direct solution in today’s world to make payments directly with Visa, Mastercard, or American Express with our crypto assets to help pay down our debt. Any one of these companies would have a MASSIVE edge over any other bank or credit card company that implements this feature first, because there are millions of active cryptocurrency users who would use this feature in a heartbeat. We need to take a page out of Australia’s book and create solutions that will allow us to either have these corporate giants begin accepting this directly, or create a bridge to do so. There are a few work-around options you can use to leverage your crypto holdings and use the collateral to get a crypto-backed loan with very low and reasonable interest rates to help you pay down debt. The beauty in doing this, is you don’t have to spend your crypto to use this option, you just send it to a protected account with them until your loan is paid back. It is also backed by the FDIC (if that gives you any confidence). For some people, that last tidbit gives them peace of mind knowing that this company is not going to disappear and simply lose all your crypto funds if they go under. I have done business with them recently in earning interest for some of my holdings and I can attest to their integrity and have had nothing but a positive experience using Blockfi.
CRYPTO-BACKED LOAN SOLUTION
Let’s get back to the 3 credit giants for a minute. The average interest rate the average U.S. consumer is paying with “good” credit is still over 20%. That is highway robbery, but what other options do consumers have when the inflation and cost of living is outpacing the paying wage in America? It almost seems like a perfectly formulated trap by these big banks to rob the american people of their freedom and to impose financial slavery for the rest of their working lives. It’s madness, however, it’s even harder for people who get paid in cryptocurrency to pay these bills, because we have to use a 3rd party service (like Coinbase) in order to pay a fee to convert our crypto into fiat, and then pay additional fees to pay our credit card on top of our interest rates. This seems like a good plan when looking from the vantage point of these credit card companies, because that means we will be paying interest even longer. Wrong! The default rates on credit cards are on the rise, because it’s becoming too cumbersome and people are drowning in debt. A growing number of folks figure it’s worth it to take a hit to their credit score or even delay paying this by having it go to collections, just so they can keep up on their required living expenses like food and shelter.
There is another option that was found for use in Canada to pay your credit card bills, but still, you have to pay extra fees to do this. For some, it may be worth it and it can help you reduce the amount of interest to pay to the banks. I still think the credit card companies need to accept this directly as there is a need in the marketplace and it will ultimately help them receive more revenue in the long term as bitcoin is a deflationary currency. The banks have never needed to make any innovation into their services or processes because they have a monopoly, and therefore have no need to compete. This is just another reason why bitcoin is going to be the currency of the future and will soon become adopted mainstream as it’s very own existence and foundation was built on innovation and fungibility.
CONCLUSION
The bottomline: It’s in the bank’s best interest and the consumer’s best interest to have this ability in place. People will have more options to pay down any debt, especially if they do not have access to a bank account or have otherwise been cutoff from legacy financial services. Consumers will also be more likely to pay their balances down faster, because bitcoin year over year has only increased in value since it’s inception.
Please sound off below! What do you think? Would you start paying your credit cards with crypto if given the option? Please me know in the comments.
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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How To Buy Bitcoins With Paypal Instantly (2020)
In this article, I will tell you how to buy bitcoins with Paypal instantly. Some of us on our journey for buying our first bitcoin, we look at the funding source from which we want to pay for it. In some cases it may be your bank account, in others it could be with a debit or credit card, but what if you have some funds sitting in Paypal and you would like to use that as a payment method directly?
hLuckily, this can be done and some methods are more legitimate than others. I am going to include the best ways (in order) to do complete this process, but keep in mind that Paypal will include additional fees to buy bitcoin that can range from 10-20% more than the actual price you agree to, as Paypal is factoring in the risk of a charge back into the purchase price. Let’s begin!
#1 BUY BITCOIN ON ETORO VIA PAYPAL
Step 1 – Open Your Account
– Visit the eToro homepage- Click the ‘Join Now’ button- Fill out the sign-up page, accepting the terms and conditions and privacy policy before clicking ‘Create Account’
Step 2 – Deposit Funds with Paypal
– Log in to your eToro account- Click on the ‘Deposit Funds’ button- Submit the amount you wish to deposit and select your currency- Select your deposit method – in this case, PayPal- You’ll then be redirected to the PayPal website- Log in to your PayPal account- Review your transaction details- Verify the details and complete the transaction by clicking ‘Pay’
Step 3 – Buy Bitcoin!
- Visit the BTC markets page on eToro
- Click the blue ‘Trade’ button in the top right-hand corner
- Alternatively, you can click ‘Buy’ next to Bitcoin if you have added it to your Watchlist
- Enter the amount of Bitcoin you wish to buy in fiat currency
- Set stop losses and ‘take profit’ parameters- Click ‘Open Trade’
#2 BUY BITCOIN ON COINBASE VIA PAYPAL
*Disclaimer: Using the e-wallet via Coinbase (web or iOS) requires you to be a U.S. investor. If you are not an American, you can still link your Paypal account to Coinbase, but you can’t physically buy Bitcoin, Litecoin, or Ethereum. In order to use PayPal for non-US customers is to swap your Bitcoin for a fiat currency and transfer this back to your Paypal account.*
- Visit the Coinbase homepage
- Click on the ‘Sign Up’ button in the top right-hand corner
- Complete the sign-up form and hit the ‘Create Account’ button
- Activate your Coinbase account by clicking on the confirmation link in your sign-up email
Step 2- Deposit Funds with Paypal
- Log in to your Coinbase account
- Click the ‘Settings’ tab on the left-hand side
- Click ‘Add a Payment Method’
- Click ‘PayPal Account’ and verify your PayPal account using the on-screen prompts
Step 3 – Buy Bitcoin!
- Log in to your Coinbase account
- On the Dashboard, click the ‘Buy/Sell’ button at the top of the page
- On the Buy/Sell window, click the Bitcoin button
- Choose your preferred payment method e.g. PayPal
- Specify the amount of Bitcoin you want in your fiat currency
- Hit ‘Buy Bitcoin Instantly’
#3 BUY BITCOIN IN PERSON VIA PAYPAL (LOCAL BITCOINS)
Step 1 – Sign Up (If you haven’t already)
Click this link for a direct way to do this! – SIGN UP
Step 2 – Filter for Paypal
Paypal Tips:
- High feedback scores are important. The closer to 100 percent, the better.
- Look at the number of trades and trade volume. Again, the higher, the better.
- Consider the trade limits to be sure the seller can fill your order.
- Look at the payment window to see how long you have to complete the transaction.
- Read any terms the seller might have. In some cases, the seller will also require a minimum reputation score for the buyer. If this is the case, you’ll have to make some small purchases to increase your reputation if you want to use that specific seller.
Step 3 – Confirm Transaction
This is documented in case of a dispute, but as long as you follow the tips above, that is unlikely. You can also negotiate to meet in person to initiate this process, if needed.
CONCLUSION
There are still other options to buy bitcoin with Paypal online, but those other options I have not personally used or tested and therefore, I cannot speak to how legitimate the entire process is. For your reference if you want to see what some other options are, I will link them below for you to take a look. Well, there you have it. Three tried and true ways to buy bitcoin online with Paypal and usually goes pretty quickly. This is a good option if you have funds sitting in Paypal and want to convert it into the far more valuable currency of the future.
NOTE: The other sites I will list below will allow other options for credit cards and other payment methods as well.
If you found this helpful or you have any other suggestions on other sources to obtain bitcoin securely and easily, please comment below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.