Bitcoin is a cryptocurrency. It is a digital currency that is decentralized and doesn’t have a central bank or a single administrator. This type of currency can be sent from user to user on a bitcoin network without the aid of an intermediary partner. The bitcoin exchanges have secured the process of buying bitcoins to a good extent.
It is a virtual currency that was created in 2009. It makes instant payments possible. The person who gave its idea or who created it is still unknown, but the name Satoshi Nakamoto is famous for him. Bitcoins are used in markets to buy furniture on Overstock, to book hotels through Expedia, and to buy Xbox games. There are quite some aspects that make Bitcoins different from fiat digital currencies. These differences are Decentralization, Limited supply, Pseudonymity, immutability, etc.
Bitcoins require no permission to buy or sell, and anyone can do this transaction. Through this article, we will guide you about how you can buy Bitcoins with UnionPay Card or App. Although you can also easily convert you bitcoin to cash and move it to a bank. You can buy bitcoins by spending only $100 as three-quarters of bitcoins are worth this money.
How To Purchase Bitcoins Using The UnionPay Card Or App
Now you can learn how to buy bitcoins using UnionPay Card or its App through this guide. The UnionPay App is a cellular application which is the only mobile payment portal in the banking industry in China. It was launched by UnionPay combined with commercial banks and other payment service providers of China. This app gives the feasibility of one-spot payment services to users.
Many vendors sell their bitcoins through UnionPay, and there are offers available to be able to buy them directly through an app or a card. You can select the offer that suits you most and further sell the bitcoins through the offer that has the most chance of converting.
To be able to buy bitcoins through UnionPay, you should have found a well-known marketplace or an exchange that allows you to make this purchase.
A Step-By-Step Guide To Buying Bitcoin Instantly With The UnionPay App
Create an account using an exchange that supports UnionPay i.e. Etoro.
- Verify your account by following the steps provided.
- Connect your bank account with the directions given to you.
- Fund your trading portfolio.
- Then click on “Bitcoin” and choose the amount you want to buy.
- Bitcoins have been added to your portfolio.
And this is it. The simplest way of buying bitcoin with UnionPay Card or App.
How Many Ways To Buy Bitcoin Through UnionPay?
There are in total of three ways that allow you to buy bitcoin with UnionPay as your payment method, namely eToro, Paxful, and Cryptotal.
Buying Bitcoin Using eToro
eToro is a feasible way of owning cryptocurrency. It is a multi-asset program that allows you to invest in stocks and also to deal with cryptocurrencies. It is a legit bitcoin buying platform and has offices in London, UK, Cyprus, etc.
To create an account on eToro, you have to:
Step 1: Create an account on eToro by signing up with your details
Step 2: Search for bitcoin, and you will see a drop-down menu
Step 3: you will find BTC written, click on it and further click on ‘Trade’ on the top right corner
Step 4: you will next be given an option to place an order or make an immediate trade
Step 5: then decide on much bitcoin you want to purchase
Step 6: Click on ‘Set Order’ or ‘Open Trade’ respectively
To get verified on eToro, you will have to provide proof of your identity and proof of your address. eToro does not charge any fee for any kind of transaction you make through it. Keep in note that you might experience sudden ups and lows in the price ranges on eToro. This phenomenon is called slippage. It mostly occurs during the trade of highly volatile elements. It can be in your favor or against you, and you can’t do much about it.
People have also made good money using eToro by buying and holding stocks and reselling them when their value rises. But being cautious is also necessary as there is a high risk of loss. Investing a moderate amount is advised.
Buying Bitcoin Using Paxful
It is a market place that promotes peer to peer bitcoin selling while connecting buyers to sellers. You only need to choose your payment method, i.e., UnionPay, and enter how many bitcoins you want to purchase.
This is a fair and secure platform to trade online. You can earn profits by selling bitcoin through Paxful to Chinese. It has Escrow system security and has an easy user interface. You can find several sellers here. They have quite low fees, and purchase limits are high.
Step 1: You can start buying digital currencies through Paxful by signing up and creating an account.
Step 2: You will get a free bitcoin wallet.
Step 3: You will be asked to enter a payment method, i.e., UnionPay.
Step 4: Choose the amount of bitcoin you want to buy.
Step 5: Search for the available offers and pick the one that suits you well.
Step 6: Buy the offers that fulfill your requirements by filling in the amount of bitcoin you want
All the transactions made through Paxful public being traceable and are permanently stored on the bitcoin network. Bitcoin addresses are the ways used to define where bitcoins are sent or received from. These addresses are created by users’ wallets.
It is a highly safe place to do transactions without any hassle. They involve escrow feature and hence is protected from scammers. You can use any debit card or credit card to buy and sell on Paxful, but UnionPay is safe and most eligible for people of China.
Buying Bitcoin Using Cryptotal
Using Cryptotal, you can buy cryptocurrencies like Bitcoin and Ethereum with ease. This exchange lets you deposit funds through several ways payment methods like UnionPay, MasterCard, and VISA. There no hidden fees that you will have to give while using Cryptotal.
Step 1: To get started you will have to create an account,
Step 2: Fill in the payment detail and,
Step 3: now, you can start buying and selling cryptocurrencies.
Why Should I Use The UnionPay Card Or App To Buy Bitcoins?
Buying bitcoins through the UnionPay app gives you the convenience of buying, even from the convenience of your room. This process gives you speed in transactions and also gives you additional security so that you can buy bitcoins without any fear of loss.
Many people ask to have the same question of why buying a bitcoin should be considered. The answer to this is that buying and selling bitcoins involves transaction costs that are quite lower than credit cards. Bitcoins have also gotten scarce and get more difficult to get by the passage of time.
7 Benefits Of Buying Bitcoins Everyone Should Know Before Buying With Unionpay
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- Bitcoins give a greater scale of liquidity as compared to other digital currencies. This means that users can retain a big part of their inherent value while converting to other fiat currencies. They can be converted into Euro of the US dollar with ease.
- Bitcoins are being accepted as a payment method on a large scale now. You can now buy almost anything using bitcoin as your currency.
- It’s very easy to send and receive money internationally as bitcoins. The transactions are fast and hassle-free.
- Credit cards and PayPal charge with transaction fees while through bitcoin, you can do transactions at a lower fee rate. Usually, its only 1% of the total value.
- You can choose to be totally anonymous and can go with not linking your bitcoin accounts to your public personas. Where the bitcoin flow is going can be tracked, but who sent or received it remains totally hidden.
- There is no political influence on bitcoins. No political or government authority can seize your money if it is in bitcoin currency even in legit criminal investigations.
- Bitcoins are made very scarce that is only 21 million in total will ever exist. This feature will support this cryptocurrency in the long run. This scarcity makes it similar to gold or other precious metal in value. Whereas many fiat currencies are not scarce and central banks can create new units whenever they will or when the need arises.
The current pandemic has increased the demand for bitcoins. They are also recommended by financial experts to be in investment portfolios. Many people are buying bitcoin codes and are converting their money to cryptocurrency. The pandemic of COVID-19 has made banks fall short of physical money, and hence people are worried about their bank balances being just numbers!