2018-11-2 19:45 |
Due to the Bitcoin market’s remarkable growth over the last 10 years, it is now possible to buy Bitcoin in a number of different ways. Some of the most popular ways to do this are with a traditional debit/credit card or bank account on a cryptocurrency exchange. However, did you know that it is also possible to buy Bitcoin with a VISA gift card?
In our Buy Bitcoin with VISA Gift Card guide, we are going to show you exactly how to do it, step-by-step.
Setting up Your VISA Gift CardPrior to getting started, you will need to make sure you have your VISA gift card loaded with enough funds for whatever amount of Bitcoin you’d like to purchase, including transaction fees. If the type of gift card you are using requires you to register your personal information (not all do), then you need to ensure that the name and addresses registered to the VISA gift card match your real-world identity, as you will need to provide matching information to the exchange platform when you purchase your Bitcoin.
In most cases, if a cryptocurrency exchange or broker accepts debit or credit cards, then by default your VISA gift card should be fine to use.
Although there are a plethora of platforms that now accept VISA gift cards, we are going to take you through the process with Coinbase. The reason for this is that Coinbase is one of the most straightforward brokers through which you can purchase Bitcoin, making it ideal for first-time users. It is important to note that Coinbase charges a 3.99% fee to use a payment card and an additional 1.5% transaction fee. Be sure to take this into account if you are funding the VISA card solely for this purpose.
How to Buy Bitcoin with a VISA Gift Card on Coinbase: Step-by-Step GuideThe first step will require you to open an account at Coinbase. You can visit the official website by clicking on this link.
Whilst navigating through the registration process, you will need to enter some personal information. Make sure that you enter the same details that you used when you obtained the VISA gift card. You will also need to go through a KYC (Know Your Customer) process, as you are using real-world currency to purchase Bitcoin. This will require you to upload a government-issued ID, such as your passport or driver’s license. In most cases, the Coinbase website is able to automatically verify your identity as soon as you have uploaded the documentation, so you should be able to move on to the next step immediately. Now that your Coinbase account is set up, you can now proceed with your Bitcoin purchase. At the top of the screen, click on Buy/Sell.
Next, click ‘Add Account’ and add your VISA gift card as a payment method. In this case, you will want to select ‘Debit Card’.
Enter your VISA gift card’s information.
In the drop-down box underneath ‘Cryptocurrency’, make sure that Bitcoin is selected. For reference, Coinbase also allows you to buy Ethereum, Litecoin, Bitcoin Cash, 0x, USD Coin and Ethereum Classic with a VISA gift card.
Now you need to enter the amount of Bitcoin that you want to buy. Once you do, the box will automatically let you know how much you will receive. As you will see from the screenshot below, we are purchasing $100 USD worth and in return, we will receive 0.01507517 BTC.
On the right-hand side of the screen, you will also see how much Coinbase will charge you in fees. Note that fees are taken out of the amount of fiat currency you are using to make the purchase, rather than being added on top. This is why in the above example you can see that we are actually getting $97.01 worth of BTC after the fees. Finally, to complete your order, click on the blue Buy Bitcoin Instantly button.
And that’s it! You’ve just successfully bought Bitcoin with a VISA gift card!
Can I purchase Bitcoin anonymously using a VISA gift card?In most cases, when you purchase your VISA gift card, there is no requirement to provide the merchant with any identification. In this sense, you can purchase the card anonymously. However, when it comes to purchasing Bitcoin through a third-party exchange, you will need to go through a KYC process, just like you would if you were using a traditional bank card.
The reason for this is that you are using fiat currency to purchase Bitcoin, which means you must be identified. At an absolute minimum, you will need to provide the platform with your full name and country of residence. Furthermore, you will also need to upload a form of government-issued ID, which can either be your passport or driver’s license.
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