Bitcoin truly took the world by storm after its rollercoaster of a bull run in late 2017 – early 2018.
Before Bitcoin hit its peak of almost $20,000 it was more than unknown to the majority of the world.
But now it has become somewhat of a household name and has left many wondering how they can buy Bitcoin and get in on the action!
There are many different ways to buy Bitcoin and other cryptocurrencies. One way is through a slightly complex process called Bitcoin mining. (See here: Cryptocurrency Mining Guide for 2019.)
Bitcoin mining is the process of high powered computers solving equations known as “blocks”, on the Bitcoin Blockchain.
By solving these equations Bitcoin miners are verifying transactions happening live on the Blockchain, and getting rewarded with fresh Bitcoin for their efforts.
Bitcoin mining can be extremely lucrative if done correctly but takes access to cheap power plus some technical knowledge or research. (See here: Best Bitcoin Mining Hardware of 2019.)
Bitcoin mining also takes an upfront investment into the mining hardware and a monthly cost to run your machines.
So for a person just looking to buy Bitcoin outright, what is the best way? Well, luckily for you, it just became a lot easier to purchase!
The world’s largest cryptocurrency exchange by trading volume, Binance, is now allowing users to buy Bitcoin and other cryptocurrencies a credit card.
The move seems to be pushing for a larger global user base, and an easier purchasing experience for cryptocurrency investors.
To make this happen, Binance partnered Simplex, an Israel-based payments processing firm that will enable users to purchase cryptocurrency with Visa and MasterCard credit cards.
To start, Binance will support credit card purchases for Bitcoin, Ethereum, Litecoin, Ripple, Steller, and NEO.
These tokens can then be traded for the 151 other cryptocurrencies offered by the exchange.
Binance’s CEO, Changpeng Zhao, had this to say about the integration:
“The crypto industry is still in its early stages and most of the world’s money is still in fiat, ” “Building fiat gateways is what we need now to grow the ecosystem, increase adoption and introduce crypto to more users.”
Meanwhile, Nimrod Lehavi, the co-founder and CEO of Simplex said:
“Easy and fast credit card payments, for mainstream users, is a key factor in wider adoption of crypto in general. We’re thrilled to partner up with Binance and together enable a much better, fast and easy experience.”
Binance is clearly pushing for more global adoption as CEO Changpeng Zhao told TechCrunch last year that Binance plans to grow to 10 fiat exchanges in 2019, with “ideally two per continent.”
They are trying to help larger, institutional investors bring money into the crypto ecosystem.
This could be great for not only Binance but for the crypto industry as a whole.
