Bitcoin Cash is a very popular cryptocurrency that was derived from a fork from the original Bitcoin chain. Created in 2017, Bitcoin Cash aims to accommodate a greater number of transactions on its blockchain than Bitcoin can. BCH is widely available through a variety of sources, and one of the most popular purchase methods for buying Bitcoin Cash is via credit cards.
Credit cards are widely accepted all over the world, making them an ideal and convenient method for purcha sing Bitcoin Cash. There is also usually payment protection associated with credit cards and most of the major exchanges support them.
It can be difficult to purchase Bitcoin Cash with a credit card outside of digital exchanges. Fortunately, there are several of these available, and consumers still have decent choices within the marketplace.
One of the downsides of purchasing Bitcoin Cash with a credit card is the fees associated with the transaction. These can vary hugely depending on several factors, including the particular credit card involved, the credit rating of the consumer and the site from which one is purchasing.
However, as a general rule, purchasing Bitcoin Cash with a credit card will be subject to a cash advance fee of 3% of the total transaction. It should also be noted that this cash advance will accrue interest from the day of the transaction, and that this can be at a rate higher than the purchase APR.
What this means is that it's advisable to clear any credit card balance immediately when purchasing Bitcoin Cash via this payment method.
This depends on the needs of the individual. Credit cards are certainly convenient and efficient, and they can be used in an advantageous fashion when purchasing Bitcoin Cash. But consumers should be aware of hidden fees and interest payments, which can significantly impact on the process.
To avoid fees for regular purchases, using a bank transfer is a far more suitable method. This is because it will avoid the fees associated with credit cards and other methods such as PayPal.