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Bitcoin online purchase?

  • 01-03-2018 11:37am
    Registered Users Posts: 2,782 ✭✭✭

    There seem to be many options for Bitcoin, and I am a bit (pardon the pun) lost on which service provider I should use for this.

    I basically just want to be able to easily transfer money to a bitcoin account using my Visa Debit (I think this is the wallet), an Android app would be nice but not a deal-breaker, and easily make small purchases with it online.

    Are there particular providers that offer better value and/or are better suited to users from Ireland for any reason?


  • Registered Users Posts: 7,500 ✭✭✭BrokenArrows

    Easiest option would be Coinbase.
    However depositing via debit card is expensive and even more expensive if you plan on making multiple small purchases.

    You can transfer money to coinbase via a normal bank transfer which means you avoid the card fees.

  • Registered Users Posts: 2,782 ✭✭✭runswithascript

    Thanks for the recommendation, I will go with Coinbase.

    I was really hoping to pay today.

    From their website:
    Buying with a Debit Card

    Note: Coinbase no longer supports linking new credit cards and some card issuers are blocking digital currency purchases with existing credit cards. We encourage affected customers to switch to a debit card or linked bank account instead.​

    Note: If you have a credit card linked already, your bank may charge additional fees for Coinbase credit card purchases. To avoid these fees, switch to debit card or bank account.

    You can make a purchase with a debit card if your card supports ‘3D Secure’. With this payment method, you will not have to pre-fund your account to place an order. You can purchase instantly without waiting for a bank transfer to complete.
    To determine if your card supports 3D Secure, you can contact your credit/debit card provider directly or simply try adding it to your Coinbase account. You will get an error message if your card does not support 3D Secure. Some banks will require various security steps to authorize a purchase using 3D Secure. Some of the methods you may see will be a text message, a bank provided security card, or security questions.

    That would seem to suggest there may be credit card charges, but not debit card charges?

  • Registered Users Posts: 7,500 ✭✭✭BrokenArrows

    Coinbase apply an extra fee for Debit and Credit Card transactions.

    What you quoted was them describing changes to how bank are processing their credit card transactions.

    Previously coinbase deposits via credit card were categorised as a "sale" transaction, but banks now changed the category to a cash transaction.
    That means your bank usually charges you an extra 2-3% of the transaction amount, just like as if you used your credit card to withdraw from an ATM.