Bitcoin wallet instant buy significantly expedites the payment process and grants easy access to your funds. But how does this feature work, exactly?
In this entry, we’ll explain the basics of the Bitcoin wallet instant buy feature. We’ll also give you a few other reasons why you should start trading this cryptocurrency.
What Is Bitcoin Wallet Instant Buy and How Does It Work?
Wallets that support Bitcoin instant buy allow you to purchase this cryptocurrency using your cash balance or Bank Transfer. The provider immediately credits your account with Bitcoin, and you can withdraw funds up to four days after the transaction.
Here’s how instant buy usually works:
- Log in to your Bitcoin wallet and press the “Buy Bitcoin” button on your overview page. The wording may vary, depending on your provider.
- Enter the amount of cryptocurrency you want to purchase and specify your payment method. You can generally choose between a bank account and your cash balance.
- Press “Preview Order” to make sure you’re happy with your order. Again, the wording of the feature may vary.
- Confirm your decision by pressing your “Buy” button to complete your Bitcoin wallet instant buy.
- The purchase should be executed immediately, and the funds should be instantly transferred to your digital wallet. If you’ve used your bank account, it should be charged up to four business days after your transaction.
Bitcoin transactions are fast due to the instant buy feature. There are no long wait periods and annoying authorization requirements.
However, that’s not the only reason why you should start buying and selling cryptocurrencies. Here are some other advantages:
All-Day Operations
Cryptocurrency exchange enables people to trade Bitcoin at any time of the day. There are no location restrictions, and this type of online marketplace never closes.
User Autonomy
People who use standard fiat currencies face multiple risks and restrictions. Users mainly depend on the financial stability of their banks. As a result, they have limited control over their money.
On the other hand, Bitcoin transactions offer user autonomy because the price isn’t linked to government policies. This way, you get more control over your funds.
Pseudonymous Transactions
Most online transfers require a great deal of information to identify the user making the transaction. The verification process is a powerful crime deterrent, but the intermediary plays a pivotal role in the transfer. Hence, they can control the services available to both parties.
By contrast, Bitcoin transfers are pseudonymous. This type of transaction isn’t completely anonymous, but it can only be identified with your blockchain address. However, individuals can have several addresses, usernames, or passwords on a single account. Furthermore, these transfers don’t require IP addresses or any other identifying details.
Bitcoin Isn’t Subject to Banking Fees
People who complete fiat currency transactions incur all sorts of fees. The list includes withdrawal, deposit, as well as maker and taker fees.
Conversely, Bitcoin transfers aren’t associated with banking fees that plague fiat currencies. Thus, there are no minimum balance or maintenance fees or overdraft charges. All of which facilitates your fund management.
Low International Payment Fees
Another great thing about Bitcoin exchange is lower transaction fees for your international payments. Unlike standard foreign purchases and wire transfers, Bitcoin transactions involve no government or intermediary institutions. For this reason, the transactions costs are much lower, which especially helps frequent travellers.
Higher Security
As Bitcoin isn’t a physical currency, thieves can’t get their hands on your funds. The only way to lose your data and cryptocurrency is to be a victim of a cyber-attack. But with adequate security, the chances of theft are much lower. There have been reports of hacked Bitcoin exchanges, but such events are rare.
Mobility
Like many other payment methods, Bitcoin transactions can be completed from any location with a stable internet connection. This means you don’t need to go to your bank to finalize the transfer. While many credit cards and bank accounts offer this feature, Bitcoin is superior because it doesn’t require your personal information.
Reap the Benefits of Bitcoin
Trading Bitcoin is one of the wisest decisions you can make. Apart from the benefits of the Bitcoin wallet instant buy feature, you’ll enjoy many other advantages, such as better security and lower costs. So, choose your wallet and embark on your investment adventure.
