What To Know About Using Bitcoin Purchasing Services

4 October 2018
 Categories: , Blog

Purchasing and investing in Bitcoin requires that you use a third party. The third party acts as a go between to help you buy, sell, and access the funds you gain from Bitcoin. This works much the same way as someone acting as a third party brokerage service for stock purchases. If you are considering stepping into the world of Bitcoin, there are a few things you should know about using purchasing services such as Creditcoin.

Receiving Your Digital Currency

The first question that many people have relates to how long it will take to get the Bitcoin they purchase. In most cases, third party money services will have the digital currency sent to your account within a few hours. Some larger sums may take longer depending on the company and their policies. When you receive your digital currency, which can also include Litecoin and Ethereum, it will be stored in a paper wallet through the money service option you choose.

Withdrawing Your Digital Currency

One of the misconceptions with digital currency, and withdrawing that currency, is how long it takes to access and withdraw. The truth is, the time to withdraw the amount depends on several factors. One of the main factors is the method you choose to handle your withdrawals. Keep in mind, most money services like Creditcoin help you buy and store the digital currency. This means you will still need another party to help you access the funds. These companies only handle withdrawals from your paper wallet or online wallet. Once the money withdrawal is requested it will pass through the third party, they will take their fees, and the money will be transferred to your traditional bank account.

Purchase Limits

You will need to keep in mind that there are limits through money services for purchasing Bitcoin and other digital currency. You will need to check with your money services company for their limits for minimum purchases and maximum purchase amounts. These limits will also affect the service fees charged for your purchase. As your purchase amount increases, your fee may increase. Also keep in mind that your purchase limits may be set daily, weekly, or monthly. 

These are only a few of the key points you need to know about using services like Creditcoin for Bitcoin purchases. If you are ready to get started, settle on the money service you want to use. They can help you with your first purchases and learning how to use the service for long term Bitcoin trading.