World's largest crypto exchange will now let you buy Bitcoin with Credit Cards!steemCreated with Sketch.

in crypto •  22 days ago

Laying the foundation for the next bull market?

That is certainly what this sounds like as Binance has announced they have enabled credit card purchases for customers on their platform.

Binance officially enabled purchases of bitcoin, litecoin, ethereum, and ripple using credit cards.

It wasn't entirely clear which cards would be accepted, but both Visa and MasterCard were mentioned.

More about this latest development can be found here:

https://www.theblockcrypto.com/2019/01/31/binance-opens-the-fiat-floodgates-accepting-credit-card-payments-for-crypto/

This is very big news!

Last year during the height of the crypto mania, exchanges and credit card companies were pulling the ability of users to purchase via credit card.

Now that important ability is coming back!

The CEO of Binance, Changpeng Zhao, had this to say about the development:

"We want to provide Binance traders with fast and easy access to crypto, in the most secure way possible. Partnering with Simplex allows us to instantly bridge the gap between credit card payments and crypto for traders globally. On Binance.com, you can now buy crypto with credit cards and start trading in minutes.”

(Source: https://www.ccn.com/worlds-largest-crypto-exchange-binance-allows-users-to-buy-bitcoin-with-credit-cards/)

Partnering with a processing company called Simplex, has given Binance the ability to now offer credit card purchases.

(Source: https://www.theblockcrypto.com/2019/01/31/binance-opens-the-fiat-floodgates-accepting-credit-card-payments-for-crypto/)

The bulls may be starting to stir...

From the news out yesterday where Fidelity announced that they would be launching their custody service within a matter of weeks, more of which can be seen here:

https://steemit.com/crypto/@jrcornel/fidelity-sets-date-for-launch-of-custody-service

To Bakkt officially filing all the necessary documentation with the CFTC and now only waiting on their approval...

To Binance enabling credit card purchases...

We may start to see the price change course in the coming weeks in a positive way.

Stay informed my friends.

Image Source:

https://finance.yahoo.com/news/binance-world-largest-crypto-exchange-143510880.html

Follow me: @jrcornel

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I think this is a good thing. People should be able to do what they want with their own money.

Not like they couldn't still buy crypto with credit cards. It just made it more of a hassle. You had to buy something with a credit card to trade with someone for crypto.

Though it isn't necessarily smart to bet with money you don't have...but that's actually a feature of various trading platforms. Many allow you to do trades with money you don't actually have, betting that it will go up. It's called leveraging. Only difference is that with this you're buying crypto with credit, hoping it will go up. If it doesn't go up right away, big whoop. You just pay however much you want off the credit card and keep the crypto until it reaches the point where you want to sell.

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It helps people who have trouble getting fiat onto crypto exchanges for whatever reason. It provides them an avenue to participate as well.

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If it still requires ID, there are still quite a few that will have issues.

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I am sure it does.

This is great move , hope it's will enter some new money to the market

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It may or it may not currently, but I do think during the next bull run this will help lots of new money come in.

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Is that a cow?

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Yep 👍 certainly not a Bull 😂

I've never used Binance... I've always used Coinbase to buy cryptocurrencies with credit card and then moved funds to various exchanges or my wallets.

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It is the largest exchange by volume currently.

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High trading volume isn't always a good thing... When there is too many traders, it's hard to ride the highs and lows because it's less predictable than when the volume is lower. Binance also doesn't have all the cryptocurrencies that I trade currently.

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It's a good thing in terms of liquidity, which is one of the most important things when using a cryptocurrency exchange, behind security of course.

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I always watch out for buy and sell walls... Even with high trading volume, it's possible there is no chance for any profit if people create too big walls before the needed exchange rate.

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Buy and Sell walls can be so misleading I rarely even pay attention to them, though I admit sometimes they make for profitable trading. There is so much spoofing and pulling of orders before they are filled it's tough to tell what is real and what is not, ya know?

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I tend to lean on that nothing is "real", it's just matter of traders creating panic effect that depends on whether other traders think the value can continue going on in same direction or if it will reverse the direction. If they think it will reverse, they will pile up at sightly earlier rate.

There will always be small and big walls, it only depends on if there is trader willing to gamble and take a risk eating through the wall and still getting profit.

Big news, for sure, but not something I'd recommend even if it did influence the market... you can't afford to lose money you don't have, by definition imo

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Correct. Though some people may have trouble getting fiat onto an exchange for various reasons, or they may not want to wait for it to settle. This allows them to purchase much quicker, even if they have the money.

https://twitter.com/gaborgurbacs/status/1091044458794311680
VanEck/SolidX Bitcoin ETF Application Resubmitted by the CBOE
something very interesting, but suspicious @jrcornel

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Why suspicious? They refiled because they knew it wouldn't get approved due to the government shutdown previously.

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In my opinion: it looks shady, pure speculation and the market manipulation

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Made perfect sense to me. Though we likely won't get a ruling on this by the SEC until Q3 or Q4 of this year.

Good news! I think now more than ever we should gather what we can at these lower levels, say, it's at least my plan of attack these days.

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I agree with you. Judging by the news flow, we may see this bear market start to turn sometime in the next few months.

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Bullish news!

It's awesome to see crypto enter the mainstream even further. But, it does seem dangerous to buy crypto with credit!!! Am I the only one who thinks this?

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Nope. I would certainly never do it. Though a lot of people in many Asian countries love to gamble. Perhaps this fits their nitch?! Or perhaps if you can't get fiat into an exchange but you can pay off the credit card with it, this gets these people in the game.

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True, in some countries all people get is a prepaid credit card. Put money on the card, then pay with the card.

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Makes much more sense. Hopefully that's what people use it for haha !

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I remember reading stories about people mortgaging their house to buy crypto - do people actually do that! True, paying off credit cards with crypto is an interesting use case.

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I don't think it happened very much at all. There may have been one and then everyone ran with it...

Dear @jrcornel, but what binance Is doing Is make an only crypto credit card? I mean no Visa, Mastercard or such fiat Money brand cards? Because i already know many companies crypto friendly which are giving fiat cards and crypto wallet..

Posted using Partiko Android

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Well Visa and Mastercard will open the door for many more people to participate.

I was surprised by this announcement but it continues to demonstrate how Binance is using its influence and status to hell develop the full ecosystem. While I don’t promote buying crypto on credit cards, it could be a good way to avoid your own bank!

Posted using Partiko iOS

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Yep and will likely allow some people to participate that weren't able to before. Good news.