Investor and Shark Tank shark Kevin ‘Mr. Wonderful’ O’Leary has dismissed concerns raised against Facebook’s cryptocurrency Libra.
Speaking on CNBC, the avowed Bitcoin skeptic stated that Libra has the capacity to become accepted and consequently useful with effective regulation.
Stemming from this O’Leary is bullish on the social media giant’s future prospects. On the other hand, Bitcoin will die once a regulated cryptocurrency such as Libra comes along, per the Shark Tank star:
It’s [Bitcoin] going to go to zero one day when somebody brings a regulated product, which is why I’m excited about Facebook. I like their chances.
O’Leary: Libra will Survive, Bitcoin will not
Even as policymakers and politicians continue to raise concerns over Facebook’s crypto plans, the Shark Tank host revealed that he remains positive about the social media giant’s future. O’Leary revealed that his faith in Facebook stemmed from the fact that it has weathered previous storms in the past brought about by a wide range of issues such as privacy abuses and election interference.
During the same interview, O’Leary did not miss the opportunity to bash Bitcoin. He explained that his ‘hate’ for the cryptocurrency was driven by the fact that it ‘doesn’t solve any problems’ unless one is ‘a criminal, a thief, a drug dealer’.
Given the criticisms and opposition that have greeted Facebook’s crypto plans since they were announced last month, O’Leary’s optimism regarding Libra places him in the minority. The CEO of JPMorgan Chase Jamie Dimon has, for instance, likened Facebook’s Libra cryptocurrency to blockchain technology which has been a buzzword for ‘years and very little has happened’.
Not many likes for Facebook’s Libra
Last week U.S. President Donald Trump revealed his distaste for cryptocurrencies while indicating that Facebook would have to get a banking charter if it was interested in offering banking services. U.S. Treasury Secretary Steven Mnuchin has since then agreed with Trump’s statements saying that Libra has raised ‘very significant concerns’.
— Squawk Box (@SquawkCNBC) July 18, 2019
Part of the opposition to Facebook is arising from the negative reputation it has built with its history of broken trust as pertains to how it has treated user data in the past.
As it seeks to launch Libra, Facebook finds itself in the unenviable position of being perhaps the first innovative new product to which Washington has an immediate, decisive reaction https://t.co/0thY2PXQPD
— Allon Advocacy (@AllonAdvocacy) July 18, 2019
The chairwoman of the House Financial Services Committee for instance stated during Congressional hearings on Libra this week that Facebook’s cryptocurrency plans had raised ‘serious privacy’ concerns as well as national security and monetary policy worries. This was not just for the social media giant’s members but also to non-users around the world.
As the world turns… against Facebook
While Facebook’s blockchain and cryptocurrency lead David Marcus has tried to win the U.S. regulators and policymakers by arguing that America could lose on the digital currency and payments race by curtailing Libra, the rest of the world is equally wary of the social media giant.
As the U.S. congressional leaders were grilling Marcus mid this week G7 bloc expressed concerns about Libra while indicating the ‘need for action’. Among the measures that the G7 bloc is proposing include regulations that will span the globe to prevent Libra from upending the existing financial system.
How to Buy Bitcoin with Credit Card in 5 Minutes
Buying bitcoin with a credit card wasn’t possible before, mainly because of the chargeback issue associated with credit card purchases.
Fortunately, cryptocurrency exchanges such as eToro and Plus500 now allow its users to buy bitcoin using credit cards.
Read on to find out how to get started, and which platforms to use.
Where to Buy bitcoin with Credit Card in the U.S.
Buying Bitcoin with credit card can be complicated, and with so many hacks and scam risks, it is difficult to know which platform to go for. We’ve scoured the web and found eToro to offer the easiest and safest way of buying BTC with credit card in the U.S.
eToro : Buy Bitcoin wit credit card with no extra charges
If you’re U.S. based, eToro is one of the most popular platforms to buy bitcoin with credit card. They also offer a bitcoin wallet for trading and sending funds.
Established in 2006 in Tel Aviv, eToro has quickly made a name for itself, now counting with over 10 million users worldwide. eToro has recently opened its doors to U.S. residents and offers a wide range of investing and trading options from cryptocurrencies to forex, CFDs, commodities and many more.
Bitcoin is the most common cryptocurrency traded on eToro and if you have bitcoin, you can trade it against other digital currencies such as Ethereum, Litecoin, etc. eToro is CySEC, FCA & ASIC licensed, making it a indeed a legitimate and reliable crypto exchange.
- Flat $5 fee on all withdrawals.
- Minimum withdrawal amount: $50.
- Buy Bitcoin directly with no added commissions
- Easy purchase experience
- Social and copy trading available
- $5 withdrawal fee
- KYC & verification process
75% of retail investors lose money when trading CFDs with this provider.
Where to Buy bitcoin with Credit Card outside the U.S
There are a number of brokers and cryptocurrency exchanges available outside the U.S., all offering different features and fees on Bitcoin credit card purchases. We’ve found the best option to be the well-regulated broker Plus500.
Plus500: Buy Bitcoin CFDs with credit card on a regulated platform
Plus500 is a reputable and well-established brokerage firm counting with licenses from various international regulatory authorities such as ASIC, FCA and CySEC. The broker has been in operation for more than a decade and offers no commission purchases on Bitcoin with credit card for traders outside the U.S.
Since its establishment in 2008, the site has grown considerably. For instance, in 2011, the Plus500 team released an app for iOS devices, which was rated as one of the most popular trading platforms on the Apple app store.
In 2013, the team introduced an app for Android device users. It was in the same year that Plus500 became public in the London stock exchange in the AIM section.
Plus500’s customer service is available 24/7 and in 15 languages. In addition, the website and app can be viewed in 30 languages. It is no wonder the site has attracted millions of customers from around the world. Based on a report, almost $2 billion has already been traded on the site.
Plus500, unlike eToro does not charge a withdrawal fee, however the following fees apply:
- $10 inactivity fee applicable if users don’t log on to their trading platform for a period of three months.
- Fixed spreads starting at 0.6 pips.
- Overnight Funding fee: amount either added to or subtracted from your account whenever a position is left open after a certain cut-off time
- Currency conversion fee
- Guaranteed stop order fee
- No trading fees or commissions
- Great trading app on Android and iOS
- CySEC, FCA & ASIC regulated
- CFD bitcoin trading only
- $100 minimum deposit
75 % of retail CFD accounts lose money when trading with this provider.
How to Buy Bitcoin with Credit Card in the U.S.
Below is a step-by-step guide explaining how you can use your credit card to buy bitcoin on this platform.
Step 1: Create an account on eToro
The first step is to open an account on eToro using this link. You will only need to provide your last name, email then create a username and password.
Also, you can sign up using your Facebook or Google account.
Step 2: Verify your account
If you have signed up using the email option, you will be required to verify your email to access your account. Use the link provided in the email then enter your credentials to sign in. However, if you use the Facebook and Google option to sign up, you will not be required to verify your email.
Step 3: Deposit funds
It is important to complete your profile to remove the deposit limit on your account. You should not worry because the site employs strict measures to protect your private data. Click on the ‘Complete profile’ button and follow the steps.
After completing your profile, you will be able to make a deposit. Just click the ‘Deposit Funds’ button and select the amount and choose the credit card payment option from the list. The process of depositing funds on the eToro is very easy compared to other crypto exchange sites.
Step 4: Buy bitcoins
After depositing your funds on the site, select bitcoin from the list and click the “Buy” option. Enter the amount you would like to buy and click the ‘Open Trade’ button.
How to Buy Bitcoin with Credit Card outside the U.S.
Plus500 is the most reliable platform for non-US residents to buy bitcoin using a credit card. Check out below the step-by-step guide below to get started:
Step 1: Create your account on Plus500
Creating an account on the Pluss500 site is very easy, and the whole process will only take less than 5 minutes. You can sign up on Plus500 using your email, Google account or Facebook account. When you use the email option, you will only need to provide your name and create a password.
Step 2: Verify your identity
Due to regulatory requirements, you are required to verify your identity and address when registering. To verify your identity, you will need to provide a picture of your ID card, passport or driving license.
On the other hand, to verify your address, you should give a copy of your recent bank statement or utility bill. These documents can be uploaded using Windows, Web, iOS and Android devices.
Step 3: Make a deposit
To make a deposit using a credit card, go to the Funds Management section and click the ‘Deposit’ button. Select the amount you would like to deposit and enter your card information. The minimum and maximum amount you can deposit varies with your country of residence. For instance, in Australia, the minimum deposit is AUS $200, while the maximum amount is AUS $65,000.
It is worth noting that by submitting your card details, you give consent to the payment processor to store the details per the Payment Card Industry Data Security Standard (PCI DSS). Plus500 does not keep your card details or use it in any way.
Step 4: Buy bitcoins
The process of buying bitcoins on Plus500 is straightforward. Just click the ‘Buy’ button and enter the number of bitcoins you would like to buy depending on the funds in your credit card.
Credit card exchanges
Coinbase also offers a simple way to buy cryptocurrency with a credit card, as long as it supports “3D Secure” payments which allow for an instant purchase. Coinbase is by far one of the most popular crypto exchanges in the world and it offers a beginner-friendly platform where you can not only purchase BTC but also ETH as well as ERC-20 tokens. Launched in 2012, the platform counts with over 13 million users. However, if you’re purchasing a large amount of crypto, the 1.5% fee can get expensive. Coinbase also does not allow you to short coins and customer service can be very slow.
Territories accepted: USA, Europe, Canada
Coinmama is a well-known cryptocurrency exchange launched in Israel in 2013 where you can buy bitcoin with credit card without id. It offers 8+ cryptocurrencies counting with 1.5 million customers in 200 countries. Coinmama offers and quick and simple way to buy BTC with your credit card and it does not require centralized storage of your crypto. However, the downside to Coinmama is that it does not operate in all U.S. states and charges a large 5.9 percent fee, which is included in the transaction price. While deposits by bank transfer are free, an additional 5% processing fee is added to credit card payments.
Territories accepted: Global
Bitcoin credit card fees
The transactions fees involved when buying bitcoins using a credit card depend on your chosen exchange site.
Most exchange sites charge a certain percentage of the amount involved while some sites charge a small fee of less than 5%. Other charge more than 10%.
It’s highly recommended that you use eToro since it does not charge any commissions or trading fees. You can also save on trading fees if you use Plus500.
Bitcoin credit card safety
When buying bitcoins using a credit card, you are required to provide your card information. Since some sites are not genuine and steal card details from the users, it is crucial to choose a well-regulated platform.
If you live in the US, consider eToro. eToro protects its users’ data and does not share it with third parties. If you live outside the US, we would suggest Plus500 which is also a safe platform and does not store card details.
Which credit card should I use for buying bitcoin?
All credit cards function similarly. When you make a purchase, the amount is subtracted directly from the account associated with the card. Some of the popularly used types of cards include American Express, Visa and Mastercard. Make sure to choose a crypto exchange site that supports your credit card type.
Can I buy Bitcoin with credit card instantly?
The time it takes to buy bitcoins depends on the platform you are using. Some sites offer an instant process where you get your bitcoins straight away. However, on other sites, the process can even take several days to complete.
On both eToro and Plus500, you can open your order and have it executed within a matter of minutes or hours. However, it is worth noting that on Plus500, you are trading bitcoin CFDs as opposed to owning the physical coin.
How can I buy bitcoin with credit card without ID or verification?
It is possible to buy bitcoins using a credit card without identification through eToro as long as you deposit less than $2,000. However, if you are looking to purchase a larger sum, you will be required to submit proof of ID and address, in which case you must use another service. There are sites like Coinmama that do not require its users to take undergo a verification process even on larger purchases above $2,000.
However, it is worth bearing in mind that Coinmama and most crypto exchanges are largely unregulated, and you therefore run the risk of experiencing theft or security hacks. eToro or Plus500 on the other hand are well regulated and offer a fund protection of up to $80,000.
Cryptocurrencies have become an accepted mode of payment around the world. However, when buying cryptocurrencies using a credit card, it is important to choose a reliable and reputable crypto exchange site. For US residents, we would recommend eToro while non-US residents can use Plus500.
How much does it cost to buy bitcoins on eToro?
On most crypto exchange sites, there are many costs involved, especially when buying bitcoins with credit cards. eToro does not charge any transaction fee when buying bitcoins but makes profits through the spread, which is just the difference between the buying and selling price.
Is eToro a secure exchange site to buy bitcoins?
eToro is a well-respected and safe site that is regulated and licensed by international financial agencies. Nonetheless, you should take note that the cryptocurrency market is highly volatile so you should be careful when investing and trading.
Does eToro have reliable customer support?
One of the biggest issues with crypto exchange sites is poor customer service. eToro features a help section that addresses some of the major issues its users commonly face when using the site. The section also has a search bar to help you quickly look for answers for specific issues.
Can I trust Plus500 with my card details?
Plus500 is a reliable platform that is regulated by various regulatory agencies from around the world. This means that it doesn’t use your private data without consent and your funds are safe.
How do I log into the Plus500 site?
You can easily sign in to your Plus500 platform through the website or app by only providing your email or username and password.