It seems that it is becoming easier for consumers to purchase cryptocurrencies with debit and credit cards.
Crypto.com, a Singapore-based cryptocurrency exchange platform, has enabled its 50 million users to initiate cryptocurrency purchases on its app using a Google Pay-connected debit or credit card. I’m here. Recent press releases.
Android users can choose from over 250 cryptocurrencies to purchase using their smartphone, tablet, or virtual wallet.
However, like all cryptocurrencies, there are risks involved. Here’s what you should know:
For Android users to use Google Pay for purchases on Crypto.com, they must first ensure that their debit or credit card is connected to their Google Pay account. Then, when users make purchases within the Crypto.com app, they simply select the Google Pay option. All that’s left to do is accept the card fee and complete the purchase.
The user’s cryptocurrency balance will be updated accordingly and they will be able to see their transaction history within the app.
This move by Crypto.com speaks to a growing trend.Coinbase, a popular cryptocurrency exchange based in San Francisco, has nearly 98 million verified users. Buy cryptocurrency with Apple Pay and Google Pay last year.
“Adding these payment types will make it more convenient for people to buy cryptocurrencies in a way they are familiar with,” said co-founder and co-founder of Synctera, a fintech startup that connects app builders and financial institutions. Chief Technology Officer Chris Hansen said.
“The ability to buy cryptocurrencies from their checking accounts has made it easier for people to integrate cryptocurrencies into their overall economic lives,” he adds.
However, allowing consumers to easily purchase cryptocurrencies with money borrowed via credit cards is risky and could lead to financial difficulties in the future, warned Hansen. I’m here.
Professionals usually warn against charging your credit card more than you can comfortably repay each month.
And while the ease of buying cryptocurrencies may be welcome news for some investors, remember that these digital assets are subject to unpredictable fluctuations in value and price. is important. Experts usually recommend investing only as much as you are willing to lose.
Potential investors should also do due diligence before buying. Despite its simplicity, crypto is not an impulse purchase.
“There have been many unfortunate losses related to people swindling funds by posing as exchange representatives,” says Hansen. “It’s important to do research.”