Well, the markets are often taken over by some new launches/ trends. The most prominent fact about such trends is that they come and when the time comes for them to leave, they do.
But when these trends go, they often cause a lot of financial worries and setbacks for millions. The new trend of the market happens to be the Bitcoin, it is being taken over all over the market, the worst part is that people are buying Bitcoins by their credit cards, people are thinking of conversions of Doge to btc.
This digital currency named Bitcoin is taking over the world and making fans of it all over the world. Especially in the times when social media is powerful like it has never been. This is what has been making people very interested in Bitcoins and making them hope that they would earn some crazy chunks of cash while Bitcoin is on a high.
Bitcoin and credit cards
Now people are borrowing money via their credit cards and are hoping to create great chunks of money via Bitcoins, now they want to borrow money by the means of credit cards.
Well, we would surely suggest you not to buy Bitcoin via credit cards. This is the time when there are so many would-be Bitcoin investors who seem desperate to take out their credit card and go and buy stacks of Bitcoins. The fact that people are buying Bitcoins with credit cards makes it a lot worse and is making them on the verge of disastrous investments.
It is visible that Bitcoin is right now at its peak but we are sure that it is going to depreciate after a particular point of time. People just don’t know when and how this depreciation is going to happen.
So, by now it must be clear in your head that Bitcoin purchase is actually a risky thing so purchasing a Bitcoin via a credit card can get really risky.
Also, you need to keep in mind that Bitcoin these days is not a popular medium of payment in the current scenario. So, this makes Bitcoin not a stable place to keep your assets involved in as you never know what would happen to Bitcoin the very next day, so, investing in such a currency that too after taking a credit doesn’t seem wise at all.
So, in case the value of Bitcoin goes down, you will be left with a lot of debt that you will have to take care of. Right now, on average the interest rate for a credit card is about16 percent. So, that makes it a totally unpleasant situation to be in if Bitcoin falls.
So, these are the reasons that we think are extremely legit for you to keep in mind before you go ahead and purchase Bitcoins via a credit card.
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