How to Buy Bitcoin With a Wire Transfer Using BlockCard
There are multiple ways investors can buy bitcoin today. But sometimes, the easiest way is also the best. Learn how to buy bitcoin with a wire transfer using a BlockCard bank account.
What is Bitcoin?
Before we jump into how to buy bitcoin with a wire transfer, let’s quickly recap what bitcoin is and why so many people invest in the “magic internet money.”
Bitcoin is a decentralized digital currency that enables anyone across the globe to store, send, and receive money over the internet without the need for a financial intermediary.
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Bitcoin first appeared in a whitepaper in 2008, written by a pseudonymous developer named Satoshi Nakamoto. In the following years, the first block – called the genesis block – was mined on the Bitcoin blockchain, marking the official launch of the digital currency bitcoin.
In the 10+ years to follow, bitcoin grew to become a multi-billion dollar asset class and arguably the world’s most accessible currency.
According to a study published by blockchain analytics firm Glassnode in February 2020, an estimated 23 million entities – i.e., individuals or companies – hold bitcoin. That would mean that roughly 0.3% of the global population own bitcoin. For a digital currency that’s only a little over a decade old, that is an impressive adoption rate.
Individuals and businesses use bitcoin for a variety of reasons. The primary bitcoin use cases include:
- To make or receive payments online
- To process cross-border remittances
- As a speculative investment
- As a gold-like store of value during times of high inflation, a weakening currency or an economic downturn
Today, the global bitcoin ecosystem enables individuals around the world to easily buy and sell bitcoin using a wide range of payment methods. From debit and credit cards to Paypal and mobile money, regardless of your preferred payment system, you should be able to pay bitcoin with it.
Now, let’s look at how you can bitcoin with a wire transfer using the BlockCard Bank Account.
How to Buy Bitcoin Using With Your BlockCard Bank Account
Buying bitcoin using a wire transfer is incredibly simple using BlockCard. But before you can make your bitcoin purchase, you will have to sign up for an account and undergo a brief KYC onboarding process.
Registering for a BlockCard account and completing the ID verification process only takes a matter of minutes. All you need to do is fill out your name, email, phone number, and address and provide an identification document and proof of residence.
As soon as you are verified, you can start using your new FDIC insured BlockCard Bank Account to manage your money.
To buy bitcoin using a bank wire transfer, you need to access your BlockCard Bank Account dashboard, and click the “Deposit” button.
There, you will find your BlockCard account number and routing number. Use those to make a wire transfer from your traditional bank account to your BlockCard Bank Account. Normally, wire transfers should settle near-instantly. However, it could take up to 24 hours for the money to arrive on your BlockCard account.
Next, click “Buy Crypto” and enter the amount of bitcoin you want to buy (in US dollars) and add a personal bitcoin wallet address to which you would like the BTC to be sent.
Then, you click the “Preview Buy” button to double-check the amount you want to buy, as well as the bitcoin wallet address, to ensure that both are correct. Finally, you execute the trade and make your bitcoin purchase.
The Bitcoin blockchain will need to process the BTC transaction, which typically takes around 20 to 30 minutes. As a result, you should receive the bitcoin you purchased in about half an hour after you clicked the “Buy” button in your personal bitcoin wallet.
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“We wanted to make BlockCard as user-friendly as possible. That means seamless fiat-to-crypto transactions and vice versa. Using the BlockCard Bank Account, users can buy bitcoin with the click of a button using a wire transfer or ACH. It doesn’t get much simpler than that!”
– Ian Kane, Co-founder & COO of Ternio
Buying bitcoin with BlockCard is easy and secure, and only takes a matter of minutes. So if you want to use a wire transfer to purchase bitcoin, sign up for a BlockCard Bank Account for free today!