After getting familiar with how to buy Bitcoins with PayPal and how to buy Bitcoins with Credit Card, let’s move on to learn how to buy Bitcoins with a Debit Card. The procedure is way round similar to that with a credit card since both debit cards and credit card are accepted almost equally at most places. However, remember that buying bitcoins is not always as easy as expected by newbie. VirWox also supports purchasing of Bitcoins with a debit card.
Debit cards provide the service to create a charge-back on any transaction whereas Bitcoin doesn’t offer such opportunity. Thus, these charge-back issues make it difficult to buy Bitcoins with a debit card. Meanwhile, VirWox helps in overcoming this problem by initially enabling buying of SLL (also a digital currency) and then exchanging them to BTC. VirWox charges fee for each transaction process, be it exchange or deposit. There will be a maximum deposit limit for the new customers at VirWox.
Here are steps to buy Bitcoins with debit card
Once you visit VirWox, click on ‘Not registered yet?’ to sign up and create a new account. Enter your Username and an Email Address. You will be asked to enter ‘Avatar Name’ where you just have to leave ‘No Avatar’ as it is. This is done keeping in mind that VirWox is linked to second life but we will actually not be connecting to second life.
After registration, you will receive a temporary password through a confirmation email. Log in to your account using the provided password. For the sake of security, you are recommended to change your password. Go to ‘Deposit’ and search for the option ‘Credit Cards/Debit Cards’. Enter the amount of money you wish to deposit.
As soon as the money is deposited in your account, you can buy SLL (Second Life Lindens). For this, you will have to choose SLL/USD exchange. The amount will be displayed at the left sidebar. Now, it’s the time to trade the purchased SLL for BTC. Exchange the SLL to Bitcoins through the BTC/SLL Exchange details. For the entire process to get complete, it takes around two days for the new users at VirWox.
On obtaining Bitcoins through exchange with SLL, the quantity will be shown up at the left side. In order to withdraw the BTC, click on ‘Withdraw’ link. You can then move your Bitcoins into wallet. For the safety and security purpose, it is advised to transfer the BTC to your wallet rather than maintaining their record at VirWox.
And, it’s finally done! You now have your Bitcoins into your Bitcoins wallet and you can use them for online trading or buying online services.
Like that of credit cards, there is another option to buy bitcoins with debit card through CoinMama. It is easier and less complicated than the VirWox procedure, but is not preferred due to the high premium fees it charges comparative to the former. Moreover, CoinMama solution is available for selected countries only which may be claimed as its limitations.
Hence, you are now completely aware with all the three ways to buy Bitcoins i.e. with PayPal, Credit Card and Debit Card. You must choose your own service according to your convenience and comfort i.e. use your PayPal account if you are often used to work on it or simply switch to credit/debit card services to handle your transactions and trade with Bitcoins. Remember that the number of options will be increasing with time and number of users registering so that the services get more convenient and efficient. New and innovative ideas have been coming up and soon to be implemented like the use of physical BTC coins, BTC gift cards, cards with stored-value, pre-loaded value wallets and many more!