How to Buy Bitcoin with Apple Pay in 3 Simple Steps
Coinmama, one of the leading cryptocurrency exchange platforms, has simplified the buying process. Now you can buy Bitcoin with Apple Pay. Let’s have a look at this new option.
In 2017, the world of cryptocurrency was stunned as the price of a single Bitcoin rocketed to twenty thousand U.S. dollars. The situation shocked many, especially those who wished they had bought a few earlier. Nobody wants to be the one left behind should that happen again. As such, thousands are flocking to buy Bitcoins where they can, as well as various other cryptocurrencies on the market.
This is now easier with companies such as Coinmama offering the opportunity to purchase the currency using Apple Pay. But what do you need to do to get involved with that, and how can you be sure you are doing so both safely and securely?
It is time to go over the steps you need to take to ensure you do not miss the next big spike in price.
Apple’s Interest in the Crypto Market
In late 2019, Apple’s VP said that Apple was watching the world of cryptocurrency with interest. It recognized the potential not only to revolutionize how the world does transactions but also so much more.
This year the company also introduced its own credit card. In collaboration with the financial sector, they introduced the “Apple Card “. This shows they have a vested interest in the world of finance. It is only a matter of time before they dip their toe into cryptocurrencies.
Apple has a long history of monetizing their customers, however. Bringing the cryptocurrency world under their umbrella makes a lot of sense for a company ensuring revenue continues to grow. Since they launched Cryptokit for iOS 13 in 2019, they have shown their willingness to engage in the technology involved. So much so that some think it is only a matter of time before they integrate this with hardware wallets for crypto storage.
Apple has previously stated there are “lots of risks” with cryptocurrencies like Bitcoin. They have also been more explicit about wanting to expand their Apple Pay functionality. Recently, with Coinmama’s usage of the payment method, however, they seem to be moving forward with a more open mind. Now it’s a fact and you can buy Bitcoin with Apple Pay.
Who is Coinmama?
Having been around since 2013, Coinmama has a strong affinity for cryptocurrency. They have focused on registering Bitcoin payments and cornered the market in Apple devices. They did this by being the first company that Apple allowed to use their payment method to buy Bitcoin.
Naturally, those who accept Bitcoin as payment have celebrated this innovation. It now is easier for people to pick up cryptocurrency. As it is attainable with little fuss, this means it can be more easily used in establishments or on websites.
Coinmama is not just limited to U.S. dollars too. They deal in Euros, Japanese Yen, Australian dollars, Canadian dollars, and British pounds. This means they are usable all over the world regardless of how you handle your financials.
For those with Apple devices, it has become exceptionally easy to start paying for transactions with Bitcoin. Due to this, more and more users can now enter the twenty-first century.
How to Buy Bitcoin with Apple Pay on Coinmama
To get Bitcoin using Apple Pay, first, you must be using an Apple device that has your card set up on its settings page. After this, ensure you have registered with Coinmama to start your journey.
Next, you must verify your account via an email Coinmama will have sent to you. Click the link in this email to start the verification process. You must complete this before purchasing Bitcoin.
Then, using Coinmama’s app, select Apple Pay as your payment method. This ensures you are not asked to input your card details later on.
Within Coinmama, go to the “Bitcoin“ section and select the amount of the cryptocurrency you wish to purchase. You will be informed of exactly how much this will cost.
On confirming the transaction, you will receive Bitcoins directly into your Coinmama wallet. These will be ready to transfer to your hardware wallet or purchase as needed instantly.
How to Sell Bitcoin with Apple Pay on Coinmama
As you continue to use Bitcoin you may wish to sell them to recuperate your traditional currency. Simply follow these steps to start a sale of the cryptocurrency. Just be aware, that funding your sale will not go back to Apple Pay but straight to your account via bank transfer.
First of all, log in to your Coinmama account via the Coinmama website. Then select “Sell“ from your main account page. If you do not already have a Coinmama account, you can create one on their website.
Next, from the Sell page, you can select the amount of Bitcoin you would like to sell. You can see the conversion rate with your preferred currency on this screen. You can also choose to base your transaction on the Bitcoin you would like to sell or the amount of traditional currency you would like to receive.
By following prompts onscreen, you can create an order. You must enter information such as your bank account for the transfer, as well as other personal information.
After this, you will need to send the correct amount of Bitcoins to Coinmama’s wallet address. You can do this by manually entering them or by scanning your wallet app’s QR code. Once they receive your coins, they will transfer the appropriate payment amount to your bank account.
What Are the Advantages of Apple Pay?
With the introduction of Apple’s methods of payment to the market, many people have had questions. For example, whether using their devices for this purpose is a good idea. The truth is that it may well be more secure than directly using a credit or debit card.
Apple Pay tokenizes transactions after storing credit and debit card data elsewhere. It is thus much harder for a nefarious actor to attempt to access your details and clone or steal your card’s data.
Also, due to the process being via the phone’s UI, using Apple Pay is much easier than opening a website. That is without also needing to then reach for your physical wallet, look at your number, and type it in. Apple Pay has made it so simple they are now processing nearly one billion transactions per month. This does not look to be slowing down any time soon.
The only questions you will need to answer are “Does my phone support this?” Yes, if you have an iOS device then you can buy Bitcoin with Apple Pay. Also, another question is “Will my bank support this?” A full list of banks that support Apple Pay is located on their website.
What Are the Advantages of Coinmama?
Coinmama has been at the forefront of the financial revolution ever since its inception in 2013. This service is available in 188 countries. This means no matter where you are, you can now buy Bitcoin with Apple Pay. At least so long as you have a compatible device.
Among those countries, they now support over 2.4 million users who make use of their app regularly. They also have a daily exchange limit of 15,000 U.S. dollars when using balance transfers. This means their usage is more than enough for most everyday users.
The above may be why they have hit the ground running with Apple Pay. Not only that but why they are already used by a wide swathe of people throughout society.
Is This The Beginning of Mass Adoption?
In the world of cryptocurrency, Bitcoin has become the leader in the transactions market. It has become so ubiquitous that major international currency exchanges now support it. They offer to exchange Bitcoin via their own systems. In fact, as you now can buy Bitcoin with Apple Pay is a big step of mass adaption.
Even Venmo, the popular method for people quickly transferring money to one another in casual settings, has now added support. One is now able to transfer the cryptocurrency between individuals with a simple app.
In the uncertainty following the 2020 U.S. elections, Bitcoin is being seen as a secure way to store one’s finances. This is thanks to the blockchain’s inherent security. Its price has even shot up to nearly twenty thousand U.S. dollars, the same levels as it was in 2017. This means now is as good a time as any to start investing as nobody is quite sure just how high it might go. Therefore, it might be a good second step, to check our Bitcoin price prediction.
Many of the larger Wall Street companies are even starting to move large amounts of Bitcoin. This means they are certainly attempting to invest in the market. If the money is being treated seriously by such institutions, others may soon treat them the same way as traditional currency.
The onward march of cryptocurrencies is obviously not going to stop any time soon. It may, however, be important to get a foot in the door with the latest offering.
To buy Bitcoin with Apple Pay being the new offering, it may behoove you to check out how easy it is to use it when buying cryptocurrency. Simply follow the steps above to sign up and see how easy it is to buy Bitcoin and get involved in the Bitcoin market of the future.
If you are new to cryptocurrency, it’s advisable to talk with an expert. Feel free to contact us and book a consultation.
Originally published at https://imiblockchain.com on December 2, 2020.