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People Desperate to Buy Bitcoin Are Paying With Credit Cards

Frequent Contributor

People Desperate to Buy Bitcoin Are Paying With Credit Cards

"About 18 percent of bitcoin investors used a credit card to fund purchases of the cryptocurrency, according to a LendEDU survey of 672 active investors conducted in December. Of those, 22 percent could not pay off their balance after buying the digital coin."

https://www.bloomberg.com/news/articles/2018-01-11/bitcoin-buyers-turn-to-credit-cards-as-fomo-breed...



Message 1 of 13
12 REPLIES
Super Contributor

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Going from bad to worse.

01/13/2018: FICO 829 EQ 823 TU 831 EX
Message 2 of 13
Established Contributor

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

I would use a CC too if the rewards outweighed any convenience fees. But buying with money you don't have on-hand already and are willing to lose? That's just not smart at all.


TU FICO 8: 734 (12/17) — Ex FICO 8: 738 (1/18)
Message 3 of 13
Frequent Contributor

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Way back people got into buying silver and so much of it that they couldn't pay their bills and had to sell... doesn't sound so different.

Total CL $100,155 w/PayPal Credit In the garden forever. Smiley Happy FICO Bankcard 704 Goal 800+
Message 4 of 13
Established Member

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards


TwistedCircuits wrote:
"About 18 percent of bitcoin investors used a credit card to fund purchases of the cryptocurrency, according to a LendEDU survey of 672 active investors conducted in December. Of those, 22 percent could not pay off their balance after buying the digital coin."

https://www.bloomberg.com/news/articles/2018-01-11/bitcoin-buyers-turn-to-credit-cards-as-fomo-breed...

And to make matters worse. Some banks close down all accounts with that user for buying crypto currency with credit cards. Chase is a big one for that. People wanting to invedt in that should use their own actual money to be safe.



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Message 5 of 13
Frequent Contributor

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Something interesting happen today my card from Wells Fargo was decline so when I called into to find out what had happen... Rep told me that in fact many people are calling in to make sure they can buy bitcoin I'm like? I was just reading that here but I didn't tell her that but needless to say I was cleared turned out because I used Lyft and did a few other transactions Wells Fargo wanted to make sure I was using my card and not someone else.

Total CL $100,155 w/PayPal Credit In the garden forever. Smiley Happy FICO Bankcard 704 Goal 800+
Message 6 of 13
Frequent Contributor

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

Short this sucker and wait for the bubble to burst. Smiley Very Happy



FICO 8
1/1/18: EQ 764 | TU 770 | EX 760 (1% util, SSL not yet reported)
1/14/18: EQ 742 | TU 760 | EX 760 (1% util, SSL reported)
Message 7 of 13
New Contributor

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards

It’s already bursting. There’s a reason why crypto currencies are so popular with potheads.

Scores TU 704 EQ 708 EX 699
Inquiries 7-10
UTI 18% AAoA 3.5
Total CL $43000
Goal 2018 $50000
Gardening til June

Message 8 of 13
Established Member

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards


arkane wrote:

Short this sucker and wait for the bubble to burst. Smiley Very Happy


Lol. It’s already ready to burst. It will never be a real currency. Coming up is probably the time to sell before the bubble bursts lol. That’s a speculative product for ya....



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Message 9 of 13
Frequent Contributor

Re: People Desperate to Buy Bitcoin Are Paying With Credit Cards


Benmarkley3 wrote:

arkane wrote:

Short this sucker and wait for the bubble to burst. Smiley Very Happy


Lol. It’s already ready to burst. It will never be a real currency. Coming up is probably the time to sell before the bubble bursts lol. That’s a speculative product for ya....


I'm actually amazed they offer futures on crypto. What, crypto isn't speculative enough for you? Well now you can speculate on the speculation! Way too meta man, hurts my head LOL



FICO 8
1/1/18: EQ 764 | TU 770 | EX 760 (1% util, SSL not yet reported)
1/14/18: EQ 742 | TU 760 | EX 760 (1% util, SSL reported)
Message 10 of 13