Many people who want to buy bitcoin with credit card or debit card find it difficult, and so feel that they cannot obtain any. Not anymore! In this article, I will show a popular method of buying bitcoin with a credit or debit card through VirWoX.com, a virtual currency exchange site that primarily caters to the currencies of various virtual worlds (such as Second Life and Avination). Here is how to do it:
Open a VirWoX account.
On virwox.com, look for the link, “Not Registered Yet?” under the sign-in form. This will bring you to a registration page where you will be prompted to enter your desired username as well as your email address first name, last name, country, and desired language. There are more optional fields alongside these, but you won’t need to worry about those unless you want to interact with VirWoX in a ‘virtual world.’
After registration, VirWoX will send a temporary password to your email. After logging into your account, you can change the password in the “Change Settings” tab. Ignore message saying Your avatar connection has not been validated yet, you don’t need to verify your avatar.
Deposit EUR, USD, or GBP from your into VirWoX with your credit/debit card.
VirWoX has made this pretty easy to do. Simply go into the “deposit” tab on the left side of the screen. Scroll down to the credit/debit card payment option, select your desired currency and amount, and click on the logo for the type of card you are using (Visa, Mastercard, etc.). You will be transferred to a payment processor which will walk you through the process of sending money from your credit/debit card to your VirWoX account.
Trade from your currency into Linden Dollars.
On the VirWoX homepage, click on the link that lists your currency’s trading pair with SLL (EUR/SLL, USD/SLL, GBP/SLL). This will take you to a page that lets you trade from your currency into Linden Dollars.
You have two options on how you want to trade: market trade and limit trade. By trading at the “market price” you will agree to sell your currency for Linden Dollars at the highest amount that someone else has already agreed to pay for it. If you want to specify a certain price that you are willing to pay, you will need to use a “limit trade“. If you choose to use a limit trade, you should ensure that your price is reasonable compared to the other prices in the “Offer to buy [your currency]” box at the top of the page. This will increase the chances of someone else accepting your limit trade.
Trade from Linden Dollars into bitcoin.
After receiving your Linden Dollars, use the same process as in step 3 using the BTC/SLL trading pair to convert it into bitcoin.
Withdraw your new bitcoin into your personal wallet.
It is almost always safer to hold bitcoins in a personal wallet than on an exchange. To withdraw your new bitcoin into a personal wallet simply click on the “Withdraw” link under “My Accounts.” You will be prompted for the address of the bitcoin wallet that you want to send your bitcoin to. Please be careful! if you enter an incorrect address, you will NOT be able to get your bitcoin back. Once you send the bitcoin to your personal wallet, it will arrive as an unconfirmed transfer within a few minutes and will begin to accrue confirmations shortly after.
That’s all folks! If you still have any doubt then check out the following video which describes all the steps one by one.
There are, also a few fees you need to be wary of when buying bitcoin with this method. VirWoX charges a fee when buying through credit/debit cards. This fee is 0.29 + 3.5% when buying with GBP, 0.39 + 3.5% when buying with EUR, .49 + 3.5% when buying with USD.
They, also, charge trading fees both when trading from your local currency into SLL and trading from SLL into bitcoin of 50 SLL + 2.9% of the value the base currency in the trade (either your local currency or bitcoin). VirWoX, also, charges a fixed .01 BTC withdrawal fee. Added together,, it will cost you roughly 5.8% + .0105 BTC to buy bitcoin with this method.
If you find yourself needing bitcoin quickly, using this method to buy with your credit/debit card is one of the better ways to do it. While it takes a little bit of time, it’s still much faster than using Coinbase or a bitcoin exchange such as BitStamp, which both require a wire transfer to deposit funds. You may also be interested in buying on VirWoX using Paypal.