It’s good news for the Bitcoin community in Singapore and Canada as now they will be able to instantly buy bitcoin and ether on Coinbase. The US-based cryptocurrency company has announced the availability of the instant buy feature for their customers in these two countries yesterday.
In order to be able to use debit and credit cards to buy the digital currency, users should first add their card information on the Coinbase application, available for both iOS and Android platforms. Once the card information is updated on the application, they will be able to buy bitcoin seamlessly.
Coinbase also informs the Canadian users about the current limitations in the platform’s service in their geography. At present, the platform only allows people to buy digital currency in Canada. The sell feature is expected to be enabled soon.
The use of cards for purchasing digital currency comes at the time when Singapore is fighting against credit and debit card frauds. According to reports, one in three credit cards in the country have become the target to fraudulent transactions.
A survey conducted by ACI Worldwide has indicated that over 36 percent of Singaporean card users have been victims of card fraud, which is a 28 percent increase in prevalence since 2014. Among those affected are the users of credit, debit, and even prepaid cards.
Unlike credit and debit cards, bitcoin payments are much safer as there is usually no information associated with the bitcoin payment applications except for the wallet public address. Also, each transaction has to be manually authorized by the wallet owner, and there are no issues of chargebacks as well.
Ref: Coinbase Blog | The Middle Ground | Image: Coinbase