Many people erroneously think that they own credit cards. The fact of the matter is that credit cards own us. We are bound to the finances, especially the easy money, provided by the credit card. With its magic of seemingly endless cash, the credit card can make almost any of our dreams come true. We can use it to buy anything and pay for anything without thinking of how much money we actually have on our account balance. But the reality is much more sobering than the sugarcoated fantasy that banks are so eager to paint out.
Credit cards are not panaceas, nor are they easy money. They are just loan instruments that allow people to buy the things they want now with the possibility of a delayed payment. This is truly a convenient instrument, but not one that is given for free. Most credit cards come with strict and rather short repayment timeframes that will entail surcharges of credit in case the payment is delayed. This makes credit cards instruments with certain caveats and their holders – hostages. But hostages not of the banks, but of their own responsibility and desires.
Credit cards have successfully migrated into the cryptocurrency space years ago when the industry of decentralized applications started gaining considerable amounts of capitalization. Unwilling to pass by the chance of making money on the immense inflow and turnover of funds in the cryptocurrency market, major gateway providers like VISA and MasterCard moved in and established convenient connections to their services across all major cryptocurrency exchange platform providers. Now users are able to use credit cards to buy ant cryptocurrency.
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The benefits and disadvantages of using credit cards in cryptocurrency operations are almost equal in number, and include the following:
- Ease of access to significant funds straight off;
- Ease of connection to any exchange platform;
- Ability top up balances;
- Ability to withdraw funds;
- Risk of losing funds to hackers;
- Risk of inability to repay credit;
- Lack of certainty and high volatility.
Combined, these factors should make every user think very carefully before deciding to buy USDT with credit card or any other cryptocurrency. The ease with which exchanges allow users to pass verification procedure processes only accelerates the inflow of users into cryptocurrency space. However, if one is successful enough in trading cryptocurrencies and is certain that they will be able to repay the main amount of the funds they intend to use, then the credit card can be a panacea for many of the issues that limit entry into the industry for those who consider the entry threshold to be too high.
