Most people have a credit card they can use to pay for things. But some also have bitcoin at their disposal. Which one should people use, and when, to maximize their assets? Let’s find the best way to buy Bitcoin in Canada.

1. Bitcoin vs. Credit
Card
Transactions:
What’s the
Difference? –
Here’s The Best
Way To Buy
Bitcoin In Canada

2. Most people have a credit card they can use to
pay for things. But some also have bitcoin at
their disposal. Which one should people use,
and when, to maximize their assets? Let’s find
the best way to buy Bitcoin in Canada.
Satoshi Nakamoto, the inventor of bitcoin, titled
his original white paper on the subject “A Peer-
to-Peer Electronic Cash System.” This
description touches on the core differences
between bitcoin and credit card transactions.

4. Bitcoin Transactions
Bitcoin payments are analogous to wire transfers or cash
transactions, where payment is pushed directly from one party
to another, without going through another financial institution.
Payment processing is executed through a private network of
computers, and each transaction is recorded in a blockchain,
which is public. Bitcoin is based on peer-to-peer technology
and relies on the blockchain and the cryptography securing it,
without any third-party oversight.
When making a bitcoin transaction, it is not necessary to
provide personal identification, such as your name and
address.

5. Credit Card Transactions
By contrast, credit card transactions entail the
buyer effectively authorizing the seller to pull a
payment from their account, passing through
financial intermediaries in the process. For
example, a typical Visa transaction involves four
parties: the merchant, the acquirer, the issuer,
and the individual cardholder.

6. Key Differences Between Bitcoin And Credit
Card Transaction
1. Bitcoin transactions are made using an
anonymous alphanumeric address, that changes
with every transaction, and a private key. Payments
can also be made on mobile devices by using QR
codes.
2. While credit cards are stored physically in a
wallet, bitcoin transactions are sent to and from
electronic wallets, which can be stored on your
computer, smartphone, or in the cloud.

7. 3. Bitcoin transactions are irreversible and can only be
refunded by the receiving party, a key difference from
credit card transactions that can be canceled. This means
there are no charge-backs for merchants when taking
payment via bitcoin. A charge-back is the demand by a
credit-card provider for a retailer to cover the loss on a
fraudulent or disputed transaction.
4. Bitcoin merchants also save on credit card fees that
can range anywhere from 0.5% to 5%, plus a 20 to 30
cent flat fee for each transaction made. Bitcoin payments
can be sent and received at a very low cost or none at all,
as bitcoin fees are based on the amount of data sent.

8. 5. For merchants, the advantages of receiving
bitcoin are obvious. Payments made using the
virtual currency save substantially on processing
fees and eliminate the risk of charge-backs. For
shoppers, the advantages of paying with bitcoin
include greater simplicity in placing the transaction,
user anonymity, no interruptions from intermediaries,
and very low transaction fees.
6. Credit cards offer important beneficial features,
such as the ability to borrow money, protection
against fraud, reward points, and vastly wider
acceptance among merchants.

9. There are various ways to buy XRP in Canada. You
can handle your transactions with Bitcoin wallets as
well as credit cards. However, using credit cards
carries the risk of incurring late fees, interest
charges, foreign transaction fees, and potentially
adverse effects on your credit score. Whereas, with
bitcoin you are good to go!
SOURCE CREDIT:
https://vancouvercryptoexchange.wordpress.co
m/2022/01/18/bitcoin-vs-credit-card-transactions-
whats-the-difference-heres-the-best-way-to-buy-
bitcoin-in-canada/

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