April 11th, 2019
A lot of times people tend to confuse the terms wire transfer and bank transfer. Most people actually think these two terms have the same definition. Well, this bank transfer and wire transfer are two different terms that differ in a number of ways.
Usually, the term bank transfer is used to describe a process in which you transfer money from one bank to another. Wire transfer on the other hand, is a more generic term. It basically involves sending coins electronically from one place to another. The process involves a network such as SWIFT or Fedwire.
Wire transfers are famous for being fast and secure. In a wire transfer money moves within a day or two. However, same day transfers are possible in platforms such as Bitcoin of America, a well known virtual currency exchange. The platform allows users to trade cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Ripple (XRP) using wire transfer, the Cash App, with a credit card or even locally in-store.
How to Buy BTC using Wire Transfer (Through Bitcoin of America)
Buying BTC using wire transfer has never been simpler. Below is a step by step guide;
1. Create an account with the digital currency exchange, Bitcoin of America
As mention earlier, Bitcoin of America is a fast, secure and reliable Bitcoin trading platform. Also, it is among the few exchanges that support wire transfer services. Before you can sell or buy BTC on this platform, you will first have to create an account, to do this, simply;
Fill in your personal details such as, your name, email address, phone number, etc and you are set to begin your trade.
2. Create a Trade
After you’ve logged in to your account click on Trade to open up the trade page;
3. Enter your Bitcoin Wallet Address
A Bitcoin address is simply an address that represents a possible destination for a BTC payment. These addresses usually have 26-35 alphanumeric characters beginning with either number 1 or number 3. These characters often comprise of random digits, upper case letters, and lowercase letters. However, the number ‘0’, uppercase letter ‘O’, lowercase letter ‘i’ and uppercase letter ‘I’ are never used so as to prevent visual ambiguity.
A Bitcoin address is a single use token that can be generated using user’s exchange accounts or an online wallet service. It can also be created offline (without an internet connection). Being a single user token means that, just like email addresses, users can send BTC to a person by sending the coins to one of their addresses. However, Bitcoin users have many different addresses that are used for each transaction.
4. Agree with the terms and conditions of purchase and then click BUY.