The advent and continued advancement of Bitcoin has sparked its adoption across several nations, with many believing it to be a sustainable hedge against inflation.
Many cryptocurrency platforms give people the chance to own some slice of the big Bitcoin cake by allowing users to buy through various payment channels.
In this piece, we will show you how to buy Bitcoin using Google Pay, a reputable digital wallet that can be useful in the process.
Dispelling the Myth: Google Pay Doesn’t Sell Crypto Directly
Google Pay is a digital payment platform that can be linked to a centralized exchange and consequently used to fund Bitcoin transactions. Google Pay does not sell cryptocurrency directly. It is only useful if it is part of the payment gateways that a centralized exchange supports.
To use Google Pay, you must select a centralised exchange that allows you to fund your wallet via Google Pay.
How to Buy Bitcoin with Google Pay (Step-by-Step Guide)
Here are simple steps to get you started with using Google Pay to buy Bitcoin:
1. Choose a Reputable Crypto Exchange
You will need to do research to select a reputable exchange with which to transact, focusing on key parameters like security, fees, and supported payment methods. Popular exchanges with repute include Binance, Coinbase, Kucoin, and a host of others.
2. Account Creation and Verification
After selecting an exchange that supports Google Pay as one of its payment channels, you can create an account and ultimately get it verified by submitting the required documents for KYC.
3. Linking Google Pay as a Payment Method
After creating your account and verifying it, you can navigate to the payment section of the exchange and select Google Pay as your preferred wallet top-up. Then, you can follow the prompt displayed to link your Google Pay account.
4. Initiating a Bitcoin Purchase
After linking your Google Pay account, proceed to the ‘’Buy Crypto’’ section of the exchange, select Bitcoin from the list of cryptocurrencies provided, and opt for payment via Google Pay.
Benefits of Using Google Pay for Bitcoin Purchases
While many other payment options may be available on the exchange of your choice, Google Pay has some unique benefits.
1. Ease of Use
Google Pay is known globally for its simple and unique user interface that offers users a seamless experience when navigating it for payment. Buying Bitcoin with it guarantees that experience.
2. Faster Transaction
Compared to traditional banks, transactions are processed faster to exchanges via Google Pay, allowing you to buy at your desired market price faster, since the crypto market is volatile and a delay in transaction speed can impact the price at which your transaction is initiated.
Things to Consider Before You Buy Bitcoin with Google Pay
Before opting to buy Bitcoin, you should pay attention to certain things to ensure a safer investment.
1. Volatility of Bitcoin
It is important to understand that Bitcoin’s price varies, and price movements can impact your investment. Therefore, it is imperative to do proper market research before buying Bitcoin.
2. Transaction Fees
Different exchanges have fees depending on their terms of service. Consider this when selecting an exchange for your Bitcoin transaction.
3. Understanding Crypto Wallets
Although most exchanges allow users to keep their Bitcoin assets on their platform, it is safer to keep your assets in decentralised wallets. After purchasing Bitcoin from centralised exchanges, always transfer it to a cold wallet or hardware wallet, as the case may be.
If you then intend to take profit later in the future, you can transfer your profits from the wallet to a trusted exchange like Breet, where you can sell your Bitcoin.
Frequently Asked Questions (FAQs) About How to Buy Bitcoin with Google Pay
Is it safe to use Google Pay to buy Bitcoin?
Yes. Google Pay has a strong security infrastructure and encryption system that ensures the safety of transactions.
What are the fees associated with buying Bitcoin with Google Pay?
Fees associated with buying Bitcoin with Google Pay vary across several exchanges.
Are there any minimum purchase requirements for Bitcoin with Google Pay?
Minimum purchase requirements depend largely on the centralised exchange you use to expedite your Bitcoin transaction. Check with the exchange for specific information.
Which cryptocurrency exchanges support Google Pay?
Several exchanges, including Binance, Coinbase and many others, support Google Pay. Always check with these platforms, however, as they can update their payment terms.
Can I use Google Pay on my mobile device to buy Bitcoin?
Yes. There is a mobile version of Google Pay that can be downloaded from the application store and connected to your desired exchange.
Conclusion
Google Pay is a valuable tool for buying Bitcoin on centralized exchanges. The steps outlined in this piece will help you successfully use it.
However, it is important that you conduct proper market research to select the best exchange with low fees and top-notch security for your Bitcoin transactions. Also, storing your Bitcoin assets in wallets after buying from a centralised exchange will help secure them.
There is nothing more key than taking profits in the crypto market. If you want to profit from your investment by selling your Bitcoin, you should consider reputable exchanges like Breet and many others.
