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Newly-Launched Trucoin Allows Consumers Buy Bitcoin With Credit Cards

Jayanand Sagar | July 16, 2014 | 8:10 am
Uncategorized

Newly-Launched Trucoin Allows Consumers Buy Bitcoin With Credit Cards

Jayanand Sagar | July 16, 2014 | 8:10 am

Think about a list of complaints people have when it comes to bitcoin. Surely, one of the items on the list is the inability to acquire the digital currency easily.

Having to deal with banks, long transfer times, and other obstacles, it can be a hassle.

But we’ve just learned about a new website that has just launched which promises to be the fastest way for consumers to get their paws on bitcoin using nothing but a credit card.

Dubbed Trucoin, the service is accepting VISA and MasterCard payment methods, but only from a few U.S. States at the moment (we imagine this has something to do with complying with regulations).

Those states, as of this time, include: Florida, Massachusetts, Missouri, Montana, New Jersey, New Mexico, South Carolina and Texas. As one would come to expect, more states will be added to the list as time progresses.

The service charges a 5 percent fee for each purchase of bitcoin, something a company representative said “most of which goes to the card networks in the form of interchange,” on social media website Reddit.com.

One of the reason companies like Coinbase have been keeping away from allowing customers to purchase bitcoin with cards directly (they do allow customers to attached a VISA card as a backup) is that it opens up the doors to fraud.

Some consumers could try to but bitcoin and they file a chargeback later.

But Trucoin seems to have a solution in place, though they aren’t trying to make that information public.

“Our system takes several dozen factors into consideration upon enrolling a new customer, but for 95% of the population it takes less than two minutes. From then on, you can buy any time you want, in just seconds,” said a company representative.

For now, it seems like a great deal, but let’s just wait and see what consumers have to say about it once they get familiarized with the platform.

For more information, head over to Trucoin.com.

This post is not an endorsement. Remember to do your own research on new companies, which includes reading other consumers’ reviews.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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