A new study launched by DAIflash explores popular techniques for purchasing MakerDAO crypto using debit, credit, or bank transfers from major financial institutions, such as JPMorgan and Bank of America. The study also provides information about the various fees, restrictions, and automation options.
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Although it is possible to purchase cryptocurrency with most major debit or credit cards, there are currently no standard options to do so through major banks. This new study launched by DAIflash examines this problem, how it is changing, and several popular methods used by crypto traders to purchase MakerDAO tokens using JPMorgan or Bank of America accounts.
More information can be found at https://daiflash.com/does-jpmorgan-chase-co-allow-the-purchase-of-makerdao-coin-via-credit-card/
The new study indicates that, while some banks have shown progressive attitudes toward cryptocurrency by facilitating transactions made through crypto exchanges, there are still no direct purchase options available, or announced for the near future. However, there are several simple methods for completing these purchases securely, using either debit, credit, or bank transfers.
While these banks still do not offer cryptocurrency directly, some financial institutions have put programs in place to help traders manage these assets. One example is a new dispute process, which allows traders to dispute any cryptocurrency transaction made through their bank accounts. However, due to the nature of blockchain technology, and the built-in privacy features, the success or failure of these disputes can be difficult to predict.
The most common token purchasing method mentioned in the new study uses existing cryptocurrency exchanges that are compatible with the trader’s preferred bank. While this method is considered the simplest, compatibility between banks and exchanges can vary. A list of compatible crypto exchanges for traders with JPMorgan or Bank of America accounts can be found in the full study.
Though less often used, the study also explores the option to use bank transfers as a way of funding cryptocurrency exchange accounts. With this method, traders simply make a bank transfer to the exchange, and wait for the funds to appear in their digital wallet.
However, the study points out some potential drawbacks to this technique, such as the time required to complete the transfer. Since the length of time between making the transfer and receiving the funds can vary widely, from a few hours to a few days, this method sometimes results in the funds being delivered too late for time-sensitive transactions.
More information about compatible cryptocurrency exchanges, purchasing tokens with debit or credit, and other studies by DAIflash can be found at https://daiflash.com/can-bank-of-america-corp-enable-the-acquisition-of-makerdao-dai-token-using-a-debit-card/
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