How to Buy Bitcoin with Afterpay: Alternatives and Step-by-Step Guide

Can You Buy Bitcoin Directly with Afterpay?

As of now, you cannot buy Bitcoin directly using Afterpay. Most cryptocurrency exchanges (like Coinbase, Binance, or Kraken) do not accept Afterpay as a payment method due to Bitcoin’s price volatility and the risks associated with “buy now, pay later” (BNPL) services. However, there are alternative strategies to purchase Bitcoin using installment-based payments or workarounds. Here’s what you need to know.

Why Can’t You Use Afterpay for Bitcoin Purchases?

Afterpay is designed for retail purchases, not high-risk investments like cryptocurrencies. Key reasons include:

• Regulatory Concerns: Crypto transactions face stricter financial regulations.
• Volatility Risk: Bitcoin’s value can fluctuate dramatically between installment payments.
• Exchange Policies: Most platforms prohibit BNPL services to avoid payment defaults.

3 Alternative Ways to Buy Bitcoin Using Installments

1. Use a Crypto-Friendly BNPL Service

Some platforms partner with installment providers to facilitate crypto purchases:

1. Sign up for a service like CoinRabbit or YouHodler (if available in your region).
2. Link your debit/credit card and select a repayment plan.
3. Purchase Bitcoin and repay in installments.

2. Buy Gift Cards with Afterpay and Convert to Bitcoin

1. Purchase a prepaid Visa/Mastercard gift card via Afterpay from retailers like Amazon.
2. Use the gift card to buy Bitcoin on exchanges that accept prepaid cards (e.g., Paxful or LocalBitcoins).
3. Note: Fees may apply, and not all exchanges support this method.

3. Use a Credit Card Linked to Afterpay

1. If your Afterpay account offers a virtual card, link it to a crypto exchange.
2. Select the card as your payment method and complete the purchase.
3. Repay via Afterpay’s installment plan (availability varies by region).

Step-by-Step Guide to Buying Bitcoin via Crypto-Friendly BNPL Platforms

1. Choose a Platform: Research BNPL services that support crypto (e.g., BitPay via Zip).
2. Create an Account: Complete KYC verification.
3. Select Bitcoin Amount: Enter the USD or BTC value you want to purchase.
4. Choose Installment Plan: Split payments over 4-6 weeks.
5. Confirm and Repay: Make timely payments to avoid fees.

Risks of Buying Bitcoin with Installments

• Interest and late fees if payments are missed.
• Bitcoin’s value could drop before you finish repayments.
• Limited consumer protections compared to traditional investments.

FAQ Section

Q: Can I use Afterpay to buy Bitcoin on Coinbase?
A: No, Coinbase does not accept Afterpay. Use a debit card, bank transfer, or BNPL partners like Zip.

Q: Are there BNPL apps for cryptocurrency?
A: Yes! Platforms like Zip and BitPay allow installment-based crypto purchases in select regions.

Q: Is it safe to buy Bitcoin with a credit card via Afterpay?
A: It carries risks due to Bitcoin’s volatility and potential debt accumulation. Only invest what you can afford to lose.

Q: Can I repay Afterpay with Bitcoin?
A: No. Afterpay requires repayments in fiat currency (e.g., USD, AUD).

Disclaimer: Cryptocurrency investments are high-risk. Consult a financial advisor before using installment services.