How to Buy Bitcoin with Afterpay: Alternatives & Step-by-Step Guide (2024)

Why You Can’t Buy Bitcoin Directly with Afterpay (And What to Do Instead)

Afterpay revolutionized online shopping by letting users split payments into interest-free installments. Naturally, many wonder: can you buy Bitcoin with Afterpay? The short answer is no. Major cryptocurrency exchanges like Coinbase, Binance, and Kraken don’t accept Afterpay as a payment method due to regulatory complexities and the volatile nature of crypto assets. But don’t close this tab yet! This guide reveals practical alternatives to leverage Afterpay-like strategies for Bitcoin exposure while navigating the limitations responsibly.

3 Smart Alternatives to Buy Bitcoin Using Afterpay Principles

While direct purchases aren’t possible, these methods align with Afterpay’s “buy now, pay later” philosophy:

1. Leverage Afterpay for Essentials, Redirect Savings to Crypto
   • Use Afterpay for predictable expenses (groceries, utilities)
   • Calculate the amount “saved” from deferred payments
   • Transfer that exact sum to a crypto exchange to buy Bitcoin
2. Buy Bitcoin via Credit Card & Split with Afterpay Later™
   • Purchase Bitcoin using a credit card on exchanges like Coinbase
   • Use Afterpay’s “Card Split” feature to divide the credit card bill into 4 installments
   • Requires an Afterpay Virtual Card (available in select regions)
3. Acquire Crypto-Backed Loans for Instant Liquidity
   • Platforms like Nexo or BlockFi let you borrow cash against existing crypto holdings
   • Use borrowed funds to buy more Bitcoin
   • Repay the loan in fixed installments (similar to BNPL structures)

Step-by-Step: How to Buy Bitcoin Using Afterpay Adjacent Methods

Option 1: The Budget Reallocation Strategy

1. Sign up for Afterpay and link your debit card/bank account
2. Purchase $200 worth of household items via Afterpay (4 x $50 payments)
3. Set aside $50 from your budget immediately for Bitcoin
4. Repeat for each installment period
5. Buy Bitcoin on an exchange like Kraken with accumulated funds

Option 2: Credit Card + Afterpay Card Split

1. Apply for Afterpay’s Virtual Card if available in your area
2. Connect the virtual card to your crypto exchange account
3. Select “credit card” at checkout when buying Bitcoin
4. Open Afterpay app and convert the charge into 4 interest-free payments
5. Make timely payments to avoid late fees ($10 per missed installment)

Critical Risks of Buying Bitcoin with Deferred Payments

Combining volatile assets with debt requires extreme caution:

• Price Collapse Danger: Bitcoin could drop 30% before your first installment clears
• Compounding Fees: Late payments trigger fees exceeding crypto gains
• Credit Score Impact: Defaults appear on credit reports for 7 years
• Zero Regulatory Protection: Crypto losses aren’t covered like traditional investments

Expert Tip: Never allocate more than 5% of your disposable income to crypto when using BNPL strategies.

Top 5 Safer Payment Methods for Bitcoin Purchases

When avoiding BNPL complexities, consider these exchange-approved options:

1. Bank Transfer (ACH): Lowest fees, 1-3 day processing
2. Debit Cards: Instant purchases with 3-4% fees
3. PayPal: Supported on Coinbase with buyer protection
4. Apple/Google Pay: Quick mobile transactions
5. Stablecoin Swaps (e.g., USDT): Avoid fiat conversion fees

FAQ: Buying Bitcoin with Afterpay Workarounds

Q: Will exchanges ever accept Afterpay for Bitcoin?
A: Unlikely soon. Regulatory hurdles and crypto volatility make BNPL partnerships high-risk for exchanges.

Q: Can I use Afterpay gift cards to buy Bitcoin?
A: No. Exchanges don’t accept third-party gift cards, and Afterpay doesn’t issue crypto-compatible vouchers.

Q: Is the Card Split method available worldwide?
A: Currently limited to Afterpay users in Australia and the US with eligible credit cards.

Q: What’s the maximum Bitcoin I can “afford” via installment hacks?
A> Base it on your worst-case repayment capacity—not crypto prices. Assume Bitcoin could drop 50% before payoff.

Q: Are crypto loans safer than Afterpay for Bitcoin exposure?
A> Margin calls make loans riskier. If Bitcoin crashes, you could lose collateral assets plus owe cash.

Key Takeaways for Savvy Investors

While buying Bitcoin directly with Afterpay isn’t feasible, strategic budget reallocation or Card Split (where available) can mimic the payment model. Always prioritize: 1) Using sub-5% of discretionary income, 2) Setting automatic repayments, and 3) Diversifying beyond crypto. For most investors, traditional payment methods with lower fees remain the wiser path to Bitcoin ownership without debt entanglement.