Many banks do not satisfy customers’ requests to open credit cards for carrying out crypto-currency transactions. However, not all is lost. There are many other ways with which you can do the purchase of crypto, including buying directly from a holder and using a prepaid debit card.
How Buy Bitcoin
The process of buying Bitcoin or any other crypto-currency is an entertaining, simple and interesting time to conduct. The main thing is not to get hung up on the thoughts of instant transformation into a millionaire and thoughtless investment of money. If you are ready to start the business, we will gladly help and tell you where to buy the crypto-currency and how to use Bitcoin ATM and Decentralized Exchange (DEX).
Where Buy Bitcoin and What Payment Methods to Use
- Buy from a Bitcoin ATM
The Bitcoin ATM is known as one of the simplest options to buy bitcoin safely and anonymously. All you need to do in order to buy bitcoins is to change fiat currency. After the done actions you will receive a one-time pin on your phone. This is necessary to comply with security measures.
It should be noted that some Bitcoin ATMs have the right to request data for user identification. For example, be prepared that if you need to carry out a transaction exceeding $700 cash equivalent, you may have to go through personal identification. To preserve anonymity, you may be forced to make purchases no higher than this limit. Despite the fact that companies such as Coinsource and Genesis coin have taken care of expanding the number of bitcoin ATMs, demand still exceeds supply. Because of such features, you may have to use other options for buying bitcoin, if you want to remain anonymous.
- Buy directly from a holder
Another convenient way to buy bitcoins fast – is to make an exchange between the bitcoin owner and those who are willing to buy it, giving the agreed sum of money in local currency. For such deals, there are special platforms like Paxful and LocalBitcoins that provide such services, creating all the necessary conditions. Money exchanges can be done through cash deposits, wire transfers, PayPal, as well as with cash from hand to hand.
- Buy cryptocurrencies using a prepaid debit card
To receive a prepaid debit card there is no need to disclose your personal information or to somehow be identified. All that is required of you – is to go to a store and buy a debit card, the value of which will be about $10, and then activate it with a necessary amount of money. With the help of such a card, you can easily buy bitcoin in any exchange of crypto-currency, as it will be equivalent to an ordinary bank card.
Prepaid debit cards operate on the principle of ordinary gift cards and that is why they have restrictions on making purchases. Another nuance is the relatively high-interest charges for conducting transactions.
- Buy from a Decentralized Exchange (DEX)
One more convenient way to purchase crypto-currency is the use of Decentralized Exchanges. It is believed that they are behind the future of the trade of crypto-currency since they work on the basic principles of crypto. DEX as bitcoins functions on a special distributed ledger. Their difference from other ordinary exchangers lies in the ability to instantly and directly connect with other participants and quickly make the exchange of crypto-currencies. It means, on DEX you can exchange the crypto-currency for any other one (for example, exchange bitcoin for litecoin, ethereum, etc.).
Almost all centralized exchanges, including OKEx, Binance, and Coinbase, request personal identity data. On the other hand, such DEX as AirSwap, Bisq and IDEX function differently and can be used without verification. When buying bitcoins through such DEX, you need to hold a deposit of money (which covers the cost of bitcoin, desired to be purchased in the escrow), followed by the immediate connection with the seller, without any intermediaries, as well as without id verification.