What is Bitcoin in Person and How to buy?
This is the perfect method to buy bitcoin in person. It is the simple and safest method because, in this case, you will buy bitcoin from your local sellers, and you will pay them via cash deposit.
What is bitcoin in person?
Bitcoin in person is also known as bitcoin in cash. Yes, you can buy bitcoin in cash. In simple words, you will find a bitcoin seller in your local area who is selling bitcoin, and after that, you can pay them through cash deposit, and he will transfer you the bitcoin according to the cash value you have given to him. It is the safest way for bitcoin transactions because you will meet new people in your local area, and there will be too much trust rather than online trading of bitcoin.
Benefits of buying bitcoin in person
There are many benefits of buying bitcoin via cash deposit given below: –
- You can meet with new people in your local area who is selling bitcoin
- Buying bitcoin in person is very secure rather than online trading of bitcoin because you can meet them face to face, and there are no chances of fraud.
- Payment is in cash, which means you have to pay via cash deposit, and many bitcoin websites will help you to find the seller in your local area
- It is safer than online transactions.
Limitations of Buying bitcoin in persons: –
If there are some benefits, there would be limitations, so some disadvantages of buying bitcoin in person are below: –
- High charges, yes there will be a high rate for paying via cash deposit.
- If you want to buy more bitcoin and you need more cash which is too much difficult for every Person
- It is not entirely physical. It would help if you had a wallet to store bitcoin that you will receive from the other sellers in your local area.
Higher rates for using Local Bitcoin and bitcoin ATMs
Yes, Local bitcoin and bitcoin ATMs will charge a higher amount for bitcoin trading because they will provide you with some features rather than global services. The exchange rate may be 10%-5% higher than the global exchange rate.
The main reason for the higher exchange rate is that the other exchanges mean global exchanges ask for ID verification and other information for bitcoin trading. Still, in the case of local bitcoin and using bitcoin ATMs, there is no need for ID verification, and you can easily buy and sell bitcoin in your local area.
What is Bitcoin ATMs
Bitcoin ATMs are to trade in your local area. You can find bitcoin ATMs via Google maps, and you can go to ATMs and buy bitcoin in your local area. The most significant advantage of a bitcoin ATM is that you can pay via cash in a bitcoin ATM and buy it quickly.
But the limitation of bitcoin ATMs is that you have to pay 5%-10% charges for every transaction on the bitcoin ATM.
What are LocalBitcoins?
Local bitcoin is a website where you can buy or sell bitcoin in your local area, and the advantage is that it is a private bitcoin platform. So, if you don’t want to buy bitcoin from random people globally via digital exchanges, you can buy it from the person living in your residential area.
To buy bitcoin or sell bitcoin on the website of LocalBitcoin, first of all, you need an account on the LocalBitcoins website. After creating an account on this website, you will get a wallet for storing bitcoin that you receive from your local seller. Check chesworkshop.org/trading-robots/ for further details on bitcoin trading.
Steps for buying bitcoin through the LocalBitcoins website
There are the following steps to buy bitcoin from your local area: –
- You must have an account on the LocalBitcoins website for buying or selling bitcoins
- After creating an account, find the seller in your local area who wants to sell his bitcoins if you want to purchase.
- After finding the seller, select the bitcoin you want to purchase, and according to the coin selected, it will automatically show you the total amount you have to pay.
- You will get the account number of the seller.
- The next step is to transfer money to the seller’s account and send him the receipt as proof of payment.
- He will send you bitcoin into your LocalBitcoins wallet.