How to Buy Bitcoin with Fiat Money: For Beginners - page 2.

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Quote from: Davidvictorson on August 22, 2024, 01:54:25 PM

In my country the most common way for buying Bitcoin with Fiat money is through the peer to peer feature on centralized exchange. There is no other way that I know and the result is because the government prohibits buying Bitcoin directly from your bank account. Infact another law made exchanges to delist my currency's pair leaving us with only the P2P on exchanges. Physical P2P would only happen amongst friends and not strangers for security.

However, in my country the purchase of Bitcoin with Fiat money is also through a centralized exchange. We can understand this and so far it is still considered not yet a problem that is worried.
In the section there is no other way besides having to use centralized exchange, we are on one side in a position that is not restrained by the rules because the status of Bitcoin should not be used as a means of payment other than the Fiat currency. If we want to make Bitcoin as an investment, sell and buy, we are not prohibited.

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Quote from: AirtelBuzz on August 22, 2024, 10:13:55 PM

Bitcoin is still illegal in our country so it is impossible to buy Bitcoin through bank transfer, debit card or credit card in this country. So most of the people who buy bitcoins for investment here buy through P2P. Although Cex is not safe for us, we can buy bitcoins through these exchanges.

If they don't know you use bank transfers for purchasing bitcoin and cryptocurrency, you will not have any problem with banks and your bank accounts. There are ways to do Bitcoin trade without informing banks that you make bank transfers for cryptocurrency related trades.

Peer to Peer trading is one of ways to do this in nations with Illegal status for bitcoin and cryptocurrency. The Legality Map shrinks with less and less nations with Illegal status because Bitcoin adoption is increasing.
https://newhedge.io/terminal/bitcoin/legality-map
https://coin.dance/poli/legality

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Quote from: laubeaud on August 22, 2024, 03:47:01 AM

Cryptocurrencies have gained a lot of attention recently, and more people are flowing into crypto. If you’re new to crypto and want to buy Bitcoin with fiat, start by choosing your payment method (credit cards, bank transfers, or digital wallets like Google Pay, Apple Pay, or PayPal).

Bitcoin is still illegal in our country so it is impossible to buy Bitcoin through bank transfer, debit card or credit card in this country. So most of the people who buy bitcoins for investment here buy through P2P. Although Cex is not safe for us, we can buy bitcoins through these exchanges.

But we can easily buy Bitcoins with fiat currency through Peer to Peer (P2P) trading of centralized exchanges like Binance, KuCoin. But to trade in these exchanges (CEX) first KYC is mandatory then you will be allowed to trade here. You can buy Bitcoin using the fiat currency of any country in the world you are a citizen of. First convert fiat currency to dollar or usdt via p2p then buy bitcoin.

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Quote from: Orpichukwu on August 22, 2024, 05:39:04 PM

Some beginners consider Cex to be one of the best and easiest ways to buy bitcoin, but in some cases, passing the KYC could be very annoying for some citizens as the KYC process is not the same for all countries.

If you are just buying a few bucks, is it really worth it for you to risk your identity document to those exchanges that you don't know to what length they can use your data?

And oh yes, as long as the P2P is on centralised exchanges, it's entirely not P2P. The exchange is helping you to act as an escrow, and at the same time, they are also helping you to keep a record of those transactions, not only for the two parties involved in the deal but also for any regulatory body that might ask for it in the future.

That is true. In some instances, there are users who cannot avail to pass on the KYC if they are from restricted countries for which doesn't allow them to trade easily within the centralized exchanges P2P market.

To be honest, the market has changed from the perspective of being decentralized to centralized and from non-kyc to kyc.

It seems that despite we still have few choices about non kyc exchanges and p2p markets, the world is slowly adopting into kyc exchanges and making it as a normal thing to comply.

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Quote from: Orpichukwu on August 22, 2024, 05:39:04 PM

Some beginners consider Cex to be one of the best and easiest ways to buy bitcoin, but in some cases, passing the KYC could be very annoying for some citizens as the KYC process is not the same for all countries.

It is easier and more convenient for investor to purchase and sell their bitcoin and it is the same for traders with more available cryptocurrency and trading pairs on centralized exchanges than on decentralized exchanges.

If they think deeply, and they are carefully with practice to protect their privacy, they will not choose centralized exchanges that almost require KYC. KYC breaks privacy and they can not delete their accounts on centralized exchanges after doing KYC. Using CEX or not, it is a big answer which must be known by each person at beginning.

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Quote from: betswift on August 22, 2024, 02:24:40 PM

Quote from: Davidvictorson on August 22, 2024, 01:54:25 PM

In my country the most common way for buying Bitcoin with Fiat money is through the peer to peer feature on centralized exchange. There is no other way that I know and the result is because the government prohibits buying Bitcoin directly from your bank account. Infact another law made exchanges to delist my currency's pair leaving us with only the P2P on exchanges. Physical P2P would only happen amongst friends and not strangers for security.

Yeah, at least P2P on CEX'es is protected by its authority, but then again, it's also its weakness, being the regulator of the funds that you've got if you leave them there.

Some beginners consider Cex to be one of the best and easiest ways to buy bitcoin, but in some cases, passing the KYC could be very annoying for some citizens as the KYC process is not the same for all countries.

If you are just buying a few bucks, is it really worth it for you to risk your identity document to those exchanges that you don't know to what length they can use your data?

And oh yes, as long as the P2P is on centralised exchanges, it's entirely not P2P. The exchange is helping you to act as an escrow, and at the same time, they are also helping you to keep a record of those transactions, not only for the two parties involved in the deal but also for any regulatory body that might ask for it in the future.

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Quote from: laubeaud on August 22, 2024, 03:47:01 AM

If you’re new to crypto and want to buy Bitcoin with fiat, start by choosing your payment method (credit cards, bank transfers, or digital wallets like Google Pay, Apple Pay, or PayPal).

Purchasing cryptocurrencies / bitcoin for fiat via electronic and bank payment systems leaves a digital "trace", so for complete anonymity, it is preferable to buy for cash. Control over the movement of digital fiat money is increasing worldwide, so if not now, then over time, questions may arise from government agencies regulating the financial sector, such as tax services and financial monitoring.

Quote from: laubeaud on August 22, 2024, 03:47:01 AM

Next, select an exchange that supports your payment method. Set up your account, link your payment method, and deposit your fiat currency. Once the funds are in, navigate to the Bitcoin section, select the amount you want to buy, and complete the transaction. For added security, consider transferring your Bitcoin to a secure wallet.

If you know another way to buy Bitcoin with fiat, share it in the comment section.

I saw the service of buying bitcoin for fiat (cash) money offered by a well-known green aggregator of exchangers, which previously held a signature campaign on the forum. Personally, I didn't use this method, but there were positive reviews for this service on that platform, and such a method still exists as an alternative.

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The simplest way to purchase Bitcoin is via p2p trading that's available on exchanges like Binance, and those who have digital online banking wallets can easily purchase USDT via p2p and convert it to Bitcoin or convert it to Bitcoin.

It's always better to buy USDT first and then convert it to Bitcoin as most sellers overprice Bitcoin in p2p trading but USDT is often not much overpriced. That type of p2p has been working for me but if you want extra privacy then go with Bisq as that's the best decentralized exchange for p2p trading of Bitcoin.

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Quote from: Solosanz on August 22, 2024, 04:43:10 AM

There are two other ways:

1. Peer to peer trade no KYC, the only difference is you don't have to KYC your account, but you require to fund your account https://bisq.network/getting-started/
2. Face to face trade aka direct peer to peer, just like what stated on bisq https://bisq.wiki/Face-to-face_(payment_method)

And I think you also skipped one other one and for those who live in developed and developing countries can still buy their bitcoins through bitcoin ATMs but I think this also charges a lot for transaction fees that’s why I wouldn’t recommend this for anyone trying to hold.

Op I love the fact that you’re actually doing your best to put down something but I have some advise for you and I don’t know how best to say this not to bruise your ego but I think you should for us more on reading than trying to write, the more you read and read and catch up with people’s conversations, the more easier it will be for you when you want to write on a post or create a topic.
Goodluck.

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Quote from: Davidvictorson on August 22, 2024, 01:54:25 PM

In my country the most common way for buying Bitcoin with Fiat money is through the peer to peer feature on centralized exchange. There is no other way that I know and the result is because the government prohibits buying Bitcoin directly from your bank account. Infact another law made exchanges to delist my currency's pair leaving us with only the P2P on exchanges. Physical P2P would only happen amongst friends and not strangers for security.

Yeah, at least P2P on CEX'es is protected by its authority, but then again, it's also its weakness, being the regulator of the funds that you've got if you leave them there.

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In my country the most common way for buying Bitcoin with Fiat money is through the peer to peer feature on centralized exchange. There is no other way that I know and the result is because the government prohibits buying Bitcoin directly from your bank account. Infact another law made exchanges to delist my currency's pair leaving us with only the P2P on exchanges. Physical P2P would only happen amongst friends and not strangers for security.

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Quote from: laubeaud on August 22, 2024, 03:47:01 AM

Next, select an exchange that supports your payment method. Set up your account, link your payment method, and deposit your fiat currency. Once the funds are in, navigate to the Bitcoin section, select the amount you want to buy, and complete the transaction. For added security, consider transferring your Bitcoin to a secure wallet.

If you know another way to buy Bitcoin with fiat, share it in the comment section.

Usually every exchange requires every user to complete KYC as in my country of residence. KYC is the privacy of each user that can be misused even though the party does not necessarily intend to misuse the data. If there is an option that allows users to buy Bitcoin without having to go through a KYC exchange, that would be better. It's not that there aren't any, exchanges that don't require KYC do exist but I have never made a purchase using an exchange without KYC like https://bisq.network/getting-started/

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Fiat currency https://kycnot.me/?t=&q=&fiat=on
Cash https://kycnot.me/?t=&q=&fiat=on&cash=on

Above are lists for no KYC exchanges that allow you to trade with fiat or cash. Bisq and Peach can be one of your best choices.

If you don't care about KYC, check more exchanges with some websites and their information on available methods, trading fees, withdrawal fees.
https://exchangewar.info/
https://www.cryptowisser.com/exchanges/

Solosanz

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There are two other ways:

1. Peer to peer trade no KYC, the only difference is you don't have to KYC your account, but you require to fund your account https://bisq.network/getting-started/
2. Face to face trade aka direct peer to peer, just like what stated on bisq https://bisq.wiki/Face-to-face_(payment_method)

laubeaud

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Cryptocurrencies have gained a lot of attention recently, and more people are flowing into crypto. If you’re new to crypto and want to buy Bitcoin with fiat, start by choosing your payment method (credit cards, bank transfers, or digital wallets like Google Pay, Apple Pay, or PayPal).

Next, select an exchange that supports your payment method. Set up your account, link your payment method, and deposit your fiat currency. Once the funds are in, navigate to the Bitcoin section, select the amount you want to buy, and complete the transaction. For added security, consider transferring your Bitcoin to a secure wallet.

If you know another way to buy Bitcoin with fiat, share it in the comment section.

Topic: How to Buy Bitcoin with Fiat Money: For Beginners - page 2. (Read 397 times)