If you feel insecure about purchasing Bitcoin through virtual channels, a personal contact can go a long way in helping you break through the toughest barrier for new crypto investors: making the first Bitcoin purchase!
The main issue faced by newbies is to wrap their head around the fact that Bitcoin is 100% virtual. You are the bank – there is nobody guarding your money but you.
When coins are lost, there is no 1800 number to call, no bank manager to complain to, they’re gone. Your Bitcoin wallet is the safe deposit!
This level of freedom has new users both in awe and a bit skeptical given the power of this new form of currency.
Given its ephemeral nature, new Bitcoin users may feel a bit safer dealing with a real person during their initial purchases.
By purchasing coins from someone in your region, there’s increased safety due to real bank accounts and identities being used.
Local sellers are usually also often thrilled to meet other crypto adventurers. Many interesting new friendships have been developed by local Bitcoin groups. This is especially true in Europe where meetups are popping up everywhere.
The most common way to buy Bitcoins locally is, of course, LocalBitcoins.com. This website tracks bids and offers from regional sellers, geographically close to your internet access point. Their service will get you in touch with sellers in your region, from who you can buy and sell directly.
LocalBitcoins has been known to be secure and despite having a few complaints online, it has been used by the authors of this article and by thousands of others without any problems.
Buying Bitcoin on LocalBitcoins is a bit like Ebay or other online auctions. Choose your seller wisely. If an offer seems too good to be true, then it probably is!
Seek sellers with a good record and excellent past reviews. But remember, new sellers also deserve a chance. If the price seems fair and the seller is geographically close by, why not give them a chance?!
Chat room mentions of “OTC Bitcoin trading” often refer to LocalBitcoins! Many traders try to profit from bid/ask spreads as well as daily fluctuations by trading at LocalBitcoins!
Paxful works a lot like LocalBitcoins except it filters your results based on currency and payment method. And here’s the trick: if you enter a regional currency/payment method, you will get only regional sellers listed!
For instance searching for a currency like Brazilian real, or for a regional bank like Caixa in Spain, you can find people in your area who are selling Bitcoin. This is a great service as it allows you to buy Bitcoin in any way imaginable, including Paypal and other virtual payment alternatives.
Bitkan is an app that helps users build local communities of Bitcoin enthusiasts through a P2P system that breaks through censorship and other centralized barriers.
It’s not specifically meant to promote regional trade, but it does in the end since it allows users to get together by interests and then trade.
Bitkan is based in Shenzhen, China and are currently recruiting local community leaders to form worldwide groups!
Formerly Bitsquare, Bisq is a P2P exchange network based on a mobile app. It allows you to trade locally with geographically close buyers and sellers.
When you configure the app, your regional bank account is configured into the app. Bids and offers are displayed, filtered according to how the payment info was configured.
It’s pretty much a decentralized P2P version of other local trading apps such as LocalBitcoins.com
Well we hope you’ve found this short guide useful in finding regional Bitcoin trading partners!
One of the greatest aspects of Bitcoin is its novelty status, which attracts users to other enthusiasts with similar adventurous spirit!
Everything is new in the crypto space and users can enjoy the same thrill from the beginning of the Internet when people met up just for the sake of discussing new websites and Internet apps.
Watching this new technology develop can be lots of fun and present many social opportunities. Have fun!