How to Buy Bitcoin Without ID Verification in 2020?

How to choose the right way to buy Bitcoins?

  • Privacy — are you ready for the leakage of your personal data? If not, you likely to avoid such payment methods as credit cards, PayPal, bank transfer and other methods requiring verification of your personality in the purchasing process
  • Limits — are you planning a limited amount of coins or a large sum? If you plan to buy a large sum of Bitcoins at a time than you require a personal broker or consider exchanges without a buying limit
  • Speed — how quickly you want to access your Bitcoins. You have to understand — different payment methods will deliver your digital currency at various speeds.
  • Exchange rate — it might be a surprise for the newcomer, but Bitcoin does not have such official prices as other world currencies. You have to check its price at various exchanges to choose the one fitting your requirements.
  • Reputation — you have to choose a reputable purchasing place. Cybercriminals consider the cryptocurrencies one of the most prospective sources of income. The amount of scams increases at the exponential speed and people lose their personal data even without any notice.
  • Additional fees — the fees significantly vary across various payment services, hence you have not to forget to investigate how much your chosen exchange plans to charge for the transactions
  • Payment method — this is the most important thing to consider. Where you plan to purchase your Bitcoins. There are various ways to perform your transactions and you have to investigate them all to understand their advantages and drawbacks.

How you can buy Bitcoins?

  • Credit or debit cards — one of the most common ways to purchase cryptocurrency as most people are familiar with it. Such an option is the easiest and you have not to wait for Bitcoins delivery as they come to your wallet right after the transactions complete. But, it is not a private way to buy and there are high fees for the transactions you might not like to pay.
  • Bank transfer — also one of the common purchasing options. Its advantage is the great purchasing price as the transaction fees are relatively low, but you have to provide your ID and wait for up to 5 days for the purchase to be completed.
  • Cash — one of the fastest ways to get Bitcoins. In most cases, it is private enough and you do not have to wait for a long time to get your coins on board. You can use a cash exchange, which is not a perfect option as it has substantial transaction fees and you have to be aware of scams. The other option is Bitcoin ATM, which is more private, although privacy will cost you 5–15% above the market rate.
  • Another cryptocurrency — if you have another cryptocurrency, for example, Etherium, you can easily buy Bitcoins through the crypto exchange. You just choose the exchange with the best exchange rate and perform the transaction. That is one of the most secure ways to perform the transactions as you can also use anonymous crypto exchanges in the process.

What platform to choose for buying Bitcoins?

  • P2P marketplaces — where buyers and sellers meet and trade. One of the most popular marketplaces of such kind is LocalBitcoins. Here, you can set your own price and wait until someone will sell you Bitcoins. The price will not necessarily be the most important criterion. Indeed, the reliability of the seller or the buyer, as well as the proposed conditions will also be decisive. As we have already mentioned, the role of LocalBitcoins is to ensure the security of the transaction. You, therefore, have information on the seller and the buyer and in a particular note on their reliability, the number of transactions made. The conditions of sale or purchase differ from one offer to another. Once the bid is accepted by the seller or buyer, bitcoins are pledged by Localbitcoins and will only be released once both parties have confirmed that they have completed their obligations. In case of disagreement, a third party will be appointed to study the evidence and decide. Therefore, it is essential to only use Localbitcoins messaging to communicate with the seller or buyer. Some sellers/buyers will require that your identity has been confirmed by the LocalBitcoins site, but not all. It is possible to buy bitcoins without verification either through buying with cash deposit or meeting in person.
  • Bitcoin ATMs — You can buy bitcoins at a kiosk with a credit card or in cash. Although the operation of these terminals varies from one manufacturer to another, they are studied to be particularly simple. It is usually sufficient to follow the instructions. No verification of your identity is required to use bitcoin distributors and you can use cash. There are also some disadvantages to this option. For example, the fees are higher than if you buy your cryptocurrency on an exchange. The service rendered by the distributor at a price (purchase and maintenance of the machine, rental of the location …), and you will have to pay for this service. These fees range between 6 and 10%, which corresponds to the fees charged by brokers like Coinhouse or Coinbase.
  • Direct commercial exchanges/broker — in this case, you have the third party in transactions working as a digital exchange office. You just visit a website, choose your payment method, and purchase the required amount of Bitcoins. The prices are set by the platform, but the fees are relatively low, hence this option is one of the easiest to use for transactions. A similar option is to choose a broker as an intermediary who buys wholesale bitcoins in order to resell them at retail. These are just simple resellers, as we currently know sellers of precious metals (gold, silver …). There are a large number of brokers available today. The advantage of using a broker is usually the ease of use. On the other hand, brokers sometimes offer personalized advice for people who have difficulties with technology. This is particularly the case of the bitcoin house which offers appointments in their Parisian shop. Obviously, brokers take a large commission between 6% and 10% of the amount purchased. On the other hand, brokers are regulated and must verify your identity before you can sell cryptocurrencies. However, the amount of your purchase is almost always a limit to the number of bitcoins you can acquire.
  • Exchange platforms — you can choose this option if you plan to buy a large number of Bitcoins. Here, you can place your order and the exchange will process the trade on your behalf. But the process to start an account can be complicated enough and requires disclosure of private information. You can also find a platform where you can buy bitcoins without verification, such as anonymous crypto exchanges. But before choosing the one it is a good thing to investigate its reputation, exchange fees and purchasing limits.

Why might people want to buy Bitcoins without an ID?

  • If you’re worried about crypto exchanges being targeted by hackers and your personal information (including your driver’s license/passport details) being stolen.
  • If you own a lot of cryptos and don’t want to be targeted by thieves.
  • If you don’t trust the government.
  • If you don’t have any ID

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