How to buy Bitcoins without bank account

by Peter Trapasso

in Bitcoin, How To, Service Reviews, Virtual currency

How to buy Bitcoins without bank account? This is a question that people are asking more often as the popularity of the virtual currency continues to grow. Recently Bitcoin value surged to $900 before dropping back down.

Bitcoins are mostly traded by speculators in the U. S. and China right now, but more merchants are accepting them as an alternative currency form of payment each day.

Here are a couple of suggestions to get you started on your quest to accumulate Bitcoins.

How to buy Bitcoins without bank account

See also: Best 100 hashtags for Instagram November 2013.

If you are in the U. S., the best methods are through a site called LocalBitcoins.com (affiliate link) or the CampBX exchange.

LocalBitcoins.com (affiliate link) brings buyers and sellers of Bitcoins together both online and in person. And you can buy or sell for a low fee. Currently sellers are charged Wallet Transfer Fees of 0.0001-0.0004 BTC per outgoing transfer. This is the fastest method of buying Bitcoins.

You choose in advance to transact business online or locally in person through the site. LocalBitcoins.com has an escrow service to ensure the safety of both buyer and seller. If you choose online, look at the list of sellers and payment forms accepted.

If you choose online, make sure the seller has a payment option for you that allow you to buy Bitcoins without a bank account. Payment forms include money orders, directly depositing cash into a sellers account at their bank, MoneyGram, Western Union, and others. Also pick a seller with both a competitive price and a high seller rating too. Once you transfer the payment and “mark payment complete,” the seller will confirm payment and release your Bitcoins from escrow to your wallet.

If you choose in person, you must bring cash. For your safely, always meet in a public place like a cafe or restaurant with good Wi-Fi service. In person, the seller will transfer your Bitcoins using a local transaction service. Once the Bitcoins are transferred the seller can tell you your secret transaction code. Then you know it is safe to hand your cash over to the seller.

You can buy through the CampBX exchange online by purchasing and sending a USPS money order in to fund your account. The Post Office currently charges a fee of $1.60 for money orders up to $1,000. You can also use money orders from MoneyGram and Western Union, but I think they charge higher fees. After you open and fund your account, you can make trades on CampBX. They charge 0.55 percent commissions. When you ad up the amount of time it takes to buy, mail, and get your money order credited to your account, this method is the slower of the two. There is also a 30-day wait to withdraw after making a Bitcoin purchase.

Do check out: : Best 100 hashtags for Instagram November 2013.

Feel better informed now on how to buy Bitcoins without bank account? Stay tuned and bookmark http://PeterTrapasso.com for monthly updates.

Have you ever bought Bitcoins?

Leave a comment an tell us more.

Resources

LocalBitcoins.com (affiliate link)

(Social media image: CC: antanacoins via Flickr.)

About Peter Trapasso

Used by IBM, Cisco, Microsoft, GM + more! Hire me for your social media marketing needs: http://bit.ly/hiremesocial Klout 77 Social Media Strategist + Influencer 15+ years Marketing Experience. Backed 200 #crowdfunding #apps #startups #Fortune500 100 most followed on Twitter in San Francisco. Crowdfunding expert: http://bit.ly/1oNVr7Z Massive Followers: Twitter 40000, Google+ 7600, Facebook 2500, and Pinterest 3900.

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