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.
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.
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LocalBitcoins.com (affiliate link)
(Social media image: CC: antanacoins via Flickr.)