More investors in the financial sector are indicating interest in buying Bitcoin and popular cryptocurrencies because they have gained so much recognition due to the rise in Bitcoin price.
There are many available options whenever you want to buy Bitcoin, one of which is buying it without having to go through the process of identity verification.
Typically, one of the safest ways to buy Bitcoin is through platforms called crypto exchanges. These are platforms that allow you to trade and buy Bitcoin without having to worry about being scammed or defrauded.
While these crypto exchanges require ID verification, this verification makes these exchanges very safe and secure for Bitcoin transactions.
The verification process is used to filter out unscrupulous users with bad intentions and these types of persons are blocked from using the platform. One of the most popular, safest, most secure, and reliable crypto exchanges is Binance.
Everyone assumes Bitcoin is anonymous. Although, in its intrinsic nature, Bitcoin is supposed to be an anonymous medium of exchange. Well, that is not entirely true. The blockchain stores the history of every transaction conducted, therefore, transactions linked to your wallets can be tracked. If your wallet is hosted on an exchange where you have verified your ID, the transactions could be linked to you upon further investigations.
This is why people want and prefer their Bitcoin to be bought without the need to verify their ID. However, only a few people know how to run a Bitcoin purchase without verifying their ID. But you’re about to become one of the few through this article.
1. Bitcoin ATMs
Bitcoin ATM is the new solution to buying Bitcoin without verifications. Not that it’s available everywhere, but it’s now available in almost 100 countries including Nigeria. You don’t need facial ID nor fingerprints. As long as you’re using it in your locality, you’re buying and exchanging it in your local currency. All you’ll need is your bitcoin wallet address to receive your bitcoin amount.
And if you don’t have a Bitcoin wallet address, you’ll be given the option to create one. Your local address would also need to be scanned when using Bitcoin ATMs, but you don’t have to be worried about any verification. The ATM will do the local address scanning itself. Rates will vary across different ATMs depending on your location and the current bitcoin price.
2. Buying Bitcoin on offline peer-to-peer groups
Offline peer-to-peer Bitcoin purchases is another way of buying Bitcoin without ID verification. But you’ll need to be careful when using this option as you’ll be meeting the seller in person. The safest way to handle this is to meet the buyer in a public place like a mall, a place where you know cameras are hanging around just if there’s any breach in the agreement.
There are many available platforms where you’ll see many traders ready to sell Bitcoin in person. Many people have been using this option to buy Bitcoin without verifications. You’ll also need a wallet address to receive your coins when you meet at the specified location.
3. Wall of coins
Although it’s not available in all countries yet, it is one of the top ways of buying Bitcoin without ID verification. Although you’ll need a phone number, the phone number won’t be needed for any verification. In the wall of coins option, you get to choose amongst different buyers with different rates. This is like walking into a bank to buy Bitcoin and getting your coins in your wallet afterwards.
You can also deposit your coins for payment in your local currency. So, you see that it’s a way of getting and exchanging Bitcoin for cash without the need to verify yourself. Wall of coins has another thing you’ll need to know, and that’s about the different fees set by different sellers, and that’s why you’re given the option of selecting from different buyers.
4. Local cryptos
This platform is used in more than 15,000 cities already and allows instant buying and selling of cryptocurrencies. On this platform, you can choose to either buy online or offline from the trader. It is an online peer-to-peer exchange that allows you to buy Bitcoin without verifying ID. When you buy online, you’ll have the option of making the transfer to the seller through bank deposit, PayPal, or Internet banking.
Still, then as a seller, you’re getting 0.25 percent while the buyer gets 0.75 percent, so you see it’s an already agreed percentage. Another safety measure you can take when using this platform to buy or sell Bitcoin is to look at the seller’s reputation before choosing to buy from them.
5. Decentralized Exchanges (DEX)
Decentralized exchanges are exchanges that give access to direct transactions without making use of an intermediary. As the name implies, these types of exchanges work quite differently from their centralized counterparts. Unlike centralized exchanges, decentralized exchanges don’t require their users to verify their accounts. DEXs provide privacy while giving absolute control of funds to the owners. One of these decentralized exchanges is called Bitsquare.
READ ALSO: Crypto Trading, Types And Terms Explained For Beginners
Bitsquare (aka BISQ): With this, you get to enjoy trading without email, ID, or even your name. We can confidently call this platform a 100 percent decentralized platform.
BISQ is a 100% p2p system that allows people to exchange Bitcoin for other Fiat currencies like USD and Chinese Yen. The exchange was created in 2016 to provide a lasting solution to the anonymity issues surrounding buying bitcoin.
Conclusion: If you would like to sell and buy Bitcoin with peace of mind knowing that all your trades and transactions are carried out safely and securely, then you should look no further, Binance is the right exchange for you. Your Identity verification is only a small price to pay for security.
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Nice, ; post