Step Involved in Bitcoin in Person

Bitcoin in person is not easy as saying but it convenient method for bitcoin trading because it is the safest method than other global methods for bitcoin trading. There are many steps involved in the local bitcoin or bitcoin in person.

As we know to buy bitcoin via cash deposit is the easiest and safest method if you don’t know what is bitcoin in person then I am briefly explaining- bitcoin in person means buying or selling bitcoin in your local area through cash deposits and there are some websites and Bitcoin ATMs that provide you the service for local bitcoin trading.

You need a Wallet

The first step involved in the bitcoin local trading is that you need a wallet for storing bitcoins. Bitcoin in person does not mean it is all in cash or offline and you do not need a wallet or any storage. No, you need to know bitcoin for a bitcoin wallet for receiving a bitcoin from the local seller and there are many local websites that are made for the purpose of local selling and buying of bitcoins. 

So first of all create an account on this type of website and after creating an account and after getting a wallet from the website, not you are ready for bitcoin trading in your local area.

Meeting with sellers in Public Places

You can meet with new people in public places and there are also many websites that provide data about the sellers who want to sell their bitcoin near you or in your city. 

This is the safest way for bitcoin trading because there are no chances of spam or fraud or hacking since you are meeting with your seller face to face but meet them carefully because there is no surety of proper security.

When you buy bitcoin randomly from persons living outside or maybe in your country, it may be difficult to trust him because he is too far from you and if you lose your coins you will not get them back but it will not happen in the case of local buying and selling as you are meeting with them in public places.

Where to invite them?

After finding the buyer if you are a seller or seller if you are buyer, you can decide a place for meeting and it may be a restaurant and coffee shop, but keep in mind do not invite people in your home or your office or in any workplace but you can invite them in a separate place

The best place is restaurant and coffee shops as they provide wi-fi facilities to their customers and it will be easy if you want to move funds and bitcoin by sitting together.

Step of Premium Rates

Premium rates are the rates that will be charged by the seller to his buyer. If you want to buy a bitcoin from a local seller, the seller may be charged a higher rate than the actual exchange rate.

The biggest advantage of the bitcoin market is that there are no rules and regulations for restrictions on selling and buying price, you can decide your own price and no one will restrict you, because the market bitcoin is a free market and it is a game of demand and supply. If demand is high the rate will be high is demand is low the rates will be low.

If the price is convenient for the buyer he can pay you a higher premium rate than the actual rate of exchange. There may be negotiation buy it depends upon the buyer and seller’s negotiation power if they will agree.

Payment Method:-

Buying or selling bitcoin in person is different because of his payment method. It is different from the other exchanges as its payment method is too much convenient and safe for both parties.

The method is a cash deposit, after agreeing with the selling price the next step is the payment method and the method is cash deposit and you can pay him cash or you can transfer cash to his accounts and after getting his account you can pay via bitcoin ATMs.

When you will transfer money to the account of your seller it may be costly and the platform like banks or Bitcoin ATMs will charge 5% to 10%  fees for each transaction.

The reason for charging the fees is that there is no ID verification required like other exchange platforms.

Conclusion

From the above information, we have learned that there are many steps involved in the peer to peer transactions or buying or selling bitcoin in person or via cash deposit. But bitcoin in person is the safest method ever unlike other methods. There are no chances of fraud and no identification required, unlike other bitcoin websites.