What is the cheapest way to buy bitcoin?steemCreated with Sketch.

in #cryptocurrency7 years ago (edited)

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If you are looking for some cheap option then Localbitcoins.com may be the best place. You can find some very good deal here. This is a place where people can directly sell and buy any amount of Bitcoin with cash or transferring money directly to seller bank account. However, it may involve meeting with real people in your locality to buy bitcoin. So take extreme precaution if you are carrying money with you during purchase.

More details about LocalBitcoin


What is special about LocalBitcoin?: Localbitcoins.com is a marketplace where the user can trade Bitcoins locally to nearby customers. It is a company based in Helsinki, Finland. Its operate worldwide and provide a way even to meet in person to buy Cryptocurrency in exchange for cash. It can be treated as Craigslist for Cryptocurrency. One may get a much better deal at localbitcoin if lucky. Exchanges can only offer the market price/limit price but localbitcoins site will give you options for negotiating the price with your local neighbors. The website facilitates locating Bitcoin users interested in buying or selling bitcoin for cash or bank transfer. Localbitcoins site also has a reputation and feedback mechanism for users along with providing escrow and conflict-resolution service.
 
Supported Fiat Currency: Seller can select payment in any fiat currency.

Supported Payment Methods: At localbitcoins’s site, any user can post advertisements for selling or buying bitcoin just like Craigslist and they mention which payment method he/she will accept (cash or bank transfer). Other users can reply to such advertisements and agree to meet the person to buy bitcoins with cash or pay him/her with online banking without meeting. The site uses an escrow system and the transfer of bitcoin is made only after seller confirms the receiving of payments.

Supported countries: It supports almost all countries with few exception. LocalBitcoins claimed that 1.35 million people from 249 countries were using its platform on In September 2016. Localbitcoin stops operating in Germany since December 2014 because of the licensing issue. LocalBitcoins ceased to operate in New York state Since August 2015 because sellers need to purchase a BitLicense from the New York State Department of Financial Services to remain in compliance with local financial regulations. Access of LocalBitcoins from Russia blocked by Roskomnadzor since September 2016.

Beware of the cheap unregulated exchanges


As bitcoin is popular therefore there are multiple exchanges mushrooming in the online space which give the option to buy Bitcoin at cheap rate but your personal details may be at risk. As you are going to enter your payment details so please be very careful. Do your own research before purchasing at those unregulated exchanges. However, my suggestion is not to look for the cheapest way to buy Bitcoin but use reliable and reputed way to buy Bitcoin. If you don't like to buy Bitcoin from Locatbitcoin then you can explore some other good options at my another Steemit post.

A comprehensive guide to buy Cryptocurrency (Bitcoin & Altcoins)

Disclaimer: I am not a financial advisor. This article is just for information purpose and is not an investment advice. This just indicates my personal choice which may or may not be the best one. You should realize that Cryptocurrency market is very volatile and market fluctuate a lot on daily basis. You may gain 100 fold or lose all your investments. Invest wisely. You should not take a big risk. It is a good suggestion to invest not more than 5–10% of your saving with such an unpredictable market. Otherwise, you may face a big loss.

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