How Can I Trade Bitcoin Without An Exchange?
Introduction
Bitcoin (BTC) was created to get out of a monetary system on the verge of destruction during the 2008 financial crisis. It provides you with a secure haven to keep your riches, as well as the means to weather the impending monetary catastrophe.
However, buying has not always been simple for regular investors. Opening an account with a cryptocurrency exchange (a crypto broker) used to be a time-consuming and challenging procedure that took five or six weeks to accomplish. To know more about the same, simply visit, Oil Profit.
But there have been a lot of changes ever since, thankfully. Cryptocurrency exchanges have grown less frightening, and you may not even need them anymore. Here are the three simplest methods for purchasing Bitcoin without using a cryptocurrency exchange:
Choose a Digital Wallet that Can Do It All
A digital wallet is a safe and secure place to keep your cryptocurrencies. Not only does a multi-purpose wallet keep Bitcoin safe, but one can also use it to store other digital currencies (as well as dozens of other cryptos). It also allows you to buy Bitcoin to put in it, which you can do with a credit card.
Plus, if you feel the itch to trade, you can exchange your Bitcoin for any other cryptos it supports at market rates all from within the wallet.
Visit A Bitcoin ATM
Bitcoin ATMs have been springing up like mushrooms after a summer shower in recent years. There is now at least one in almost every medium-sized city in 76 countries. (For example, Chicago has 293.)
It's never been easier to find one. A free app that you can download to your phone identifies the closest ones and displays their exact location on Google maps. Bitcoin ATMs operate in the same way as conventional ATMs do. They redeem Bitcoin in your digital wallet for dollars rather than transferring money out of or into a bank account. Alternatively, turn the money you put into your purse into Bitcoin.
Any cryptocurrency wallet will suffice. The smartphone versions of Atomic and Exodus, on the other hand, are instrumental in this respect. This is because they can both transform your wallet address (which seems like a long string of trash characters) to a bar code on your smartphone screen.
Invest in Bitcoin Through Your Regular Stockbroker
Anyone may buy and sell it via their regular stockbroker without restriction.
Furthermore, its price movements are closely related to those of Bitcoin. So far, there have been no problems. In any event, we live in a world of trade-offs. Furthermore, as you witnessed with Bitcoin ATMs, lodging always comes at a cost.
Conclusion
Transfer at least some of your funds to Bitcoin. But don't go all in and invest every single penny. It is still a high-risk investment. Also, don't anticipate immediate pleasure. Bitcoin may yet take some time (not much, but some) to take off fully. But till the time it does not, a lot of businesses will stick to fiat cash. Your opinion about currencies might even shift over time.