Are People who use banks (as a whole) more reluctant to buy Crypto?

There are many people wanting to get some BTC or ETH but its all a bit of a grey area for people wanting to get in on it. There are some also that fear repercussions in the future of when Bitcoin is regulated, like worries of having to pay tax that will be created also in the future with the unknown regulations that will most certainly be taking place.

Everything these days is running through a bank, and the whole point to a cryptocurrency’s existence, is that we will have a chance to eliminated the use of the banks and not to be monitored on our daily financial lives which is happening every time when we are using credit and debit cards.

Converting Cash into BTC or ETH the Safest Way.

I have not once brought Crypto with a bank card, due to the fact of not having a bank account. I see only adverts online these days for buying with a card and it seems the opportunity to buy with cash aren’t being advertised so much. We just take it for granted that everyone uses cards as payments and its now become normal, but for those who have cash and refuse to use banks, most of them believe that they firstly need a bank to obtain Crypto. I would like to share with you for beginners to the two steps needed to get your first BTC (or ETH) and without using a bank.

The First is – Where can I get BTC or ETH? – Go to https://localbitcoins.com/ for Bitcoin, or https://localethereum.com/ if you would like ETH instead. Just create an account and keep your password safe and both websites are very self explanatory. On these websites you can search the area of where you live and then hope someone in a reasonable distance is selling Bitcoin or Eth – you will see after finding the sellers, options to pay with bank transfer and hopefully someone near you selling it for Cash.

You would click “Buy with Cash” and the contact the seller to arrange a meetup somewhere. You would have already sent your Public Address or be ready to have your wallet open with your QR code ready to be scanned for the incoming transaction when you meet the seller. You can easily find tutorial’s on how to use the wallets I’m about to mention below, and after agreeing how much cash you have and a time and place to meet, you are now ready to go get your first Crypto! Don’t be scared to meet a seller, 90% of people in Crypto World are very cool people. It might feel strange but hopefully you will get used to it, trading with real humans instead of banks!

The Second,  Public Address & QR Code?! Where do I keep the BTC or ETH once I am ready to buy? –

My first Bitcoin wallet was The Electrum Wallet, it was simple and you get to keep your SEED which is very important whilst searching for a wallet, meaning only you have the master password to your wallet. The best wallet you can have though these days is a hardware wallet, and the Ledger nano S is a recommended one as you can store 30 different cryptocurrency’s on it – including your first BTC or ETH, and it has also become much easier to use since the launch of Ledger Live Desktop Interface. If you don’t have money for a wallet then you can get maybe an Exodus wallet. I am not affiliated with any of these wallets, but I personally lost a lot of USD because I used fake/scam wallets when I was starting off , and I really don’t want others to do the same.The two wallets I have suggested here are very safe but this is not any kind of advice, I am just voicing my opinion.

Maybe you have a penny jar that’s been sat for years in the lounge and you want to swap it for your first crypto buy but are put off by the price?

 

Its OK don’t panic! Crypto is intended for everyone – so it would be useless if  you needed a lot of money to buy some to get started, wouldn’t it?!

Here (Left) is the units broken down into Satoshis (Sats). Did you know you can buy even 50 USD worth of BTC (is the example used for now, but same applies to ETH), and that you don’t have to buy a whole Bitcoin or Ethereum? You can request to buy in satoshis to make it more usable, so when contacting a seller they will tell you how many SATS you will receive, if say you have just 50USD.

This article was intend to spread awareness to help people decide if they were considering it to buy BTC or ETH, whilst having still some kind of freedom without having the bank and tax man observing your financial transactions and having to use a card. Maybe your in debt with the bank and are in the red and cant use it to buy crypto with in the first place, this post was for you and others who don’t know yet the easiest way to go about getting involved.

Thanks for reading and I hope this information helps more people to get involved!

@movingman

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Responses

  1. Infosion

    Nice article for starters!
    But I see the opportunity to buy from real people not as the best option for most beginners… Nice to have the possibility to buy from real people. But I don’t know if I would do it that way from a stranger at the beginning – especially if u aren’t familiar with all of it.
    It ‘s probably allays helps the best if you have some friend who can tell and show you the basics the first time in “crypto land” …
    But thanks for reminding about that possibility. It’s also a nice way to get rid of not useless fees from “fiat to crypto converting sites”.

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    1. Movingman Dan Post author

      I guess most people would stay conditioned and use a banks card on a website, which could actually be more risky giving bank details over and ending up on phishing sites as an example, and it must be more confusing than to go and meet a registered seller and do the trade in person with cash.. I am surprised that most are using bank cards to buy crypto with, quite ironic?! Sorry it took a while for a response, but well you know!

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