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Author: Admin | 2025-04-28
Buying Bitcoins at Peer-to-Peer Exchanges Peer-to-peer (P2P) Bitcoin exchanges are a great way to get bitcoins with cash. A P2P trade usually works something like this: A buyer and seller use a site like LocalBitcoins and agree on a price. The seller’s bitcoins are held by the site and only released to the buyer upon confirmation of payment. The buyer deposits cash into the seller’s bank account. The seller confirms payment. Usually, the buyer sends the seller a receipt to prove that cash was deposited into the seller's account. The site (LocalBitcoins or BitQuick) releases the bitcoins to the buyer. The seller got cash, and the buyer got bitcoins. The trade is complete! The above was just an example! Through sites like LocalBitcoins you are free to agree on other payment methods besides cash deposit. For example: You could arrange to meet in person and exchange cash for Bitcoin. Yes, using LocalBitcoins you can even exchange that Starbucks gift card from Christmas a few years ago for bitcoins ;) Why Are P2P Exchanges Good? No verification is required. You don’t need to submit any personal details and there is no verification process that takes up time. Cash payments are irreversible. Once cash is in someone’s bank account, the buyer of bitcoin has no way to reverse the transaction. So the seller can feel confident that he received payment for bitcoins, and release the bitcoins to the buyer. A Note on Exchange Rates Peer-to-peer Bitcoin exchanges offer a fast way to
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