My two favorite ways to buy bitcoin are through Coinbase and LocalBitcoins. They both have advantages and disadvantages.
In general, Coinbase offers the cheapest methods, but you don't have as many payment options to choose from as you do with LocalBitcoins. Coinbase is a business, so you're buying coins from a business in a centralized location. LocalBitcoins is peer-to-peer (like Craigslist) and decentralized.
This post will concentrate on buying bitcoin using LocalBitcoins. In the next post I'll review the process of buying Bitcoin with Coinbase.
Buying Bitcoin With LocalBitcoins
LocalBitcoins is a decentralized, peer-to-peer service to buy bitcoin. It's really a listing service like Craigslist. This service allows you to find a seller of bitcoin without having to go through an institution, which explains why I like it.How much you pay depends on who you buy from, but LocalBitcoins doesn't charge you any fees for buying bitcoin. The seller pays a 1% fee to LocalBitcoins. Also keep in mind that only the sender (not the buyer) pays mining fees, which are currently .0008 bitcoin. These fees may rise, but I think technology is being put in place to reduce the current scaling problems bitcoin is experiencing.
These are a few other things to keep in mind before making your first purchase on LocalBitcoins:
- Each seller has a different ranking and sells at a different price so find a vendor with a good reputation at the right price.
Look for VERIFIED Seller with this seal.
- READ the TERMS of the offer BEFORE you start the order, always! For example, if you use a gift card, you may need to provide a receipt to verify that the gift card was purchased with cash. Make sure you read what you are agreeing to.
- Check the PRICE. The price depends on the payment method. For a better price try cash or bank deposits. For the best price, go with Coinbase.
- Read the instructions.
- Click I have read the instructions and Paid button ONLY when you have actually paid.
- NEVER ask the vendor to release the bitcoins first. This is grounds for an instant ban.
- If you aren't interested, cancel the order - if you are no longer interested and have not yet paid the vendor. It will free up their escrow and let them continue to trade with others.
The process:
1) First you want to decide how you plan on paying. You have over 300+ options as listed below.
2) Look for a deal with a verified seller at the price you want.
3) Once you find a good deal with a verified seller you will be in a live chat with them. They will tell you how to pay.
3) Once you pay, they release the bitcoins (the bitcoins are held in escrow until the transaction goes through).
4) The bitcoins are held in your LocalBitcoins wallet and can be spent anywhere that bitcoin is accepted.
Ready to get started? Click here to buy bitcoin with over 300+ different payment methods as listed below:
- CO-OP Shared
- Capitol One
- 53rd Bank Cash Deposit
- AC Moore Gift Card
- AMC Theaters Gift Card
- ANY Credit/Debit Card
- ANY Gift Card Code
- ANY VISA MasterCard AmEx Gift Card
- AT&T Gift Card
- Abra
- AccountNow Card2Card Transfer
- Adidas Gift Card
- AdvCash
- Akimbo
- Alipay
- Allied Bank
- Amazon Gift Card
- Amazon Wishlist
- American Express
- American Express Gift Card
- Apple Gift Card
- ApplePay
- Applesbee's Restaurant Gift Card
- AstroPay Direct
- BB&T Cash Deposit
- BBVA Compass Cash Deposit
- BMO Cash Deposit
- BMO Harris Cash Deposit
- BNZ Same Bank Transfer
- BOA❁TD❁WF INSTANT RELEASE!! Cash Deposit
- BOA❁TD❁WF❁PNC❁BBT Cash Deposit
- BPI & Cebuana Lhuiller
- BPI Bank Philippines
- Babies R Us Gift Card
- Banana Republic Gift Card
- Bancolombia Cash Deposit
- Bank Mandiri
- Bank Transfer from/to any Thai Bank
- Bank Wire (Fedwire)
- Bank deposit electronicTransfer
- Bank of America Cash Deposit
- Bank of America Online Transfer
- Bank of the West Cash Deposit
- Bank transfer from ANY Bank
- Bank transfer to ANY US bank
- Bank transfer: ANZ & Westpac online transfer ONLY IN AUSTRALIA
- Bank transfer: ANZ, ASB, BNZ, KIWI, WESTPAC, INSTANT RELEASE!
- Bankwest Cash Deposit
- Barclays Pingit
- Barnes & Noble Gift Card
- Bath and Body Works Gift Card
- Bed Bath & Beyond Gift Card
- Belk Gift Card
- Best Buy Gift Card
- Betcoin.ag Player to Player transfer
- Bill payment
- Bitcoin ATM
- Bitcoin Cash (altcoin)
- Bitgold
- Bkash Banking (Bangladesh)
- Bluebird American Express
- Boost Mobile
- Boston Market Gift Card
- Brazilian National Bank Transfer
- Brookstone Gift Card
- Burger King Gift Card
- CASH DEPOSIT: BB&T AND CREDIT UNIONS
- CBA or Westpac, INSTANT RELEASE!
- CBA to CBA Netbank Transfer
- CBA/WestPac/NAB/ANZ - same bank transfer
- CIBC Cash Deposit
- CO-OP Credit Unions Cash Deposit
- CVS Gift Card
- CVS Pharmacy Gift Card
- Calvin Klein Gift Card
- Capital One 360 P2P Payment - Online Bank Transfer
- Capital One Cash Deposit
- Cardless Cash
- Cash By Mail
- Cash Deposit Capitol One
- Cash Deposit Navy Federal Credit Union
- Cash Deposit: ANZ
- Cash Deposit: ANZ
- Cash Deposit: All Aus Banks
- Cash Deposit: BB&T , Wells Fargo, Bank of America
- Cash Deposit: BB&T, CITI Bank ,TD Bank
- Cash Deposit: CBA Westpac INSTANT RELEASE!
- Cash Deposit: CSOB ATMs
- Cash Deposit: CSOB Branches & ATMs
- Cash Deposit: Commonwealth Bank
- Cash Deposit: Fifth Third Bank
- Cash Deposit: Key/Us Bank
- Cash Deposit: Royal Bank of Canada
- Cash Deposit: US Bank
- Cash Deposits Bank of America, Capitol One
- Cash Deposits Bank of America, Capitol Onee, CO/OP Shared
- Cash Depost: BPI
- Cash at CVS Pharmacy
- Cash deposit (Coinstar Kiosk)
- Cash deposit to Bank
- Cash deposit to CBA or Westpac, INSTANT RELEASE!
- Cash deposit to all major New Zealand banks
- Cash deposit: ANZ, ASB, BNZ, KIWI, WESTPAC, INSTANT RELEASE!
- Cash deposit: CBA/WestPac/NAB/ANZ
- Cash deposit: StGeorge/BankSA/Bank of Melb/NAV/Bankwest/Suncorp
- Cash in Mail
- Cash in Person
- CashU
- Cashier's check
- Cebuana Lhuiller Pawn Shops
- Chase Cash Deposit
- Chase Quickpay
- Check
- Cheesecake Factory Gift Card
- Chili's Restaurant Gift Card
- Chimp Change Mobile App Transfer
- Chipotle Gift Card
- Cirque Du Soleil Gift Card
- Citibank Cash Deposit
- Citibank Online Transfer
- Citizens Bank Cash Deposit
- Claim Jumper Gift Card
- Cold Stone Creamery Gift Card
- Coles Gift Card
- Comerica Bank Cash Depostit
- Commonwealth Bank - Cash Deposit @ Branch |or| 24/7 ATM
- Commonwealth Bank of Australia
- Commonwealth NetBank Transfer
- Community First Credit Union Cash Deposit
- Compass Cash DEposit
- Costco Cash Card
- Cracker Barrel Gift Card
- Dash
- Dean & DeLuca Gift Card
- Del Taco Gift Card
- Dell Gift Card
- Delta Airlines Gift Card
- Desjardins Bank Cash Deposit
- Dogecoin
- Domino's Pizza Gift Card
- Dunkin' Donuts Card
- E-check
- EB Games Gift Card
- EastWest Bank Cash Deposit
- Eco Cash
- Electronic Funds Transfer (Bank Deposit)
- Email wire transfer
- Equitel Mobile Money
- Ethereum (ETH)
- Ez Remit
- FIRST BANK OF NIGERIA
- Facebook Messenger Payment
- Fandango Gift Card
- FasaPay
- Finish Line Gift Card
- First Republic Bank Cash Deposit
- First Tennessee Bank Cash Deposit
- Flashpay
- Flexepin Gift Card
- Flipkart e-Gift Voucher
- Foot Locker Gift Card
- Forever 21 Gift Card
- Frost Bank Deposit
- GObank Card Account Transfer
- GTBank (Guaranty Trust Bank) Nigeria
- Game Packs
- GameStop Gift Card
- Gift Card Nintendo eShop Digital Card Email delivery
- Gift Cards
- GoFundMe.com
- Google Play Gift Card
- Google Wallet
- Great Wolf Lodge e-Gift Certificate
- GreenDot Card2Card Transfer
- GreenDot Prepaid Debit Card
- Groupon Gift Card
- Guitar Center Gift Card
- Gyft.com code
- H&M Gift Card
- HSBC Cash Deposit
- HULU Gift Card
- Hilton HHonors Points
- Holiday
- Home Depot Gift Card
- Home Shopping Network e Gift Card
- Hooters Gift Card
- Hotels.com Gift Card
- Huntington Bank Cash Deposit
- Hyatt EGifts
- IHOP Gift Card
- IMPS Transfer
- ING Direct
- INTERAC Online
- Interac e-transfer
- International Remittance
- International Wire Transfer (SWIFT)
- Jcpenny Gift Card
- Jomashop Gift Card
- Kaiku Card-to-Card Transfer
- Key Bank Cash Deposit
- Kroger Recharge
- Kroger to Kroger prepaid
- La Banque Postale Cash Deposit
- Leupay
- LibertyX Pins
- LiqPay
- Litecoin (LTC)
- Lloyds Bank
- Local Bank Transfer
- Lowe's Gift Card
- M&T Cash Deposit
- M-Pesa
- MINT E-Gift Card
- MTN Mobile Money
- Macaroni Restaurant Gift Card
- Macy's Gift Card
- Mandat Cash Urgent
- Mango Card2Card
- Marriott Gift Card
- MasterCard Gift Card
- Maybank
- Maybank Cash Deposit
- McDonald's Gift Card
- Mexican Banks Cash Deposit
- Michael Kors Gift Card
- Microsoft Gift card
- Mobile Recharge
- MobilePay
- Monero
- Monese
- MoneyGram
- MoneyPak
- MoneyPolo
- MyVanilla Card2Card Transfer
- MyVanilla Prepaid Debit Card
- Myer Gift Card
- NAB - Branch |or| 24/7 ATM Cash Deposit
- NXT coin
- NakedWines.com Voucher
- Namecoin
- National Bank Transfer
- National Bank of Canada Cash Deposit
- Natwest/RBS/Ulster Mobile Banking ONLY
- Neiman Marcus Gift Card
- Neosurf Gift Card
- Neteller
- Netflix Gift Card
- Netspend Prepaid Debit Card
- Netspend Reload Pack
- Netspend Web Transfer FlashPay
- Newegg Gift Card
- Nigeria Banks Transfers
- Nike Gift Card
- Nordstrom Gift Card
- Novacoin
- Offgamers.com Gift Card
- Office Depot Gift Card
- Office Max Gift Card
- OkPay
- Olive Garden Restaurant Gift Card
- OneVanilla VISA/MasterCard Gift Card
- OneWest Bank Cash Deposit
- Outback Restaurant Gift Card
- Overstock.com Gift Card
- PNC Cash Deposit
- Paxum
- PayM
- PayPal
- PayPal My Cash Gift Card
- PaySon
- Payeer
- Payless Shoes Gift Card Code
- Payoneer
- Paypower
- Paysafecard
- Paysera
- Paytm Online Wallet
- Payza
- Peercoin
- Perfect Money
- Pizza Hut Gift Card
- Playstation Network Gift Card
- PlusGiro
- Pokerstars
- Polo ralph lauren gift card
- Popmoney
- Postal Money Order
- Postal Order
- PostePay
- Pottery Barn Gift Card
- Prepaid Debit Card
- Quiksilver Gift Card
- RBC Bank Cash Deposit
- RIA Money Transfers
- Rbs/Natwest/Ulster BANK ONLY-GET CASH ONLY
- Ready Debit
- Ready-Debit® Prepaid Transfer
- Reebok Gift Card
- Regions Bank Transfer
- Regions Cash Deposit
- Reloadable Vanilla Card
- Reloadit
- Restaurants.com Gift Card
- Riot Points
- Rocket Banking (Banglaldesh)
- Rue21 Gift Card
- Runescape Gold
- RushCard
- SEPA
- SQUARE UP
- SUBWAY Gift Card
- SWISH
- Safe.Cash
- Same Bank Transfer: ASB, BNZ, CO-OP,KIWI, WESTPAC, INSTANT RELEASE!
- Same Bank Transfer: CBA, Westpac, INSTANT RELEASE!
- Same bank transfer
- Santander Bank
- Santander Bank Cash Deposit
- Scotia Bank Cash Deposit
- Sears Gift Card
- Sephora Gift Card
- Serve to Serve Account Transfer
- Shell Gift Card
- Shutterfly Gift Card
- Simple
- Simple Bank instant transfer
- Simple Card peer2peer transfer
- Skrill
- Skype Credits
- Skype Voucher Code
- Solid Trust Pay STP
- Southwest Airlines Gift Card
- Spotify Gift Card
- Square Cash
- St George Cash Deposit
- Staples Gift Card
- Starbucks Card
- Steak and Shake Restaurant Gift Card
- Steam Wallet Gift Card
- Straight Talk Reload
- Stream Gift Card Code
- Stripe
- StubHub Gift Card
- Suntrust Cash Deposit
- Suntrust account transfer
- Swipp (DKK)
- TD Bank Cash Deposit
- TD/Wells/Citi/US/Capital/PNC/BB&T/SunTrust
- Taco Bell Gift Card
- Target Gift Card
- Target VISA Gift Card
- Target/GameStop/BestBuy Offline
- Ticket Premium
- TicketMaster Gift Card
- Tim Horton Gift Card
- Time Stamp Selfie
- TorrentLeech.org Invite Code
- TransferWise
- U.S. Bank Cash Deposit
- UGO Pay
- UK Fidor Bank Transfer
- UPI Payments
- US Bank
- Uber Gift Card
- Ulta Gift Card
- Under Armor Gift Card
- Union Bank Cash Deposit
- United Airlines Gift Card
- VISA Credit/Debit Card
- VISA Gift Card
- Vanilla Reload Card
- Vanilla VISA Gift Card
- Venmo
- Viber Out Gift Card
- Victoria's Secret Gift Card
- Virtual visa mc gift card
- Vodafone Cash Egypt
- Walmart Gift Card
- Walmart Money Card
- Walmart Visa Gift Card
- Walmart to walmart
- Walmart/CVS/7-Eleven Cash Deposit
- Walmart2Walmart
- WeChat Pay
- WebMoney
- Wells Fargo Account Transfer
- Wells Fargo Cash Deposit
- Wells Fargo SurePay
- Wells Fargo cardless ATM
- Wendy's Gift Card
- West Elm Gift Card
- Western Union
- Westpac - Cash Deposit
- Westpac - Cash Deposit @ Branch or 24/7 Deposit ATM
- Westpac - Cash Deposit CBD ATM 24/7
- Westpac Same Bank Transfer
- Whole Foods Market Gift Card
- Woodforest National Bank Cash Deposit
- WorldRemit
- Wu-Money.com
- Xbox Gift Card
- Xoom Bank Transfer Worldwide
- Yandex.Money
- Zappos Gift Card
- Zelle
- Zumiez Gift Card
- eBay Gift Card
- eGifter.com code
- gift cards of us based retailers
- iDEAL
- iTunes Gift Card
- mCash - mobile payment Norway
- usbank cash deposit
