You see bitcoin as a new asset type that you want to acquire. However, most exchanges require some form of verification and you are concerned about privacy issues. But you can still buy bitcoin with any credit card and with no verification if you know where to look. I am going to show you how below.
Before you can start to get your hands on some bitcoin, you need to have a cryptocurrency wallet. You need this so that you can store the bitcoin. It is not recommended to store bitcoin or any cryptocurrency on the exchange wallet due to security reasons. Once you have the wallet, take note of the bitcoin wallet address. You need this to send your bitcoin over.
Peer to Peer (P2P)
There are platforms which allows you to interact with other users who want to sell their bitcoin or cryptocurrency. The interesting part is most sellers do not require you to provide any ID and you can pay cash to the seller in person. So while this is good, you have to do more legwork to vet your sellers, meet people in person and of course longer wait to get your bitcoin.
Buyers and sellers make offers and have to agree on the price and terms before you can close the transaction. No ID is required and you can meet the seller in person with cash. It is the oldest peer to peer marketplace. To prevent fraud, it has an escrow mechanism.
Similar to LocalBitcoins, Paxful offers more supported payment options, example gift cards, bank transfers. Exercise caution when dealing with private sellers.
Another global P2P bitcoin exchange, Hodl Hodl allows users to trade directly with each other with no KYC/AML procedures. In other words, no verification is needed to buy bitcoin with credit card. Their built-in wallet act as an escrow.
Bisq is another decentralized open-source, peer-to-peer platform that allows you to buy and sell bitcoins and cryptocurrencies. No registration required.
A peer-to-peer platform to buy and sell bitcoin. Only a phone number is required.
There are several exchanges that allows you to buy bitcoin with a credit card and with no verification. But, there is usually a limit in the amount of bitcoin you can buy. All it requires is usually an email address.
This platform allows you to use your credit card and phone number to buy bitcoin with no further verification. You can easily use a prepaid phone or a number you can get online.
Indacoin provides an easy way to buy bitcoins and more than 100 cryptocurrencies with Visa or Mastercard credit cards with no registration or verification.
Buyers and sellers agree on the traded price. Once you have identified a seller, he hands the bitcoins to BitQuick which acts as an escrow. All you need to do is to deposit the amount into the seller’s bank. After confirmation, BitQuick releases the bitcoin to you.
Another exchange that allows you to buy bitcoin and cryptocurrency with credit card and with no verification, up to 30 euros worth.
Only for Europe users to buy bitcoin online. With no verification, you can only buy up to 25 euros of bitcoin with your credit card. However, you would need to supply your name, address, phone number and date of birth.
Bitcoin ATM machines are similar to regular ATMs, but instead of getting local currency, they deliver bitcoins to your wallet. Most ATMs do not require any verification to buy bitcoin. Take note that there is a sizeable markup in the selling price (about 8-10%), because these ATMs are operated by private companies. Locate your nearest Bitcoin ATM with the map at Coin ATM Radar.
Why Buy Bitcoin with No Verification
There are some people who would not reveal their identities so that they can pay for illicit goods or services in the hidden corners of the dark web. But there are also legitimate reasons why someone would only buy with no verification.
- Security – Cryptocurrency exchanges can be targeted by hackers and your personal information stolen.
- Lots of Bitcoin – You own a lot of bitcoin and do not wish to be targeted by thieves.
- No ID – Some people in the world do not have any ID.
Difficult to Buy Bitcoin with No Verification
Government regulators all over the world are slowly implementing legislation that governs digital currency exchanges and the buying and selling of bitcoin and other cryptocurrencies. They require operators to identify their customers as accordance to Anti-Money Laundering and Counter-Terrorism Financing regulations and laws.
Hence, many exchanges will now require proof of ID and verification before buying or selling.
Storing Your Bitcoin
Once you have your bitcoins, do not store on the exchange. There have been examples where people have lost their bitcoins stored on an exchange.
Once you have bought your bitcoins, transfer them over to your wallet using the wallet address. The recommended wallets are cold wallets where they are not connected to the internet. They can simply be pen and paper or a hardware wallet like the Ledger or Trezor wallets.
It may be easy to buy bitcoin with credit card and with no verification but each of the above methods comes with some level of risks, pros and cons. Typically you would have to pay a little premium for the cost of anonymity and privacy. Ensure you study all of your options before deciding on the best and safest approach.