Bitcoin Forum

I am new to Bitcoin and want to discover what the fuss is about.
I got myself a Ledger Nano and setup a hardware wallet (I think :-))
Now I want to add a nominal amount of Bitcoin to test it all out but, I am finding it difficult to exchange cash for bitcoin. The 3 websites I tried all want me to upload ID such as passport and driving licence.
I understand the authorities want to regulate the markets but I am only going to trade a small amount.

Is it really that hard to exchange currency for bitcoin or am I missing something?

Where are you from and what were those exchanges that are requiring you to pass personal information? Maybe try localbitcoins in your area

You can buy bitcoin in this forum as well. You can buy with paypal, skrill, netellar. Check the marketplace of this forum and find out the best method for you. Don't forget to use escrow.

Would be a good choice and I would also always recommend to use an escrow. According to that list (https://bitcointalk.org/index.php?topic=2439910.0) most escrows charge a minimum BTC, not depending on the amount you want to escrow. So I don't know if that would increase the percentage of fees too much for you. I know someone from the German section, he was doing escrow for free for a time but can't say if he's still doing it: https://bitcointalk.org/index.php?topic=1466069.0 (Last edit March, 28 2019).

If you're from a country where some ATM are around you can also try this. For low amounts KYC isn't required sometimes (depending on the ATM): https://coinatmradar.com/


Other way round it seems to be easier when you want to cash out. For withdrawals Bitpanda from Austria doesn't need KYC for low amounts. They've different tiers depending on how much you want to sell. But buying BTC without KYC is also not possible there: https://www.bitpanda.com/en/limits

If you have an IBAN i think there's a couple sites (Bitonic et al), where you can buy bitcoin without submitting KYC documents.
For SEPA transfers you can try https://cryptovoucher.io/ (Try a low amount first as i'm not entirely sure if they work.)

Otherwise you need to use a P2P exchange (and usually pay a ridiculous rate!) such as Paxful.

Where you are living? binance can be used even without passing the kyc but with a limit of 2 btc.

Isn’t Binance for crypto-crypto trading? How is anyone able to buy BTC with USD/EUR/etc with Binance?

Can you buy with a credit card on binance without KYC though?

I didn't think so but i could be wrong.

They added credit cards but afaik it's really limited and you need to pass KYC first.

https://www.binance.com/en/creditcard
and -> https://binance.zendesk.com/hc/en-us/articles/360022199312 #10 -> verify your Identity (?)

Because most of the exchanges ask for identity verification when their users want to buy using fiat. If you don't want to do KYC thing on this exchanges then p2p transaction at currency exchange  (https://bitcointalk.org/index.php?board=53.0)will do the work, make sure you're using escrows here to keep you safe.

for small amounts, you should be able to trade on locabitcoins (https://localbitcoins.com/) or paxful (https://paxful.com/). last i checked, paxful begins requiring KYC beyond $1000 in total volume. you could also find a listing for cash and do the trade outside their system. on localbitcoins, you can't make listings without KYC but i believe you can still trade without it---as long as you can find a trader that doesn't require it.


this is another good option. you might find better rates on the forum. check out the currency exchange board here: https://bitcointalk.org/index.php?board=53.0

Post your wallet and I'll send you ~0.5 mBTC when I have time and access to my wallet . I'm in a good vacation mood today so you are lucky :)
 It's always good to have new people on board.

as already said, it depends on your country where you live. if you live in the EU i know some supplier where you can buy with cash by sofortüberweisung or SEPA.
if you are not from the EU there are also some supplier where you can buy btc from. so please tell us you country and we can help you much better :)

You really did miss something if you really are into bitcoin and that is setting your mindset to positive that you really can do it by the help of reading threads in here and doing your own research then i'm surely you'll know what you needed to know to be able to do what you wanted to do later on.

KYC is evil. Never give it to anyone.

You should start using faucets first before proper transactions. Use the faucet with faucethub to make transactions and get familiar with how they work. You won't be risking much so its ok if you make mistakes.

Here is the link for the micro earnings section where you will find faucets and all manner of wonders. It is a pretty safe section and the most you can lose is your time. You won't risk much time though.

https://bitcointalk.org/index.php?board=212.0

AdvancedDogPlop, at least you start with buying hardware wallet which in any case is the correct starting point. Now you want to buy some Bitcoin, but you face the problem with verification (KYC) which is become something quite normal on most crypto exchanges. If you give your personal data always choose those exchanges that have good reputation, or let's say those that are most popular. In general Coinbase, Bitstamp or Binance should be top exchanges you can consider to trade on.

If you want to buy without KYC you have few options :

• To find some forum user : Currency exchange (https://bitcointalk.org/index.php?board=53.0)
• To buy using crypto ATM.
• To use LocalBitcoins / find seller and make a purchase in person.
• To sell something for Bitcoin : Goods (https://bitcointalk.org/index.php?board=51.0)
• To wait on some donations ;)

Binance don't ask for KYCs if your withdrawals don't exceed 2 bitcoin per day. Here you go: https://www.binance.com/
You can get other top exchanges there: https://coinmarketcap.com/rankings/exchanges/
USA-based exchanges ask for KYCs for sure, please remember that.

I also had the wrong impression that binance is crypto to crypto only but... there's also Binance.je -- that one allows fiat too.


Also for OP: if you only want to test, you can use testnet coins. I don't know if/how Ledger handles testnet, but it's free coins exactly for this. You can google for bitcoin testnet faucets, some work well. Make sure you understand that testnet is another network, with another set of addresses and so on.

Really, you rather meet up with someone to pay dubious rates in cash then to give your Driver's license to a billion dollar exchange?

That's a first for me.

Again, this is not the case if you want to buy BTC.

Wow. Is binance hiding these exchanges on purpose? Never heard of the .je one before. Are there any special requirements to use that exchange? I'd assume so?

There was a big announcement in January (https://www.binance.com/en/blog/292174235499782144/Binance-Expands-to-European-Markets-Launches-Binance-Jersey) about Binance opening an exchange at Jersey, targeting Europe.
But since I don't trade much, I didn't research in that. Of course, it was a surprise for me afterwards that the Jersey one works also with fiat.


It's a new domain, I don't know about special requirements. It's certainly not "hidden" :)

I want to ask these questions, too. Which exchanges is the OP referring to? There are tons of exchanges who can actually cash out without KYC. If you have acquintance who owns bitcoin, you can actually buy from them without hassle. I always buy bitcoin and cashout with Binance and they did not required me to do KYC. It is good you seek advice first as a newbie before procceeding to buy bitcoin.
 

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Here is the link i think you should read before buying:
These are the 3 exchanges where you can buy and cash out without KYC  (https://www.google.com/amp/s/nufi.io/3-cryptocurrency-exchanges-without-kyc-aml/amp/)

I am in England in the UK and I say I am looking to buy £20 (any small amount really)
It is a small amount and I am not fussy about the rate/fees.

It really is every website I try. I have tried so many that I now understand that ID verification is normal nowadays.
Problem is I don't know any of these organisations (trading platforms whatever you call them) and I am concerned that they could misue the copies of my ID documents or they could get hacked.

I assume the law has changed recently.
This issue is surely going to inhibit the growth of BTC.



can't even sign up without proof of this and that.


I might be new but even I know that will not happen  ;D


Yeah.
Why would I want random people (with my security low on their priority list) having copies of my ID.



Yes I have come the realisation that KYC is the norm even for v small amounts.

My next step is the one hour drive to my nearest ATM and hope it is an ATM that doesn't want to scan my fingerprint etc because I have seen youtube vids of ATM that scan your fingerprint and photo you.



Unfortunately Ledger doesn't support them  :(

You can check out local bitcoins if you haven't done it yet. https://localbitcoins.com/country/GB
You can reach out to their customer support also if you have further questions https://localbitcoins.com/faq

Correct.

It's nice that you are being cautious but you can check out the person's account and trust rating. One of the reputable members here is offering you a good deal.

There will be a steep learning curve for about 6 months but there are so many great resources online. Keep reading and learning and it will come. Don't be afraid to ask questions and I recommend finding a mentor that can help teach you 

You have no idea how amazing this place is, if you are willing to try your luck, send me a PM or post your wallet address :)

Now starting with the market it is too easy. You need some money and OTC trading on the exchanges. Or you can buy it through bitcoin holders. Or besides, you can make transactions from other highly secure trading platforms such as bitrex, binance, etc. However, you need to keep your money safe by personal keys.

Buying BTC at the ATM went smoothly up to the point where I tried to stuff a £20 note into the ATM but it wouldn't take it :(
I think the machine was out of order but it could always be me so I will go back in a few days during the day when I can phone their support line.

I have come across another method that no one has mentioned. I am running a bitcoin miner on my laptop  :D
They don't payout until I have earned 5,000 satoshis (0.000,05 BTC) which is going to take a few days. I will see how that pans out but I can't see how they can transfer such a small amount because of the transaction fees but I will see.