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Author Topic: Is it really this hard to start out?  (Read 304 times)
AdvancedDogPlop
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July 21, 2019, 04:41:45 PM
Merited by OgNasty (2)
 #1

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?
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rosezionjohn
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July 21, 2019, 04:48:06 PM
 #2

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

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July 21, 2019, 05:15:42 PM
 #3

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.

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July 21, 2019, 06:25:40 PM
 #4

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 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/


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

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July 21, 2019, 06:30:18 PM
 #5

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.

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July 21, 2019, 07:11:14 PM
 #6

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

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July 21, 2019, 07:17:35 PM
Merited by OgNasty (1)
 #7

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?

-snip-

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?

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July 21, 2019, 07:35:23 PM
Merited by boyptc (1)
 #8

Where you are living? binance can be used even without passing the kyc but with a limit of 2 btc.
Can you buy with a credit card on binance without KYC though?

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

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

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July 21, 2019, 08:25:20 PM
 #9

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.
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 will do the work, make sure you're using escrows here to keep you safe.

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figmentofmyass
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July 21, 2019, 08:48:15 PM
 #10

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?

for small amounts, you should be able to trade on locabitcoins or paxful. 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.

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.

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

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July 21, 2019, 09:47:21 PM
 #11

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 Smiley
 It's always good to have new people on board.

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July 21, 2019, 09:57:33 PM
 #12

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 Smiley
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July 21, 2019, 10:51:48 PM
 #13

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?

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.

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July 21, 2019, 11:30:48 PM
 #14

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

 
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July 22, 2019, 12:31:21 PM
Merited by AdvancedDogPlop (1)
 #15

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
  • To buy using crypto ATM.
  • To use LocalBitcoins / find seller and make a purchase in person.
  • To sell something for Bitcoin : Goods
  • To wait on some donations Wink

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July 22, 2019, 12:53:46 PM
 #16

The 3 websites I tried all want me to upload ID such as passport and driving licence.
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.


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July 22, 2019, 01:18:57 PM
 #17

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

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.

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July 22, 2019, 01:46:11 PM
 #18

No, it isn't hard at all.
Look for trustworthy bitcoin traders in your area and buy from one of them.
I find it easier than going through the KYC process required by most crypto exchanges.
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.

Isn’t Binance for crypto-crypto trading? How is anyone able to buy BTC with USD/EUR/etc with Binance?
I also had the wrong impression that binance is crypto to crypto only but... there's also Binance.je -- that one allows fiat too.
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?

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July 22, 2019, 05:33:27 PM
 #19

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 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" Smiley

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July 23, 2019, 12:50:52 AM
 #20

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

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.
 


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

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