How to Buy Bitcoin Without Coinbase: For those that missed out on investing in all the biggest tech innovations and the stock market, then I’m sure you’re eager to invest in Bitcoin. Never before have you been able to 10x your money in a matter of days or even 50x in a few weeks. Due to its volatility, the price of coins can shoot up to the moon, or drop drastically. But as more people adopt this new technology, the market will become more and more stable. Eventually, the days of 50x your coins will a thing of the past but for the moment us lucky early adopters can reap the benefits. Be sure to also check out choice for the most secure trustworthy bitcoin/cryptocurrency exchange before you begin trading.
The Problems with CoinBase
Coinbase is the world’s largest Bitcoin broker but over the years it has gained notoriety for numerous issues that have actively lost people money. It’s often promoted to newcomers as the easiest way to buy their first bitcoins.
Unfortunately, their service has a lot of issues that plague users, and various scenarios over the years have made users dubious of Coinbase. This instances include:
- Frozen and closed accounts
- Unauthorized charges to users bank accounts
- Ridiculous waiting times for bitcoin to be released
- Consistent bugs and outages
- Affiliate rewards abuse
- Close ties to banking establishments
- Filing of blockchain patents
With a bitcoin broker this large, there are bound to be lots of issues and complaints but at some point the number becomes too staggering to ignore. Coinbase may be a convenient option but they’ve lost the true meaning of what bitcoin stands for – decentralization and openness.
Due to amount of information gathered about you from Coinbase, if you’re planning to use bitcoin for any “naughty” purposes and want to avoid any future legal entanglements, it would be wise to consider alternate brokers.
How to Buy Bitcoin Without Coinbase
By far the best way I’ve learned on how to buy bitcoin without Coinbase is to use Binance directly. They are the most trusted cryptocurrency exchange and now allow you to buy Bitcoin directly with them. They are one of the very few exchanges that has a Secure Asses Fund for Users (SAFU), which is basically insurance for your digital money. If they ever have any problems on the exchange, you’ll know that your money is safe and covered. Binance is one of the busiest and trusted exchanges available with a large variety of coins to trade (if you’re interested in that).
If you would prefer to pay in other options besides just card payments, you can use a service called LocalBitcoins. I found out about this service while visiting China. I was using a Chinese bank at the time and found it impossible to purchase bitcoin due to restrictions in China and because bank cards here are UnionPay and not Visa/Mastercard.
After doing some research on it’s safety, I did my first trade on LocalBitcoins. Over the past year, I have made every purchase from them directly due to their ease of use. You purchase an amount of bitcoin directly from a miner. They have to have the bitcoin readily available on the website. These bitcoin will be held in escrow and will be unlocked once payment is made. You can pay by bank transfer, card, Paypal, Alipay, Western Union,etc or even meet the person and give them cash in-person. There are options available for every type of transfer allowing anyone to buy bitcoin quickly and easily.