Considering that the most popular methods to buy Bitcoin and other digital assets are by exchanging your fiat currency, like the US dollar, for them on centralized crypto exchanges, which without a doubt usually entails going through what’s known as the Know-Your-Customer (KYC) process.
The said process includes the requirement of submitting a lot of personal data about yourself, from your full legal name, where you currently live, a scan of your governmental issue passport and/or civil ID, a clear selfie picture of your face, sometimes in the form of a video where they ask you to perform a full-circle tilt, your current occupation and so on.
While a lot of people go through the KYC process, some don’t like it and would prefer not to provide companies with such detailed private information about themselves, especially for acquiring these new currencies where first and third-party companies, or even their government, would be able to know where they’re spending them and on what.
With that said, we’d like to share the three main methods of obtaining Bitcoin and other cryptocurrencies If you don’t want to use centralized Bitcoin exchanges:
Person-to-person (P2P) Exchange.
This process involves you meeting with someone in real life, near a specific store for example, where you give that person cash and they’d send you Bitcoin or other cryptocurrencies.
The fastest and least confusing way to do this process would be to exchange fiat to StableCoins, where you’d get the exact amount you and the other person agreed upon without worrying about moment-to-moment volatility, then you’d be able to get whatever coin you desire at your own pace without pressure.
A lot of people who are looking to buy Bitcoin either use services like LocalBitcoins, or they find local crypto communities in their countries where they might find an exchange group that they can join and post a buy or sell order. Sell your belongings for Bitcoin.
If you have any device, tool, game, even furniture, or anything else that you’d like to get rid of, you could sell it for cryptocurrencies instead of your local currency.
This process can also be conducted in a P2P way, but you may be able to find a site similar to eBay where they might support cryptocurrency payment.
You can also check out our step by step article about How To Buy Bitcoin Without Verification & Exchange It With Other Cryptocurrencies
Get paid in Bitcoin.
You could get paid in Bitcoin, StableCoins, or some other cryptocurrency, where if you’re a freelancer, you could tell your clients that you’d provide them with a certain percentage of a discount if they pay you with crypto instead of with fiat.
If you’re employed, you could ask your employer if they can pay you fully in cryptocurrency, or half in crypto and half in fiat. We see a lot of people, from normal private citizens to public high profile individuals like celebrities or athletes.
Buy Bitcoin without a centralized exchange by using a decentralized exchange instead
There are various exchanges out there known as decentralized cryptocurrency exchanges (DEX) that are different from a centralized cryptocurrency exchange, like our very own WhalesHeaven, where you can buy and sell bitcoin and a few other cryptocurrencies with others with the lowest transaction fees and trading fees, without having to go through a KYC process, by way of a multisig crypto exchange process.
While yes, you would need to have a cryptocurrency to conduct an exchange, as you usually can’t exchange your fiat for a cryptocurrency on such platforms, so you would have to do any of the other methods above.
Regardless of what method you’d want to use, let’s hope that we will get more ways to buy Bitcoin and other cryptocurrencies, without a KYC process or centralized crypto exchanges in the future.