Buying Bitcoin through Peer-to-Peer Platforms: What you Should Know

 Buying Bitcoin through Peer-to-Peer Platforms: What you Should Know

The Bitcoin community is now a decade old and it hasn’t stopped getting new adopters. It gives newcomers endless resources to research from. Also, they have many options in terms of how to acquire Bitcoin such as through a Paychain Bitcoin ATM. Thus, even if you are just about to join the Bitcoin craze, you don’t have to feel intimidated by the intricacies of the cryptocurrency.

There are many factors that contribute to the continuous adoption of Bitcoin but one of these is the increasing popularity of peer-to-peer platforms. These platforms personalise your trading experience where there is a middleman to handle the transactions and guide users on the trade. If you are in the cryptocurrency market to purchase Bitcoin through one of these platforms, below are some tips that can guide you through the process:

Pay Attention to the Trade Amount

Some peer-to-peer platforms out there have a minimum amount for trading. A lot of platforms have limits that can be as high as $50 to $100. But, you can start with $10 on some platforms.

Read the Offer Details Thoroughly

When picking an offer, ensure you read through everything. Often, price is the first thing you want to look at. Keep in mind that buying Bitcoin is not a 1 to 1 margin. The amount of Bitcoin you can get on the dollar will depend on where you are buying it from.

Also, make sure to read to read the terms and conditions of the offer. The terms will tell you the vendor’s requirements before the trade starts. They will let you know whether or not you have been able to comply with the requirements. Expect the offer instructions to be more detailed once the trade starts.

Choose the Right Trade Partners

When filtering out your trade partners, look out for the following:

  • Feedback score. Ideally, you will want to partner with someone who has a positive feedback score of at least 200. Also, you can choose verified sellers.
  • Trade history. Aside from checking your partner’s feedback score, you should also check their trade history. Make sure their history reveals they have many happy customers.
  • Availability. Ensure you partner with someone who is available online 24/7. Otherwise, you could end up sending Bitcoin to somebody who will not respond on time. This will result in the trade expiring.  To prevent the trade from expiring, click the “Mark as Paid” option. But, click on it only when you have provided all the requirements of the vendor.

Dorothy Moore