I think "turn cash into bitcoin" is the easiest step.
- Bitcoin ATM: You insert cash and get bitcoin on your wallet. There are over 1000 ATMs in US alone. [1]
- People: There are lot of craigslist-like sites for P2P bitcoin exchange. [2]
- Gift card: Again there are lot of communities for exchanging gift card for bitcoin. [3]
- Bank account/Debit/Credit card: You can buy bitcoin from sites like coinbase which are US-based and are actually FDIC insured. [4]
Re:Bitcoin Is for Drugs
by willitpamp573 on Friday June 16, 2017 @06:04PM
(#14572980)
1 and 4 are not real solutions because they compromise your identity. 2 and 3 are correct.
Turning cash into bitcoin can be as easy as buying gift cards.
I sold bitcoins in person around 2012-2013. I had way more demand than bitcoins I was willing to sell.
I had way more demand than bitcoins I was willing to sell.
Doesn't that imply it isn't easy? Or at least wasn't back then?
I also had some friends who did this around 2012-2013. It was pretty easy, and they were making 25-30% margins on the bitcoins that they sold. Sounds great!
They ended up getting scammed a few times, and they realized that it was a fairly efficient market after all. So they got out.
For buyers it wasn't easy back then. Now, in Spain, you can turn cash into bitcoins very easily. There are bitcoin ATMs in a lot of cities where you can buy/sell bitcoins anonymously with a 1000 euros limit.
With a bank account or debit card it's even easier.
While I havent personally done an in person bitcoin exchange, I'd imagine that there aren't too many people doing it this way, and probably not in quantities of $1000+. I would love to hear about the experiences of people who have done this.
The other option would be to setup a bank account, which might be a bit of a challenge if the person is not a citizen, or perhaps not even in the country legally, and then there's the issue of the money now having a permanent digital paper trail (not bad per-se, but probably something your typical migrant worker sending money home might try to avoid (but seriously pay your taxes))