Bitcoin has come a long way in the nine or so years it has been in existence. It is the most popular cryptocurrency as well as commanding the biggest share of market capitalization. Bitcoin is now accepted as a payment currency in several places around the world. With bitcoin, you can purchase virtually anything under the sun. Bitcoin is also traded and exchanged on almost every cryptocurrency trading and exchange site.
It is also used as a payment currency when buying another crypto. Even more enticing, is the possibility of bitcoin becoming a mainstream currency. With increased use and wider acceptance, bitcoin access should be getting easier by the day.
It is also unregulated, meaning anybody can acquire and use Bitcoin. So, one would be forgiven if they thought that buying bitcoin is the easiest experience in all of the cryptocurrency.
For most of us, it could be faster and easier. But why is it still hard to buy bitcoin is the U. I have already indicated that many of us find buying bitcoin a pretty straightforward thing around the world. All you need is to open an account, fund it and off you are with BTC in your wallet. On other occasions, you connect with a seller via a peer-to-peer bitcoin site before proceeding to complete the purchase.
However, for some reason or the other, buying bitcoin can be a nightmare for some people. And it all relates to getting an account to facilitate that first buy.
Exchanges operate under stringent KYC regulations. Therefore, buying platforms are pushed into enforcing stringent ID verification baltimore sun bitcoin price in turn makes it hard for beginners to buy bitcoin. It becomes a problem when it takes up to 5 days for your account to be verified. Much of the difficulties arise from the regulatory challenges the Bitcoin exchanges face. For instance, very few U.
S states allow bitcoin exchanges to operate within their jurisdictions without proper licensing. This has resulted in there being fewer U. It then leads to most people seeking to buy bitcoin from foreign-based companies. Most of the foreign-based exchanges do not accept credit card or PayPal. They prefer bank wire or cash deposits. The other reason you may find it difficult to buy bitcoin relates to lack of supported payment methods. The easiest way to buy bitcoin is via cash.
However, getting someone to buy from is not an easy thing. So, many buyers prefer to use bank transfers, credit cards or PayPal.
You cannot buy bitcoin directly with fiat on exchanges. If you decide to use Baltimore sun bitcoin price, for example, issues of mistrust make it harder to approach strangers to complete the transaction. Banks are unsupportive of Bitcoin.
S banks have suspended use of its services related to bitcoin transactions. Even where it works, bank transfers make it difficult to buy baltimore sun bitcoin price when they end up taking long periods to process the deposit. IO, for examplesays that bank transfers can take up to 14 business days to be reflected in their system.
If you wanted to buy at a certain price, you may end up missing the chance due to the unpredictable nature of Bitcoin prices. The use baltimore sun bitcoin price a credit card has so far been the most common method of buying Bitcoin and altcoins. PayPal is the toughest buying method due to the inherent risk of chargebacks or fraud.
There is no direct way to buy bitcoin with PayPal. This makes it hard for someone with a PayPal account to purchase bitcoin. Remember that bitcoin purchases are irreversible. On the other hand, PayPal usage allows for chargebacks. This makes it easy for fraudsters and scammers to exploit this channel. Exchanges are indeed reluctant to accept PayPal.
In fact, PayPal itself discourages the use of the platform to buy bitcoin. Then you can use baltimore sun bitcoin price the Linden dollars to buy bitcoin. It is a fact that buying bitcoin is fast becoming the only way for common people to access it. Baltimore sun bitcoin price is quickly getting too expensive.
However, the main reason it is so hard to buy BTC relates to the issue of using US dollars electronically. So, the exchange has to protect itself against chargeback possibilities. They thus, undertake all sorts of anti-fraud measures that invariably include ID authentication. You may also be limited to baltimore sun bitcoin price amount of Bitcoin you can buy. All of these processes and checks make it a bit harder to baltimore sun bitcoin price bitcoin in the United States.
Many individuals now use these services. Since its independence ineducation has always been a strong area of focus for Singapore. A country that lacks. Though the number of uninsured drivers was on the decline in the early s, it has again taken a turn. Baltimore businesses might be thinking that the cloud has completely taken over and memory cards are quickly becoming obsolete. Monday 07 May Why is it so hard to buy Bitcoin in the United States?
Why you may find it difficult to buy Bitcoin I have already indicated that many of us find buying bitcoin a pretty straightforward thing baltimore sun bitcoin price the world.
Fewer US-based buying platforms Baltimore sun bitcoin price of the difficulties arise from the regulatory challenges the Bitcoin exchanges face. Unsupported payment methods The other reason you may find it difficult to buy bitcoin relates to lack of supported payment methods. Banks making it difficult to buy bitcoin Banks are unsupportive of Bitcoin.
Use of PayPal is even harder, anywhere in the world. Chargeback or Fraud risks PayPal is the toughest buying method due to the inherent risk of chargebacks or fraud.
Conclusion It is a fact that buying bitcoin is fast becoming the only way for common people to access it. About the author Contact the author. Please Support Our Writers.
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