Do you know that you can purchase Bitcoin without a bank account? Yes, it is very possible to do so. Bitcoin is becoming mainstream and a lot of startups are have introduced innovative ways by which Bitcoin transactions can be done.

By using any of these methods, you can purchase Bitcoin without going through any banking channel.

LocalBitcoins

LocalBitcoins is an over-the-counter platform for buying and selling Bitcoin. It is available in numerous countries all over the world. With this platform, local currencies can be exchanged for Bitcoin in almost anywhere around the world. You can post advertisements on the website with exchange rates and different payment methods. Some sellers even accept Amazon gift cards! You can also respond to advertisements on the websites. You and the seller can then meet up at a physical location to complete your transaction. There is a feedback and reputation system in place, so you can see the ratings of people before you buy from them. You should only buy from highly trusted people and you should only meet up in neutral, secure locations.

Wall of Coins

Wall of Coins is a platform that allows people to buy and sell Bitcoin. This platform connects buyers and sellers in a secure and trustworthy manner. It is a transparent market that does not require personal details. Only email addresses and phone numbers are required. You do not need to verify any other thing to make use of the platform.
After you enter your details, you will receive a password that you can enter on their website to confirm your transaction. After you have paid the Bitcoin seller, you will text them back a confirmation code, and your Bitcoin will be released to you. Transactions can be as fast as 15 minutes.

Mycelium Local Trader

Mycelium is a Bitcoin wallet available on smartphones. The mobile app has a local trader feature that can connects you with people in your locality that want to sell Bitcoin. You can meet face-to-face and buy Bitcoin with cash. This is a good way of buying Bitcoin as your privacy is fully protected and you won’t need to give anyone personal details. It is a good way to buy Bitcoin without a bank account.

LibertyX

LibertyX is a bitcoin ATM operator that manages automated teller machines in specific locations. A lot of the machines are located near universities like Harvard and MIT. LibertyX has now partnered with a transaction processing specialist called Qpay to launch cash-for-bitcoin services through retail stores and mobile phones in America. They allow you to buy $1000 worth of Bitcoin without transaction fees if you connect to your Facebook account. But before you can buy Bitcoin with it, you have to verify your identity. They charge about 1.5% transaction fee on all purchases.

Bitcoin ATMs

There are now Bitcoin ATMs all around the world. These machines allow people to exchange cash for Bitcoin and vice versa. So, users can pay in cash and get Bitcoin. A major issue of these ATMs is that they have high transaction fees. Some charge as high as 10% in transaction fees. Also, their exchange rates may not be that favorable.

BitQuick

BitQuick provides a means of escrow between sellers and buyers. You can make cash deposits across in order to buy Bitcoin in the EU and America. If you have made payment through cash deposit, you can get your coins in less two hours. It is a fast, secure way of buying Bitcoin. But the transaction fees are a bit high, and the prices vary a lot. They could be lower or higher than the usual Bitcoin price.

Conclusion

As can be seen from the platforms listed above, you can buy Bitcoin without using a bank account. You won’t need to go through all the banking stress, and your personal details are protected in most cases.

Author's Bio: 

Author, Freelance writer