Let’s say you’ve heard about Bitcoin. You’re able to know all the benefits and advantages of this cryptocurrency and you understand how modern and helpful it is. Whether you’re considering to try Bitcoin as a platform for your investment and trading activities or a tool where you can do all your transactions, it is necessary that you know some of the most important things about Bitcoin. Knowing these things will allow you have a successful experience in using Bitcoin or cryptocurrency in general. To help you out, here are the three things that you should know about in person bitcoin trading.
Not Slow, Not Fast
In person Bitcoin trading requires some time before a transaction finally pushes through. Hence, the first thing that you need to do is to look for a bitcoin enthusiast whom you can have a negotiation and deal with. It is advisable to always look for someone who is nearby so the transaction will be fast and easier. You need to be aware that setting up a meeting is far longer than doing your bitcoin transaction.
It is Risky
One of the main concerns about In-Person bitcoin trading is the trust. Of course, looking for a bitcoin enthusiast can be tricky as you need to deal with someone who is a stranger to you. When you finally set up a meeting with that person, you will need to give out your cash on hand. After that, you’re just hoping that everything will go well. Hence, it is advisable to do all the research and necessary actions before closing a deal.
It could be a crime
Some laws define money transmitting as an official business that requires permit and license to operate. And since you just knew how to trade bitcoin and it is not covered by the government regulatory bodies, there is a tendency that this kind of transaction can be considered as a crime.