Nov 21, 2018 07:32 UTC
Nov 21, 2018 at 12:20 UTC
How To Buy Bitcoin With Personal Checks?
While you already know how to buy Bitcoin with cash, you might not always have ready cash with you. You might not even have your credit card with you at all times and yet you might not need to get your hands onto some Bitcoin holdings quickly. For that reason, you can make use of personal checks to buy Bitcoins. In this article, we discuss the ways of buying Bitcoins with personal checks.
1. LocalBitcoins :
A local trading platform such as LocalBitcoins usually has a wide variety of sellers who are open to accepting payments in various forms. Even in our article on how to buy Bitcoin with PayPal, we have mentioned that it is possible to find sellers willing to take payments in forms like cash, checks or PayPal. In a similar way, you can also find someone to sell you Bitcoins in return for personal checks. However, this remains a dicey form of payment because it takes a while to have checks cleared and payments confirmed. So if you are buying Bitcoins with your personal checks, you must be prepared for a delay and perhaps even a disadvantageous pricing, just to make up for the seller’s inconvenience in getting a check cleared. LocalBitcoins charges a flat 1% fee no matter what form you purchase your Bitcoins in. Therefore, buying Bitcoins with checks does not disadvantage you in any way in terms of transaction fee. You simply must identify a seller who lives in your own area and also accepts checks. You must also remain careful to conduct a thorough due diligence with regard to who you are selling to, especially since checks result in delayed deliveries. However, if everything is alright, you should be receiving your purchased Bitcoins in your LocalBitcoins wallet.
Paxful is another peer-to-peer Bitcoin marketplace that allows you to place orders of Bitcoin using personal checks. They allow for rather quick Bitcoin purchases on a peer-to-peer basis but as they announce on their website, if the payment check is sent in the mail, it an take up to a week to have the payment cleared and the Bitcoins delivered.
3. 844-Bank BTC:
This is another route you can possibly take if you must purchase Bitcoins with checks. This is a Bitcoin bank of sorts that allows you to mail in a check for them to transfer an equivalent amount of Bitcoins into your BTC wallet. Now, they mention it very clearly on their website that if you send checks and they reach them on a weekend, it will not be processed immediately. Instead, it will take at least till the next working day to be processed and cleared.
Thus, all the ways of buying Bitcoin with personal checks are time-consuming and somewhat inconvenient. So, unless you absolutely need to use a check, we’d say you could go for buying Bitcoins using your bank account directly instead.