I had a very fun and interesting experience today. I haven’t felt so alive in quite some time. Don’t think I’m a zombie now, but read on, and you’ll see what I mean.
I had a friend over. In fact, you all know him, as it was Serge Schouterden, my partner in crime when it comes to writing things for your eyes to feast on.
Out of the blue, he asked me to look up the current Bitcoin price, so I did. He was thinking about getting an account on a trusted exchange in order to purchase some Bitcoin.
The problem you have by going that route is, you need to spend a lot of time waiting before you can actually purchase a certain amount of Bitcoin.
After signing up, most trusted exchanges will ask you to verify your identity by sending over a copy of your ID, and a scanned utility bill.
Not an issue to send it, but the process of them reviewing it can take several days, and I’m pretty confident no one reviews these documents on a Saturday or Sunday.
After that, sending a wire transfer is easy enough, but it once again takes several business days in order for them to receive and clear the payment.
So here my friend was, having 100 EUR in his hand, and no convenient way to purchase Bitcoin directly. I kind of felt sorry for him.
At the same time though, it was an opportunity for me. Having a bit of Bitcoin in one of my wallets, I looked up the Bitcoin conversion rate on Preev. It turned out that 100 EUR would get him 0.3225 Bitcoin at that time.
So I asked him “Tell you what, you give me that 100 EUR in cash, I’ll send you the Bitcoin amount right now to your wallet, and by the time you get home, it’ll have the confirmations, and you can use it immediately”.
And so it happened, he sat next to me while I sent him the Bitcoin amount after putting the 100 EUR on the table. Done deal, only two minutes of work, and the only “waiting” is for the transaction to get enough confirmations.
This made me realise how important, fun and exciting person-to-person transactions are when it comes to crypto currency. I had a blast, and he was very happy with the result.
Sure, he could have used LocalBitcoins as well, but I doubt he would have gotten the Bitcoin amount by paying cash in the first place, and secondly, not on a Saturday at 5:30 PM.
Have you ever sold Bitcoin or other crypto currencies to someone you knew, or complete strangers, for cash? How did it go? leave a comment below!