futrue on Nostr: Buying Bitcoin on Hodl Hodl involves a peer-to-peer (P2P) process, allowing users to ...
Buying Bitcoin on Hodl Hodl (npub1yul…ncdu) involves a peer-to-peer (P2P) process, allowing users to trade directly with each other without the need for a central authority. Here’s a step-by-step guide to help you through the process. Please note that it’s important to perform your own due diligence.a
Step 1: Create and Verify Your Account
1. Sign Up: Go to HodlHodl.com and create a new account by providing your email address and creating a password.
2. Verification: Depending on the platform’s requirements and for enhanced security, you may need to verify your email address. However, HodlHodl's main feature is allowing users to trade directly without requiring KYC (Know Your Customer) procedures, so full identity verification may not be necessary.
Step 2: Set Up a Wallet
Before buying Bitcoin, ensure you have a secure Bitcoin wallet to store your cryptocurrency. HodlHodl will require you to enter your Bitcoin wallet address to receive the Bitcoin after purchase.
1. Choose a Wallet: Select a reputable Bitcoin wallet that suits your needs (hardware, software, mobile, etc.).
2. Get Your Wallet Address: Find your Bitcoin receiving address in your wallet. This is what you'll use to receive Bitcoin from the trade.
Step 3: Find an Offer
1. Search for Offers: Log in to your HodlHodl account and use the search function to find Bitcoin selling offers. You can filter offers by payment method, currency, and location to match your preferences.
2. Review Offers: Carefully review the terms of the offer, including the price, payment window, and any requirements or conditions set by the seller.
Step 4: Initiate a Trade
1. Select an Offer: Once you find a suitable offer, click on it to view more details. If you agree to the terms, initiate the trade.
2. Trade Instructions: Follow the platform’s instructions for the trade. This typically involves sending a message to the seller in the chat window. Its peer to peer - you're dealing with a person not an exchange or a computer - manners go a long way.
3. It takes time because the trade is confirmed on the Bitcoin blockchain. The security and finality that we love sometimes takes awhile. Sometimes the trade is fast but expect on average 10-15 minute to complete.
Step 5: Payment and Receiving Bitcoin
1. Payment: After the trade is initiated, the seller’s Bitcoin is locked in escrow by HodlHodl. You then make payment directly to the seller using the agreed-upon payment method within the payment window time. The window will update at each step, follow the instructions. Don't get off the rails, don't complete the trade on telegram - follow the path.
2. Confirmation: Once the seller confirms receipt of your payment, HodlHodl releases the Bitcoin from escrow to your specified wallet address.
3. Disputes: If there are any issues or disputes, HodlHodl’s dispute resolution service can help resolve them.
Step 6: Complete the Trade
1. Leave Feedback: After the trade is completed, both the buyer and seller have the option to leave feedback for each other. This helps build your reputation on the platform. Reputation matters - read the reviews.
Tips for Safe Trading
- Always check the seller’s reputation and feedback.
- Use secure payment methods.
- Communicate clearly and promptly with the seller through the platform’s messaging system.
- Do not release payment until you’re certain the terms of the trade have been met.
Sign up for HodlHodl - https://hodlhodl.com/join/JCNP
Step 1: Create and Verify Your Account
1. Sign Up: Go to HodlHodl.com and create a new account by providing your email address and creating a password.
2. Verification: Depending on the platform’s requirements and for enhanced security, you may need to verify your email address. However, HodlHodl's main feature is allowing users to trade directly without requiring KYC (Know Your Customer) procedures, so full identity verification may not be necessary.
Step 2: Set Up a Wallet
Before buying Bitcoin, ensure you have a secure Bitcoin wallet to store your cryptocurrency. HodlHodl will require you to enter your Bitcoin wallet address to receive the Bitcoin after purchase.
1. Choose a Wallet: Select a reputable Bitcoin wallet that suits your needs (hardware, software, mobile, etc.).
2. Get Your Wallet Address: Find your Bitcoin receiving address in your wallet. This is what you'll use to receive Bitcoin from the trade.
Step 3: Find an Offer
1. Search for Offers: Log in to your HodlHodl account and use the search function to find Bitcoin selling offers. You can filter offers by payment method, currency, and location to match your preferences.
2. Review Offers: Carefully review the terms of the offer, including the price, payment window, and any requirements or conditions set by the seller.
Step 4: Initiate a Trade
1. Select an Offer: Once you find a suitable offer, click on it to view more details. If you agree to the terms, initiate the trade.
2. Trade Instructions: Follow the platform’s instructions for the trade. This typically involves sending a message to the seller in the chat window. Its peer to peer - you're dealing with a person not an exchange or a computer - manners go a long way.
3. It takes time because the trade is confirmed on the Bitcoin blockchain. The security and finality that we love sometimes takes awhile. Sometimes the trade is fast but expect on average 10-15 minute to complete.
Step 5: Payment and Receiving Bitcoin
1. Payment: After the trade is initiated, the seller’s Bitcoin is locked in escrow by HodlHodl. You then make payment directly to the seller using the agreed-upon payment method within the payment window time. The window will update at each step, follow the instructions. Don't get off the rails, don't complete the trade on telegram - follow the path.
2. Confirmation: Once the seller confirms receipt of your payment, HodlHodl releases the Bitcoin from escrow to your specified wallet address.
3. Disputes: If there are any issues or disputes, HodlHodl’s dispute resolution service can help resolve them.
Step 6: Complete the Trade
1. Leave Feedback: After the trade is completed, both the buyer and seller have the option to leave feedback for each other. This helps build your reputation on the platform. Reputation matters - read the reviews.
Tips for Safe Trading
- Always check the seller’s reputation and feedback.
- Use secure payment methods.
- Communicate clearly and promptly with the seller through the platform’s messaging system.
- Do not release payment until you’re certain the terms of the trade have been met.
Sign up for HodlHodl - https://hodlhodl.com/join/JCNP