Bitcoin investing has consistently proven to be a reliable and accessible way to generate wealth. This has resulted in it increasing in popularity over the past years, not only due to its reliability but also its accessibility.
This accessibility goes beyond the technical requirements, translating to the flexibility of payment methods it offers.
As crypto becomes more relevant in today’s culture, you might have wondered how to take advantage of the opportunity. While acquiring crypto might seem like a tedious and complex process, it is way easier than you might think.
While it has more than 150 million customers worldwide, Western Union is a payment method often overlooked by investors. In this article, you will learn one of the safest methods to buy Bitcoin with Western Union. If this interests you, keep reading!
What is Bitcoin? Things To Know If You Are Out Of The Loop
Bitcoin, or BTC, was the first cryptocurrency to ever exist and has been the most popular ever since. Created by an anonymous figure known only as “Satoshi Nakamoto”, it was designed to be an alternative to traditional money.
Officially launched in 2009, the project has been continuously developed by contributors from around the world. This method of development is consistent with the crypto ethos: decentralization. By depending on its community, Bitcoin frees itself from the need of having a central authority.
This means that no government, person, or organization has control over how the coin works… A complete shift from the paradigm of traditional financial systems. This resulted in the inception of new industries, such as decentralized finance, resulting in a whole new world of opportunities.
As BTC operates on a trustless, decentralized, and open-source model, users can enjoy increased transparency and security. Bitcoin is not only changing how people invest but also how they use their money! Is up to you to choose if you will be part of the next financial revolution!
Should You Buy Bitcoin With Western Union?
Western Union gets a bad rap. With scammers taking advantage of the service to run scams, it is understandable to be wary. However, Western Union by itself is not riskier than other payment methods. Credit/debit cards can be cloned or stolen, identity stolen, passwords hacked, etc.
This doesn’t mean you don’t have to pay attention when using Western Union to buy Bitcoin though. It just means you shouldn’t discard using it based on that bad reputation. The truth is it can be a convenient and safe payment method when used carefully… Just like anything else.
If you are not familiar with Western Union, here is a quick explanation. Western Union is one of the leading services allowing people to send money to each other. It can be to send money to another country, city, or just some blocks away, you can transfer money to anyone.
At this time, the most popular way to buy Bitcoin with Western Union is by using peer-to-peer (P2P) services.
These services mostly operate by allowing users to create ads offering to sell/buy crypto… leaving it up to them to complete the transaction. While this can be convenient, trust plays a major part in it, which might make it risky.
However, one of the biggest crypto exchanges has created a P2P trading platform that will provide you with ease of mind. Binance operates as an intermediary in the trade, holding the Bitcoin while the transaction is completed. If there is any dispute, Binance will act as a mediator.
Using Binance P2P to buy Bitcoin with Western Union is probably the safest and most reliable method at this time. At least we think so!
How To Buy Bitcoin With Western Union
Step 1: Get a Crypto Wallet
The first thing you will need to buy any cryptocurrency like Bitcoin is to have a place to store it!
For this purpose, you will need to get a crypto wallet. These are programs or physical devices that store the virtual key to your Bitcoin. If you are not familiar with crypto or wallets, we don’t recommend using a physical wallet.
You will get a crypto wallet when creating a Binance account. However, it is not recommended to keep your crypto in it if you are planning on holding it in the long term.
The main reason is that centralized services are more attractive to hackers and are likely to fail. While Binance hasn’t suffered a security breach since its launch, better safe than sorry!
Some popular wallets you can use to store your Bitcoin securely are:
|Wallet Name||Type of Wallet||URL|
|Trust Wallet||Software Wallet||https://trustwallet.com/|
Once you have chosen one, make sure to safely store your passphrase. It will be the only way to regain access to your Bitcoin if you lose access to the device or password. Keeping a physical note somewhere only you can access is a way great to store it!
Step 2: Create a Binance Account
Now that you can safely store your Bitcoin, it is time to create a Binance account to buy it. Head to Binance, fill in the required information and choose the “create account” option. Following the instructions will be pretty simple as the process is straightforward.
Step 3: Open Binance’s P2P Exchange
Once your account has been successfully created and verified, you will be ready to buy Bitcoin with Western Union. Open the Binance app or website and go to “Trade” > “P2P”. If this is the first time opening it, you might be required to provide additional information. If this is the case, just follow the instructions.
Step 4: Choose An Ad And Trade
Once you make sure the “Buy” and “BTC” tabs are active, you want to filter the ads. Choose your preferred currency (most likely USD) on the “Fiat” dropdown menu, followed by Western Union under “Payment”.
You will now see ads from all users who are offering to sell you BTC with this payment method. Locate an ad that fits your needs and review the number of orders/completion rate under the name. This will allow you to have an idea of how reliable this specific trader is.
If you’re having trouble picking a seller, this guide written by Binance will help you.
Now, it is just a matter of clicking the green “Buy BTC ” button on the Ad you decided on and move to the next step.
Step 5: Customize and Complete the Trade
In the next menu, you will be required to enter how much BTC you want to buy or how much fiat you are willing to pay. Once you have done so, click once again on “Buy BTC” for the payment window to begin.
As the seller’s BTC is in escrow, you will have a time limit to make the payment (usually about 30 minutes). Take note of the information Binance will provide you and visit Western Union to make the payment by using it.
Once you have done so, confirm on the app/site that the payment has been completed. The seller will now have time to check if the payment was received, and release the funds once the confirmation is complete. Once they do, the Bitcoin will automatically be added to your Binance wallet.
Note: You will have the option to communicate with the seller via chat. If you have any questions, make sure to ask before sending the money.
Step 6: Transfer Your Bitcoin To Your Wallet
Now that you are able to buy Bitcoin with Western Union, the last step is to transfer it to your crypto wallet (if you chose to do so, which we recommend). Locate and click on the “Wallet” button located in the app or site’s main menu, followed by the “withdraw option” next to BTC in the new interface.
You will now be required to enter the address of your crypto wallet. If you don’t know it yet, you can check it by clicking the “deposit” or “receive option” in your preferred wallet. It should be something like “1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2D3K”.
Enter the amount of Bitcoin you want to have transferred, and then on “withdraw”. You will be asked to enter a confirmation code sent to your email address and phone. Once you successfully enter, your Bitcoin will be transferred to your personal wallet. Wait a few minutes and you are done!
Buying Bitcoin with Western Union (or any other method) is not a straightforward process for more beginners. However, we promise it gets easier with time as your journey continues.
However, buying Bitcoin with Western Union or any other payment method for the first time is not the only process you should pay attention to. Any form of investment implies risk and as such, doing your homework is essential. If you are interested in learning more about crypto investment, make sure to check the crypto section on our site.
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