How to buy or sell Bitcoin without using a centralized crypto exchange?
The failure of FTX triggered a notable growth of self-custody in 2022, with numerous cryptocurrency investors transitioning from centralized exchanges (CEX) to hardware or software wallets.
The rising popularity of self-custody could even potentially erase the need for centralized exchanges one day, according to Binance CEO Changpeng Zhao. But how would people buy or sell cryptocurrencies without centralized exchanges?
The crypto industry already offers ways to exchange cryptocurrencies like Bitcoin (BTC) for fiat money without using a CEX like Binance. However, such a process is associated with certain pros and cons and may require additional research.
This article will discuss the most straightforward exchange methods to shed some light on buying or selling crypto without using a centralized crypto trading platform.
Bitcoin-enabled automated teller machines (ATMs) are probably one of the easiest ways to exchange fiat money for crypto and vice versa. Like conventional ATMs, Bitcoin ATMs allow users to deposit and withdraw money using cash or a debit card. But instead of a bank account, a Bitcoin ATM requires users to have a BTC wallet address to deposit or withdraw money.
Like a traditional ATM, a Bitcoin ATM has a monitor, a QR scanner, a bill acceptor and a dispenser. To connect their Bitcoin wallet to a crypto ATM, users are usually prompted to scan a QR code corresponding to their BTC wallet address.
While providing a simple way to exchange money against cryptocurrencies, Bitcoin ATMs suffer from limited global adoption.
According to data from CoinATMRadar, there are roughly 34,000 Bitcoin ATMs in 80 countries worldwide, with almost 85% of all crypto ATMs in the United States. About 4% of Bitcoin ATMs are located across
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