Should You Use Skype to Buy or Sell Bitcoin?

When it comes to buying Bitcoin these days, there are many ways to do so. Bitcoin exchanges and brokers are two popular methods, even though they verify the user’s identity quite thoroughly. A Bitcoin ATM is another choice, assuming there is such a device near you. However, it appears the latest trend is to buy Bitcoin through Skype. It is a rather strange method, although this “solution” has been around for quite some time now.

Buying Bitcoin via Skype?

It sounds rather strange to buy Bitcoin by using the Skype messenger platform. After all, Skype itself does not provide a way to buy Bitcoin directly. It is certainly possible to buy Skype credit with Bitcoin through third-party services, but it does not work the other way unfortunately. However, it now appears a lot of people are flocking to Skype as a way to buy Bitcoin. More specifically, they do so because it does not require thorough identity verification, which sounds quite appealing.

It is unclear how people find these dedicated Skype groups to trade Bitcoin and other cryptocurrencies, though. There is no official “directory” for such practices, nor are there websites dedicated to this process. We do know people are selling Bitcoin through Skype for many years now. Unfortunately, this also means there are a lot of scammers on Skype who will gladly take your money and never give you coins in return.

One thing Skype groups have working for them is how there can be quite a lot of liquidity. After all, these are usually people who do not store funds on exchanges, which also makes it hard to gauge how much funds they have available to play with. Relying on Skype to buy or sell Bitcoin is a rather troublesome matter, as it requires a lot of inherent trust between all parties involved. Moreover, there is no way to prove the buyer or seller actually has the funds required to complete the transaction.

Being able to buy or sell Bitcoin without limits and verification is quite significant, but also very risky. As mentioned before, there are quite a few scammers out there. It is impossible to actually trust the other person, which makes it impossible to determine who should send funds first. Moreover, there is no way to use a reliable escrow service, unless one contacts someone from the Bitcointalk forum, for example. Novice users will not go through these steps most of the time though, as they just want quick and convenient access to cryptocurrency.

Do keep in mind that even if you find a legitimate buyer or seller on Skype, there will be a premium to pay. These premiums can be on par with – or higher than – the price one pays through LocalBitcoins. It is evident some of these Skype sellers may be active on LocalBitcoins, Paxful, or other P2P exchange platforms. It is always best to go through such platforms before contacting random people on Skype to buy or sell Bitcoin though.

In the end, it is not hard to see why people would buy or sell Bitcoin through Skype. Most people remain oblivious to the risks associated with this practice. Always do your own research before contacting someone on Skype to buy or sell Bitcoin. Make sure to use a neutral escrow service in the process as well. It is always better to stick with peer-to-peer exchange platforms rather than contacting strangers on the internet via Skype.

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2 Comments

  1. Daxx10 June 22, 2017
  2. Jeffrey July 20, 2020

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