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How to Safely Exchange Bitcoins in Ukraine

BUY Bank is the first officially certified Ukrainian facility for Bitcoin exchange to USD/UAH cash or withdrawal to any bank card. Upon creating your order, the exchange rate that has been given to you will be set for 30 minutes to purchase and for resale. You will not need your ID to get this done, as the service is completely anonymous. Your banking details are not hoarded on the system and the payment gateways meet the security requirements of the standard PCI DSS level 1.

Exchange bitcoin for UAH

Despite who you are or what you do for a living, when it comes to searching for a bitcoin pay-out, everyone is just looking for a convenient and useful option. Making use of the BUY Bank service to exchange Bitcoin for Hryvnia is simple. If you would like to buy or sell BTC in Kyiv you should visit the BUY Bank office.

The process:

  1. From the options, choose BTC-UAH exchange direction on the terminal key in the amount that you would like to exchange in Hryvnia or Bitcoin currency. The system will automatically calculate the amount based on the rate at that given moment in time.
  2. Provide your contact details
  3. Ensure that you read and understand the terms of service and click Sell
  4. A pop-up window will appear with the transfer details. Ensure that all information is correct. Following this you may proceed to scan the QR code that will appear on screen or you can opt to print out the information.
  5. Following the second confirmation of the online transaction, an issuance code will be activated. This is an indication that your money is now read to be collected, and you can proceed to an available cashier.

The rate of the sale is fixed following the second confirmation. You may contact the operator if you do not want to go to the BUY Bank offices and they will provide you with details for a suitable exchange selection.

What is a Bitcoin confirmation?

Once you begin the bitcoin transaction, it will enter a fishpond of unconfirmed transactions. The bitcoin miners then choose your transaction and place it into a new section. Once the calculations are completed, the bitcoin networks will send a confirmation to your block and thereafter adds it to the blockchain. Every new block in your blockchain is one more confirmation of your operation. A normal bitcoin application is legitimate after six confirmations have been acknowledged however the BUY Bank system only needs two.

Can I cancel a bitcoin transaction?

You cannot cancel a transaction because bitcoin transactions are irreversible. Computing proof of work and the network structure itself assumes that the following block is inclusive of the previous ones. Changing one block would mean that you will have to modify all the previous ones, which is almost impossible.

The transaction is processed in about 5-20 minutes from the time that you receive your first confirmation. Usually if there is an interruption it is due to the bitcoin network being overloaded and the receipt confirmation being slow. Another possible cause may be that you have chosen a minimum transaction fee. Commission is much like shipping fees that you pay at an online store.

How can you buy BTC for USD?

Buying bitcoin for USD in Kyiv is fairly simple with the BUY Bank office which has a computerised exchange terminal. Any questions you may have during this process, will be addressed by the manager on duty.

The process:

  1. Set the USD-BTC exchange direction and key in the amount that you wish to exchange.
  2. Enter the address for your bitcoin wallet and your contact details.
  3. Ensure that you read through and comprehend the terms of service and click on Buy
  4. The system will automatically process your request and print a receipt for you to hand to the cashier.
  5. Bitcoin will be sent directly to your wallet once your payment for cryptocurrency has been completed at the cash desk.

In the exchange window, a link to your online bitcoin transaction will be provided which will allow you to track the status of your transaction. You will also receive the transaction code if you need to contact the support personnel in the office.

Online exchange users that are registered will receive a referral link to participate in the BUY Bank bonus program. Each exchange that is made via the link clients have been provided with, will get that client a bonus percentage of the amount of exchange. Bonus accruals are made in points at the rate of 1 bonus point for every dollar that is exchanged by the user or the referral.

Do I need to verify my identity to buy BTC?

Since confidentiality is so vital to clients, it would be advisable to buy bitcoin with cash as you will not need to produce your ID to do so. The exchange is completely private and none of your information is stored.

How do I keep my Bitcoin safe?

If you are trading in smaller amounts, it would be okay to use the wallet that is provided by your exchange. However, if the amount is larger, you will need a hardware wallet. The exchange transaction may take a few seconds however it takes longer to actually withdraw the funds from your bitcoin wallet into your bank account.

The future of bitcoin

The government of Kiev will be legalizing cryptocurrencies as a part of their newly created public policy, under implementation by the ministry of economy. This procedure should take a total of three long years to reach completion and its implementation will commence in two separate phases. By the year end, the legal status of trading platforms, cryptocurrencies and other units pertinent to digitized assets will be agreed upon. It is planned to launch the next stage in 2020-2021, this is the stage when Ukraine will legally decide many wallet service providers that deal in cryptocurrencies.

The first three drafts from two years ago were intended to control the circulation of these digital coins, provoke the cryptocurrency market and make suitable amendments to the Ukrainian tax code. Many other countries in the world are grappling with the development of the cryptocurrency policy, Ukraine has thus become a trendsetter in this regard.

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