[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  John Kim 🇰🇷 [@johnkim77](/creator/twitter/johnkim77) on x 27K followers Created: 2025-07-25 01:12:50 UTC I won't argue with you over this. You act like I've never been involved in otc buys. I'll just let grok explain so we dont go back and forth. Over-the-counter (OTC) Bitcoin buying involves purchasing Bitcoin directly from another party, typically through a broker or a private deal, rather than on a public exchange. Here's how it works in simple terms: X. **Find an OTC Provider**: You connect with an OTC broker, platform, or individual seller. OTC desks specialize in large Bitcoin trades (often $10,000+), catering to high-net-worth individuals, institutions, or those seeking privacy. Examples include firms like Kraken OTC, Genesis, or peer-to-peer platforms like LocalBitcoins (now less common). X. **Negotiation**: You discuss the amount of Bitcoin you want and the price with the OTC provider. Prices may differ from exchange rates due to premiums for privacy, speed, or large volumes. The broker sources Bitcoin from their network, often from miners, exchanges, or private holders. X. **Verification and KYC**: For regulated OTC desks, you’ll need to complete Know Your Customer (KYC) checks, providing ID and proof of funds. Peer-to-peer deals may skip this, but they carry higher risks of fraud. X. **Agreement and Payment**: Once terms are set, you transfer funds (usually via bank wire, crypto, or cash for in-person deals) to the seller or broker. They hold the Bitcoin in escrow or directly transfer it to your wallet after confirming payment. X. **Bitcoin Transfer**: The seller sends the Bitcoin to your cryptocurrency wallet. You provide a wallet address (a string of characters) where the Bitcoin will be deposited. Transactions are recorded on the blockchain, typically taking 10-60 minutes to confirm. X. **Completion**: You verify the Bitcoin in your wallet, and the deal is complete. OTC trades often have lower fees than exchanges for large transactions but may include a premium for convenience or anonymity. **Key Points**: - **Privacy**: OTC trades can be more discreet than exchanges, as they don’t always appear on public order books. - **Liquidity**: Ideal for large trades, as OTC desks can source significant Bitcoin without moving market prices. - **Risks**: Peer-to-peer OTC deals (e.g., cash-in-hand) risk scams or counterfeit funds. Always use trusted brokers or escrow services. - **Costs**: Fees vary (0.1%-1% typically), and prices may include a markup over exchange rates. XX engagements  **Related Topics** [otc](/topic/otc) [bitcoin](/topic/bitcoin) [coins layer 1](/topic/coins-layer-1) [coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem) [coins pow](/topic/coins-pow) [Post Link](https://x.com/johnkim77/status/1948551988058227000)
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John Kim 🇰🇷 @johnkim77 on x 27K followers
Created: 2025-07-25 01:12:50 UTC
I won't argue with you over this. You act like I've never been involved in otc buys. I'll just let grok explain so we dont go back and forth.
Over-the-counter (OTC) Bitcoin buying involves purchasing Bitcoin directly from another party, typically through a broker or a private deal, rather than on a public exchange. Here's how it works in simple terms:
X. Find an OTC Provider: You connect with an OTC broker, platform, or individual seller. OTC desks specialize in large Bitcoin trades (often $10,000+), catering to high-net-worth individuals, institutions, or those seeking privacy. Examples include firms like Kraken OTC, Genesis, or peer-to-peer platforms like LocalBitcoins (now less common).
X. Negotiation: You discuss the amount of Bitcoin you want and the price with the OTC provider. Prices may differ from exchange rates due to premiums for privacy, speed, or large volumes. The broker sources Bitcoin from their network, often from miners, exchanges, or private holders.
X. Verification and KYC: For regulated OTC desks, you’ll need to complete Know Your Customer (KYC) checks, providing ID and proof of funds. Peer-to-peer deals may skip this, but they carry higher risks of fraud.
X. Agreement and Payment: Once terms are set, you transfer funds (usually via bank wire, crypto, or cash for in-person deals) to the seller or broker. They hold the Bitcoin in escrow or directly transfer it to your wallet after confirming payment.
X. Bitcoin Transfer: The seller sends the Bitcoin to your cryptocurrency wallet. You provide a wallet address (a string of characters) where the Bitcoin will be deposited. Transactions are recorded on the blockchain, typically taking 10-60 minutes to confirm.
X. Completion: You verify the Bitcoin in your wallet, and the deal is complete. OTC trades often have lower fees than exchanges for large transactions but may include a premium for convenience or anonymity.
Key Points:
- Privacy: OTC trades can be more discreet than exchanges, as they don’t always appear on public order books.
- Liquidity: Ideal for large trades, as OTC desks can source significant Bitcoin without moving market prices.
- Risks: Peer-to-peer OTC deals (e.g., cash-in-hand) risk scams or counterfeit funds. Always use trusted brokers or escrow services.
- Costs: Fees vary (0.1%-1% typically), and prices may include a markup over exchange rates.
XX engagements
Related Topics otc bitcoin coins layer 1 coins bitcoin ecosystem coins pow