It depends how much you trust the exchanges. I’ve never lost any money to scams or thefts. Many Bitcoin exchanges have been hacked and lost customer funds. Chapter 5 Peer-to-Peer Exchange Explanation. Read our Guides We’ve created detailed instructions to help your transaction go smoothly. Now you will need to find a bank branch of the bank you chose in your area. Debit cards are emerging that allow you to spend bitcoin — many branded by Visa or Mastercard — and ATMs are popping up in most major cities that let the user buy BTC or exchange it for cash.