What Is The Best Way To Buy Bitcoin With Cash?
In the first place, why would anyone want to buy bitcoin with cash? It’s secure, fast, and one of the most straightforward ways to get bitcoins.
This guide will walk you through the process of buying and selling Bitcoin for cash.
When buying bitcoin with cash, you have a few options. You can make use of the following resources:
- Cash deposit service
- Peer-to-peer (P2P) exchanges
- Buy bitcoin with cash in person
- Bitcoin ATM’s
Let’s look at each of these choices in more detail.
You can buy BTC with cash using the Cash Deposit service.
Some Bitcoin trading platforms allow you to deposit money directly into the bank account of the seller or service. Among the programs available are:
- Wall of Coins
Generally speaking, buying Bitcoins with cash offers more privacy and anonymity than using centralized cryptocurrency exchanges, but be mindful of bad actors and scams.
Until meeting with a seller, read feedback and suggestions from previous buyers.
You can buy BTC with cash using peer-to-peer (P2P) exchanges.
P2P exchanges, which act as an escrow service, make purchasing bitcoins with cash simple and safe.
Simply sign up, find a reputable local BTC buyer or seller who is willing to deal in cash, and finalize the details of your exchange, such as the meeting time and place.
The following are the most common Bitcoin peer-to-peer exchanges:
- Wall Of Coins
- Hodl Hold
LocalCryptos, like the other P2P sites on this list, lets you buy bitcoin with cash or other forms of payment.
Meanwhile, the LocalLightning app allows you to buy and sell bitcoins in cash using the ever-expanding Lightning Network.
Mycelium Local Trader is a feature of the popular Bitcoin wallet Mycelium that acts as an e-commerce platform and enables you to find local bitcoin traders who want to do business in cash.
Bitcoin can be purchased in person with cash.
Getting someone to deal with yourself is the perfect option if you don’t want to use any third-party providers.
Post advertising on local bulletin boards, blogs, social media sites, and forums, or simply ask your friends for recommendations.
Alternatively, you can meet people who share your interests by attending local Bitcoin meetups (check sites like meetup.com). Any of them may want to use cash to buy or sell bitcoin.
Keep in mind, however, that safety comes first. Since it’s becoming increasingly dangerous to be recognized for holding bitcoin, never give out your real name or address in those advertising.
You can buy Bitcoin with cash at a Bitcoin ATM.
Another simple way to get bitcoin with cash is to use one of the many Bitcoin ATMs.
There are several Bitcoin ATMs around the world, but we recommend CoinFlip’s since they have the most Bitcoin ATMs in the United States.
They charge the lowest fees, have the best customer service, have the highest purchasing limits, and are generally easy to find. Bitcoin ATMs from CoinFlip are also available.
The following is an example of how to buy bitcoin with cash at a Bitcoin ATM:
- Get your hands on a Bitcoin wallet. Any Bitcoin wallet will do, but the most convenient method is to use a mobile wallet like Samourai, Blockchain.info, Jaxx, Mycelium, or even a paper wallet. A hardware wallet, such as Trezor or Ledger, can ensure the security of your crypto assets.
- Use a tool like CointATMradar or another Bitcoin ATM map to locate the nearest Bitcoin ATM.
- Make a purchase. Approach the computer and obey the instructions that it provides. Choose Bitcoin as your preferred cryptocurrency and confirm your order. Keep in mind that some ATMs may require you to check your identification or phone number.
- Complete the purchase by scanning the QR code. Using the ATM’s camera, access your BTC wallet and check your public key. Pay for the order by inserting cash into the machine.
- Bitcoins will be sent to your wallet. You will receive BTC to your wallet once your transaction is verified. That concludes our discussion. You just paid cash for your bitcoins.
Also, be mindful of the high fees associated with Bitcoin ATM transactions. Transaction fees can range from 7% to 15% or even more in some cases.
CoinFlip currently charges 6.99 per cent for purchases and 3.99 per cent for sales on all transactions.
If you do not live in the United States and cannot locate a CoinFlip Bitcoin ATM near you, you can use CoinATMradar.com or a similar online map to locate one.