The Ultimate Guide To Buying Bitcoin With Cash
- The Ultimate Guide To Buying Bitcoin With Cash
- How To Buy Bitcoin With Cash
- Why Do People Buy Bitcoin With Cash?
- Why You Should Buy Bitcoin With Cash
- 4 Ways To Purchase Bitcoin Using Cash
- Where To Get Cash For Purchasing Bitcoin
- Best Places To Buy Bitcoin With Cash
- To Wrap It Up
- Our Top Recommendation
How To Buy Bitcoin With Cash
Bitcoin has been making waves for a while now. Plus, it has disrupted several industries all over the world. Now, a lot of people are gradually jumping on the train and getting themselves some bitcoin.
So many people have been left wondering how hard it is to purchase Bitcoin with the traditional fiat currency. Well, it is a straightforward process if you follow the steps and instructions you find online judiciously.
If you have been searching for how to buy Bitcoin with cash alone, then you have come to the right source. However, before we go into the specifics, there are some basic things you should be aware of.
Firstly, Bitcoin as we know it does not exist like every other physical asset the way cash exists. As it stands, there are some bridges between the computerized world of virtual currencies and our physical world of cash or fiat currencies.
Even more, the cryptocurrency and Bitcoin market is undergoing some rapid transformations, and there are extra alternatives that will be made available soon.
Furthermore, there are vital distinctions that must be made before we can describe the diverse ways in which you can buy Bitcoin with your cash. This distinction is between bank deposits and your physical money.
We are sure that you must already know that physical cash is nothing else but the usual paper cash that you hold in your hands. However, bank deposits are frequently taken to be cash because they are easily withdrawn or accessed digitally.
Why Do People Buy Bitcoin With Cash?
There are many reasons why people would prefer to buy bitcoin with cash; the primary reason being the desire to stay anonymous.
One of bitcoin’s principal purpose of existence is to enable transactions that can never be traced. Hence, most, if not all, of its users greatly value this feature and will surely want to start over on an anonymous or blank slate.
While this is one of the reasons why you may want to purchase Bitcoin with cash, some people are deeply concerned about making use of any sort of computerized transfer on the internet.
The reason is that they fear that they might be exposing their account data to cyber hackers.
To the business of the day, there are roughly four alternatives available to purchase Bitcoin with your physical cash. They include:
- From an individual via Paxful
- Via a Bitcoin ATM
- Through a cash deposit at the bank
- With cash via mail
Why You Should Buy Bitcoin With Cash
On a general note, there are different pros to purchasing Bitcoin cryptocurrency with your hard-earned cash only if you follow the necessary steps and guidelines. However, some of the reasons why you or any other person should buy bitcoin with cash:
Different from making use of a typical Bitcoin exchange; purchases made with cash do not demand any unnecessary revelation of your personal data. You will not be asked to submit documents just for the validation of your identity.
What we are trying to say is, purchasing Bitcoin with cash is much safer, especially at a time when the issue of identity theft is on a high rise. Another reason is the prevention of any crackdown by the tax entities.
Why this reason exists is because you do not have to wait for the emergence of bank transfers or any form of validation via any cryptocurrency exchange.
The deposits take roughly one to three working days, and the verification takes about one to three weeks. However, cash trades save you so much time. As Bitcoin skyrockets, a few days is equivalent to so much money.
However, the professionals of Bitcoin person to person trading have made suggestions that most of Bitcoin’s trading volume takes place off-exchange. You do not need to worry if this is a good thing or not because it is.
This is because should virtual currencies only be tradable with the approval of the state; it will be decreased to just something more than a new type of standard money. Thus, every serious Bitcoin user will gain some experience with this cash trading.
4 Ways To Purchase Bitcoin Using Cash
Earlier on, we mentioned some ways in which you can purchase bitcoins with your physical cash, and now we will be analyzing those steps. It goes thus:
From An Individual via LocalBitcoins or Paxful
When you want to buy Bitcoin with cash, you can make it happen with trustworthy friends who own bitcoins and are more than willing to sell them to you.
In case your excuse is that you do not have trusted friends, well, we can help you with that. All that is needed is to try attending these Bitcoin meetings and conferences happening around you.
You can locate such events via a search on Meetup or even Facebook for those local Bitcoin groups. That aside, when you all plan to meet, you should go with the cash you have both agreed upon.
Also, do not forget to arrive at the venue with your laptop or a phone that has a Bitcoin wallet installed in it. This is because, with an address alone, you will not be able to verify the receipt of the coins.
Long ago, LocalBitcoins was used for in-person trading, and now, Paxful is the best service available. The Paxful buyer and seller matching have been ongoing since the year 2015. Currently, they are in most regions and countries.
To buy Bitcoin on Paxful, you will need to visit the site and of course, sign up. Next is to click on the “buy Bitcoin” link that is positioned on the top menu. Fill in your location, the needed amount, and click on “cash” as your payment method.
What follows next is a long list of sellers; however, if none is displayed, you will need to wait for them to appear on your screen. Nonetheless, should the list appear, it will display a feedback score for all the sellers plus their exchange rates.
It is advisable to choose the seller that has the most considerable reputation that is positive. Next thing you are to do is to fill in your purchase amount, and it must be within the limits of the seller.
When you decide to make use of Paxful, it shows that you trust them and so, there is no reason to wait for network confirmations once a seller has released our coins.
From A Bitcoin ATM
What you need to know is that the Bitcoin ATMs you have heard about actually accept physical cash. In return, it also sends the Bitcoin to your specific Bitcoin address. It is a very comfortable way to trade Bitcoin daily.
While you may think Bitcoin ATMs are very popular, especially with their emergence for several years now, it will surprise you to know that there are regions in the world that do not have them.
If you want to find and use a Bitcoin ATM, you should make use of CoinATMRadar. Once you click on BTM on the site, you will find a display that shows exact locations, limits, fees, and even identity requirements.
Furthermore, the site will offer the contact details for a particular operator. All of these details must be noted if you want to make use of BTM; Bitcoin ATM. Anytime you make use of BTM, have it in mind to take your Bitcoin address or wallet with you.
Similar to how you make use of the normal ATM, you should also be mindful of people that are acting suspiciously around you when using a BTM.
Buying Through A Cash Deposit At The Bank
You can make use of this option with both Paxful and LocalBitcoins as they provide cash deposits as a payment method. Moreover, in the United States, there are two main services that deal with securing and arranging these bank deposit purchases.
When you make use of this method, the seller will provide you with their bank details. All you have to do is pay a visit to the specific bank, fill in the deposit form as you will typically do with standard fiat currency.
Next is to make the cash deposit to the account of the seller through the bank teller. Meanwhile, this method is practically more reliable and secure physically than when you have to meet up with strangers.
Also, the seller is not aware of the bank you are making use of. However, its disadvantage is that the service can only be carried out during bank hours.
It is slower than the peer to peer transaction, most notably when the bank has a long queue or service is slow to validate the transaction.
Meanwhile, similar to face to face cash trading, you can only carry out bank deposit trades through a trustworthy escrow service. This will practically protect you from any form of fraud.
Also, you can prove to this escrow service that you have made your payment through scanning or photographing the receipt of your bank deposit. Should a dispute occur, the seller’s coins will be released to the buyer’s address after proper proof.
Make sure you keep your receipt. Compared to a bank transfer, it is difficult to prove that you made payments without it.
Buying Bitcoin With Cash via Mail
While you can purchase Bitcoin using cash through your mailbox, the truth is that it is not recommended. You can make use of Paxful for this; it provides the sort of service that you can use in discovering sellers who take cash via mail.
Also, you will find some suitable sellers on Darknet markets. Similar to in-person purchases, you can try to trade all with users that are already established and have trustworthy reputations.
Selecting a dependable seller is the best protection you can get against fraudulent activities, and also, escrow should be used. As expected, there are disadvantages to this method.
Some of it includes the fact that the method is slow and there are risks that your envelope may likely get stolen or lost as the mail is being moved. Should your envelope not arrive or probably arrive empty, some sellers may choose to compensate you.
But, before they compensate you, you must choose to film or better still, photograph yourself as you place the money inside the envelope, as you seal it, and also as you mail it.
Moreover, for better safety, you should make use of registered mail and have the seller sign it after they receive the money.
When you use this method, it creates a proof that you have paid through escrow. However, the cash in the envelope can still be disputed.
Where To Get Cash For Purchasing Bitcoin
Are you looking for a place to trade Bitcoin for cash? Here are some places you can go to get cash in exchange for bitcoin:
Best Places To Buy Bitcoin With Cash
The following are places you can go to purchase bitcoin with cash efficiently and instantly.
Coin ATM Radar
|Customer service:||Contact Page|
Coin ATM Radar is an excellent resource for locating a Bitcoin ATM in your local area. This is one of the fastest ways you can obtain Bitcoins, and it is even possible to locate one within the same hour. The website has everything you need to know about starting a Bitcoin ATM business as well as how to search for a Bitcoin ATM in your local area to buy and sell Bitcoins.
As of October 26th, 2018, there are over 3,918 crypto ATMs listed on Coin ATM Radar in over 76 countries. If you are the owner of a Bitcoin or Crypto ATM and would like to get it listed you can submit it here.
Pros: Convenience. Physical kiosk with receipt and customer service.
Cons: Distance to travel.
|Founders:||Nicholas Kangas, Jeremias Kangas|
|Customer service:||Knowledge Base|
LocalBitcoins is a person-to-person bitcoin trading platform which specializes in connecting buyers and sellers. With over 100+ payment options, no matter where you are in the globe, it is simple to get access to someone who wants to buy or sell bitcoin. As a seller, you are given full autonomy over how you want to create your listing, accept payment, and attract reviews. Overall, LocalBitcoins is one of the best places to get started with buying and selling bitcoins.
On LocalBitcoins registering, buying, and selling Bitcoin is completely free. Users who create advertisements are charged a 1% fee for every completed trade.
Pros: Extremely diverse selection of buyers and sellers.
Cons: Lack of cryptocurrency diversity.
|Headquarters:||New York, New York|
|Founders:||Ray Youssef, Artur Schaback|
|Customer service:||Knowledge Base|
As the world’s largest Peer-to-Peer Bitcoin marketplace, Paxful gives customers an enormous selection of payment options to choose from to purchase BTC. They offer over 300+ ways to transfer money including credit cards, debit cards, bank transfers, bank wires, iTunes gift cards, Amazon gift cards, Starbucks gift cards, PayPal transfers, Western Union, and many, many more. With the Paxful platform, you essentially have your pick at how you want to redeem your money for Bitcoin.
Sellers are charged a 1% fee on Paxful. Buyers are not charged any fees whatsoever for bitcoin purchases.
Pros: Low fees. Diverse funding options.
Cons: Clunky user interface.
|Customer service:||Contact Page|
BitQuick.co is an instant buying and selling Bitcoin marketplace that allows buyers to connect directly to sellers via cash deposit or SEPA transfer. On the platform Buy dashboard, it is easy to locate and buy bitcoin from trusted merchants that only require a minimum purchase. You are guaranteed to receive your bitcoins within 3 hours of placing an order.
BitQuick charges a 2% fee to buy bitcoin while selling bitcoin incurs absolutely no fees.
Pros: Get paid within 3 hours. 256 bit SSL encryption. Simple user interface.
Cons: Lack of payment options.
Wall Of Coins
|Customer service:||Contact Page|
Wall Of Coins simplifies the buying and selling process of Bitcoin by directly connecting merchants that are nearby one another. When you go to buy bitcoin with cash on the platform it searches nearby banks that will give you the best rate. They actually have some phenomenal rates for purchasing bitcoin on their offers page, but always remember to do your due diligence before making an investment or purchase decision.
There are no fees to purchase bitcoin with cash on Wall of Coins; however, there is a $5 minimum purchase requirement. They offer professional customer support via a toll-free number, live chat, and email if you have any questions or concerns.
Pros: Transparency. Rapid cold storage.
Cons: ID Verification not necessary.
To Wrap It Up
For most people, they prefer to make use of Bitcoin ATMs for the mere fact that it provides a highly reliable solution for these cash purchases. Also, almost all of these Bitcoin ATMs are located in areas that are not just central, but very secure too.
Some people claim that; though purchasing Bitcoin with cash is much more anonymous and rapid, it is, however, riskier than a majority of the online methods we have available today.
Nonetheless, there are quite a lot of options you can personally select from whenever you are ready to buy bitcoin with physical cash. And, if you are not interested in using cash, you can use any online technique, so far you make your purchase via a reputable cryptocurrency exchange.