Is it at all possible to buy Bitcoin and other cryptos with cash? Yes, it is possible to make bitcoin transactions with cash. Though it’s a bit confusing, it can help you purchase BTC easily and fast. To understand the ways and concept of buying Bitcoin by using cash, let’s check out the reasons for doing the same.
Crypto investors and traders can buy cryptocurrencies with cash for these reasons:
When buying the largest cryptocurrency, in terms of market cap, with cash, make sure that you already have a Bitcoin wallet. If you still don’t have a BTC wallet, make sure that you have one no matter whether you make the purchase from a Bitcoin ATM (BATM) or a cryptocurrency exchange. When you purchase BTCs from P2P exchanges and sites or cryptocurrency exchanges, it usually comes with very high fees. After you buy BTC, for storing bitcoins and other cryptos for longer periods of time, paper wallets and hardware wallets (like Ledger Nano) are the best.
Try to choose exchanges that have lower fees. One of the best services and lowest fees are charged by Coinmama. It is available and functional in almost all countries. It is one of the most reliable and trusted names in the crypto exchange and broking world. With the help of credit cards, you make bitcoin purchases with the highest limits.
Your search for where to buy bitcoin with cash is over. This section of the guide will help you get the list of exchanges and local person-to-person (P2P) sites from where you can purchase Bitcoin easily and fast.
Local Bitcoins enable you to buy bitcoin with cash locally. This is a P2P site that helps you either to trade BTCs in-person or with the help of cash deposits. Here is a quick step-by-step guide that will give you a clear picture of how to buy bitcoins with cash on LocalBitcoins:
Step #1: Log in to your LocalBitcoins account. If you don’t have an account yet, create one on LocalBitcoins.
Step #2:Search LocalBitcoins and find a seller who sells BTCs in your local area and accepts cash.
Step #3: Once the seller is chosen, choose the number of coins or Satoshis you want to buy. After that, place an order accordingly.
Step #4: Contact the seller and receive his/her account number.
Step #5: In the concerned account of the seller, deposit the cash.
Step #6: To prove that you have actually deposited the cash to the seller’s account, upload the receipt.
Step #7: Once it is verified that the buyer and seller have done their part in executing their trade, the buyer will receive Bitcoins. The received BTCs will be deposited in the buyer’s LocalBitcoins wallet.
This is the guide of how LocalBitcoins works and the way in which you can buy bitcoins by using cash.
The best thing about LocalBitcoins is that it enables users to do anonymous trading. It doesn’t need any personal details/verification. However, specific information may be sought by some sellers.
For making purchases through LocalBitcoins, you’ll be charged a flat 1% fee. It is recommended to buy BTCs from sellers having previous trade history and who also received positive feedback.
You can buy Bitcoin through a number of retail stores of LibertyX, spread across the USA. When compared with other similar available options, LibertyX’s trades are comparatively less private. Before a person buys through this platform, he or she has to verify his/her identity. A trader can purchase up to US$1,000 worth of Bitcoin daily and the fees that will be charged by this platform are very low.
You can buy Bitcoin with cash from a Bitcoin ATM near you. You can do this from your local area. In fact, these specialized Bitcoin ATMs (also called BATMs) allow users to make purchases only with cash. The BATM charges are a bit on the higher side, generally varying from 5% to 10%.
As there is no verification check. So, you can buy bitcoins from Bitcoin ATMs by remaining anonymous. Therefore, BTC buyers can buy Bitcoins from BATMs with complete privacy and anonymity. Some of the BATMs may also ask for verification as there are a wide array of manufacturers. However, most BATM manufacturers don’t ask for any kind of verification.
The risk of purchasing BTCs with cash is very low. To reduce the probability of theft or scam, try to make the trade deal in a public place if it is an in-person trade. Try using an escrow service (such as BitQuick or LocalBitcoins) to make the purchase so that frauds can be avoided.
Purchasing Bitcoins with cash is very easy. In most cases, the trade can be done without the requirements of verification of personal information. The process of trade completion is very fast too.
Only a limited amount of bitcoins can be purchased with cash. Even in the case of BitcoinATMs, they require verifications if you place buying requests above a certain limit.
Giving your ID to a reputed and trusted cryptocurrency exchange is not at all risky. That’s why choosing the right exchange and broker is very important in trading cryptos.
Besides cash (or fiat currency), you can buy bitcoin with PayPal accounts, credit card, debit card, bank accounts or bank transfers, and other payment methods. To know more, you can check out my other articles on buying BTC with different payment methods. You may check out:
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You may also check “Napbots Review – Simple Way To Increase Your Crypto Returns” before taking the plunge.
With NapBots, you can enjoy financial independence by trading cryptocurrencies on autopilot mode and earn money automatically. To make it work on your behalf, you have to do the following:
Step #1: Connect to one of the available trust exchanges.
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Once you have completed these three steps, NapBots is ready to trade cryptos and earn money for you. Happy Trading!
If you still need assistance, you can refer to the following step-by-step purchasing guides for the various payment methods: