There’s a reason why one Bitcoin is currently worth over $47,000. This popular type of cryptocurrency has taken the world by storm thanks to its decentralized and private nature. This popularity has brought a lot of newcomers to the world of Bitcoin.
If you fall in this category, then you likely have a lot of questions about Bitcoin. One of the most frequent questions is, Can you buy Bitcoin with cash? The good news is that the answer is yes.
Specifically, there are four popular ways that you can purchase Bitcoin using cash. In this article, we’ll walk you through all four ways so that you can get started in the exciting world of cryptocurrency.
Buy Bitcoin With Cash At a P2P Exchange
Since its beginning in 2012, Bitcoin Exchanges have provided individuals with a secure escrow service. These types of services connect you with local Bitcoin sellers or buyers, then gives you their contact information.
You can either arrange to meet the individual in person, or you can settle the transaction on the exchange site. Just keep in mind that if you do it on the exchange, then you likely pay expensive fees.
As such, if you want to do it in person, then you’ll save some money. In the past, you could only use USD on a P2P exchange. However, these days the services have expanded to accept a variety of payment types.
There are a variety of P2P exchanges to choose from. Some of the more popular services include Paxful, Bisq, LocalCoinSwap, StromGain, and Kraken. Or, you can use one of the oldest exchanges: LocalBitcoins.
The process can vary from site to site. However, they generally involve creating an account and verifying it. Then you can fill out a form on the main page, or just go to the Trades section.
From there, you can find a Bitcoin seller in your city and exchange contact information with them. Once you get their payment information and deposit money in their account, then you’ll receive the Bitcoin amount that you purchased.
Buy Bitcoin With Cash Using a Bitcoin ATM
In the past, all Bitcoin purchase interactions had to happen on exchanges or in person. However, these days infrastructure is springing up all over the place in the form of Bitcoin ATMs.
These are specialized ATMs that allow you to purchase or sell Bitcoin, other types of cryptocurrencies, and gift cards. So how does a Bitcoin ATM shopping experience work?
Well, first you will need a Bitcoin wallet.
Once you download one, you should find the location of a Bitcoin ATM. Then, place an order and scan the QR code found on your wallet. Once you do this you can insert cash into the machine to purchase Bitcoin.
Some ATMs accept debit and credit cards. However, they’re rarer. Once the transaction is confirmed, then you should notice the Bitcoin that you purchased in your wallet. Keep in mind that it’s important to avoid Bitcoin ATMs that come with fees that are too high.
Some ATMs come with percentage fees as high as 10% to 20% of whatever you purchase or sell. As such, you should avoid these ATMs at all costs. We recommend www.bytefederal.com if you’re looking for suggestions. They have everything you want from a Bitcoin ATM: low fees, high purchase limits, and great customer support.
Buy Bitcoin With Cash In-Person
A third-party exchange isn’t the only way that you can purchase Bitcoin in person. Indeed, if you’re trying to avoid the large fees that come with such websites, then it’s preferable to try other ways.
To do this, we recommend placing a variety of local ads in spots where you can typically find Bitcoin sellers. Local ad boards, forums, websites, or cryptocurrency meet-up groups are a great place to start.
It’s also helpful if you have friends or contacts that can put you in touch with someone interested in selling. Personal connections are by far the cheapest way to purchase Bitcoin.
Just keep in mind that this isn’t the safest method on the market. Sadly, there are lots of conmen on the market. However, you can reduce the risk a bit by maintaining safe buying practices.
First, make sure that you never put your actual name in the advertisement. Additionally, you should never reveal your actual address. Instead, maintain a low profile. Ask to meet in a public space that’s filled with other people.
Coffee shops, malls, and local banks are all great options. You might also feel safer bringing a friend or third party just in case the other person turns out to be sketchy.
Buy Bitcoin With Cash Using a Cash Deposit Service
These days exchanges don’t just put you in touch with other buyers and sellers. Many offer you the option to deposit money directly on the platform.
This option is nice because you don’t have to go and meet the individuals in person, which can sometimes feel unsafe. They’re verifiable and easily traceable. It’s also by far
the quickest way to purchase Bitcoin using cash.
However, you should be prepared to spend some cash in fees for this convenience. As such, it’s not the best method for individuals that are trying to save money with a cheaper option.
Want More Content? Keep Exploring
We hope this article helped show you the different ways that you can buy Bitcoin with cash. As you can see, there are numerous ways to start collecting Bitcoin. However, it’s important to be aware that there are a lot of potential scammers out there.
As long as you make sure that whatever source you’re using is reputable and verifiable, then you should be good.
As long as you do that, then you should be safe. Did you enjoy this article? If the answer is yes, then you’re in the right place. Keep reading to find more topics that you’re sure to love.