When most people think about , the first thing they think about is exchange. Bitcoin is a type of digital money that many people want to own because it is popular.
There are two ways to get bitcoin: mining and buying. Mining involves using your computer’s power to solve puzzles and validate transactions on the bitcoin network. Buying is done by using cash, which can be done in various ways.
This article talks about all the ways you can use cash to get BTC, where you can buy it, and some helpful tips.
Buy Bitcoins Personally from a Person for Cash
If you want to buy BTC with cash, you can find someone who already owns it and meet them in person to make the exchange. Try to ask your friends if they own BTC and want to sell it. That is the safest option. Also, try searching for sellers on online forums or use a peer-to-peer service to contact them. But be careful because you don’t know these people, so it may not be the safest way to get this cryptocurrency.
Remember to bring your phone or computer that can open your BTC account. If you only bring your bitcoin address, you won’t be able to confirm that you have received your coins.
Buy Bitcoins at a BTC ATMs
Bitcoin ATMs (BTMs) are like regular ATMs, but instead of dispensing cash, they allow you to get cryptocurrency. However, they are uncommon and only available in a few countries. You can use CoinATMRadar to find BTMs in your country.
Be sure to check BTMs transaction fees, limits, and ID requirements. You should also have your BTC wallet address ready. Be cautious of suspicious people around the BTM. You can use Google Maps and local forums to help you find a safe BTM.
All the BTMs usually have contact details. This information will help you in case you encounter any issues during your transaction.
Use Peer-to-Peer Bitcoin Trading
Bitcoin is a network where computers communicate with each other directly. People can use it to buy and sell BTCs from each other without a central authority or company controlling the transactions. Some websites let you find someone who wants to sell BTCs, and you can agree on how to pay for each other. It is important to check if the person you are buying from has an excellent reputation. There are many websites like Paxful, Binance, OKX, KuCoin, and Huobi that you can use to do this.
Buy Bitcoins with a Cash Deposit in a Bank
You can get BTC by depositing cash directly into a seller’s bank account. You can use P2P exchanges like Paxful and LocalBitcoins to transfer money from your bank account to the seller’s account. Bank transfers are allowed by other services like Athena, Liberty X, CEX, and Wall of Coins.
This is a safe way to buy BTC because the seller won’t know your location. However, there are some downsides. Banks have limited working hours, and you may have to wait in long queues. Also, if you need to prove that you made a deposit, keep the paper receipts you received.
Buy Bitcoins in a Store or Pharmacy
In the USA, there are retailers that offer customers the ability to get bitcoin through the Liberty X Mobile App. You can download the app, create an account, choose a retailer, and receive a barcode to be scanned at checkout.
You can pay between $20 and $500, and the BTC amount will be credited to your account. Then convert it with the app. The limit for buying bitcoin in cash is $500, and you have to pay an extra fee of $4.95 for each transaction.
You can purchase bitcoins in 7-Eleven, CVS, and Rite-Aid.
Conclusion
We have talked about the common ways to buy bitcoin with cash. Most of the methods are very secure, like buying bitcoins through bank deposits or BTMs. But there are other ways to buy BTC, which we don’t recommend. They are unsafe and too risky.
Cryptocurrency is now easily accessible through , making it simpler for both experienced investors and beginners. These apps offer a user-friendly experience with real-time data, portfolio management tools, and educational resources, bridging the gap between traditional and digital finance for greater financial inclusivity and innovation.
In general, it is becoming easier to buy cryptocurrencies with cash around the world. However, before investing, make sure you do your research and consider other options for investing your money in the long term. Moreover, you can consult with professional crypto traders or financial advisors. They will explain to you all the downsides so you can decide if investing in bitcoin is worth it.