Buy Bitcoin with Cash – How to buy bitcoin for cash
You’ve got Bitcoin in mind, and your next move is buying it with cash. In this practical guide, I will cover everything you need to get started:
- Four ultimate options for purchasing Bitcoin with cash.
- Why should I purchase Bitcoin with cash?
- Purchasing Bitcoin with cash through bank deposit
- Purchasing Bitcoin via the mail
- Purchasing Bitcoin via a Bitcoin ATM
- Purchasing Bitcoin with cash in person
- Bitcoin P2P trading
- Where can I buy Bitcoin with cash?
1. Four Ultimate Options For Purchasing Bitcoin with Cash
a. Purchase Bitcoin with cash via the mail.
b. Purchase Bitcoin via a Bitcoin ATM
c. Purchase Bitcoin via Paxful
d. Purchase Bitcoin through bank deposit
2. Why Should I Purchase Bitcoin with Cash?
If you are curious about why buying Bitcoin with cash is a better choice, here are the quick pointers that can fuel your interest.
When it comes to speed, buying Bitcoin with cash is an excellent choice. The reason is simple. You don’t have to go through the hassles of bank transfers and verification by an exchange. While cash deposits take 1 to 3 business days, verification by exchange takes forever (it ranges from 1 to 3 weeks).
See? Trading with cash saves a lot of your precious time. In the world of Bitcoin trading, you know that time is money.
Safe and Secure
Now, you have to come around with some other advantage of purchasing Bitcoin with cash. It’s the impressive way in which it protects your identity! Maybe you don’t know; a regular Bitcoin buying option would require some documents to verify your identity. But for cash trading, it’s a no-no.
Considering the increasing risks of identity-related crimes, it’s a safer trick.
3. Purchasing Bitcoin with Cash through Bank Deposit
We can agree on this: Buying bitcoins with cash via cash deposit is a bit challenging! But that only happens when you are not well- informed. Trading your cash for bitcoin only takes a few hours. I will show you how easy it can be.
It’s possible to purchase bitcoins with cash on Paxful and LocalBitcoins through cash deposits. In the US, Canada and many others, Liberty X, BitQuick and Wall of Coins also offer cash deposits as a payment option.
Now that you know the online platforms that accept cash deposits, I bet you are excited to learn how to buy. The method is delicious. All you need to get started is to let the seller provide his/her bank account details. Deposit to the seller’s account. Scan your bank receipt to prove that you made a deposit and receive the bitcoins.
Experts say that this method is very safe and reliable than meeting your seller physically. It’s a low-risk one because of its lack of proneness to identity thefts. Sellers cannot access your bank account details.
On the flip-side, it can become a hassle if there’s a long queue at the bank or you face network problems.
4. Purchasing Bitcoin with Cash via the Mail
To buy bitcoin with cash, you need to set your mind on several options. Mail purchase is also one of these options. Paxful offers mail trading as an interactive option. Through this option, you can interact with sellers who accept cash via the mail.
With this method, you can mail your cash instead of visiting the bank to make cash deposits. However, the disadvantages of this method outweigh its advantages. The mail may arrive late, or the parcel may be stolen. I recommend that you inconspicuously wrap the bills so that other people can’t easily know their contents.
Also, try to mail the cash through registered mail, and the parcel receives the seller’s signature after he/she receives it. This method is an excellent choice to prove that you paid through an escrow service.
Note that some sellers may compensate you even if they never received the parcel. But it’s contestable. You have to upload a photograph or video of yourself placing the money in the parcel, sealing and mailing them.
Considering the downsides of mail purchases, I recommend it for bitcoin buyers who cannot reconcile with other payment options. It’s because other methods are by far safer than mail purchases.
5. Purchasing Bitcoin with Cash via a Bitcoin ATM
Using Bitcoin ATMs (BTM) is a classic choice because they are easier and secure. It allows you to purchase bitcoin with cash and send the bitcoin to your wallet address.
Unlike other options, the verification process doesn’t take forever, and you don’t need to provide any bank account details. The trick is to locate your nearest Bitcoin ATM by visiting the BTM locator. Note the BTM operator’s relevant details on the website, such as contact details, precise location, service fees, and many others. The most popular BTM locators include CoinFlip for US residents or CoinATMRadar.
Before you visit the BTM, remember to memorize or jot down your bitcoin wallet address. I recommend that you also watch out for suspicious individuals within the tentacles of the BTM. You should know better.
6. Purchasing Bitcoin with Cash in Person
If you don’t rate online transactions, purchasing bitcoin with cash in person is made for you. All you need to do is to find a reliable person that can trade bitcoins for your cash.
To get a trusted person(s), consider your friends, family members, and individuals from local bitcoin groups. When you find someone, open a bitcoin trade with them and meet physically to purchase it with cash. Remember that it won’t be easy to confirm the receipt of your coins without your bitcoin wallet. Ensure you bring a smart-phone or laptop with an installed bitcoin wallet.
When meeting a seller, I recommend that you agree to meet in a secure location. Excellent choices are open spaces like a restaurant, police-station foyers and many others. The essence of these precautions is to prevent fraudulent activities.
Two Incredible Options For Escrowed In-Person Trading
Paxful is one of the best services for a buyer to seller matching if you still want an escrowed service despite the In-person precautions. Mycelium Local Trader is also a good choice.
Paxful Buyer/Seller Pairing
History has it that Paxful has existed since 2015, and they have stood the test of time. Overall, they have built a strong reputation for security, convenience and reliability. Hence, Paxful has become one of the most popular websites for a buyer to seller matching.
Buying Bitcoin with cash is easier. First, sign up on the website. Second, tap the “Buy Bitcoin” link in the menu. Third, enter your precise location, purchase amount and select the cash option. Finally, it will display a list of sellers with their exchange rates and feedback scores. With those details, you have the luxury to choose a seller with a good reputation and open a bitcoin trade with them.
Mycelium Local Trader
Like Paxful, Mycelium Local Trader is a go-to site for bitcoin cash purchases in person. It offers a trusted service that provides a platform for a buyer/seller pairing.
Local trader operates a little differently from Paxful. Unlike Paxful, Local Trader is location-wise. Your location determines whether you get fewer or more sellers in the search results.
Also, Mycelium local trader doesn’t possess the seller’s bitcoin as Paxful. Instead, the buyer receives the bitcoin directly from the seller’s local trader wallet after payment.
It follows that Mycelium guarantees that the buyer receives the exact amount of bitcoin he/she purchases. The reason is that the Mycelium wallet possesses an algorithm that monitors the transaction between the buyer and the seller. The wallet will not allow the seller to accept your purchase offer if his wallet does not have enough bitcoins.
7. Bitcoin P2P Trading
Some experts suggest that the majority of bitcoin transactions occur outside the open markets. That seems more like Peer to Peer trading ( P2P). Bitcoin P2P exchanges are means through which the buyers and sellers can settle bitcoin transactions without third parties.
One factor that sets P2P apart from other methods is that you can still trade without government approval. When the chips are down, you can still purchase bitcoins from the seller you choose through P2P. A good example of the advantage of peer-to-peer lending exchanges was in 2017 when China banned Bitcoin trading. Despite the ban, Bitcoin P2P trading continued.
8. Where Can I Buy Bitcoin with Cash?
So, I have shown you how easy it can be to buy Bitcoin with cash. I can already figure the next question. Where can I purchase bitcoin with cash? If you want a quick answer, the following methods should help:
- Wall of Coins
- Mycelium Local Trader
These two basic principles should help you safely purchase bitcoin with cash:
- Consider using an escrow service during purchase.
- Bitcoin ATM is the safest for cash purchase. Ensure it’s at the top of your pecking order for bitcoin.
I hope that you enjoyed this guide on how to buy bitcoin with cash.