Today, regardless of the city and country of residence, people are increasingly thinking about bitcoins and investing in this cryptocurrency. Some of them get bitcoin, gradually increasing their hardware wallet of bitcoins. Surprisingly, cryptocurrencies are gaining momentum among the mass of other money, and people are willing to invest in them. However, as practice shows, the buyer does not always understand which payment method of bitcoins is better. Meanwhile, trading platforms offer different conditions for obtaining bitcoin, various fees, cash deposits, and services. Some people prefer to buy bitcoin by bank transfer, while others prefer to buy bitcoin with cash.
In this article, you will learn how to buy bitcoin with cash. Also, you will recognize bitcoin ATMs, payment options, and their benefits. This comprehensive step-by-step guide will dispel all your conjectures and fears, as well as help you buy bitcoin on favorable terms without a risk.
Bitcoin, bank transfers, and credit card
First of all, the buyer will understand what crypto is, in particular bitcoin. Bitcoin is digital money (cryptocurrencies). Physically, bitcoin does not exist, as there are only special bank registers. In a practical sense, it is a data register that keeps track of how many bitcoins someone has and who transfers them to where. In general, this process is similar to how banks implement non-cash payments. It is how the bitcoin exchange mechanism works.
Bitcoin allows you to transfer funds under a pseudonym (not anonymously) and without banks. This method is convenient for transactions with any person and company from all countries—Sellers trade crypto on bitcoin exchanges, investing money. Any cryptocurrency exchange is an effective platform for buying bitcoin with cash or through a bank, creating bitcoin wallets, and conducting transactions.
Various options to buy bitcoin with cash
This comprehensive guide presents four ways for buying bitcoin with a cache. Carefully read each of them to choose the best one for yourself and get the benefits:
1) Paxful options
Indeed, the first method of buying bitcoin with cash is the most common. Paxful is a convenient online place where users can buy bitcoin or coins with cash. The buyer purchases bitcoins and creates a paper wallet, and stores crypto there. The advantage of this trading space is the availability of 350 different payment methods. By the way, there is one objective of this trading service. It is a creation of about 100 schools in South Africa to promote universal values.
Benefits and options:
- Create your account and specify your phone number
- Buy bitcoin with cash in real-time
- Sell through one payment option
- Get an opportunity of escrow service
- Build your image through review service
- Receive a free wallet
- Earn funds and buy bitcoin with cash again
2) Bitcoin ATM
The second way of buying bitcoin with cash is to get bitcoins in a bitcoin ATM. As a rule, bitcoin ATMs are a popular way to buy cryptocurrencies, bypassing traditional banking services. Bitcoin ATM is a service that allows you to purchase or cash out bitcoins or other cryptocurrencies. Instead of a bank card, persons create a crypto wallet from which coins are debited. They are most popular among sellers who do not have constant access to high-speed Internet. Users also use them if they do not have a bank account.
The ATM sector is actively developing, and it shows no signs of slowing down. As the bitcoin’s popularity increases and the level of trust, there are more and more bitcoin ATMs. Finding the nearest bitcoin ATM is not a problem. Open the ATM map where there are all these services. You may also use the map to specify its functionality, manufacturer, purchase limits, and coins.
Usually, bitcoin ATM does not accept bank cards (you can only buy coins for cash). Cards provide for the possibility of canceling the operation, and in cryptocurrencies, it is impossible to cancel the transaction.
These are two different ways to get and sell bitcoins. Check out the following list of items covered in this article:
- Reasons to buy with cash
- Bitcoin P2P exchanges
- Buy bitcoin face-to-face
- Bitcoin ATM and your wallet service
- Buying bitcoins through a cash deposit
- Purchase bitcoins in the mail
- Cash for bitcoin
- Final words
Reasons to buy with cash
Having dealt with the process of obtaining bitcoins, you need to understand its relationship with cash. Every person has the opportunity to purchase bitcoin with cash and get benefits if they follow the precautions. Firstly, one of the pluses is privacy (all rights reserved). Seller does not need to provide all data (a phone number) and documents to identify them. This way is the most successful, as the risk of information theft is reduced.
Secondly, you may avoid tax threats and sanctions. Finally, the most significant advantage is the speed of the operation. The seller does not need to wait for bank transactions and funds, as cash saves time. Bank deposits and transaction fees usually take up to three business days. Keep in mind that every day can be valuable for you if the price of bitcoin rises.
Bitcoin P2P exchanges
It is no secret that bitcoin exchanges are popular platforms for buying and selling bitcoins. However, according to experts and analysts, most bitcoin trading takes place outside the exchanges. On the one hand, it is a great advantage. For instance, if bitcoin becomes tradable only with the state’s permission, it is reduced to a new form of fiat currency and even more. For this reason, exchanges should have proven experience with cash.
According to research data and charts, OTC trading started back in 2017. Even the Chinese bitcoin trading case shows the state of affairs. It is highly advisable to study.
Buy bitcoin face-to-face
Another way to buy bitcoin with cash is to buy it from one person (a friend, relative, or someone else). In this case, the seller or buyer should carefully read the situation of the bitcoin exchange rate. The second step is the reliability of your purchase from a person. There are cases when there is a risk of fraud and manipulation. For this reason, buy bitcoin from a trusted person who you can meet at bitcoin conferences.
It is not difficult to find such events because it is enough to view the upcoming events on Facebook or Meetup by bitcoin groups. Do not forget to check the amount of cash if you do not count on the help of a bitcoin ATM. Also, bring a laptop with a bitcoin wallet installed and an app. Through the created account, you may immediately check the receipt of funds.
Security service for trading
There are several successful options for selling bitcoins in this way. Previously, we advised you to use the LocalBitcoins platform for personal trading. Unfortunately, the LocalBitcoins has removed ads about bitcoin cash sales. Today the best kind is Paxful, which is mentioned above.
Paxful for trader
This service was launched in 2015 and now serves most regions and locations. As opposed to the LocalBitcoins, it guarantees the reliability of financial operations. This company has a site for trading outside the exchanges.
Below is a plan for buying crypto on the site:
- Visit the website and sign up (QR-code, account)
- Buy bitcoin in the top menu
- Specify your locations
- Select cash payment way
The sections offer a list of sellers, a feedback score for each of them, including the exchange rate. You need to select one seller with a positive reputation, enter the desired purchase amount and start a conversation. It is not unusual because it is a communication with your potential seller. On the site, you may read all reviews on the exchange of this process.
This popular Mycelium mobile wallet includes a convenient Local Trader feature. Thanks to this mechanism, everyone can match cash and escrow service for bitcoin traders. Everything you need to know about bitcoin is in this program. After the payment, the seller issues coins from his wallet to yours, thereby exchanging them.
Thus, this application allows you to trade bitcoins and guarantees the compliance of the declared coins. Also, there is customer support for everyone.
In making transaction fees and buying and selling bitcoins, everyone should turn on escrow. This tool allows you to store the seller’s bitcoins under protection. Besides, make any operations in a safe place with reliable people. If you are trading bitcoins for the first time, choose a space with access control, cameras, and security. Don’t forget about common sense, and don’t be naive.
Bitcoin ATM and your wallet service
I have already mentioned Bitcoin ATMs, which accept cash and send bitcoins to your address in return. It is a convenient type of trade that works around the clock. You may find the nearest crypto ATM using a card (CoinATMRadar or CoinFlip) in the United States. The site contains all information about bitcoins, amounts, and contact details of the operator. Carefully carry out any transactions.
Buying bitcoins through a cash deposit
There are several offices (LocalBitcoins and Paxful) that offer the purchase of crypto through cash deposits. Indeed, the following deposit services also operate in the United States:
Besides, the Wall of Coins provides the same purchase and sale mechanism in the United States, Argentina, Brazil, Canada, Germany, English cities, and other regions. The method is based on the provision of bank details by the seller, and the bank executes the entire exchange. Next, the buyer deposits to the seller’s account through the cash register. This method is the safest and most reliable, which does not entail any fraud.
Among the disadvantages, it is worth highlighting the time limit since the entire process can only be carried out during the bank’s working hours. When conducting a transaction, the bank also uses a fraud protection service. You may take a picture or scan the deposit receipt to avoid any confusion. For this reason, keep all documents.
Purchase bitcoins in the mail
In addition to the above features, Paxful helps you find merchants who can accept cash via mail. Traders can also use darknet markets, which is not recommended at all. In any case, trade only with trusted persons who guarantee the functionality of the operation since there are many scammers. As a rule, this method has drawbacks, such as slowness and the risk of losing the envelope. To become a qualified trader, you need to pass identification (take a photo, send it by mail).
Some use registered mail to make themselves more secure. Upon receipt of the envelope, the seller signs this mail, which determines the degree of proof of the transaction.
Cash for bitcoin
Thus, if you want to purchase crypto via cash, use the above methods, following all recommendations. Do not doubt your choice, and the main thing is to check all info.
In general, the best option for buying bitcoins via cash is a bitcoin ATM. These tools allow you to make a transaction without any problems, securing it. However, although such methods work faster and anonymously, it can be risky for various reasons than other online methods (credit cards, transfers). Therefore, the choice is yours: choose online methods or cash.
1) Can you use cash to buy bitcoin?
Everyone may use cash to buy bitcoins. To do this, you need to choose a convenient and safe way, following all instructions. You may choose online platforms, crypto ATMs, and even buy them in person.
2) Where can you buy bitcoins with cash?
You can buy bitcoins through convenient online mechanisms such as Paxful, BitQuick, or through bitcoin ATMs and face-to-face from a person.
2) How can I buy bitcoins at Walmart with cash?
You need to open the Walmart website, register, find the right trader for the transaction. Once you have selected a seller and committed to trading, you must go to Walmart and make a deposit or transfer. After payment, you will receive your bitcoins.
4) How do I buy Bitcoin with cash at ATM?
You need to find a suitable bitcoin ATM on the map and agree with the person about the transaction. There is nothing complicated about it.