Why would anybody want to buy bitcoin with cash in the first place? It’s safe, fast, and one of the simplest ways to obtain bitcoins. This guide will assist you in purchasing and selling Bitcoin for cash.
What is the best way to buy bitcoin with cash?
There are a few options for purchasing bitcoin with cash. You may make use of:
- Bitcoin ATM’s
- Peer-to-peer (P2P) exchanges
- Cash deposit service
- Buy bitcoin with cash in person
Let’s have a closer look at each of these options.
1.Using a Bitcoin ATM, you can purchase BTC with cash.
One of the many Bitcoin ATMs is another easy way to get bitcoin with cash.
There are many Bitcoin ATMs around the world, but we suggest CoinFlip’s because they have the largest network of Bitcoin ATMs in the US. They have the cheapest fees, the best customer service, the highest purchase caps, and are generally easy to locate. CoinFlip Bitcoin ATMs are also available.
A typical process of buying bitcoin with cash via a Bitcoin ATM goes like this:
- Get a Bitcoin wallet. Any Bitcoin wallet will do, but having a mobile wallet like Samourai, Blockchain.info, Jaxx, Mycellium or even a paper wallet is the most convenient way. If you want to be sure of your crypto assets security, a hardware wallet like Trezor or Ledger will do.
- Find the nearest Bitcoin ATM using a service like CointATMradar or any similar Bitcoin ATM map.
- Place an order. Approach the machine and follow its instructions. Select Bitcoin as the cryptocurrency of your choice and confirm your order. Mind that some ATM’s may ask you to verify your ID or phone number.
- Scan the QR code and complete the purchase. Access your BTC wallet and scan your public key using the ATM’s camera. Insert cash into the machine and pay for the order.
- Receive bitcoins to your wallet. Once your transaction is confirmed, you will receive BTC to your wallet. That’s it! You’ve just bought your bitcoins with cash.
Also, be aware of the hefty Bitcoin ATM transaction fees. In some cases, the transaction fees can reach up to 7-15% or even more. At the moment, CoinFlip charges 6.99% of the transaction amount for purchases and 3.99% for sales.
If you do not live in the United States of can’t find a CoinFlip Bitcoin ATM near you, you can look for the closest one using CoinATMradar.com or a similar online map.
2. Using Peer-to-peer (P2P) exchanges you can purchase BTC with cash.
P2P exchanges, which serve as an escrow service, provide a convenient and safe way to buy bitcoins with cash. All you have to do is sign up, find a trustworthy local BTC buyer or seller who is willing to deal in cash, and finalize the specifics of your trade, such as the meeting time and place.
The most popular Bitcoin P2P exchanges include:
- Wall Of Coins
LocalCryptos, like any of the other P2P sites on this list, enables you to purchase bitcoin with cash or other methods. Meanwhile, the LocalLightning platform uses the ever-expanding Lightning Network to allow you to buy and sell bitcoins in cash. MyCellium Local Trader is a feature of the popular Bitcoin wallet Mycellium that allows you to find local bitcoin traders who want to do business in cash and functions as an e-commerce platform.
3. Using Cash deposit service you can purchase BTC with cash.
Some Bitcoin trading platforms offer an option to deposit cash right into seller’s or service’s bank account. Such services include:
- Wall of Coins
Overall, as opposed to centralized cryptocurrency exchanges, buying Bitcoins with cash provides more privacy and anonymity, but you should be careful of bad actors and scams. Often read reviews and comments from past buyers before meeting with a seller.
4. Buy bitcoin with cash in person
If you don’t want to use any third-party providers, having someone to deal with yourself is the best choice. Place ads on local bulletin boards, blogs, social media sites, and forums, or simply ask your friends.
Alternatively, you can find like-minded people by attending local Bitcoin meetups (check sites like meetup.com). Perhaps some of them would want to buy or sell bitcoin with cash.
Bear in mind, however, that protection comes first. Since becoming known for keeping bitcoin is becoming increasingly risky, never disclose your real name or where you reside in those ads.
Maintain a low profile and always agree to meet with another person in a public place where there are a lot of people, such as a bank, a coffee shop, a mall, or another place with a lot of people.