How to Buy Bitcoin with Cash
How to Buy Bitcoin with Cash in 2023?
The most common ways to buy cryptocurrency are credit/debit cards, bank accounts, and online payment methods. However, you can also buy Bitcoin for cash on various cryptocurrency exchanges, including centralized and decentralized ones.
There are about 20+ ways to buy Bitcoin for cash. Buying Bitcoin for cash is mainly supported on peer-to-peer cryptocurrency exchanges that allow users to pay with local payment methods, as cash payment requires the buyer to physically meet the seller locally.
Other ways to pay with cash include sending cash through the mail, depositing it in a bank, sending it through Western Union, and other cash delivery methods.
Other methods include Amazon Cash, Cardless Cash, cash in person, EzRemit, Oxxo, Transfast, Xpress Money Service, Bancolombia Cash Deposit, cash by mail, cashier’s check, Hugo Cash, postal money order, Vodafone cash payment, Bitcoin ATM, check, MoneyGram, RIA Money Transfer and Western Union.
How to buy bitcoin with cash?
Why buy Bitcoin with cash in the first place? It’s private and usually fast, as well as one of the easiest ways to get Bitcoins. If you want to sell Bitcoin for cash, this guide will also help you. Search for ways to buy Bitcoins.
Why buy bitcoins with cash in the first place? It’s confidential, fast and one of the easiest ways to get bitcoins. If you want to buy and sell bitcoin for cash, this guide will help you.
Advantages of buying bitcoin with cash
- Buyer and seller do not incur transaction fees in fiat currency (US dollars, etc.) that are charged by banks, online payment methods and credit cards. This allows you to maximize your cryptocurrency trading profits with frequent and multiple purchases.
- The seller will not pay withdrawal fees to get the money paid for the cryptocurrency.
- There is no limit on the transaction amount between the seller and the buyer. The minimum and maximum transaction amount is limited by its own factors – like transportation, etc.
- The buyer and seller can choose the most convenient time for them to make the transaction and the most secure/private place to conduct it. They can adjust the time according to their schedule and availability.
- You can avoid online scams and choose this method if you don’t trust online or internet methods.
- This is a private method as you do not leave any digital footprints.
Where can you buy Bitcoins with cash
There are several ways to buy bitcoin for cash. You can use:
- Peer-to-peer (P2P) exchanges
- Bitcoin ATMs
- Cash deposit services
Let’s take a closer look at each of these options.
Buying bitcoin with cash P2P
If you don’t want to rely on third-party services, the best way is to find someone to deal with on your own. Post ads on local message boards, websites, social media or forums, or just check with your friends.
Alternatively, you can attend local Bitcoin meetups (check out sites like meetup.com) and find like-minded people there. Some of them might be willing to buy or sell bitcoin for cash.
However, remember that security is paramount. Never give your real name and residence in such ads, as being known as a bitcoin holder becomes more and more dangerous.
Keep a low profile and always arrange to meet in a safe public place such as a local bank, coffee shop, shopping center or other crowded places.
How to buy Bitcoin with cash at the ATM
You can buy Bitcoin and other cryptocurrencies with cash at one of thousands of ATMs around the world. Many Bitcoin ATMs also allow you to sell bitcoin and receive cash. This article provides an overview of that process.
Buying through a Bitcoin ATM is done in three steps:
Step 1: Start a Bitcoin wallet
When you purchase Bitcoins, you need a place to store them. A Bitcoin wallet is a digital tool that allows users to securely store, send, and receive coins.
Creating a Bitcoin wallet is easy – all you need to do is install an app, such as Bitcoin.com Wallet, on your mobile device or laptop/desktop. When you install the app, a Bitcoin wallet is automatically created.
You can then immediately receive Bitcoins into your wallet, store them securely and use them as you see fit. Read more about Bitcoin wallets and how to use them here.
Step 2: Find a bitcoin ATM near you
According to Coin ATM Radar, there are more than 35,000 bitcoin ATMs in the world. Most of them are in the US, and some countries and regions don’t have any. Use this tool to find a bitcoin ATM near you.
Step 3: Buying bitcoin from an ATM machine
The process of buying Bitcoin through an ATM is usually as follows:
Enter the amount to purchase
Depending on local regulations and the purchase amount, you may be required to verify your identity.
Enter the address of your Bitcoin wallet
To do this, use the Bitcoin ATM camera to scan the QR code of your Bitcoin wallet address, which is displayed in the Bitcoin wallet app. Read more about how to find your Bitcoin wallet address here.
Pay
In addition to cash, you can pay with a credit card, payment app, etc.
Get bitcoins to your Bitcoin wallet
This usually takes a few minutes. The Bitcoin ATM will provide you with a transaction ID, which you can use to track the status of your purchase. You will see a confirmation about receiving the bitcoins in the Bitcoin wallet app.
Selling Bitcoins for cash at a Bitcoin ATM
The process of selling Bitcoins for cash at a bitcoin ATM is usually as follows:
Enter the amount to sell
Depending on local regulations and the amount being sold, proof of identity may be required.
Send the Bitcoin to the address provided
Bitcoin ATM will generate a bitcoin address for your transaction. You can scan the QR code of the provided address and send the Bitcoin to that address using the Bitcoin wallet app.
Get your cash
After the bitcoin ATM receives the Bitcoin, it will dispense your cash. This usually takes a few minutes, and you can track the status of the transaction using the Bitcoin wallet app.
Advantages and disadvantages of using Bitcoin ATMs
The main advantages are:
Speed/convenience
When buying/selling small amounts, you can quickly and without identity verification. This is especially true when it comes to selling Bitcoins for cash. With a ATM, you can get cash in a matter of minutes. With other options, it usually takes 1-3 days to receive money into your bank account.
Using cash
Aside from face-to-face transactions, Bitcoin ATMs are the only way to buy and sell Bitcoin using physical cash bills.
The main disadvantages are:
Fees
Bitcoin ATMs typically charge a higher fee than other buy/sell options. Fees range from 5-15% of the purchase/sale amount.
Limits
Bitcoin ATMs tend to have lower maximum amounts that can be bought or sold at one time.
FAQ
Can I buy bitcoin with credit card on cash app?
How to buy bitcoin or cryptocurrency with Cash App? The best way for Cash App users to safely invest in crypto assets is with eToro.
US investors can fund their US dollar accounts through the exchange in a variety of ways, including wire transfers, debit and credit cards, PayPal, ACH transfers, etc.
How to buy bitcoin with cash at the ATM?
To use a Bitcoin ATM, a customer can insert cash or a debit card into the ATM to exchange traditional currency for Bitcoins. While Bitcoin ATMs are generally available to everyone, they may require the customer to have an account with the Bitcoin ATM operator.
Can I buy Bitcoin cash with Neteller?
Yes, more than 40 different cryptocurrencies can be purchased through Neteller Crypto.
However, high transaction fees – 1.9% for cryptocurrency transactions and an additional 1%-2.5% for deposits – make it less attractive. These fees are higher than the industry average, making it less popular as an investment platform for digital assets.
How can I buy Bitcoin with Apple cash?
You can purchase bitcoin on the site using a credit/debit card or other payment method (Apple Pay, Google Pay, etc.).
Author: Narine Arevyan
Narine has been investing in cryptocurrencies periodically since 2018 and now writes regularly about the cryptocurrency space and payment systems based in Georgia.