When it comes to cryptocurrencies, Bitcoin is often seen as the top pick. It was the first-ever cryptocurrency, gaining immense recognition and use cases. Since its inception in 2009, Bitcoin has been celebrated for its reliability and security as a digital currency.
It boasts the highest market capitalization and liquidity among all cryptocurrencies, making it easier to buy, sell, and trade. Do you want to buy Bitcoin but prefer to use cash for security or personal reasons? Read on to find out the best channels to employ.
Methods of Buying Bitcoin with Cash
Around 2010, convenience-oriented cryptocurrency enthusiasts started the movement of buying Bitcoin with cash. Since then, the availability and methods for purchasing Bitcoin with cash have expanded, providing more options for those interested in entering the cryptocurrency space. If you prefer to buy Bitcoin with cash, here are the methods–with subsequent steps– you can explore:
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Live Transactions
You can connect with Bitcoin vendors who accept cash by utilizing peer-to-peer trading platforms like LocalBitcoins and Paxful. It is considered the best because you can physically contact the Bitcoin vendor. Here’s how to proceed:
Create an Account
Once a trading platform with a peer-to-peer trading feature has been chosen, you’ll need to share your personal details to create an account else you won’t achieve your aim.
Search for Sellers
Browse through the listings to find sellers who accept physical cash as a payment method. Take a look at their reputation, rates, trading history, and reviews to ensure a smooth transaction.
Initiate a Trade
Once you find a suitable seller, initiate a trade by specifying the amount of Bitcoin you want to buy and the payment method as cash. The platform will provide you with any other instructions for the trade.
Schedule a meeting
Communicate with the seller through the platform’s messaging system to arrange a meeting. Make sure to choose a public location for safety–somewhere with security cameras and good lighting.
Meet and Finalise the Transaction
When you meet the seller, bring the agreed-upon amount of physical cash and have your Bitcoin wallet ready on your smartphone or other devices. Inspect the cash and ensure its authenticity. When you are content, hand over the cash to the seller, and the equivalent amount of Bitcoin will be sent to your wallet.
Confirm the Transaction
Upon completion, confirm the entire process. Make sure that you have received the correct amount and not less. It is advised that you both part ways after nothing less than twenty-five minutes. This is done to make sure you haven’t fallen victim to any scams involving flash Bitcoin transfers.
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Bitcoin ATMs
In the US today, you can find Bitcoin ATMs sprouting up all over. They’ve made it incredibly convenient for residents to buy Bitcoin using cash. Now, let’s discuss how to use a Bitcoin ATM to make your purchase:
Find a Bitcoin ATM
Use online directories like Coin ATM Radar or CoinFlip to locate a Bitcoin ATM near you. Make sure to confirm if the ATM supports cash transactions. Also, check the machine’s operating hours and fees.
Verify Your Identity
In situations where you’ll need to confirm your identity before any other thing, you’ll need to either provide your phone number, scan your ID, go through a biometric verification process, or just take a selfie.
Insert Cash
Insert the desired amount of cash into the Bitcoin ATM. The ATM will have a designated slot to insert your bills. It will equally display the equivalent amount of Bitcoin you will receive. Make sure to follow any specific instructions provided by the ATM.
Provide Your Bitcoin Wallet Address
The Bitcoin ATM will prompt you to provide a Bitcoin wallet address. This is where the purchased Bitcoin will be sent. If you don’t have a Bitcoin wallet, you can set one up beforehand using a trusted wallet provider or a mobile app.
Complete the Transaction
Painstakingly review the details and make sure everything is correct before going ahead to confirm the transaction. The Bitcoin ATM will transfer the purchased Bitcoin to your provided wallet address. It will take only two or three minutes for the transaction to be confirmed on the blockchain if it doesn’t reflect immediately. Note that the ATM provides a transaction ID or a receipt upon successful transaction.
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Bitcoin Vouchers
Some services offer Bitcoin vouchers or gift cards that can be purchased with cash. These vouchers can then be redeemed for Bitcoin. Here is a guide to help you navigate the process of buying Bitcoin with physical cash using Bitcoin vouchers:
Find a Bitcoin Voucher Service
Look for reputable sites that offer Bitcoin vouchers or gift cards. These providers often have partnerships with local stores or retailers where you can purchase the vouchers. Examples include Bitit, CoinCorner, and FastBitcoins.
Locate a Participating Store
Once you have identified a Bitcoin voucher provider, you will need to locate a store or retailer that accepts their vouchers. You can easily check the provider’s website or contact their customer support for a list of participating stores. With your cash in hand, you can then head over to any of these stores to buy your Bitcoin voucher.
Purchase the Bitcoin Vouchers
At the store, ask the cashier or store personnel for the Bitcoin vouchers. They will walk you through the steps of choosing the Bitcoin amount you want and finalizing the purchase with your physical cash. You will then be given a printed voucher or a digital code.
Redeem the Voucher
The process can be completed in three simple steps; visit the website or platform specified on the voucher, create an account (if necessary), and enter the voucher code.
After the voucher has been redeemed, its equivalent amount should now be in your Bitcoin wallet.
Conclusion
Now you’ve got it; a detailed walkthrough on purchasing Bitcoin with physical cash using three different methods. Ensure that all the sites aiding your purchase are legit as there are scam clones out there. Never forget to stay cautious and prioritize safety throughout the transaction.
