Recently, cryptocurrency has the investment of nearly $800 billion, and more than $320 billion has been invested in Bitcoin only. In 2021, there was a report that said there are more than $6.75 trillion in payments in the global online market. But do you know how to buy Bitcoins with cash?
I guess most people rely on either online exchange platforms or try to invest through trading. But, these all are some processes that require online payment methods like Credit or Debit Cards, UPI, bank transfers, or linking your bank account to some exchange platforms.
In this article, we are trying to give you solutions on how you can buy Bitcoins with cash. Isn’t it amazing? Let’s see what the ways to do it are.
Options To Buy Bitcoin With Cash
Here are the basic options, we will elaborate on these points later on.
- You can buy from LocalCoinSwap or Paxful
- I guess you have heard about Bitcoin ATM
- You can buy Bitcoin by depositing cash in your bank
- There are pharmacies and convenience stores where you can buy Bitcoin
- Have you heard about buying Bitcoins through email?
Now, coming to everything that you must know before buying Bitcoins with cash.
Buying Bitcoin With Cash
You may think that is why something would buy cryptocurrencies with cash. So, to answer your questions, there are a couple of advantages that you are going to get. So, if you are able to take these necessary precautions, then it would be great.
1. Privacy
First, talk about some regular Bitcoin exchanges, you need to reveal a lot of information, including name, email address, bank account, Debit, or Credit Cards, and most importantly, you need KYC verification to register and open an account.
But buying with cash doesn’t require any documents to verify. So, the risk of identity theft has already decreased. Another reason why you should buy Bitcoins through cash is that there will be no tax authorities who will ask you to pay taxes.
2. Speed
Speed or saving some time is a factor that everyone should consider. First of all, you don’t need to wait while transferring the amount to your crypto wallet. The same can happen when verification. Sometimes, the verification process might take up to 72 hours. You also need to wait for a couple of days or hours while withdrawing your returns.
But, in this case, there is no waiting at all. You can buy Bitcoin at any time, and you don’t have to wait or worry about your money. Also, you already know how the cryptocurrency market works and how volatile the market is. So, the quicker you can trade Bitcoins, the more chances are there that you will not be at a loss.
Peer-to-Peer Bitcoin Trading
There are many experts who say that the volume of Bitcoin trading occurs off-exchange. In case, it is a good thing. Let’s amuse that most states have accepted Bitcoin as a new form of currency. If this happens, then beginners will gain experience in cash trading as well. If you catch an example of China’s banning on Bitcoin exchanges. And the result was that LocalBitcoins volume increased a couple of months after that.
In-Person Bitcoin Buying
There is a simple way through which you can trade Bitcoin with cash. You must have friends or know people who are willing to sell you some of their assets. You can call your friends or set up a meeting, then trade Bitcoins with your wallet. All you need to have is money and the address of your cryptocurrency wallet.
When it comes to LocalBitcoins trading or in-person trading, you should always keep an escrow, you can get help from Paxful. It is one of the best services that you can get, the platform was started in 2015 and gained quite popularity. Here are the steps that you need to follow.
- First, you need to visit the official website.
- Now, register an account and sign up.
- After that, you need to put your location and the requested amount. Then you have to select “Cash” as the payment method.
There will be sellers that you can see. You need to give your location so that the platform can let you know whether there is a seller near your location or not. If you see that there are no sellers in your area, then you have to follow a different method. You can also check the feedback score and the exchange rate as well. Now, follow these steps.
- First, consider the seller who has the most positive reputation.
- Now enter the amount that you want to buy the same worth of Bitcoin, and also check if that limit is within the seller’s reach.
- You can then arrange a meeting and talk about the trading via messaging.
Mycelium Local Trader
Whether you use an iOS or an Android, there is a popular mobile wallet named Mycelium. And you will find a feature called Local Trader. This feature allows you to buy Bitcoins with cash, and there are escrow services as well.
You need to understand a simple thing, if there are no people around you like, for an example, there is not a single person who wants to sell Bitcoin around 100 kilometers of radius, then you have to travel for 101 kilometers, or there is no option to buy Bitcoin with cash.
LocalCoinSwap
This is a desktop-based platform for crypto trading. You will find an escrow, and the platform works almost similar to any other trading platform. All you need to do is to make an offer in respect of the payment method, your location, and the required coin. The platform is quite popular, and people have been using this platform since 2018.
Common mistakes people make while buying Bitcoin with cash
If you are not accustomed to the world of cryptocurrency, then it could be a little intimidating for you if you want to buy Bitcoin with cash. There are certain risks involved with buying Bitcoin with cash, and people make some common mistakes. Let’s see what those are so you can try to overcome them.
- Not researching about Bitcoin ATMs: This is one of the common mistakes that people make, and that is they do not research enough about Bitcoin ATMs from before. Not all ATMs are created equally. It is important that you choose a reputed one or use a trustworthy machine to buy from. This will help you to protect your money and avoid scams.
- Not understanding the limits and fees: Another common mistake people make is not having a sound knowledge of the fees and limits before using the ATM, as they could impact your transaction in a significant way. Most ATMs charge some fee for the service they are providing, and this varies from location as well as machine.
- Not having a digital wallet: For buying Bitcoin with cash, you would require a digital wallet for storing it. There are various digital wallets that are available, including hardware wallets, mobile wallets, desktop wallets, and online wallets. You have to set the wallet beforehand to buy the coins, so you can store them instantly. People often try to buy Bitcoin without preparing their profile to verify their identity. This causes complications and delays when you try to buy Bitcoin, as you would be required to provide the information and necessary documentation.
Final Words
Most people do not know how to buy Bitcoins with cash. There are many ways that you can try and buy Bitcoin. Recently, buying Bitcoin on cash app is a new trend that the community is trying to promote more and more. There are also Bitcoin ATMs that you can visit. I hope this article will fill up the need that you are looking forward to, if so, feel free to share it with your friends.
Thank You.
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