Can I buy bitcoins for cash?
How do you buy bitcoin with cash?
Why buy Bitcoin with cash at all? Well, it's private, and usually quick, and one of the easiest ways to get bitcoins. If you want to sell Bitcoin for cash, this guide will also help you ...
Why should you buy Bitcoin with cash at all? Well, it's private, fast, and one of the easiest ways to get bitcoins. If you want to buy and sell bitcoin for cash, this guide is here to help you out.
How do you buy bitcoin with cash?
There are several ways to buy Bitcoin with cash. You can use:
- Peer-to-peer (P2P) exchanges
- Bitcoin ATM
- Buy Bitcoin in person with cash
- Cash Depot Service
Let's take a closer look at each of these options.
1. Buy Bitcoin with cash through P2P exchanges
P2P exchanges provide a convenient and safe way to buy bitcoins with cash as they act as an escrow service. All you have to do is sign up, find a reputable local BTC buyer or seller looking to trade cash, and arrange the further details of your deal, such as when and where to meet.
The most popular Bitcoin P2P exchanges include:
LocalBitcoins is the most popular Bitcoin P2P exchange. It is also available in countries where crypto exchanges are prohibited. Paxful allows you to buy Bitcoin for cash via bank deposits, as well as a host of other options. MyCellium Local Trader is a feature of the popular Bitcoin wallet Mycellium that allows you to discover local Bitcoin traders who want to trade cash and act as an escrow service.
2. Buy BTC with cash at the Bitcoin ATM ATM
Another convenient way to get Bitcoin with cash is through one of the Bitcoin ATMs.
There are many Bitcoin ATMs around the world, and we recommend that you use CoinFlip's ATMs as they operate the largest network of Bitcoin ATMs in the United States. They offer the lowest fees, have 24/7 customer support, and are generally easy to find. You can click here for the closest machine to using CoinATMradar.com or a similar online map. Bitcoin ATM near you.
Here is a typical process of buying bitcoin for cash through a bitcoin machine:
- Get a Bitcoin Wallet Any Bitcoin wallet is sufficient, but with a mobile wallet likeSamourai, Blockchain.info, Jaxx, Mycellium or even a paper wallet is the easiest way. If you want to be sure of the security of your crypto systems, a hardware wallet such as Trezor or Ledger.
- Find the nearest Bitcoin ATM with a service like CointATMradar or a similar Bitcoin ATM card.
- Place an order Approach the machine and follow its instructions. Select Bitcoin as the cryptocurrency of your choice and confirm your order. Note that some ATMs 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 with the ATM's camera. Put cash in the machine and pay for the order.
- Receive bitcoins in your wallet Once your transaction is confirmed, you will receive BTC in your wallet. That's it! You just bought bitcoins with cash.
Also, be aware of the high Bitcoin ATM transaction fees. In some cases, transaction fees can be as high as 5-10%.
3. Buy bitcoin with cash in person
If you don't want to rely on third-party services then the best way is to find someone to take care of yourself. Place advertisements on local billboards, websites, social media or forums, or just check with your friends.
Alternatively, you can attend your local Bitcoin meetings (see sites like meetup.com) and find like-minded people there. Perhaps some of them want to buy or sell Bitcoin with cash.
Also, be aware of the high Bitcoin ATM transaction fees. In some cases, transaction fees can be as high as 5-10%. 7-15% or even more. CoinFlip currently charges 6.99% of the transaction amount for purchases and 3.99% for sales.
If you don't live in the United States or can't find a CoinFlip Bitcoin ATM near you, you can go with CoinATMradar.com or a similar online map to find the closest one.
4. Buy BTC for cash using the cash deposit service
Some Bitcoin trading platforms offer the ability to deposit cash directly into the seller's or service's bank account. These services include:
- Wall of Coins
All in all, buying bitcoins with cash offers more privacy and anonymity when compared to centralized cryptocurrency exchanges, but you should also shy away from bad actors and scammers. Before meeting a seller, always analyze their ratings and feedback from previous customers.
Check out our other guide if you want to learn more about different ways to buy Bitcoin.
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