Crypto investors and traders use cash for purchasing Bitcoins (BTC) for these reasons:
- It gives them the needed privacy, which is lacking in exchanges (because they require ID verification). Cash gives you anonymity and that’s how you can buy Bitcoin with no verification.
- Cash is one of the easiest ways through which you can get BTCs.
- This method enables you to acquire bitcoins without having the need to convert cash to bitcoin.
When buying the largest cryptocurrency, in terms of market cap, with cash, make sure that you already have a Bitcoin wallet. If you still don’t have a BTC wallet, make sure that you have one no matter whether you make the purchase from a Bitcoin ATM (BATM) or a cryptocurrency exchange. When you purchase BTCs from P2P sites or cryptocurrency exchanges, it usually comes with very high fees.
Try to choose exchanges that have lower fees. One of the best services and lowest fees are charged by Coinmama. It is available and functional in almost all countries. It is one of the most reliable and trusted names in the crypto exchange and broking world. With the help of credit cards, you make bitcoin purchases with the highest limits.
Recommended Cash Bitcoin Exchanges to Buy BTCs
Your search for where to buy bitcoin with cash is over. This section of the guide will help you get the list of exchanges and local person-to-person (P2P) sites from where you can purchase Bitcoin easily and fast.
Local Bitcoins enable you to buy bitcoin with cash locally. This is a P2P site that helps you either to trade BTCs in-person or with the help of cash deposits. Here is a quick step-by-step guide that will give you a clear picture of how to buy bitcoins with cash on LocalBitcoins:
Step #1: Log in to your LocalBitcoins account. If you don’t have an account yet, create one on LocalBitcoins.
Step #2:Search LocalBitcoins and find a seller who sells BTCs in your local area and accepts cash.
Step #3: Once the seller is chosen, choose the number of coins or Satoshis you want to buy. After that, place an order accordingly.
Step #4: Contact the seller and receive his/her account number.
Step #5: In the concerned account of the seller, deposit the cash.
Step #6: To prove that you have actually deposited the cash to the seller’s account, upload the receipt.
Step #7: Once it is verified that the buyer and seller have done their part in executing their trade, the buyer will receive Bitcoins. The received BTCs will be deposited in the buyer’s LocalBitcoins wallet.
This is the guide of how LocalBitcoins works and the way in which you can buy bitcoins by using cash.
The best thing about LocalBitcoins is that it enables users to do anonymous trading. It doesn’t need any personal details/verification. However, specific information may be sought by some sellers.
For making purchases through LocalBitcoins, you’ll be charged a flat 1% fee. It is recommended to buy BTCs from sellers having previous trade history and who also received positive feedback.
- It keeps the trade private. No personal information is needed during in-person trades.
- You can trade easily and fast.
- You just need to deposit cash for buying the largest cryptocurrency (in terms of market cap).
- You should be aware of any scams. That’s why it is very important to follow the rules at LocalBitcoins.
- It becomes very difficult to purchase BTCs in large amounts.
- In comparison to regular crypto exchanges, you may have to shell out a slightly higher price of Bitcoin. They say this higher price is due to the fact that it allows you to buy BTCs without any verification, thereby offering you enough privacy.
- It is significantly hard to use. That’s why it is not recommended for beginners.
- LocalBitcoins provide you with very high privacy.
- The speed of buying and delivery of coins is fast.
- Fees are low, especially when compared to other cryptocurrency exchanges.
- This P2P site is highly trusted.
- It has only average limits.
You can buy Bitcoin through a number of retail stores of LibertyX, spread across the USA. When compared with other similar available options, LibertyX’s trades are comparatively less private. Before a person buys through this platform, he or she has to verify his/her identity. A trader can purchase up to US$1,000 worth of Bitcoin daily and the fees that will be charged by this platform is very low.
- It is a very easy, fast, and reliable way of purchasing BTCs with the help of cash.
- For buying Bitcoins with cash, the fees are quite low, which is just 1.5% + store fee.
- For a convenience service like LibertyX, a daily limit of US$1,000 is significantly low.
- The stores that participate in selling Bitcoins through Liberty X, add their own variable fee. This increased the overall cost, much higher than the stipulated cost.
- The expected level of privacy in purchasing Bitcoins with cash gets lowered by some of the verifications done by the platform.
- Attaching the Facebook account of the customer is allowed. It further lowers the privacy of the trader.
- Its ease of use is average. Beginners can use this platform.
- LibertyX provides you average privacy.
- The speed of buying and delivery of coins is average.
- Fees are average, especially when compared to other cryptocurrency exchanges and P2P sites.
- It is highly trusted.
- Liberty X has average limits.
You can buy Bitcoin with cash from Bitcoin ATMs (also called BATMs). You can do this from your local area. In fact, these specialized ATMs allow users to make purchases only with cash. The BATM charges are a bit on the higher side, generally varying from 5% to 10%.
As there is no verification checked, Bitcoin ATMs provide buyers with complete privacy and anonymity. Some of the BATMS may also ask for verification as there are a wide array of manufacturers. However, most BATM manufacturers don’t ask for any kind of verification.
- Bitcoin ATMs can be found easily in the US.
- Helps you to make the purchase with no verification, thereby helping to remain completely anonymous.
- The fee for each purchase ranges within 5-10%, which is significantly high in comparison to others.
Frequently Asked Questions (FAQs)
Is there any risk involved in buying bitcoins with cash?
The risk of purchasing BTCs with cash is very low. To reduce the probability of theft or scam, try to make the trade deal in a public place if it is an in-person trade. Try using an escrow service (such as BitQuick or LocalBitcoins) to make the purchase so that frauds can be avoided.
What are the benefits and advantages of buying BTCs with cash?
Purchasing Bitcoins with cash is very easy. In most cases, the trade can be done without the requirements of verification of personal information. The process of trade completion is very fast too.
Are there any Disadvantages of Purchasing BTCs with cash?
Only a limited amount of bitcoins can be purchased with cash. Even in the case of BitcoinATMs, they require verifications if you place buying requests above a certain limit.
Is it risky to give up my ID in order to buy?
Giving your ID to a reputed and trusted cryptocurrency exchange is not at all risky. That’s why choosing the right exchange and broker is very important in trading cryptos.
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