Buying Bitcoin with cash comes with several benefits. One of the main benefits is privacy. If you purchase BTC with cash, you will not need to reveal any of your private details, which are required by most crypto exchanges. Besides providing you with better privacy, it is also safer since it lowers the risk of identity theft.
Another benefit of buying BTC with cash is speed. If you are new to a crypto exchange, it can take as long as three days for the bank to process cash transfers. Additionally, it can take 1-3 days for a crypto exchange to verify your details. A cash purchase ensures you get your Bitcoin immediately.
Options for Buying BTC with Cash
P2P trading is a great option if you want to receive your BTC quickly. They are also an awesome option in countries with heavy state censorship. For instance, when China banned crypto exchanges in 2017, there was a spike in trading volumes at P2P platforms. Some of the most popular P2P platforms are Paxful and LocalBitcoins.
Escrowed In-Person Purchases
In-person purchases are another great option for purchasing BTC with cash. To be safe, you should use escrow platforms such as Paxful and Mycelium Local Trader.
Paxful is one of the most popular options for in-person purchases. To use the platform, you only need to enter your location and enter the amount you want to purchase. When picking the payment method, select “Cash.” If there is someone available in your location, a list will appear. Pick a seller with a good positive rating and good reviews. You can then choose a location for the purchase via messaging.
-Using Mycelium Local Trader
The mycelium mobile wallet has a feature called Local Trader baked into it. Their platform is used to confirm that the seller has the coins they are advertising. Once you make the payment, the seller will release the coins. However, unlike Paxful, Mycelium does not take possession of the coins. Instead, they are held in the seller’s wallet and once you hand over the cash, he or she will release them.
When making an in-person purchase, ensure that you choose an open and secure location. Some good options would be the local courthouse, the bank lobby, or even the police station lobby. Ensure that the location has cameras, metal detectors, access control, and guards when trading a huge amount.
Bitcoin ATMs are growing in popularity globally. If you are lucky, there might be one in your city. A quick search on the internet should help you find one. When visiting the ATM, remember to bring along your BTC address or hardware wallet. Like a regular ATM, pick one that is in a safe location and be wary of suspicious characters scoping you out.
Those are some of the easiest options to buy bitcoin with cash. However, one of the most highly recommended is a BTC ATM. There is no risk of fraud and these ATMs are usually located in large, open spaces that are safe such as inside malls. What other P2P sites can you think of that you can add to the list above? If you found this post informative make sure to share it with your friends. Chances are they might too.