Buying Bitcoin & Other Crypto With Cash

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Buying Bitcoin & Other Crypto With Cash

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In an increasingly digital world, it may sound strange to learn that you can buy Bitcoin and other cryptocurrencies with cash. Although buying crypto is easier with PayPal, cards, and bank transfer, these payment methods may be out of reach to some, so cash remains their only solution. This guide will explain the best ways to buy Bitcoin with cash, safely.

LocalBitcoins

LocalBitcoins is a peer-to-peer cryptocurrency exchange platform that facilitates trades whilst not limiting payment methods. Individuals and brokers buy and sell Bitcoin to each other in a marketplace which is very similar to Amazon or eBay.

All you need to do to buy Bitcoin with cash on the platform is:

  1. Register an account with LocalBitcoins
  2. Search for crypto sellers located in your general area who accept cash payments
  3. Select the number of coins you wish to purchase and confirm the order
  4. The coins will probably go into escrow, meet up with the seller at a convenient location and pay the amount in cash
  5. At that moment, the seller can release the funds from escrow using a mobile phone or computer, and the funds will be transferred to your LocalBitcoins wallet

When using LocalBitcoins to buy Bitcoin with cash you must ensure that the transaction and your money are safe. Fortunately, the platform offers numerous options to help you, including:

  • Every buyer and seller has a successful transaction history count and a rating, so check these out before committing to any trades.
  • Following registration, you will be asked to complete your profile. Although not compulsory, completing your profile will make other users trust you more. A growing number of traders will not trade with users whose profile is not complete, and in order to stay safe, you should adopt this same policy.
  • Ensure that the seller is using LocalBitcoin’s free escrow service and that the funds are released and into your account whilst you are still with the seller. In case of any issues contact the platform’s conflict resolution team immediately.
  • Do not make massive purchases of Bitcoin at a go, as this will mean that you’d meet the seller whilst holding a considerable sum of cash, putting both you and the seller at risk of being robbed.
  • Although your LocalBitcoins wallet offers some security, it is still a hot wallet. Consider transferring your newly purchased Bitcoin to a safer, cold storage wallet.
  • Be aware that scam artists operate within LocalBitcoins and all other exchange platforms. Use the safety features provided by the platform, and look out and report any suspicious behaviour. If a deal feels too good to be true, it just might be.

Crypto ATMs

Another popular option to buy crypto with cash is to locate an ATM which can accept such payments in exchange for coins. These ATMs are growing in popularity, and whilst the majority only provide Bitcoin, some do offer select Altcoins as well.

The downside to using most ATMs is the fee. It is not uncommon to be charged up to 10% for the convenience, whereas P2P exchanges such as LocalBitcoins only charge 1%.

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