More people are now embracing Bitcoin and want to invest and trade in the digital currency. You may be one of those newbies who now want to get into cryptocurrency investment. If you want to do this, you will need to know how to acquire BTC to start building up your stake by trading and investing in the leading crypto. You can buy Bitcoin and other digital currencies in various ways, and buying Bitcoin with cash is one of the most popular options.
Reasons to buy Bitcoin with cash
You enjoy some benefits when you buy Bitcoin with cash, but you should take some precautions. Here are some of the advantages of using cash to buy Bitcoin:
Faster
Unlike using a bank transfer or other method that involves third-party platforms, buying bitcoins with cash guarantees faster transactions. This is because no time is wasted waiting for funds to clear, verify details, and so on.
Privacy
When you obtain Bitcoin by paying cash, you avoid being asked to submit tons of documents for identity verification. This is now an especially crucial step when using exchanges due to the rise in identity theft and goes against the desire to remain anonymous at times.
Ways to buy Bitcoin with cash
Below are some of the ways you can acquire bitcoins by paying cash for them:
Buy from crypto exchanges that accept cash
Crypto exchanges are the safest and most reliable method of buying and selling bitcoins and other digital currencies. You can find exchanges that allow you to buy Bitcoin with cash from them. The good news is that if you’re in Turkey, you can walk into any one of NakitCoins’ offices with cash and get your BTC safely and quickly while enjoying top-notch privacy. You can also cash out your bitcoins without any hassles.
Buy Bitcoin with cash from the nearest Bitcoin ATM
Bitcoin ATMs or BTMs are one of the most convenient ways to acquire BTC when you have hard cash. The automated teller machines accept cash and send BTC to your Bitcoin wallet. You can use this method any time of the day or night.
One of the drawbacks of using BTMs to buy Bitcoin with cash is that the machines are not available everywhere. Also, ATMs charge higher transaction fees compared to other methods. You can find the nearest ATM to you by using Coin ATM Radar. Also, US residents can use Coin Flip to locate BTMs.
Buy Bitcoin with cash directly from other people
You may already know some friends, colleagues, or family members who have Bitcoin and want to convert it to cash. After agreeing on a price, you can pay them directly in cash and they can then transfer the digital currencies to your crypto wallet.
Attending crypto conferences and meeting and joining social media groups for crypto enthusiasts in your area is also a good way to meet people from whom you can buy Bitcoin with cash. If you are paying cash for Bitcoin, remember to carry the agreed-upon amount, unless you’re meeting at a cash ATM or bank to close the sale.
You should also take a laptop, smartphone, or any other device that can allow you to check your Bitcoin wallet to verify the seller has transferred the coins to your address.
Conclusion
If you didn’t know how to go about buying Bitcoin with cash before, now you do. The advantage of this method is that it is faster and allows you to transact privately, but you have to be cautious not to lose your cash to con artists. Meet the sellers in safe places, and avoid carrying huge cash amounts.