Buying Bitcoin with cash can be difficult. However, cash enables you to maintain your privacy as you do not need to provide personal information or KYC verification. Investing in digital currency like Bitcoin is a good investment prospect. There are cryptocurrency exchanges and wallets that support buying Crypto with cash.
Here are few options you can follow to buy Bitcoin with cash.
4 Options for buying Bitcoin with Cash
- Peer-to-Peer Exchange(recommended)
- Bitcoin Exchanges to Buy Cryptocurrencies with Cash
- Buy Bitcoin with cash in person
- Buy Bitcoins with Cash from Bitcoin ATMs
Peer-to-Peer Exchange
P2P Bitcoin cash exchange acts as an escrow service, and therefore it is a secure and comfortable way to buy Bitcoin with cash. Here, all you need to do is sign up for a good P2P exchange and find reputable local Bitcoin buyers or sellers.
Buy Bitcoin in cash with Binance P2P (recommended)
Binance is a popular P2P marketplace to buy and sell BTC with more than 350 payment methods. This Bitcoin wallet is easy to use for beginners and experienced traders.
It has the following good features:
- You can withdraw funds directly from your bank account.
- Send funds to your bank account and PayPal account.
- Escrow feature provides safety of your money.
- Trade-in hundreds of digital currencies.
- Sell and spend Bitcoin with bank transfers.
Perform the following steps to buy Bitcoin on Binance:
Step 1) Visit the Binance website. Enter your Email address and password.
Step 2) Complete the Email and Phone verification to activate your account
Step 3) Go to Trade > P2P
Step 4) Buying Bitcoin.
- Select the Crypto that your want to buy. In this case, BTC
- Select the Fiat currency with which you want to buy
Step 5) The payment method will be updated based on the currency you choose.
Select Western Union or any other cash supported payments.
Step 6) You will see advertisements from users who want to sell BTC
- Click on the Buy Button
- You will have an option to message the seller before you buy
Step 7) Once you click the buy button
- The Bitcoins of the seller are held in escrow by Binance and only released to the buyer based on payment confirmation.
- The buyer deposits cash into the bank account of the seller.
- The seller confirms the payment using the receipt given by the buyer. This will prove that the desired amount is deposited into the seller’s bank account.
- The P2P cryptocurrency site releases BTCs to the buyer.
- The seller will get cash, and in exchange, the buyer will receive Bitcoins. Thus, the trade is complete.
Binance provides a robust dispute mechanism. It is recommended to deal with people with high order completion rates.
Changelly Buyer/Seller Matching
Follow the following steps to buy Bitcoin on Changelly :
Step 1) Visit the Changelly website. Click on “Buy”.
Step 2) Choose the amount of USD that you want to convert to BTC.
Step 3) In the next screen, select your USD payment method
Step 4) Enter your BTC wallet address and click buy
Step 5) Complete the payment, and the BTC will be deposited to your address in 60 minutes.
Mycelium Local Trader
Mycelium Local Trader is a tool that offers escrow service to Bitcoin traders. On this site, the seller possesses the amount of BTC that they advertised for sale. This crypto trading platform releases Bitcoins directly from the wallet of sellers to yours.
Mycelium has an algorithm to monitor the blockchain and gives you an estimate of properly confirmed transactions. However, it is advisable to wait for the actual confirmation.
Bitcoin Exchanges to Buy Cryptocurrencies with Cash
1) LibertyX
LibertyX is a platform that enables you to buy Bitcoin with cash. It can be accessed from iOS and Android devices. This application enables you to purchase Bitcoin instantly at your nearest location.
Pros:
- Fair exchange rate.
- Completes transactions fast.
- You can store Bitcoin in your choice of wallet.
- There is no need to sync a bank account to utilize this application.
Cons:
- You need to enter a personal location to create LibertyX account.
Link: https://libertyx.com/
2) BitQuick
BitQuick is a crypto exchange that allows users to buy Bitcoin without ID. It enables you to sell Bitcoins conveniently and securely at your price.
Pros:
- Provides premium service to buy Bitcoin in just 3 hours.
- Secure and fast transactions.
- Once the payment is verified, you will get your Bitcoin within a 3-hour timeframe.
Cons:
- The fee is higher compared to the rest of Bitcoin exchanges.
Link: https://bitquick.co/
Buy bitcoin with cash in person
You can find a person to deal in cash with Bitcoin. It is a good option if you do not like to rely on third-party services. You can also place ads on local websites, social media, advertisement forums, boards, or simply check with your friends.
You can also attend Bitcoin meetups and search for like-minded people interested in buying or selling Bitcoin with cash.
However, it is advisable that you do not reveal your actual name or location in those ads for safety reasons. You have to maintain a low profile and always agree to meet with the other person in a safe place like a mall, coffee shop, local street, etc., with many people around.
Buy Bitcoins using Bitcoin ATM
Another method to buy Bitcoin is to reach your nearby Bitcoin ATM and purchase Bitcoins from the ATM by cash currency (Dollar, Euro, Pound, etc.). Here is a BitCoin ATM Map
When you are asked to enter your Bitcoin address at the ATM, you just specify that you do not have one. In many cases, this will automatically generate a new paper wallet for you. After that, you can import the private key from that paper wallet and send those Bitcoins wherever you like.
Here is the process you need to follow to convert cash to Bitcoin using Bitcoin ATM:
Step 1) Go to Bitcoin ATM and scan the QR code of your Bitcoin wallet address. You will get BTC at this address itself. In some cases, the machine will generate a paper wallet.
Step 2) Most likely, you will be asked to Scan your fingerprint or any other verification depending on the configuration of the ATMs and manufacturers.
Step 3) You need to enter the number of Bitcoins you want to purchase (you can also enter the amount of fiat currency you want to spend).
Step 4) At last, you have to insert the cash and wait for a second until your BTC is delivered to the address of your Bitcoin wallet.
