How to Buy Bitcoin with Cash

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1 year ago

How to buy Bitcoin with cash. thinkmaverick Are you looking to buy Bitcoin with cash?

Yes, you can.

Using cash or cash deposit is one of the fastest and easiest ways to get hold of some Bitcoin (BTC).

It’s private, fast and safe.

And it’s fairly simple once you understand how it works.

You don’t have to go through a lengthy sign-up and ID verification process on cryptocurrency exchanges.

Moreover, it doesn’t necessarily require a bank account to transact.

As we continue our series on how to buy Bitcoin, we will now show you how to buy bitcoin with cash (any country).

If you’re new to the world of cryptocurrency, you might want to check out the different ways of buying Bitcoin later:

Important: Before you buy your first Bitcoin, you’ll need to have a Bitcoin wallet.

Don’t have a wallet? Check out our guide on Bitcoin wallets.

How to buy Bitcoin with Cash

1. Peer-to-peer exchange sites

Peer-to-peer (P2P) marketplace platforms like LocalCoinSwap just made it easy for Bitcoin sellers and buyers to meet with each other. Not only that, they also provide escrow services to protect both parties.

First, they’ll hold Bitcoin from the seller and then release the bitcoins to the buyer once the seller confirms payment is received.

Here’re some of the methods of buying Bitcoin using cash on this P2P site:

Buying Bitcoin with cash in person
Buying Bitcoin with cash using bank deposits
Buying Bitcoin with cash by mail

2. Buying Bitcoin through Bitcoin ATMs

If you aren’t so tech-savvy or don’t have access to a bank account, buying bitcoin with cash through a Bitcoin ATM is a great option.

Bitcoin ATM will deliver Bitcoin directly to your Bitcoin wallet once you deposit cash into the machine.

Best Ways to Purchase Bitcoin with Cash or Cash Deposit

1. LocalCoinSwap

First on the list is LocalCoinSwap – the most popular Peer-to-Peer site for trading Bitcoin and other top cryptocurrencies.

One of the payment methods supported on LocalCoinSwap is cash – meaning you can meet up with a seller in person and exchange physical cash for bitcoin.

Buying bitcoin with cash has its advantages. It can provide more privacy since you won’t need to link bank accounts or submit as much identification. The process can also be faster compared to wire transfers or other payment methods which can take days to clear.

Before you get started, it’s important to know that LocalCoinSwap doesn’t provide a fixed market price. You and the Bitcoin seller have to come to an agreement on the price. LocalCoinSwap only facilitates direct trading between potential buyers and sellers.

First, you’ll need to create an account on the LocalCoinSwap website. Once you’ve done that, you can browse the available listings to find someone who is selling Bitcoin for cash.

You can filter the listings by location, payment method, and other criteria to find the best deal for you.

When you find a seller you’re interested in, you can initiate a trade with them. LocalCoinSwap provides a secure escrow system that ensures both parties are protected throughout the transaction.

Once the seller confirms that they have received your payment, the Bitcoin will be released from escrow and sent to your wallet.

Two things great about LocalCoinSwap:

(1)They have a large active user base – this means that there are usually many traders available, making it easy to find a trade that meets your needs.

(2) Buying and selling Bitcoin is completely free. You need to pay a 1% fee for every completed trade only if they choose to create buy/sell offers on the platform.

If you’re looking to buy Bitcoin with cash, LocalCoinSwap is a great option to consider. It provides a secure and convenient way to buy Bitcoin from other people in your local area.

Buy Bitcoin with Cash on LocalCoinSwap

2. Paxful (Cash, Cash Deposit, Cash by Mail)

Founded in 2015, Paxful is a peer-to-peer cryptocurrency exchange for sellers and buyers of Bitcoin.

Similar to LocalCoinSwap, Paxful acts as an escrow service in which you can find, meet and trade bitcoins directly with each other without worrying much about losing fund.

What makes Paxful different is that it offers over 350+ payment methods, such as:

Cash deposit: Deposit cash into seller’s bank account
Cash in person: Meet with seller face-to-face
Cash by mail (Not recommended): You have to mail physical cash to the seller. It’s slow and risky especially for large sum of money.
and more!

That’s right, you can find a seller in your area, meet with them and exchange cash for Bitcoin on the spot.

A word of caution: If you’re going to meet a seller, you’ve to be extra careful, meet them at a safe public place, confirm you receive your coins in front of the seller, and educate yourself on cybersecurity.

The best part? Buying bitcoin on Paxful is free of charge.

Now let’s get to it:

How to buy bitcoins with cash on Paxful:

1. Register an account

To start, head over to Paxful. Create a free account and enable Two Factor Authentication (2FA).

2. Find a good deal

Enter the amount you’d like to buy in your local currency, select “Cash” as your payment method. As you can see in the screenshot below, there are over 55 options for cash. Choose the cash payment option according to your liking and click “Search for Offers”.

3. Pick your preferred seller

Paxful will give you a list of real-time offers of sellers who are accepting cash for Bitcoin.

Browse through the list of sellers, check out the sellers’ profile, read their offer terms, feedback history, buy limits. Once you pick a trustworthy seller, click “Accept terms and buy bitcoins now”.

And Paxful will hold the Bitcoin from the seller.

4. Complete the transaction and receive your Bitcoin

Most traders will list their contact number on the offer page.

Contact the seller, choose a suitable time and place to meet.

Pass the cash to the seller, make sure they confirm the transaction and release the escrow coins to your wallet instantaneously.

Buy Bitcoin with cash at Paxful

3. BitQuick (Cash Deposit)

BitQuick is a highly reputable cash-for-bitcoin website that primarily focuses on buying/selling Bitcoin using cash deposit only.

Just like P2P platforms like LocalCoinSwa p and Paxful, BitQuick helps to match buyers and sellers of Bitcoin as well as provides an escrow system to protect both parties until the end of a transaction , but the similarities stop there.

First, BitQuick doesn’t operate globally. It only works in the United States (excluding New York).

Second, you don’t have to manually filter out sellers who’re willing to accept cash for their Bitcoin. BitQuick will automatically show you trustworthy sellers with the best prices in just one click.

Third, trading on BitQuick is not free. For its high speed and extreme ease of use, you’ll have to pay a 2% service fee and a 0.0001 btc mining fee for each transaction. But it’s still cheaper than buying through conventional crypto exchanges like Coinbase.

BitQuick is a fast and quick way to buy Bitcoin with cash using cash deposit service. It allows you to purchase $2.50-$9,999 worth of bitcoins in under 3 hours with an average processing time of 32 minutes.

What’s more, if you’re buying below $400 worth of bitcoins, you don’t have to verify your personal ID.

Here’s how it works:

Step 1: Go to BitQuick official site. Enter the amount of bitcoins you want to purchase and click “Continue”.

Step 2: Choose the offer that give you the most value.

Step 3: Provide your Bitcoin wallet address for receiving your coins and enter your phone number.

Step 4: Visit the local branch of the sellers bank. Fill out a deposit slip and bank in the total USD in cash to their account.

Step 4: Upload the receipt to the link given in your email.

Step 5: Wait for your coins. Seller will release Bitcoin from the escrow once payment is received.

Buy Bitcoin with Cash Deposit on BitQuick

4. Bitcoin ATMs

Buying Bitcoin with cash on ATMs is probably one of the fastest and easiest ways without needing any ID verification.

Similar to traditional ATMs, but instead of spitting out your country’s currency like USD, AUD, EUR etc using your debit card, Bitcoin ATMs will send bitcoins directly to your crypto wallet upon insertion of fiat cash. Some Bitcoin machines allow you to sell your bitcoins too.

There are many different types of Bitcoin ATMs manufactured by different companies. Depends on the machine type and operator, some don’t require ID verification before you buy.

This way, you can buy bitcoins with cash conveniently and privately.

But it has a rather high transaction fee. Typically, Bitcoin ATMs charge 7-12% for buying/selling bitcoins. It is very important that you know this before purchasing bitcoins using ATM.

(A) How To Find A Bitcoin ATM Near You

Use this Bitcoin ATM map to find the closest machine near you.

To start locating a Bitcoin ATM closest to you, follow simple steps below:

Go to Coin Radar and you’ll see a live worldwide Bitcoin ATM map.
Simply type in your city/address and press enter. As an example, I’ve entered “New York” in the search bar.
Select a Bitcoin ATM near you and click to see the details.
Click “Get Directions” to get the exact location and direction to your destination with Google maps.
Optional: Click “View listing” to learn more about the Bitcoin ATM operator including user feedback, operating hours, business name etc.

Now you know how to find a Bitcoin ATM, let’s see how these Bitcoin ATMs work and how to use them to buy/sell bitcoin.

(B) How to Buy Bitcoin with Bitcoin ATM

The buying process may vary from Bitcoin ATM to ATM. Here’s the general process at most ATMs:

1. Click “Buy Bitcoin”. Verify your identity if required.

2. Provide your bitcoin address for deposit.

3. Insert cash bills into the Bitcoin ATM.

4. Confirm the amount and complete your transaction. You’ll receive your bitcoin instantly on your wallet.

Check this out: How to use a Bitcoin ATM (A complete beginner’s guide)

Pro Tips

I’ve said it once, and I’ll say it again.

Don’t store your Bitcoin on crypto exchanges.

Don’t use the exchange free wallet to keep your Bitcoin for long-term.

Always move out the coins to your own wallet once you complete a trade.

Leaving bitcoins on exchanges are extremely risky!

Mt Gox where users lost $450 million or more in 2014
Bitfinex hack where users lost $72 million in 2016
NiceHash was hacked for $60million in 2017
Coincheck lost a staggering $530million in early 2018,
Binance was hacked for $40 million in 2019

With more than $9million lost every day due to cryptocurrency hacks, scams, theft, phishing and frauds, keeping your precious Bitcoin in your own Bitcoin wallet like the Ledger or the Trezor is your main priority.

Conclusion

There you go! By now you should know exactly how to purchase any amount of Bitcoin with cash or cash deposit in any country, instantly, private and fast!

Loca lCoinSwap – Best P2P exchange for buying Bitcoin (BTC) with cash, cash in person, cash deposits.
Paxful – Reputable P2P exchange for buying Bitcoin with 55+ cash options, including cash in person, cash deposit and cash by mail.
BitQuick – Buying Bitcoin with cash deposit only in the US.

I hope this article cleared up some of the questions you had about buying Bitcoin with cash.

Pick a platform, start buying a small amount of Bitcoin. Once you’re confident with the process, you can purchase larger amount of coins with cash.

As with most other websites, the more you use it, the more you will become competent.

What do you think?

Do you have any other questions? Tell me in the comments!

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