Bitcoin is one of the most popular cryptocurrencies around today. And it’s easy to understand why. You don’t have to go through a bank to make a transaction; you don’t have a third party to trust; and there’s very low risk involved. Plus, you can use it anywhere in the world. But buying bitcoin isn’t always simple. If you want to buy some bitcoins, here’s how to do it.
The easiest way to buy bitcoin is with cash. This method requires you to find someone willing to sell bitcoin to you. In person, online, or even over the phone, you can meet up with someone selling bitcoin and exchange cash for cryptocurrency. After that, you can transfer the coins into your wallet.
You might think that buying bitcoin with cash is risky. There’s a chance that the seller could run off with your cash. However, the opposite is true. When you pay with cash, you protect yourself from fraudsters because the buyer and the seller both know each other. They can check out each other’s ID, verify their identities, and ensure that the deal goes smoothly.
Another option is to buy bitcoin via gift cards. For example, Amazon Gift Cards work great. Just select the amount of bitcoin you want to buy, enter the code, and complete the payment. Then, send the card to the address listed above. Once the card arrives, you simply redeem it for bitcoin and transfer the funds to your wallet.
If none of those options work for you, you can still buy bitcoin without having to spend money. With Paxful, you can set up an account and fund it with prepaid debit cards. Then, you can start buying bitcoin immediately. All purchases are done instantly and securely.
Buying bitcoin with cash is much easier than most people think. You just have to find the right exchange and follow some simple steps. I
The process is very straightforward and takes less than 5 minutes. Here are the steps:
Step 1 – Find an Exchange
We recommend Coinbase because they are one of the easiest ways to buy cryptocurrency.
Step 2 – Fund Your Wallet / Account
Fund your wallet or account using a bank transfer, debit card, credit card or PayPal. Make sure that you only fund it with a small amount of cash! We suggest $100 USD for testing purposes.
Step 3 – Decide on a Price & Amount
Decide on a price you want to pay for 1 BTC ($7,200) and then enter that into the “Amount” field. If you don’t know what 1 BTC is, now would be a good time to look it up.
Step 4 – Enter Personal Details
Enter your email address, choose a strong password and then enter your phone number. Don’t worry if you do not feel comfortable about giving out these details. It’s all in the interest of security so take your time and make sure everything is as secure as possible. Once you’ve entered personal information, click on SIGN UP below.
Step 5 – Wait For Verification
After entering your details, Coinbase will send you an SMS containing a verification code. This code can take anywhere from 10 seconds to 2 minutes (depending on your network). When you receive the message, enter the code and hit VERIFY.
Step 6 – Confirm Payment
Once verified, you’ll be asked to confirm your payment by entering your PIN. The whole process should take no more than 3-5 minutes.
5 Options for buying Bitcoin with Cash
The easiest way to purchase bitcoins with cash is probably through Paxful. Paxful allows users to buy bitcoin with cash directly through a peer-to-peer exchange. You don’t even need to register an account. Simply choose “Cash,” select the amount of money you want to spend, and wait for someone to accept your offer. After that, it’s just like shopping anywhere else online. Paxful does require some form of verification though, so make sure to provide valid documentation.
Another option is LocalBitcoins. This is a peer-to- peer marketplace where people sell bitcoins locally. Sellers are required to verify their identity through email address, phone number, or physical presence. If you’re looking to buy bitcoins with cash anonymously, LocalBitcoins might be a good choice.
If you’d rather use a Bitcoin ATM, there are several options around the world. One example is BitAccess located in New York City. There are many different models of ATMs, including those that allow you to purchase bitcoins with cash and others that do not. Most companies that operate Bitcoin ATMs require customers to verify their identities through traditional forms of identification.
You could always send cash to someone in person. In fact, that’s how most exchanges work. For example, Coinbase operates out of San Francisco. They’ll take your cash and give you bitcoins. However, you must verify your identity.
Finally, there is the option of purchasing bitcoins with cash through a bank transfer. Many banks now support this type of transaction, although it usually takes longer to process. Some examples include Bank of America and Wells Fargo.
Why Buy Bitcoin with Cash?
Bitcoin is one of the most popular cryptocurrencies out there. And while it might seem like a great option for those looking to make purchases online, it’s important to remember that it isn’t always easy to buy bitcoin with cash. If you don’t know what you’re doing, you could end up losing money. But there are some ways to avoid getting scammed.
First off, you want to ensure that you’re dealing with a trusted exchange. This sounds obvious, but it’s something that people tend to overlook. You don’t want to deal with someone who doesn’t have good reviews or who looks sketchy.
You also want to make sure that you’re working with a reputable seller. Some exchanges might offer low fees, but they charge high transaction costs. Others might look legitimate, but they could actually be phishing scams designed to steal your personal information.
Finally, you want to make sure that the person selling you bitcoins is registered and licensed. Legitimate businesses need to go through extra steps to verify themselves.
Bitcoin Peer-to-Peer Trading
Bitcoin trading volume peaked in December 2017, when $3 billion changed hands over the course of just one day. But the vast majority of those trades took place outside of regulated exchanges. In fact, according to data compiled by CoinMarketCap, around 80% of Bitcoin transactions occur without the involvement of a third party.
The reason why people are trading directly with each other is simple: peer-to-peer trades are cheaper. Because there are no fees involved, you don’t need to pay a bank any money to make a transaction. Instead, you simply exchange bitcoins directly with another person.
This makes sense because most of the value of cryptocurrencies lies in their scarcity. As such, many traders prefer to buy low and sell high rather than buying high and selling high.
Buying Bitcoin with Cash In-Person
If you have trusted friends who are willing to sell some of their Bitcoin, you’re all set to buy it. But how do you go about doing this? Here’s what you need to know.
First things first, you’ll want to find out where Bitcoin meets up with the real world. This might mean meeting people face to face or finding online communities where like-minded individuals congregate.
Once you’ve found a group of potential sellers, you’ll need to figure out how much money you’re prepared to spend. You don’t want to overpay, because that could lead to disappointment down the road.
Next, you’ll need to decide whether you’d prefer to use a mobile app or desktop software to manage your funds. Some apps let buyers send payments directly to sellers’ accounts while others require buyers to wait for sellers to deposit their bitcoins into escrow.
Finally, you’ll need to determine how you intend to transfer money once you’ve bought your Bitcoins. Will you pay via PayPal or Western Union? Or maybe you’ll just walk across the street and hand someone cash.