Buying bitcoin with cash has two major perks; privacy and speed. Purchasing bitcoin with cash does not require you to enter your personal details like bank details, email id, phone number etc. This saves you from many cyber thefts. The reason why buying bitcoin with cash is fast because you don’t have to wait for any money via bank transfers or for a verification code during the transaction, hence cash saves a lot of time. There are four basic with which you can buy bitcoin with cash:
- Buying bitcoin with cash (meeting your buyer in person)
- Buying bitcoin through a BTM (bitcoin ATM)
- Buying bitcoin with a cash deposit (depositing money in the bank)
- Buying bitcoin with cash in the courier
Buying bitcoin with cash in person
in this process you will meet your buyer personally. There are many sites where you can contact such sellers; meetup is one of them. Build up trust with your seller; because you are going to meet them in person, trusting them is an integral part. Carry an ample amount of cash with you and install a bitcoin wallet in your laptop or phone, and carry that particular device during the transaction. Remember that you should meet your buyer in a secure location since this method can attract scammers sometimes.
Buying bitcoin through a BTM (bitcoin ATM)
these ATMs or rather BTMs accept your cash and in return give you bitcoins to your bitcoin account address. The plus side of this process is that they are open 24/7 and hence you can trade at your own convenience. BTMs have become very popular since they are very easy to use and are very safe, but still a lot of locations do not have them. CoinATMRadar is a website which will help you locate the BTM nearest to you. This website will provide you with all the details on how to operate the nearest BTM, for example some BTMs require a verification proof. Remember to take your bitcoin wallet when you go to the BTM.
Buying bitcoin with a cash deposit at a bank
in this process, the person who is selling you bitcoins will give their bank account details. After that you can debit the money in the seller’s account. This method is the safest method among all the methods mentioned in this article, the process is foolproof; there is no chance of fraud or scam in this method. Here you don’t have to meet the seller personally. Though there are some minus points of this method. The process of depositing the money can take time if there is a queue outside the bank and also the transaction can only take place during bank hours.
Buying bitcoin with cash in the mail
this method is the one with a most risk. Sending money via mail is not secure at all because your envelope might get stolen or get lost in the way. To prevent this theft or loss of, wrap your money in something, for example paper or cardboard so that it becomes difficult to detect.
These are some methods with which you can buy bitcoin with cash. The BTM method is the most secure and fast method.