Bitcoin is one of the most popular cryptocurrencies in the world, and for that reason, many people are interested in buying Bitcoin. However, there are many different ways to buy Bitcoin as well as payment methods like cash.
In this article, we discuss all the ways you can buy Bitcoin with cash. We’ll cover where and how you can exchange your fiat currency for Bitcoin along with our top tips. Keep reading to learn everything you need to know about buying BTC with cash.
Top Brokers to Buy Bitcoin With Cash
There are several platforms that will allow you to buy Bitcoin with cash. Here are some of the top Bitcoin Brokers.
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What Is a Cash Bitcoin Broker?
A Bitcoin cash broker is effectively a digital platform that lets you purchase BTC with cash. You need to make a cash deposit, and you will get Bitcoin in exchange— as simple as that.
The actual step-by-step process you’ll have to complete varies from platform to platform, but it’s usually fast and straightforward.
These platforms rarely differ from your typical Bitcoin brokers and exchanges, as they are often the same platforms that just happen to offer cash as a payment method. For instance, Binance — one of the most popular crypto exchanges globally — has more than 350 payment methods — one of which is cash.
Where to Buy Bitcoins with Cash?
Before we get into how to purchase Bitcoins with cash, we need to understand where you can buy Bitcoins with cash. There are two types of platforms on which you can potentially buy Bitcoin with cash:
The two are effectively the same, with a tiny difference — dedicated P2P exchanges act as escrow services so that you can exchange cash for Bitcoin with other people. In contrast, Bitcoin exchanges simply let you buy crypto with real money.
You can also buy BTC with cash using either of the two options listed below.
On a regular Bitcoin ATM (BATM), as long as you have one near you. If you have a Bitcoin ATM located near you, you can use it to buy Bitcoin with cash deposit.
Directly from a person willing to send you Bitcoin in exchange for cash
How to Buy Bitcoins with Cash
As we’ve already mentioned, buying Bitcoin with cash is typically straightforward and similar on most platforms.
Here’s the general process, but it will differ from platform to platform:
Step 1: Register an account
Step 2: Verify your account
Step 3: Select the P2P/Quick Buy/Buy option
Step 5: Choose Cash Payment
Step 6: Enter the amount you want to buy
Step 7: Choose the seller
If something goes wrong with the trade, you can always start a dispute, as most platforms have mechanisms for solving them.
In many cases, you’ll also get the chance to contact the seller so that you can talk about the trade before you start the process. That way, you’ll get to know the person better and build trust.
How to Buy Bitcoin in Person?
To buy Bitcoin in person, you simply need to find a seller and meet them to exchange cash for Bitcoin.
To find the seller, you can browse online communities such as Reddit to find these sellers or use a P2P service to contact a seller and ask if they will be willing to meet you in person to buy Bitcoin for cash.
However, bear in mind that you don’t know these people so it might not be the safest option to buy Bitcoin.
When you meet the person, follow these steps to exchange your cash for Bitcoin:
Step 1: Give the wallet key
Step 3: Verification process
How to Make Deposits and Withdrawals with Cash
Buying Bitcoins with cash is a bit different from other payment methods, which is why it shouldn’t come as a surprise that the deposit/withdrawal process also differs.
On crypto exchanges and brokerages, you usually need to deposit fiat currency via a specific payment method and then use it to buy Bitcoin. However, with cash, it’s different. In this case, you’ll typically get the seller’s bank account, and you’ll have to send them the money to receive BTC in return.
Once you receive BTC, the money will typically be held in your wallet on the exchange/brokerage. You can keep it there, but it’s much safer to transfer it to your own crypto wallet.
What Should I Look for When Buying BTC with Cash?
When you decide to buy Bitcoin this way, there are a few things you need to look out for to make sure that the transactions go smoothly:
Establish trust: If you’re buying directly from a person, you need to ensure that you can trust them. You should also complete the transaction in public.
Choose P2P platforms: It’s always the safest to buy BTC in a P2P exchange that deals with cash payments. With the platform’s escrow services and other security options, you won’t have to worry about scammers.
Compare fees and prices: When choosing a broker, look for platforms that offer lower exchange rates and fees.
Analyze seller feedback scores: If the P2P exchange supports it, always check a specific seller’s feedback score. The ones with the best scores are typically experienced traders and can always be trusted.
Check the user experience: When choosing a trading platform, make sure to select the one that offers a great user experience, especially if you are a beginner. That way, you’ll have an easier time buying BTC.
Should I Buy Bitcoin with Cash?
Buying BTC with cash from a broker is generally the safest option, especially with their escrow service and protection.
However, there are still several pros and cons you should be aware of, as they will help you decide if this method is suitable for you.
Pros & Cons
Is Using Cash the Best Method to Buy Bitcoin?
It depends on what you care about the most when it comes to buying Bitcoin. If privacy is your biggest concern, then buying BTC with cash is undoubtedly a good option.
Even though this is true in many other cases, in general, buying Bitcoin with cash is typically less convenient for beginners than other payment methods.
However, there are other methods you can use if, for any reason, cash is not a good option for you.
What Are the Alternative Payment Methods to Buy Bitcoin with?
Here are a few great alternatives to using cash when buying Bitcoin:
Bank transfer: This option is simple and easy, and the entire process should remain pretty much the same, regardless of what you are buying. Check our guide on how to buy Bitcoin with a debit card if you want to know more.
Credit cards: You use credit cards almost every day, so it shouldn’t be too difficult to use them for purchasing Bitcoin either. Most brokers accept all major credit cards, including Visa, Mastercard, American Express, and Discover. Check our guide on how to buy Bitcoin with a credit card if you want to know more.
E-wallets: E-wallets are often the most convenient option for buying BTC. You’ll usually get to choose between many popular e-wallets of the world, including PayPal.
Final Thoughts on Buying Bitcoin with Cash
Buying BTC with cash can also be ideal for those who value their privacy.
However, you need to familiarise yourself with the process, especially if you are a beginner and it’s one of the fastest methods of buying Bitcoin.