Bitcoin and other cryptocurrencies are fast becoming more widely accepted and people and many businesses are now allowing them as a mode of payment. Digital currencies are also seen by many as great investment vehicles because you can buy the coins when the price is low and sell them when the price increases. This is the way that many investors believe they can make good profits. However, the prices of most virtual currencies are very volatile. This means that you need to take calculated risks when you invest in them so you don’t lose everything.
If you want to get a slice of the pie from the lucrative cryptocurrency trade, you will first need to know how to buy crypto with cash or other ways. Below are some of the ways you can use to buy crypto with cash:
Using crypto exchanges
You can buy crypto with cash through a crypto exchange. Some exchanges, like NakitCoins, have physical offices where you can walk in and buy digital currencies with fiat currencies such as the US dollar. Traders can buy crypto fast, conveniently, and privately with cash in one of the NakitCoins offices in Turkey. They may also exchange their coins for other digital currencies with no limits. The beauty of using exchanges is that they are safe and secure. They also allow traders to buy or sell huge amounts of digital coins.
Using peer-to-peer exchanges
Peer-to-peer platforms such as LocalBitcoins are decentralized marketplaces that make it possible to buy and sell bitcoins and other cryptocurrencies directly between individual traders. They link buyers and sellers so they can trade directly. Unlike the centralized exchanges, the P2P platforms have no agents who control funds as trading happens.
As a way of buying crypto with cash, you can take cash with you as you buy or deposit it into the seller’s bank account. After providing them with proof of payment, they will transfer the bitcoin to your wallet. One of the advantages of using a P2P platform to buy crypto with cash is that they do not make it mandatory to provide personal details and to do confirmation of the same. Also, the buyer and the seller can agree on the price and the convenient option to pay for the bitcoin.
On the other hand, P2P platforms may expose one to risks, such as losing your cash to fraud, so traders have to be careful and not meet strangers in risky places. It is also advisable to buy from traders with positive feedback and past trading history.
Using Bitcoin ATMs
Bitcoin ATMs are automated machines that accept cash and transfer the Bitcoin to the buyer’s crypto wallet (address). To use the ATMs to acquire BTC, you need to locate the nearest one to you and visit it. You can use an online tool or map to find a Bitcoin ATM in your area but there are still many areas without them.
While Bitcoin ATMs allow people to buy BTC 24/7, their charges are a bit high as they range between 5% and 10%. However, some people are willing to pay the fees for the convenience of using them and the ability to buy bitcoins with cash anonymously without identity verification.
There are several ways you can use to buy crypto with cash. You can use a P2P platform, crypto exchanges, or crypto ATM. Also, you can buy from people in your surroundings. When meeting a seller to buy with cash in person, take proper precautions to ensure you are safe, for example, meet in safe public places and take someone with you.