It is currently possible to buy Bitcoin with cash. It is, however, clear that there are many risks involved when making crypto deals with cash and those making such trades must protect themselves. It’s so vital to be careful because the amount used to buy even the minutest fraction of a bitcoin can be significant. Various methods can be used to buy Bitcoin with cash. However, the level of risk involved in each one will make some of them more preferable than the others.
When you take adequate precautions, there are advantages you will enjoy for buying your bitcoins with cash. For instance, your privacy is guaranteed as you do not require any personal documents to perform the transaction. Secondly, transactions are carried out quickly. Below are some ways you can buy Bitcoin with cash.
MyCeliumWallet is a mobile app on Google Play that can be used to store, buy and transfer bitcoins. It is not an intermediary platform, though it has features that help buyers access sellers based on their locations. Once the buyers and sellers meet, negotiations of terms and prices are done privately, providing the seller with the advantage of anonymity. But such transactions pose potential risks due to the need to carry large amounts of cash and dealing with strangers.
Local Bitcoins is a website that provides a platform for buyers to interact with sellers of Bitcoin. The platform matches people through their locations and provides information with specific prices and the number of bitcoins each seller has. Based on this information, interested buyers can link up with the sellers privately to plan their transactions, which, however, increases the risks involved. However, those transacting can do cash transfers via their banks to reduce those risks.
The risk level while using various platforms and other intermediaries to buy bitcoins with cash is high. Fortunately, NakitCoins provides you with one of the safest methods of buying Bitcoin —and other cryptocurrencies. You visit their offices and avoid the risk of transacting with strangers in unsafe places while carrying large sums of cash on you. It also assures you of protecting your privacy. Also, you can purchase cryptocurrency using US dollars or Euros at the most competitive rates because they charge a 1% commission for depositing cash in your account. After the funds are in your account, you can purchase any cryptocurrency from your account at a 2% fee. You are at liberty to buy any amount of cryptos, any time when the rates are favorable for you. So, all you need is an account with NakitCoins, which is super easy to open and so is depositing funds. You can buy cryptocurrencies with no limits, incurring a total of 3% commission, a reasonably affordable fee.
LibertyX provides a feeling of retail in bitcoin transactions. The website links you to retail operations, depending on your postal address. All exchanges take place in the retail operation making it more secure than most of the other ways. Notwithstanding this, you may be required to provide personal information that might expose you to such risks as identity theft.
WallofCoins operates like LocalBitcoins in linking up buyers with sellers. The only difference is that it works off the bank. Though it has fees that could make it undesirable for buyers, it provides a toll-free number and a live chat tool for customer care services.
Using Bitcoin ATMs
Bitcoin ATMs provide another essential mode of buying bitcoins with cash. Here, the buyer and the seller do not directly link up because transactions happen via the machine since the ATMs are set to transact on a cash basis. You should not confuse Bitcoin ATMs with the stand-alone teller machines connected to banks. Bitcoin ATMs are computers connected through the internet that can make cash and bitcoin transactions from one wallet to another.