As the price of bitcoin continues to climb, more and more people are looking to buy some – but not everyone knows where to begin. Bitcoin may be a digital currency, but you can’t just store it on a USB drive or send it as a file like you would a Word document or photo. To purchase bitcoin, you need to first convert regular money such as USD into virtual cash. This process can feel a little bit daunting if you’ve never purchased cryptocurrency before. Fortunately, there are several ways that you can buy bitcoin directly with cash. Here are three places where you can find people willing to sell bitcoin near you.
An Overview of the Different Ways to Buy Bitcoin
When buying bitcoin with cash, consider the advantages and disadvantages of each method. Exchanges may offer better prices than peer-to-peer trading platforms.
The most common way to buy bitcoin with cash is through a centralized exchange. To do this, you will need to link a bank account or credit card to your account and then instantly purchase bitcoin with regular money. There are several ways to purchase bitcoin with cash, including exchanges, peer-to-peer trading, and over-the-counter trading.
Buying bitcoin with cash is simple, but there are a few ways to do it. You can buy directly from another person, through an exchange, or with a broker. Each has its pros and cons, but the most important thing is to ensure you’re dealing with a trustworthy person.
A Quick Note on Security
When buying bitcoin with cash, it’s important to do so safely. Fortunately, there are a few steps that you can take to protect yourself. For example, you should never buy bitcoin from someone who tries to get in touch with you via email or over the phone. These are common ways scammers try to steal your money. When meeting up to buy bitcoin with cash, you should always take someone with you and try to meet in a public place. It’s also a good idea to bring a friend along, especially if you’re meeting with someone you don’t know. You should never conduct an exchange with someone who wants to send you funds first. That’s a typical sign that they are likely trying to scam you.
Cash purchases of bitcoin are possible through a bitcoin atm near you, but the fees are high and you need a wallet set up to receive the bitcoin. If you don’t already have bitcoin, it can be difficult to find an ATM that accepts cash.
Exchanges That Allow You to Buy Bitcoin With Cash
There are several exchanges that allow you to use cash to buy bitcoin. This is often a quick and easy way to buy bitcoin with cash. However, you will likely pay a higher fee than if you were to buy bitcoin with cash on a dedicated bitcoin exchange. Additionally, you’ll need to deposit cash into the exchange’s bank account in order to purchase bitcoin with cash. This means that you’ll need to provide proof of your identity and wait for several days or sometimes weeks until the exchange receives your money.