Buy cryptocurrencies with cash? So it is important that you have a crypto wallet or Bitcoin wallet first before buying Bitcoin or any other cryptocurrency. The best wallets are hardware wallets that offer plenty of security features. There are four different ways to buy cryptocurrencies with cash. You can:
- Use a peer-to-peer (P2P) network.
- Use the fiat deposit and balance payment service
- Visit a crypto ATM
- Buy cryptocurrencies in person
Why buy cryptocurrencies with cash?
Buying Bitcoin or other cryptocurrencies with cash offers a number of important benefits. First, paying with cash gives you a significant amount of privacy. While using a regular cryptocurrency exchange is convenient, you don’t need to disclose your personal information for a cash purchase to verify your identity. Therefore, buying Bitcoin with cash instead of a credit or debit card can be safer as it prevents you from becoming a victim of identity theft.
It’s also much faster than an exchange or bank transfer. It usually takes one to three business days to complete a standard bank deposit. Centralized exchanges (CEX) often require identity verification before transacting, which can take up to several days or weeks depending on the exchange. Cash transactions can save a lot of time.
How to buy cryptocurrencies with cash
Four main methods allow you to buy Bitcoin and other cryptocurrencies with cash. Remember that with any of these methods you can not only buy Bitcoin and other cryptocurrencies, but also sell them.
Peer-to-peer (P2P) exchanges.
Using a reputable exchange like Bybit is a very safe way to buy bitcoins with cash. The platform acts as a sort of escrow service that holds your money until the transaction is complete.
On the Bybit platform, you can also buy other cryptocurrencies, such as USDT and Ether. Ensures safer transactions with its KYC confirmation. The Bybit P2P store is also available through the mobile app or the desktop version.
- Step 1: On the home page, click the Buy Crypto button and select P2P.
Step 2: On the purchase page, you can filter the advertisers you want after filling in the fields for payment method, amount and fiat currency. The information you enter depends on the transaction you wish to complete. If this is your first time buying Bitcoin P2P, you will need to create a nickname.
- Step 3: Select the advertiser you want before clicking the Buy button.
Step 4: Enter the total amount of Fiat you wish to pay or the number of coins you wish to receive and continue the transaction by selecting Buy. You will then be redirected to the main order page, where you will have 15 minutes to ensure that the funds are transferred to the seller’s account. Once you have verified that all of your order details are correct, click Proceed to Checkout.
- Step 5: Click Payment Done when the transaction is complete.
It’s so easy to buy Bitcoin through P2P platform. After receiving the coins, you can view all the details of the transaction in your P2P resource history. It also has a live chat box where you can contact the seller in real time. Also, the customer service team is available 24/7 to assist you with any issues. For example, if you don’t receive your coins within 10 minutes, click Submit a Claim and the customer service team will get back to you.
Fiat deposit service and balance payment
It also offers a Fiat deposit and balance payment service with several currency options to choose from. The different fiat currencies you can use to buy cryptocurrencies are BRL, ARS, EUR, GBP, and RUB. (Note that KYC completion is required when you reach a certain threshold for some currencies.) You can easily buy Bitcoin and many other cryptocurrencies like Ripple (XRP) and Cardano (ADA) through this cash deposit and balance payment service.
To buy the cryptocurrency of your choice with fiat, check out the following steps (Note: you need to make a fiat deposit first):
- Step 1: In the upper left corner of the navigation bar, click on Buy cryptocurrencies before selecting Buy with one click.
- Step 2: Buy your desired cryptocurrency as follows:
- Select the desired fiat currency (e.g. BRL).
- Click on the coin you want to send to your financial account.
- Enter the amount you wish to purchase.
- Step3: Select BRL balance as your primary payment method.
- Step 4: Remember that the reference price is updated after 30 seconds.
- Step 5: Once the transaction is complete, the coins will be deposited into your financial account after a minute or two. Click the View Resources button to view your current balance. Your order status can also be sent to your email.
If you prefer the traditional method of buying cryptocurrencies with cash, you can use a cryptographic machine. It works like a typical ATM where you walk up to a separate kiosk and insert cash or a credit or debit card. There are several crypto ATMs available, such as Ether ATMs, Litecoin ATMs, Bitcoin Cash ATMs, and the most common, Bitcoin ATMs.
Most cryptographic machines charge five to ten percent of the transaction. While the fees are high, ATMs usually allow you to buy cryptocurrencies without going through the verification process. While some cryptographic machines don’t have a verification process, others do.
Below are the steps to buy Bitcoin from a Bitcoin ATM. While the process of buying Bitcoin through a Bitcoin ATM can vary slightly from machine to machine, the general steps are as follows:
- Before making a purchase, make sure you have a Bitcoin wallet. For added security, consider purchasing hardware wallets like Ledger and Trezor.
- Find a Bitcoin ATM near you.
- Place your order on the machine. Instructions for this must be on the machine. You will be asked to provide your Bitcoin address for cash deposit, so bring it with you.
- Complete the purchase by scanning the QR code on the wallet.
- Once the transaction is confirmed, the coins should be sent to your wallet.
Buy in person
While the above third-party services are efficient ways to buy Bitcoin and other cryptocurrencies with cash, you may not want to use a third-party service for these types of transactions. Then you have to complete the transaction with the seller yourself. Bybit’s P2P platform supports more than 300 payment methods, including a cash payment method.
Otherwise, if you have friends in the crypto industry, they can help you buy Bitcoin or other cryptocurrencies with cash. You can also join a Bitcoin meetup to make friends with other Bitcoin and cryptocurrency enthusiasts and thus find a trusted person to buy Bitcoin from.
As with any in-person event, the most important thing to remember is that your safety and privacy come first. Do not give the seller your real name or address. Also, don’t forget to bring your crypto wallet to confirm the completed transaction.
If you want to meet a local vendor, do it in a public place where you feel safe. The most popular venues for these types of events are shopping centres, banks and cafés. While there are several ways to buy cryptocurrencies in person, it is highly recommended that you use an escrow service to facilitate a smooth and secure transaction.
If you have never used escrow before, these services will hold the encryption until the transaction is complete, after which the escrow account will send you the cryptocurrencies directly. Even with this method, it’s still important to carry out the transaction in a safe place.
If you plan to buy cryptocurrencies from a vendor you’ve never worked with, choose a location that has security cameras, access control, and even metal detectors. As long as you maintain common sense when making a personal transaction, you should be able to purchase cryptocurrencies without any problems.