You can buy Bitcoins in several different ways. One of the most anonymous options is to purchase bitcoins with cash. Some people prefer to do it this way for several reasons. However, before choosing this method and facing some otherwise avoidable risks, it's important to understand the various ways of buying Bitcoin and paying in cash.
Reasons for buying Bitcoin with Cash
So, why would some people want or prefer to buy Bitcoin with cash? There are some real advantages when using cash to buy Bitcoin if you are cautious and are careful to avoid any possible pitfalls.
Some of the advantages of buying Bitcoin with cash include the following:
· It is faster
One of the significant benefits of buying Bitcoin with cash is that it is quicker than other options, such as paying by bank transfer when using an exchange. This is because there are no delays when waiting for banks to process the transfer or for the crypto exchanges to verify your identity. In some cases, bank transfers can take up to 3 business days, and the verification of your personal information and identity may take between 1 and 3 weeks.
· It maintains privacy
When you buy Bitcoin with cash, you don't have to submit a lot of documentation and reveal too much information about yourself and the source of your funds. Therefore, the method is safer and protects against identity theft, and also avoids the deal being tracked by regulatory authorities or any other parties you don’t want to know about it.
Methods of buying Bitcoin with cash
Below are some of the ways you could use to buy bitcoin with cash:
· Using crypto exchanges
If you’re looking for one of the safest and most secure ways to buy bitcoins, using an exchange should be top of your list. Some crypto platforms, such as NakitCoins, allow buying bitcoins with cash. In Turkey, you can walk into one of NakitCoin's physical offices and buy BTC with cash quickly and safely. You also enjoy privacy as you buy your digital currency with cash or convert them into other coins with no limits. Therefore, crypto exchanges that offer cash transactions are reliable and a quick way to buy BTC with cash.
· Using Bitcoin ATMs
You can also use a Bitcoin ATM (BATM) to buy BTC with cash. They are automated machines that accept cash and send the purchased bitcoins to your wallet. The beauty of using them is that they are fast and convenient because you can use them 24/7.
The first step when using a Bitcoin ATM is to locate the nearest one to you. To do so, you can use online tools like CoinATMRadar. You can check on the site the ATMs location, charges, identification requirements (if any), limits, operator’s contacts, etc. Remember to have your wallet address as you go to the BTM, and be vigilant in case suspicious-looking people are around. On the negative side of using Bitcoin ATMs, they charge higher fees (usually 5 to 10%) than other methods. However, this could be acceptable for those who want the convenience.
· Buying bitcoin in person from people
Some people holding Bitcoin could be willing to sell it, and you can buy from them with cash. You can find them through family members, friends, colleagues, and others you trust—or use peer-to-peer platforms or social media.
When buying Bitcoins with cash from people, you should meet them in public and safe places, and you should think about having another person accompanying you. Also, have your wallet address handy and a device to confirm the transfer of the digital coins.
Conclusion
It is easy and convenient to buy Bitcoin with cash if you know how to go about it. You may use crypto exchanges and Bitcoin ATMs or buy from people holding them and are willing to sell.
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