Buy and Sell Bitcoin in Cash
You are not mistaken. You can buy bitcoin for cash. We know that it is complicated to understand the trading and exchange platforms of Bitcoin, especially if you are a novice user. Some sites offer credit/debit card payments, but patience is required to wait for bitcoin delivery continually. Also, exchange sites request a series of personal data that can create an insecure environment among users. Most users prefer privacy regarding Bitcoin transactions.
With cash deposit
Some platforms have such an option where the buyer can deposit cash into the seller’s bank account in order to buy bitcoins. Banks are attached to some platforms where you deposit money to a specific bank offered by the site.
Peer-to-peer (Decentralized) Exchange Websites
Some sites allow you to trade in person but act as an escrow service. In this method, buyers can meet with specific sellers selected on the site and proceed to further transactions. Here, the site acts as an escrow system where the website holds all bitcoins from the seller and transferred to the buyer after the seller confirms the payment of bitcoin.
Currently, many ATMs offer bitcoins by depositing cash in them. The user can receive bitcoins in a specific bitcoin wallet by depositing money on these machines. The process is instant and straightforward.
Buy Bitcoin In Person For Cash
You can contact the seller through any social networks or forums and decide to meet in person. Later, you can buy bitcoins from the seller by mutual agreement. In this case, you must be careful with fraud or robbery. The best offer for any personal Bitcoin transaction is to meet at a bank or in a public place (cafe, shopping center, or other areas where there are other people).
Exchange bitcoin for cash
Several sites allow users to exchange cryptocurrency funds for money. Basically, the process looks the same on all websites, and just complete the following simple steps:
- Find a seller in your area that accepts Bitcoin.
- Choose the amount of cash and place an order.
- Get the account number from the seller.
- Deposit Bitcoin to the seller’s account.
- Download a receipt to prove that you have made a deposit/transaction.
- Get cash. Funds will be credited to your card within a few hours.
But do not forget that this process has its pros and cons.
- This method can be private, quick, and accessible.
- Personal transactions do not require the personal information
- Bitcoin purchases can be made quickly through a cash deposit.
- Beware of scammers; always follow the rules
- It is harder to buy a large number of bitcoins compared to large exchanges
- Some verification is required that reduces the expected level of confidentiality of a cash purchase.