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The Best 4 Ways to Buy Bitcoin with Cash

by Don Patrick about a year ago in bitcoin
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Buying Bitcoin can be a simple process should you follow guides and instructions online. For those who are interested in buying Bitcoin with cash only, here are the best ways to do that.

Bitcoin does not exist as a physical asset, but cash does. There are currently a few bridges between the electronic world of cryptocurrencies and the physical world of cash. Please keep in mind that the marketplace for Bitcoin and cryptocurrencies is changing rapidly and that additional options may be available in the future.

Buying Bitcoin with Cash Only

There is an important distinction to be made before describing the ways of buying Bitcoin for cash, and that is between physical cash and bank deposits. Physical cash is cash held in your hand. Bank deposits are often treated as cash since they can be withdrawn easily or accessed electronically. The options described here are for individuals using physical cash, not bank deposits

Key Decision Points

Evaluating all these options for buying Bitcoin with cash can seem like a complicated process, but keep in mind that not all options may be available to all buyers. Some, like Bitcoin ATMs and LibertyX, are not common in rural locations. However, for buyers who have a range of options the following decision points may be helpful.

Safety Comes First

It is reasonable to put personal safety at the top of the list of considerations when purchasing Bitcoin for cash. In general, as buying and owning cryptocurrencies might be risky, there are some methods and tips to secure your device and crypto coins. Meeting an unknown person to transact business is more concerning for some individuals than others. These concerns are highlighted by the fact that many exchanges that facilitate meeting in person stress that it is advisable to bring someone along.

Quantity

Each of the different methods of buying Bitcoin for cash has a different lower and upper limit on the amount that can be purchased. This is clearly a determining factor in choosing a platform. Like the rest of the Bitcoin market, these limits are changing quickly and should be reviewed at the appropriate website before selecting an option.

Price

References to the “price of Bitcoin” are slightly misleading. The market for Bitcoin has different prices. A review of the options for personal sales, as an example, shows Bitcoin offered at various prices. Other platforms have only a single price. The volatility of the price at the time of purchase may make one option more attractive.

Fees

Fees are difficult to evaluate because they are not always transparent. Of course, this is unfortunate since lower transaction fees are attractive. However, given the difficulty and the variation in price among platforms, the most sensible approach may be to look at the total cost of the transaction rather than the level of fees charged.

Convenience

This factor can mean both the location of and travel time to the exchange or Bitcoin ATM, but it can also mean the level of anonymity provided by the platform. Some purchasers will prefer to travel in order not to provide identification. For others the safety

Balancing these factors means that there is no “best” way to buy Bitcoin for cash. The developing market has created a range of options that, depending on location, may make it possible for most buyers to find the venue that meets their needs. As the market continues to grow, the platforms described here will continue to expand and other options may become available.

The 4 best places to buy Bitcoin with cash

-LocalBitcoins

-BitQuick

-WallofCoins

-LibertyX

Conclusion

If you’re using cash to purchase Bitcoins or any cryptocurrency It’s advised to purchase them through the popular and trail and tested options I’ve provided. Once you’ve received your Bitcoins, I recommend transferring them to cold storage. MyCoinChain offers cold storage wallets, interest based accounts and offline storage for your Bitcoins. When that’s done, sit back and get ready for this bull ride that’s happening. Bitcoin and cryptocurrency adoption is coming faster than we expect. Start investing today with MyCoinChain.

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Don Patrick

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