The cryptocurrency market hovers around $2 trillion. While values for individual cryptocurrencies like Bitcoin fluctuate over time, the overall value of cryptocurrencies has trended upward.
That upward trend and the novelty of digital currency have made it a popular investment option. Of course, with entire companies built around bitcoin mining, you might wonder if it’s possible for someone to buy Bitcoin with cash.
If you’re wondering if you can buy bitcoin with cash, keep reading. We’ll cover the main ways that you can convert your cash into cryptocurrency.
A bitcoin ATM is one of the most direct answers to how to buy bitcoin with cash. You will need a bitcoin wallet.
That is a piece of software — usually on your phone — that stores information about the blockchain address of any bitcoins you own. It also stores the private keys you’ll need to “sign” any transactions.
At the ATM, you deposit cash that you can then use to buy bitcoin tokens. Your wallet will generate a QR code that the ATM scans. The code tells the machine where to send the tokens.
Depending on the ATM and your wallet, you can often buy more than one kind of cryptocurrency. Some ATMs also let you sell bitcoin or other cryptocurrencies. Most Bitcoin ATMs do charge a fee for the service.
For more on bitcoin ATMs, check out this resource.
Another option for cash buyers is peer-to-peer trading. P2P trading happens on P2P exchanges. These exchanges remove the middleman and let buyers and sellers interact directly, rather than through a third party like a bank.
One of the biggest advantages of a P2P exchange is that it allows for self-regulation. On most exchanges, you can rate the other party.
For example, did someone underpay you when you sold off some bitcoins? Did someone underdeliver the amount of bitcoins when you bought them? These ratings or reviews let you steer clear of bad-faith actors.
You can also go in for direct, in-person purchases. In essence, you find someone who has some bitcoin to sell. You meet up with that person somewhere.
You bring literal cash with you to the meeting. You hand them the cash. They transfer the bitcoin to your wallet.
Of all the possible methods, this is probably the highest risk option. If you go down this road, make sure you meet in a very public place with a lot of foot traffic. That foot traffic serves as a natural deterrent to someone getting aggressive with you.
You can Buy Bitcoin with Cash
It is entirely possible for your to buy bitcoin with cash. You even have multiple options for cash transactions.
You can look for a bitcoin ATM in your area and buy through the ATM. You can use a P2P exchange to buy directly from sellers on the exchange. You can even buy bitcoin in person, although you should probably avoid this with anyone you don’t already know well.
Looking for more bitcoin info? Check out our Technology section for more posts.