Bitcoin has beaten all the odds to become the best-known cryptocurrency in the world today. However, buying bitcoins with cash can be quite confusing, especially if you are new to cryptocurrency and trying to understand everything. Fortunately, you do not have to be confused anymore because this article will provide you with some top tips to guide you along the easiest way to buy bitcoins with cash.
Before buying Bitcoin, you need to have a safe storage place or a wallet. The wallet works like a bank account; however, it does not store your bitcoins but instead stores your private keys. These keys are the gateway for all your transactions, allowing you to access your bitcoin address and male transactions. For any transaction you want to make, you have to use these keys’ So if you lose the digital keys, it means permanently losing access to your bitcoins. Wallets come in various forms. For example, you can download one onto your desktop PC, mobile phone, or simply keep information on paper or other hardware.
Here are some options for obtaining digital currencies, and you can pick the easiest way to buy bitcoin with cash for you
Find a seller who accepts cash
Peer-to-peer trading requires you to look for a seller, and this could be a person near you or one you are close to, like a friend or a relative. You can also meet sellers online through social media groups and other platforms. The process is easy because you state the number of bitcoins you want to buy, and you agree on the exchange price. The seller sends you their bank account details or settles on an alternative payment mode, such as through online payment systems like PayPal. Once you make the payment, you send them or show them the proof of payment, and they release the bitcoins to you. This method mainly involves a third-party platform or an escrow service to ensure both the buyer and the seller fulfills their part of the bargain. The third-party platform may not require personal information and verification, but some people will request such info when trading.
Use a crypto exchange or site
Still, exploring the easiest way to buy bitcoin with cash, you can use a reliable crypto trading site or exchange like NakitCoins. You open an account online, deposit your fiat money and get the bitcoins equivalent to your amount. You may also walk into their physical offices and buy bitcoins with cash.
Use a bitcoins ATM (BATM)
These machines are ideal for exchanging cash for bitcoins and are among the easiest ways to buy bitcoins with cash. There are over 1000 ATMs in the world right now, so finding one is certainly possible. However, as you prepare to buy bitcoins from the BATM, you need to download the bitcoin wallet on your phone or any mobile device. Once done with the process, buying becomes simple as you can now generate a key for your transaction. However, using a BATM to buy bitcoins with cash attracts a 5 to 10% fee per transaction, and that is quite an amount to part with.
Buying Bitcoins for cash need not be complicated anymore. You can use any of the above ways to buy digital currencies conveniently. The beauty of buying with cash, especially using a BATM, is that no personal info is needed, and you can purchase small amounts of bitcoin. It is also quite fast. But the downside of buying bitcoins with cash is you cannot buy a considerable amount, and if you have to, verification is needed when you exceed a certain amount.