The growth of Bitcoin has been impressive over the past few years, with experts predicting that the currency might enter money markets soon, adding even more credibility to blockchain technology.
There are various ways to acquire Bitcoin, and many cities all over the world offer the service over the counter, specialized ATMs known as BTMs and various other markets. Here are the five ways to get your hands on Bitcoin simply using cash in exchange for the cryptocurrency.
Peer-to-Peer (P2P) exchange sites
Peer-to-peer exchange sites allow one to trade in person while acting as an escrow service. Buyers are able to meet and select sellers on the platforms. This decentralized system solely operates on software and allows direct trading without interference from third parties.
This method is beneficial for many reasons. It allows users to trade directly and not incur extra charges because no other party is involved in the deal. This form of exchange is easy to use, maintains the privacy of the user, all while being safe thanks to blockchain technology.
Besides, peer-to-peer sites also support diverse payment methods making them easy to use. The general steps are as follows:
-Select a P2P platform of your choice
-Locate a seller in your area who accepts cash
-Select the number of coins and place an order
-Request account number from the seller
-Deposit cash into the seller's account
-Upload the receipt to prove the deposit/trade
-Receive the crypto coins you purchased
This is another simple way to deposit cash in exchange for Bitcoin. You simply deposit cash and users can direct the Bitcoin to their wallet through the machines.
The process is instant, and if you are looking for one in your area, Bitcoin ATM locations can be found a directory online. In total, there are over 30 Bitcoin ATMs and over 20 manufacturers are in the market including Genesis machine1, Satoshi1 or Satoshi2 machine, Lamassu, General Bytes BATMTwo and General Bytes BATMThree.
This is the method most people used when Bitcoin first came into the market, sellers normally advertise their Bitcoins online through social media.
You would then contact the seller, and mutually agree on how to go about the transaction. However, this is also another way to get scammed or tricked by scammers, so it is important to ensure that you are dealing with a genuine seller.
This is quite similar to the P2P exchange but it's less formal. So, it would be ideal like with any transaction of this nature, to meet in person or get some sort of verification of the person selling the Bitcoin.
Buying Bitcoin with cash is one of the most convenient ways to acquire Bitcoin besides working for it. It works best if you are hesitant to share credit card details or link your bank account to another site.
Certain Bitcoin platforms have an option linked to them where buyers can link their bank accounts, and buy Bitcoins. This is a secure method which safely logs into your bank account, so you can purchase a Bitcoin, depending on the country you are in and which bank you use.
Furthermore, a method that is not usually recommended is depositing cash into a Bitcoin owners account and having them email you the details for the Bitcoin.
Buy Bitcoin with other cryptocurrencies
The cryptocurrency family is made of smaller currencies which you can easily purchase at a smaller price than bitcoin.
Once you have enough saved up, you can buy a Bitcoin. This is probably one of the safest methods to use in buying Bitcoin using cash. Other cryptocurrency include Litecoin (LTC), Ethereum (ETH), Ripple (XRP) and Ethereum Classic.
This item was posted by a community contributor.