It is one of the most private & fastest payment options for buying Bitcoins. You can perhaps receive your bitcoins almost within a few couple of hours. Cash transactions can be more private since in some cases you don’t have to provide any personal information.
But, this privacy is often accompanies at a certain cost. Cash exchanges often have a price 5-15% above the market rate.
Additionally, cash exchanges are often an easier target to get scammed or robbed. Therefore, you need to remain alert always during cash transactions by following the exchange’s rule.
Some of the best places to buy Bitcoins in cash include LocalBitcoins, BitQuick, WallofCoins, Bitit, LibertyX & many more.
Apart from these sites, you can also go for meeting a person & swap your cash for their Bitcoins.
[Read Also: 20 Basic Rules To Make Money From Bitcoin Trading]
(5) Bitcoin ATMs
It is one of the most convenient payment options for buying Bitcoins. Bitcoin ATMs are internet machines or kiosks that allow an individual to exchange bitcoin with cash. They also provide a paper receipt for every transaction to move money to a public key on Blockchain.
Your cash is converted into Bitcoins almost instantly. However, certain ATM providers may ask users to open an account before initiating a transaction on the machine while others may provide Bitcoins anonymously.
But, this anonymous transaction comes at the cost of 5-15 % premium above the market price. Generally, a typical Bitcoin ATM will require you to enter mobile number in order to verify your identity.
Your identity will be confirmed after you enter the verification code obtained on registered mobile number. Sometimes, you may also be asked to scan the back of your ID.
Once all verification is done, you might be given the option to scan your Bitcoin wallet code or enter its address manually. You can now buy Bitcoins as per transaction limit by inserting your cash into the machine.
After few minutes, your Bitcoin wallet will start showing Bitcoins. You can find the nearby location of Bitcoin ATMs by using the services of websites such as CoinATMRadar, etc.
Thus, users should be aware of the associated cost & entire process before buying Bitcoins through Bitcoin ATMs.
- Payment Methods To Buy Bitcoins: Shutterstock