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As Bitcoin’s appeal grows, many people are looking to purchase it in convenient ways, such as cash.
While the most common ways are digital payments debit and credit cards, cash still remains a preferred method for providing accessibility, privacy concerns, and convenience.
In this guide, we will explore cash as a Bitcoin purchase method as we look into the different available methods of buying Bitcoin with cash. Let’s get into it:
Key Takeaways
- Bitcoin ATMs are the most secure method for buying Bitcoin with cash.
- Peer-to-peer (P2P) platforms are secure and private, but you have to do due diligence.
- In-person exchanges are often secure as long as you take the right precautions.
- Cash Deposits are secure, but you need to trust the seller and the facilitating platform.
Best Secure Ways to Buy Bitcoin with Cash
Here, we will look into the different ways that you can buy Bitcoin using cash in 2024:
Bitcoin ATMs
Bitcoin ATMs are a popular method of purchasing Bitcoin with cash.
These machines operate like traditional ATMs but are designed to handle crypto transactions.
By entering your location, CoinTime’s locator will help you find one near you.
Often, they are located in shopping malls, convenience stores, and other public places.
As of August, there are about 38,730 crypto ATMs globally.
The United States is at the top in market share and has about 82% of the total ATMs.
Chart Showing Bitcoin ATM Distribution
How it Works
- Find a Bitcoin ATM: Use online maps or websites of Bitcoin ATM providers such as CoinTime to locate the nearest machine.
CoinTime Bitcoin ATM Locator - Verify Your Identity (if required): Depending on the ATM, you may need to provide ID or phone number verification. Follow the instructions on the screen for this step.
- Enter the Amount: Specify how much Bitcoin you want to buy. The ATM will show an equal amount in cash.
- Insert Cash: Feed the cash into the machine. The ATM will count the money and confirm the amount.
- Provide Your Bitcoin Wallet Address: Scan your Bitcoin wallet’s QR code using the ATM’s scanner.
- Confirm and Complete Transaction: Check the information on the screen and confirm the transaction. The Bitcoin will go to your wallet almost immediately.
- Collect Receipt: The ATM may print a receipt for your records. Keep it until you confirm the Bitcoin is in your wallet.
Different providers
– CoinTime ATM
CoinTime is a popular Bitcoin ATM provider with over 180 locations in California, Texas, Arizona, and Illinois.
These ATMs are super easy to use, even if you’ve never used a Bitcoin ATM before.
You don’t need a bank account or a debit card—just a phone number to make private cash purchases.
One of the great things about CoinTime ATMs is that you can buy up to $50,000 worth of Bitcoin at a time.
The transactions are fast, so you won’t have to wait around like you might with other forms of exchange.
Plus, CoinTime makes sure your Bitcoin stays secure by not asking for or storing your private keys.
– CoinFlip ATMs
CoinFlip has over 4,000 ATMs spread across the country and establishing itself as a leader in the space.
The company is praised for its competitive fees, which are typically lower than many other providers.
CoinFlip’s ATMs are user-friendly and offer a straightforward process for buying Bitcoin with cash.
In addition to Bitcoin, many of their ATMs also support other cryptocurrencies, providing versatility for users.
– Bitcoin Depot
Bitcoin Depot is another prominent name in the Bitcoin ATM industry, with a network of over 7,000 ATMs across the United States.
The company has made a name for itself by providing easy access to Bitcoin through its strategically placed ATMs in convenient locations such as grocery stores, gas stations, and shopping centers.
Bitcoin Depot ATMs are known for their security, with robust encryption and real-time transaction monitoring.
The company offers a transparent fee structure, with fees typically ranging between 7% and 10%, depending on the location and transaction amount.
Bitcoin Depot also supports a range of cryptos.
– Coinme
Coinme is unique in the Bitcoin ATM space, as it has partnered with Coinstar to offer Bitcoin purchases through Coinstar kiosks.
These kiosks are widely available in retail locations such as grocery stores, providing easy access to Bitcoin in places where dedicated Bitcoin ATMs might not be present.
Coinme focuses on making Bitcoin accessible to everyone, with lower fees compared to traditional Bitcoin ATMs, usually around 4%.
The partnership with Coinstar has allowed Coinme to expand its reach significantly, with over 10,000 kiosks available across the United States.
Coinme’s platform is designed with security in mind.
This makes Coinme an excellent option for users who want to buy Bitcoin while running their daily errands.
Peer-to-Peer (P2P) Platforms
P2P platforms give direct access to transactions between Bitcoin buyers and sellers.
These platforms behave like marketplaces where people can transact Bitcoin.
The platform itself provides escrow services to ensure the safety of the transaction.
How it Works
- Register on a P2P Platform: Sign up on a trusted P2P platform like OKX, Paxful, or Bisq. Complete any required identity verification.
- Search for Sellers: Browse the marketplace for sellers offering Bitcoin in exchange for cash. Filter results by location, payment method, and reputation.
- Initiate Trade: Select a seller with a good reputation and initiate a trade. This will open a trade chat where you can communicate with the seller.
- Agree on the Terms: Discuss and agree on the terms of the trade, including the meeting location (if in-person) or cash deposit instructions.
- Use Escrow Service: If the platform offers escrow, the platform will hold Bitcoin until the transaction is complete. This adds a layer of security.
- Complete the Payment: Depending on the method, either meet the seller in person to exchange cash or deposit the cash into their bank account.
- Confirm Receipt of Bitcoin: Once the seller looks at and confirms the payment, the Bitcoin is removed from escrow and sent to your wallet.
Different Providers
– Binance P2P
Binance P2P is a peer-to-peer trading platform integrated within the Binance cryptocurrency exchange.
It allows users to transact cryptocurrencies directly with each other, bypassing the need for intermediaries.
Binance P2P has many payment methods, including bank transfers, cash, and local payment options for accessibility to users around the world.
The platform’s reputation system also allows you to check the reliability of other users based on their transaction history and feedback from previous trades.
– Paxful
Paxful is another top P2P platform where people can buy and sell crypto.
It supports over 300 payment methods, including gift cards, bank transfers, and even cash payments.
Paxful is user-friendly, making it easy for beginners to get started.
The platform also includes a secure escrow service and ensures that transactions are safe for both buyers and sellers.
– Bisq
Bisq is a decentralized P2P platform that allows users to transact BTC and other cryptos without needing to register or provide personal information.
Because it’s decentralized, Bisq doesn’t have a central authority, and transactions are carried out directly between users.
This makes it a great option for those who value privacy and want to avoid centralized exchanges.
– LocalCryptos
LocalCryptos is a P2P marketplace that focuses on privacy and security.
Unlike some other platforms, LocalCryptos doesn’t store user data or private keys, which means you have full control over your crypto.
It gives users different options for payment methods and cryptos.
This makes it a versatile choice for buying and selling Bitcoin directly with other users.
Chart Showing live Bitcoin/USD Price
In-Person Exchanges
In-person exchanges comprise meeting with a seller physically to exchange cash for Bitcoin.
This method is preferred by those who value privacy and want to avoid using online platforms.
How it Works
- Find a Seller: Use platforms like Reddit or community groups to find someone willing to sell Bitcoin in person.
- Arrange a Meeting: Agree on a public, secure location to meet. It’s advisable to meet in a place with cameras and plenty of people around.
- Prepare Your Mobile Wallet: Ensure your wallet is set up and ready to receive the BTC instantly.
- Exchange Cash for Bitcoin: At the meeting, hand over the agreed-upon amount of cash. The seller needs to send the Bitcoin to your wallet.
- Verify the Transaction: Confirm that the BTC has arrived in your wallet before the meeting ends. You can use a mobile app to check the status of the transaction.
- End the Transaction Safely: Once the transaction is complete, thank the seller and safely leave the location.
Different providers
– Bitcoin Meetups (community-organized exchanges)
Bitcoin Meetups are community-organized events where people gather to discuss cryptocurrency and often trade Bitcoin in person.
These meetups are a great way to meet like-minded individuals, learn more about Bitcoin, and buy or sell Bitcoin in a secure and social setting.
Trades are usually done face-to-face, which can be reassuring for those new to the space.
– OTC (Over-the-Counter) Brokers
Brokers specializing in over-the-counter (OTC) trading sometimes facilitate in-person Bitcoin transactions.
They are ideal for people who want to transact Bitcoin without affecting the market price.
OTC brokers provide a personalized service, often meeting in person to conduct trades, and are known for their discretion and professionalism.
Cash Deposits at Banks
This method involves depositing cash directly into a Bitcoin seller’s bank account.
After the deposit, the seller takes the BTC to your wallet.
Some P2P platforms that support bank deposits as a payment method facilitate this method.
How it Works
- Visit Your Bank: Go to your local bank branch in person and inform the teller that you want to deposit a specific amount of cash into your bank account.
- Account Verification: Ensure your bank account is active and verified. In order to facilitate the transaction, you must open and verify an account.
- Deposit Cash: Hand over the cash to the bank teller, who will process the deposit into your account. Once the deposit is finished, the funds will be reflected in your bank balance.
- Transfer to Exchange: Log in to your cryptocurrency exchange account that accepts bank transfers. Start an electronic transfer from your bank account to your exchange account.
- Purchase Bitcoin: Once the funds are available on the exchange, they can be used to buy Bitcoin at the current market rate.
Detailed Comparison Of Buying Bitcoin With Cash Methods
Here’s a table summarizing the detailed comparison and ranking of the methods for buying Bitcoin with cash:
| Method | Security | Convenience | Reliability | Speed of access |
| Bitcoin ATMs | High security with minimal personal info required. Private keys remain with the user. | Widely available and easy to use, located in convenient places like malls. | Highly reliable with a straightforward process. | Transactions are almost instant. |
| Peer-to-Peer Platforms | Secure escrow services reduce fraud risk. | Offers a variety of payment methods but requires finding a trustworthy seller. | Reliable if using platforms like Binance or Paxful, though trust is needed. | Speed varies; some trades are quick, and others may take time. |
| In-Person Exchanges | Secure through face-to-face transactions, but there’s a risk in meeting strangers. | Less convenient due to the need to arrange meetings. | Reliability depends on the individuals involved. | It can be quick if both parties are prompt, but arranging meetings can slow things down. |
| Cash Deposits | Secure but less private; requires sharing bank details. | Involves multiple steps (bank visit, transfer), making it less convenient. | Highly reliable if using reputable exchanges, but slower. | Slower due to the multiple steps involved. |
Methodology
Our research involved analyzing various sources, including user reviews, expert opinions, and market data.
We compared the methods based on the criteria of security, convenience, reliability, and speed of access.
We prioritized security, as it’s the most critical factor when dealing with cash transactions.
Convenience and speed were also considered, as they directly impact the user experience.
Sources
- https://99bitcoins.com/buy-bitcoin/buy-bitcoin-with-cash/
- https://www.cryptodispensers.com/blog/how-to-buy-bitcoin-with-cash-its-easier-than-you-think
- https://materialbitcoin.com/en/blog/buying-bitcoin-with-cash/
- https://www.softwaretestinghelp.com/how-to-buy-bitcoin-with-cash/
FAQs
Yes, cash can be used to buy Bitcoin through various methods.
One of the most straightforward options is using Bitcoin ATMs, which allow you to insert cash directly to purchase Bitcoin.
Additionally, peer-to-peer (P2P) platforms facilitate transactions where you can pay cash to a seller.
In-person exchanges and community meetups also provide opportunities to buy Bitcoin with cash and allow you to complete transactions face-to-face.
Beginners looking to buy Bitcoin can start with several methods.
One of the simplest ways is to use a Bitcoin ATM, where you can insert cash and receive Bitcoin directly into your wallet.
Peer-to-peer (P2P) platforms like OKX and Paxful offer another option, allowing users to find and negotiate with sellers.
For those who prefer online transactions, buying Bitcoin on exchanges that accept cash deposits is also a viable choice.
To receive and store crypto, each method requires setting up a Bitcoin wallet.
Buying BTC with cash can be done in various ways. Bitcoin ATMs provide a quick method of directly inserting cash to purchase Bitcoin.
Peer-to-peer (P2P) platforms allow you to find sellers who accept cash, enabling you to arrange and complete transactions in person.
Additionally, participating in local Bitcoin meetups or arranging in-person trades through platforms like Binance or Paxful are effective methods for purchasing Bitcoin with cash.
To buy Bitcoins with cash in person, start by finding a seller through a peer-to-peer (P2P) platform or attending a local Bitcoin meetup.
Arrange a meeting with the seller, agree on the price, and meet in a safe, public location. Bring your money and BTC wallet to finish the transaction.
Ensure that both parties confirm the transaction to avoid any issues and to ensure the trade is conducted securely.
The quickest way to buy BTC with cash is via a Bitcoin ATM. Bitcoin ATMs are designed for quick transactions.
In most cases, it takes only a few minutes from the time you locate the ATM to when you receive Bitcoin in your wallet.
It is one of the most efficient methods for acquiring Bitcoin with cash.
Earning Bitcoin cash for free can be achieved through several methods.
You can use Bitcoin cash faucets, which distribute small amounts of Bitcoin cash to complete simple tasks or captcha.
Participating in airdrops from Bitcoin cash projects or promotions can also provide free Bitcoin cash.
Additionally, completing microtasks or surveys on platforms that reward users with Bitcoin cash can be another way to earn it without spending money.
The simplest way to buy Bitcoin is by using a Bitcoin ATM.
Bitcoin ATMs offer a user-friendly process where you can insert cash, follow a few straightforward steps, and receive Bitcoin directly into your wallet.
This method is particularly easy for beginners as it requires minimal setup and provides immediate results.
To convert Bitcoin to cash, first sell it using a cryptocurrency exchange, Bitcoin ATM, or a peer-to-peer (P2P) platform that facilitates cash transactions.
Once the sale is complete, if using a P2P platform, you will get cash from the buyer directly.
If using an exchange, transfer the proceeds to your bank account and get cash from your bank.
To redeem Bitcoin for cash, you need to sell your Bitcoin.
This can be done through a peer-to-peer (P2P) platform where you arrange a trade with a buyer who pays you cash.
Alternatively, you can use an exchange to sell Bitcoin and withdraw the proceeds to your bank account.
Once the funds are in your bank, you can withdraw cash as needed.
To buy Bitcoin with cash at a CoinTime ATM, you must first locate one using the company’s locator tool.
Follow the on-screen instructions to select the BTC you’d like to purchase and insert the cash.
You will get the BTC at the address you enter. After checking the transaction is correct, it will be delivered to your wallet almost immediately.
To buy Bitcoin with cash online, find a platform that accepts cash deposits, such as certain peer-to-peer (P2P) platforms or exchanges.
Deposit the cash into the bank account specified by the platform or use an online service that supports cash payments.
Once the cash is deposited, use the funds to purchase Bitcoin on the platform, which will then be sent to your Bitcoin wallet.
