Why buy bitcoins with cash? It's private, usually quick, and one of the easiest ways to get bitcoins. Converting your cash to bitcoin can get you bitcoins within a couple of hours. Many of the options below do not require you to verify your identity or provide sensitive personal details. Buying bitcoins with cash is also the best way for people under the age of 18 to get bitcoins.
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LocalBitcoins Popular Buy Bitcoin Read Review
It's possible to buy bitcoins with cash on LocalBitcoins via cash trade in-person or with cash deposit. LocalBitcoins provides escrow and connects you with sellers. It's private and LocalBitcoins does not require any personal details or verification, altough specific sellers may request. Be sure to buy from sellers with previous trade history and positive feedback. Local Bitcoins charges a flat 1% fee on each purchase.
- Can be private, fast and easy
- In person trades require no personal information
- Purchases of bitcoin can be made quickly via cash deposit
- Need to keep eye out for scams
- Hard to buy large amounts of bitcoins compared to larger exchanges
BitQuick Popular Buy Bitcoin Read Review
BitQuick provides escrow and connects you with sellers. You can buy bitcoin via cash deposit at a number of banks across the United States and Europe. Bitcoin purchases made with cash deposit are usually delivered within two hours, and in many cases in under an hour.
- One of the fastest ways to buy bitcoins
- 2% fees on purchases are somewhat high for cash purchase
Wall of Coins Popular Buy Bitcoin Read Review
Wall of Coins is a peer-to-peer Bitcoin exchange that offers a number of payment methods. Cash deposit, however, is the exchange's most common payment method. There are over 100,000 deposit locations available across the United States. Wall of Coins also supports Canada, Germany, Poland, Argentina, Latvia, Poland, and the Philippines. After a cash deposit is made you'll usually receive your bitcoins within 15 minutes.
- Easy and private way to purchase bitcoins
- Currently limited to 12 countries
LibertyX Buy Bitcoin
LibertyX lets you buy bitcoin with cash at a number of retail stores across the United States. You'll have to verify your identity before buying, making LibertyX less private than some of the other options. You can buy up to $1000 worth of bitcoin and will be charged a 1% fee on all purchases. If you sign up with Facebook you can buy your first $1000 fee free. Your bitcoin should arrive a few minutes after your payment is made.
- Easy way to buy bitcoins with cash for low fees
- Some verification is required so it is a less private way of buying with cash
Coin ATM Radar Buy Bitcoin
Coin ATM Radar is a Bitcoin ATM map that helps you find a Bitcoin ATM in your local area. Using Bitcoin ATMs you can buy bitcoins with cash. The average ATM charges a fee of 5-10%, but this is what people are willing to pay to buy bitcoins privately and with no verification. There are many Bitcoin ATM manufacturates, so each ATM is different. Some require verification, some don't.
- Coin ATM Radar makes it super easy to find a Bitcoin ATM near you
- Bitcoin ATMs often have 5-10% fees per purchase
Mycelium Local Trader Buy Bitcoin
The Mycelium Bitcoin Wallet for Android offers a feature called "Local Trader". Using Local Trader, you can find sellers in your area and meet them in-person to buy bitcoins with cash.
- Easy and cheap way to buy bitcoins with cash
- Private way to buy bitcoins, no personal information required
- Users in sparsely populated areas will have trouble finding sellers
Buy Bitcoins with Cash at Wall of Coins
Wall of Coins is a peer-to-peer cash exchange, currently available in the United States, Canada, Germany, Argentina, Latvia, Poland, and the Philippines. You can use the widget below to buy with cash through Wall of Coins. Note that if you use an ad-blocker the widget will not work (click here to go to WallofCoins.com). The live chat in the widget is for Wall of Coins, and does not represent Buy Bitcoin Worldwide.
Buy Bitcoins at Peer-to-Peer Exchanges
Peer-to-peer (P2P) Bitcoin exchanges are a great way to get bitcoins with cash. A P2P trade usually works something like this:
- A buyer and seller use a site like LocalBitcoins or Wall of Coins and agree on a price.
- The seller’s bitcoins are held by the site (in this case LocalBitcoins or Wall of Coins) and only released to the buyer upon confirmation of payment.
- The buyer deposits cash into the seller’s bank account.
- The seller confirms payment.
- The site (LocalBitcoins or Wall of Coins) releases the bitcoins to the buyer.
- The seller got cash, and the buyer got bitcoins. The trade is complete!
The above was just an example. Through sites like LocalBitcoins you can agree on other payment methods besides cash deposit. For example, you could arrange to meet in person and exchange cash for Bitcoin.
There are two main reasons that P2P exchanges offer a near instant way to buy bitcoins:
- No verification is required. You don’t need to submit any personal details and there is no verification process that takes up time.
- Cash payments are irreversible. Once cash is in someone’s bank account, the buyer of bitcoin has no way to reverse the transaction. So the seller can feel confident that he received payment for bitcoins, and release the bitcoins to the buyer.
P2P exchanges offer a fast way to buy bitcoins, but P2P exchange rates may be a bit higher than the global average Bitcoin exchange rate. People are willing to pay more to buy bitcoins both more privately and faster. The markup is usually somewhere around 5-10% on LocalBitcoins. Wall of Coins generally has rates close to market. Check the against a Bitcoin price index like Bitcoin Average or the CoinDesk BPI.
Buy Bitcoins with Cash from Bitcoin ATMs
Bitcoin ATMs are another great way to purchase bitcoins with cash. While you may have to physically drive or walk to the ATM, once you reach the ATM you can buy. You’ll need to be lucky enough to have a Bitcoin ATM in your area. Coin ATM Radar keeps track of Bitcoin ATMs around the world and makes it easy to locate an ATM in your area. You can do the following to check if there is a Bitcoin ATM near you:
1. Go to CoinATMRadar.com
2. Search by Location
In the search box in the top left, type in the name of your country or city and click enter.
3. Find an ATM
Once you search, you’ll be taken to the location you entered on the map. If you see map pin markers, you’re in luck! That means there are Bitcoin ATMs in your area.
4. Choose an ATM
Click on one of the map markers for more details about a specific ATM. From there, you can also click on “Read More” at the bottom for even more details.
While Bitcoin ATMs make it easy to buy bitcoin with cash, there are some downsides. Bitcoin ATMs generally sell bitcoins at a mark-up of 5-10%. Before you buy bitcoin from an ATM, check the ATM’s price against a Bitcoin price index like Bitcoin Average or the CoinDesk BPI.
Some ATMs may require verification, like a picture of an ID or a finger print scan. Coin ATM Radar provides details on each ATM so be sure to check if the Bitcoin ATM near you requires verification.
Frequently Asked Questions
What are risks are involved buying bitcoins with cash?
Buying bitcoins with cash can be very low risk. If making a trade in-person, it's best to meet in a public place to reduce the risk of scamming or theft. If buying bitcoins with cash via cash deposit, use an escrow service to ensure the seller must send you the bitcoins after receiving bitcoins.
What are the benefits and advantages?
It's easy to buy small amounts of bitcoin with cash. It's also private, since no personal information is required in most cases, especially if trading in person or at an ATM with no verification. Buying bitcoins with cash is also fast, as there is no verification to slow down the process.
What are the disadvantages?
It can be hard to buy large amounts of bitcoins with cash, especially with cash deposit. Bitcoin ATMs also have limits and some require verification if more than a certain amount is purchased.
Mycelium Local Trader
Mycelium Local Trader is part of the Mycelium Bitcoin Wallet for Android. If you live in a city, there me be a number of sellers in your area. Before getting into it, make sure you meet in a public space. Going with a friend is best, too. There have been reports of scams and robberies, so just make sure you take precautions when buying.
Once you download the app, click Buy/Sell:
Once you enter your location you should see a list of local sellers:
Click on a seller for more info:
Again, make sure you buy from sellers with good feedback! If you meet, meet in a public space and go with another person.
It's easy buy bitcoin with cash quickly and in small amounts. If you need to buy larger amounts of bitcoin then buy with ACH transfer.
