what to buy with bitcoin

As cryptocurrency and the blockchain technology continue to invade global territories, there are growing ways to buy bitcoin. This article gives a systematic guide on how to buy bitcoin with cash.

At a glance

Bitcoin has become a global digital payment system. There are two main reasons for buying bitcoin with cash. First, the method is private and second, it’s one of the easiest ways to own the cryptocurrency. For real, getting bitcoin in exchange for your cash can get you the digital currency in just a few hours. Some exchanges require you to verify your identity while others do not.

The major requirement is a digital wallet, which is essential because nearly all exchanges need one. You can find detailed information on how to acquire a bitcoin wallet here. While the exchanges listed below could help you buy bitcoin with cash in the shortest time possible and in a more private way, it’s important to research before you transact with any exchange platform.

Many exchanges out there are simply meant to steal personal information such as password from unsuspecting customers. Apart from CoinStaker, here are five other reliable cash bitcoin exchanges that you can explore to buy bitcoin with cash.

Local Bitcoins

This platform enables you to purchase bitcoins through cash trade in-person or by cash deposit. Here is how it goes:

  • Create an account with Local Bitcoins
  • Find a seller who accepts cash in your area
  • Select the amount of bitcoin you would like to buy and place an order
  • Receive the seller’s account number
  • Deposit the cash to the seller’s account
  • Upload a receipt from the system to confirm the trade or deposit
  • Receive your bitcoins—the amount reflects in your bitcoin wallet when the transaction is complete

This platform is private and does not require users to divulge their personal details. However, specific customers on the platform may request so. Remember to buy bitcoin with cash only from sellers with positive customer feedback and history. As of this writing, Local Bitcoins charges a universal fee of 1% on each transaction.

Pros

  • Private, fast, and simple
  • In-person trades don’t require personal information
  • Works faster through cash deposit

Cons

  • Possible scams if you don’t follow the rules
  • Might not accept larger purchases
  • Charges higher for premium privacy

Bit Quick

howtobuybitcoins

Bit Quick is another platform that allows members to buy bitcoin with cash. However, it’s available for US residents only. Here’s how it works:

  • The buyer identifies the seller
  • The buyer makes a cash deposit to the seller’s account
  • The buyer uploads a receipt, confirming the deposit
  • The buyer receives bitcoins, released by the seller

With this method, it is possible to buy bitcoin across several outlets in the US. The purchases are usually complete within two hours or earlier, after the deposit.

Pros

  • The fastest way to buy bitcoin with cash in the USA
  • Payment through the bank makes it more physically secure

Cons

  • 2% fees is on the higher side for most buyers
  • Bitcoin price can be higher on the platform than the prevailing market price

Wall of Coins

This peer-to-peer exchange provides users with various payment options. However, a cash deposit is the most preferred method on the platform. With more than one hundred thousand outlets in the US alone, it supports the following countries as well: Canada, United Kingdom, Germany, Poland, Argentina, Latvia, and the Philippines. A transaction is completed within fifteen minutes after a cash deposit.

Pros

  • An easy way to buy bitcoin with cash
  • A private way to purchase bitcoins—requires a phone number only

Cons

  • Currently serves only 12 countries
  • Most sellers offer small volumes

LibertyX

On this exchange, you can buy bitcoin with cash at several retail outlets across the USA. Buyers have to verify their identity before any transaction, which makes it less private compared to other platforms. Buyers can purchase up to $1000 worth of bitcoin with a flat-rate fee of 1% on all purchases. Interestingly, buyers who sign up on Facebook can buy their first $1000 worth of bitcoin with no fees. The purchased bitcoin arrives just a few minutes after the payment.

Pros

  • Easy and fast way to buy bitcoin
  • Low transaction and storage fees (1.5%)
  • Daily $1000 cap

Cons

  • Additional variable fees from participating stores
  • Verification required—this lowers the privacy that should be in a cash procedure.
  • Using Facebook further erodes privacy

Bitit

A slightly different method of purchasing bitcoin with cash, this platform enables buyers to use vouchers such as Flexepin or Neosurf to purchase the cryptocurrency instead of direct cash. The fees are higher at 8% for purchases with Flexepin or Neosurf.

Pros

 

  • A unique way of buying bitcoin with added privacy compared to other methods
  • 8% on Neosurf purchase is more affordable, as others charge 10% or higher
  • Serves 50 countries
  • 10,000 Euros initial weekly cap for Neosurf payment
  • Supports Bitcoin gift cards as well—in this, it’s more expensive than other options

Cons

  • More privacy through in-person buying can be confusing
  • Identity verification for amounts above 25 Euros
  • 500 Euros initial weekly cap in credit or debit card payments

Final Thoughts

While it is easy to purchase small amounts of bitcoin with cash, it’s difficult to buy large amounts of the cryptocurrency using the same method. Even with bitcoin ATMs, there is a cap and some even demand verification beyond a given limit of purchase. If you intend to buy large amounts of bitcoin with cash, you can do so through a bank account, which can also help you save on fees as well.

All images from CoinStaker Library

Which other avenues for buying bitcoin with cash could you add to this list? Join the conversation over at Telegram (https://t.me/coinstaker)

Author info

Tony is a writer for the crypto space. He presents cryptocurrency and blockchain topics to the public in a way that he only can. While carefully researched, this article should not be taken as an express investment guide. Do your own research and consult a financial advisor before you invest in cryptocurrency.

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