There are many ways to buy Bitcoins, for example through cash, credit card, or crypto swap. The option depends on various factors. For now, we will discuss how to buy Bitcoin with cash. This means buying Bitcoin and paying with hard cash, cash in the bank, cash app, or internet payment option.
There are various instances when crypto enthusiasts can buy crypto with cash, and it is important that you know a few of them.
When Making an Initial Bitcoin Purchase
Are you buying BTC for the first time? You will most likely be buying with cash, especially if you have never bought any other cryptocurrencies or don’t want to do a crypto swap. Before you buy Bitcoin with cash for the first time, you need a secure wallet to store your coins. You can get this from a secure service provider at any time.
You can buy Bitcoin with cash from a reputable crypto exchange that is fast, secure, and affordable. It could be a CEX, DEX, or any other platform that suits your needs. Fortunately, these platforms are accessible through the web, smartphones, or physically. So, make the right decisions.
When Buying Goods Online
Would you like to buy goods or services online using Bitcoins? If yes, you will need to have BTC in a wallet. This may require you to buy Bitcoin with cash through a crypto exchange or physical crypto exchange if you are near one. Bitcoin has become a popular mode of transaction and many businesses are accepting it, especially when making international purchases.
You may also need to do Bitcoin top-ups regularly when buying goods and services online with BTC, so you need a reliable exchange that supports this. Such a platform should have an app so that you can access Bitcoin purchases on the go and complete your business.
When It Is a Requirement by the Seller
Some platforms require Bitcoin buyers to buy with cash only. This primarily happens with DEX platforms that connect you directly with a seller. The sellers, whether individuals or companies, set their preferences on the mode of payment by the buyer. In this case, you have no option but to buy Bitcoin with cash and money in your bank.
Many reputable CEX platforms give Bitcoin buyers the option of using cash, credit card, online payment options, mobile money options, and crypto swaps. However, many BTC buyers still find themselves using cash.
When Buying With Cash is Safer
Have you ever heard of identity theft? When you buy Bitcoin with cash instead of a credit card, mobile payment option, or internet payment option, you avoid identity theft that happens online. It is a great option for both beginners and seasoned Bitcoin investors.
However, it is always good to practice precaution when buying BTC and other cryptocurrencies regardless of the approach because the transactions are prone to security breaches.
As you can see, there are many instances to buy Bitcoin with cash. In fact, there are many other instances than what we have discussed. When doing so, you should ensure that you practice security precautions to avoid losing your money or cryptocurrencies.