Purchasing Bitcoin with cash: Web-based Intermediaries and Bitcoin ATMs
Is it even possible? Once, you could only mine Bitcoin or buy them off unscrupulous dealers on the deep web. Now, you can purchase as many crypto coins as you like against cash.
While Bitcoin is not a tangible asset, cash is. So, newbie buyers might find purchasing Bitcoin for cash a bit confusing or even risky, which is why you need to find the best exchanger or Bitcoin broker that allows you to buy Bitcoin with cash deposit.
Should you purchase Bitcoin with a cash deposit?
Cash transactions bear unique risks, and you need to be extremely careful while paying cash for Bitcoin online. The concern is real since even a small fraction of the cryptocurrency can cost a significant amount in terms of dollars or Euros. The cash necessary to purchase any crypto is an impressive amount, and you need to exercise additional caution if you want to receive those coins in your account.
What are Bitcoin ATMs?
Apart from dedicated websites where you can purchase any number of Bitcoin for cash, you can buy crypto from the Bitcoin ATMs. The moniker can be a bit confusing since it does not dispense cash or Bitcoin like the traditional Automatic Teller Machines.
These Bitcoin ATMs are available at multiple locations, and their availability across the entire US and Europe is steadily increasing. These are computers that accept the currency and transfer the equivalent Bitcoin to the corresponding wallet. Using the Bitcoin ATMs is easy, and you might even find one in your nearest convenience store if you are in the US.
How should you buy Bitcoin with cash deposit?
To date, buyers consider the web-based Bitcoin exchangers to be safer than Bitcoin ATMs. If safety is the priority for you, too, you might want to stick to online transactions that eliminate the necessity of meeting your seller in person. In case you are meeting the seller, it is advisable to bring someone you trust.
What is the price of Bitcoin?
The price of Bitcoin always varies, and the entire market is replete with untrustworthy sellers, who offer Bitcoin for different prices. While getting the best price for the quantity you are purchasing is obviously a concern, you also need to consider the safety and experience you are receiving for the price. For example, if you have found a trusted and high-rated seller, who is offering a slightly higher price than a new seller, who wants to complete the transaction personally, you might want to go with the first option.
What is the Bitcoin buying fee?
Another challenge you will have to learn to overcome is the fee of a bitcoin purchasing transaction. To buy bitcoin with cash deposit, you will have to pay a fee. This fee is not always transparent, and it will vary between sites and sellers. A smart way to choose the correct seller is by considering the total expense of the transaction and not just the individual fee the platform or seller is charging.
Never put price and fee before your convenience. Convenience refers to the distance you need to travel, the location of the Bitcoin ATM, and the level of security and anonymity the platform offers. It is easy to see why there is no ONE best way to purchase bitcoin, but you need to weigh the pros and cons of every method for finding one that is best for you!