Bitcoin is currently the most popular cryptocurrency on the market. Its great boom has been due to its exceptional features and the innovative blockchain technology that is behind it, however, transactions in Bitcoin are mostly carried out electronically.
Despite this, since its creation and taking into account the initial purpose of being used as a common currency, ways of acquiring this digital currency with cash have been implemented.
Using this method to acquire Bitcoin has its many advantages, which of course make it more attractive to those who wish to start using this popular cryptocurrency, one of which is related to the privacy with which transactions are executed, unlike A common Bitcoin Exchanger does not require any type of identity verification or other similar procedures which allows the operation to be carried out without so many waits.
Time is another key factor, buying Bitcoins in cash would avoid waiting for confirmation of transfers by the bank as well as the Exchanger, giving a great advantage at those times when the market can play in your favor if you act on time.
This type of operations would help the Bitcoin to continue being a decentralized currency and would be outlined as the necessary alternative if it were to exercise some kind of control over them as has happened in some countries lately.
Among the most used methods are the following:
1- Make the purchase person to person
The most social way of acquiring your Bitcoins is person to person, but for that we must consider certain aspects among which we can highlight: the process of getting the right seller, the protocol to make the purchase, the necessary tools and forecasts so that the purchase is successful and finally as a matter of extreme importance, safety.
Regarding the process of getting the right seller there are many options, all those who in one way or another are managed in this medium have friends in particular who invest in cryptocurrencies, or generally attend cryptocurrency events, belong to groups in social networks where they discuss and comment on news or news in the area or are members of specialized forums in which there is probably a large community of traders willing to sell.
Although we can search for potential sellers in our nearest circle, there are sites on the Internet that we can find directly in our locality to people who offer their Bitcoins and accept cash as a form of payment.
It is advisable that this type of transaction be carried out using the service of a reliable third party that retains the Bitcoins (Escrow) of the seller during the operation, so once it releases the amount of Bitcoins to be purchased, the buyer receives notification that they have been sent to your wallet this can deliver the money in cash and your bitcoins will be sent to your wallet or in the case that the transaction is canceled for any reason, the service will return the Bitcoins to the seller's account.
2- Buy with cash directly at a Bitcoin ATM (BTM)
This is an excellent option in terms of saving time, since you do not need to agree on anything with another person but will be available 24 hours a day, 7 days a week.
Since its introduction to the market, the BTM have become increasingly popular and have been constantly expanding, however, not in all locations there is a large supply of them.
An ideal site to locate a BTM is the website of CoinATMradar, here it will show you its exact location as well as all those details that you need to know about the operator and about the commissions, limits and identification requirements if they are necessary.
It is important to have your wallet or address at hand to confirm the purchase.
3- Cash deposits in a bank
There is another option that can also be found in LocalBitcoins in which the seller offers the bank deposit as an accepted method of payment, here, it will indicate the data of the bank so that you can make the deposit and it is done in the same way in the that you were making another normal deposit.
This method provides a bit more security since it is not necessary to make any encounter with another unknown person, but to go to any branch of the banking institution used by the seller.
4- Cash through mail
This is not an option as recommended as the previous ones due to certain difficulties it represents, however in LocalBitcoins and Paxful you can also find sellers that accept this payment procedure.
Again it is important to look at the reputation of the seller before performing the operation, while more transactions have been made of this type, more reliable will be to make the purchase and as in previous operations, the Escrow service is mandatory to avoid fraud.