February 25, 2021

How to buy Bitcoin with cash: The most popular exchanges

How to buy Bitcoin with cash: The most popular exchanges

A lot of methods on how to get Bitcoin are available. One of them is using your personal money to do it. The idea of getting digital coins with cash is interesting, and a lot of people don’t know what they can do to make this dream come true. But it isn’t actually very hard. For example, you can use special exchanges, so let’s describe some of them.

How to buy Bitcoin with cash: The most popular exchanges

Introduction

What positive sides of purchasing Bitcoin can we name?

  1. It takes a little time.
  2. It’s the simplest method of getting cryptocurrency.

You are able to purchase this digital currency in several hours if you exchange your money for Bitcoin. Before you do it, ensure that you have your personal Bitcoin wallet because it is more reliable and some exchanges require it.

There are different kinds of wallets for keeping cryptocurrency:

  1. Cold is downloaded without any network connection.
  2. Hot is connected to the network.

Each of them has its own pros and cons. In simple words, hot wallets are more convenient but not as safe as cold.

After creating the wallet, you can purchase cryptocurrency on online exchanges. Let’s describe the best.

LocalBitcoins exchange

This is a platform where you can buy Bitcoin, pay cash or create a deposit converted to cryptocurrency. What actions do you have to do if you want to use this exchange?

  1. Find a person who agrees to pay you Bitcoin for your cash.
  2. Choose some coins and create a task.
  3. Get a bill number from your counteragent.
  4. Pay your seller.
  5. Confirm your payment by uploading a receipt.

After these 5 simple steps, you will definitely get Bitcoins. For every operation, you pay a fixed commission. It equals one percent of every operation, but precise conditions may change.

Advantages of this exchange:

  1. It is a confidential and easy method to do what you want.
  2. You don’t have to give your personal data for performing personal orders.
  3. You can easily buy Bitcoins via cash.

But this exchange has some disadvantages:

  1. There is a risk of scammers. If you want to protect your money, following the rules is the most important condition.
  2. It is more difficult to buy huge amounts of Bitcoins in comparison to more famous exchanges.
  3. Due to higher confidentiality, the commission for transactions is higher.

LibertyX

This is a cryptocurrency exchange where you can buy Bitcoin with cash at stores in the United States. This is a less confidential option because you need to confirm your identity. The largest amount of money you pay for a transaction is 1 thousand dollars.

The advantages of this exchange are:

  1. The exchange is easy and fast.
  2. You pay a low commission, which is 1,5% + commission of the store.
  3. There is a relatively high daily limit for operations.
  4. It is a convenient service.

But you should understand that the disadvantages of this exchange are more serious compared to the previous option:

  1. Additional fees are added by stores.
  2. You need a special verification, which makes the level of confidentiality lower.
  3. You need to connect your Facebook account to this service, and this fact negatively affects confidentiality.

In general, this exchange is a quite good option.

How to buy Bitcoin with cash: The most popular exchanges

Bitit

The commission is about 8%. This is a very controversial method that has a lot of advantages and disadvantages. This method isn’t for everyone because you need to use special vouchers to do what you want.

The advantages:

  1. This is a really unique method that proposes a higher level of confidentiality compared to other methods.
  2. It has a relatively low commission but higher than what other exchanges have.
  3. This method is available in 50 countries.
  4. The maximum limit is 10 thousand euros per week.
  5. You can use Bitcoin gift certificates.

But there are a lot of significant disadvantages that make this method not suitable for everyone:

  1. If you make an operation first, the daily limit is only 500 euros.
  2. This is a more confidential but more confusing method that isn’t understood by everyone.
  3. You still need to verify your personality if you buy goods for more than 25 dollars.

What about risks?

If you want to buy Bitcoin for cash, you can be happy. This method isn’t associated with significant risk. However, be attentive when you use LocalBitcoins exchange because you don’t really know who transfers you Bitcoins.