Bitcoin and other cryptocurrencies have become the most popular investment vehicles for many traders and for other investors seeking ways to get handsome returns on their investments. This is because cryptos have shown great potential to earn huge returns. This is partly due to their rapid changes in prices over a short period. However, investing in digital currencies also risks suffering heavy losses due to those same erratic price fluctuations.
If you are looking for how to buy cryptocurrency with cash, you have several options. But why would you want to buy BTC or any other coin with cash? The answer is that people use cash to purchase digital assets for privacy, faster processing, and ease of execution.
Ways to buy BTC with cash
Perhaps you are wondering about how to use cash to buy bitcoin in Nigeria. Then, you are in the right place because, in this article, we will explore how to purchase cryptocurrency with cash using different methods.
Buying Bitcoins in-person from people with them
You can buy bitcoins with cash from people you trust, such as family and friends, who have some BTC and want to sell. You may also get to know who is selling Bitcoin through referrals from friends and relatives, or by joining social media groups, or attending crypto events in your area.
When buying bitcoins with cash, you need to meet near a bank ATM or carry the agreed-upon amount. Also, take a laptop or a smartphone with a Bitcoin wallet app installed to verify the transfer of the digital assets to your wallet.
Buying BTC in-person does run the risk of being robbed of your cash, but it is faster and offers more privacy. Therefore, you should take sensible precautions not to pay anything until you confirm the transfer of the coins to your wallet.
Buy Bitcoins from an exchange that accept cash
Although people are used to buying BTC from exchanges using other means of payment like bank cards and credit cards, you could buy with cash from exchanges such as Nakitcoins that operate physical offices or through their agents. You can check out the NakitCoins guide on how to buy BTC from their office using cash.
The beauty of buying BTC or other cryptocurrencies from Nakitcoins with fiat money like USD is that it is safe, so there is no worry of carrying a huge amount of money or doing big transactions, and it also offers privacy. The process is also quick and with reasonable fees- 3%.
Buying from a Bitcoin ATM
Bitcoin ATMs (BTMs) allow people to buy BTC with cash by depositing cash, and the machines send the coins to your Bitcoin address. It is swapping bitcoin with a cash deposit. BTMs are convenient and allow you to buy bitcoins anytime and pretty fast.
However, there are still many places without the BTMs. You need to use CoinFlip if you are in the US to find the nearest BTM, and people in other regions can use Coin ATM Radar.
Additionally, when using BTMs to buy BTC, you need to consider that they charge hefty transaction fees, in some instances, the charges range between 7% and 15% but can be even higher so be mindful of this.
Conclusion
Now you know how to buy Bitcoins with cash using various options. You can also use P2P platforms like Paxful, Local Bitcoins, BitQuick, Wall of Coins, etc. that provide an alternative to depositing money into the seller’s bank account. The most crucial thing is to ensure the method you choose is secure so you don’t lose your funds. Also, check various options to use the one charging the most reasonable fees and has a faster turnaround time.
