If you want to buy bitcoins with cash, there are a few options you could try. You can get them through bitcoin ATMs, peer-to-peer (P2P) exchanges, cash deposits at a bank, a cash app, in person, or from specific retail stores.
Let’s go over each option in more detail so you can decide which one’s best for you.
Buying BTCs with Cash: Different Wallets
Can you buy bitcoins with cash? You most certainly can. However, to do so, you first need to obtain a bitcoin wallet. This is where you’ll store your bitcoins after you purchase them.
There are a few different types of bitcoin wallets:
- Software wallets (downloadable apps for your desktop or mobile device) are best for fast transactions.
- Hardware wallets (aka cold wallets, physical devices for storing crypto) are the safest option since they’re not connected to the internet, making them hard to hack.
- Centralized exchange wallets or CEXs (exchanges where digital assets are bought and sold on a platform provided by a single company) are ideal for buying bitcoins with cash but not storing them since you need to ask for withdrawal permissions.
- Paper wallets (downloadable software that generates a printable public/private key) are similar to hardware wallets because they’re not connected to the internet. As a result, they’re ideal for face-to-face transactions.
Step-By-Step Guide for Buying BTCs
Once you have a BTC wallet, you’ll need to find a place to buy your bitcoins. Here’s how to buy bitcoins with cash:
1. In Person
One way to buy BTCs using the almighty dollar is by meeting up in person with the seller. Ask around if anyone you know would be interested in selling bitcoin to you.
You can also check out local Bitcoin meetups (use sites like meetup.com) and find like-minded people there. Remember, however, that safety comes first, so never reveal your actual name or where you live when making these advertisements.
If you can’t find a seller in your area, Paxful is a good website for finding people willing to sell bitcoin for cash.
Using Paxful is pretty straightforward. All you need to do is create an account, select “Cash“ as your payment method, put the amount you want to spend (minimum $10), and tap the “Find Offers“ button.
Here you’ll find a list of sellers, along with their feedback score and their exchange rates. After you carefully select your seller, you can message them to finalize the details of your trade.
2. In-Store
A few different companies that allow you to buy bitcoin with cash at select retail locations. For example, LibertyX teamed up with CVS Pharmacies or Rite Aid to let people buy BTC for cash in-store.
To find a store near you that sells bitcoin, enter your location on LibertyX’s website and select the “Cash“ option. You’ll then see a list of stores near you that sell bitcoin.
If you choose to make an in-store purchase at CVS Pharmacies or Rite Aid, you’ll be charged $4.95 per transaction. There’s also a daily limit of $500.
In addition, did you know you can buy bitcoins at Walmart?
To do that, you need to create an account on Coinme, then visit a Coinstar kiosk inside one of the Walmart stores. Now, insert your cash into the machine (paper money only) to get a voucher which you can then use to get BTCs at Coinme instantly.
While this might seem like the best way to buy bitcoins with cash, do keep in mind you’ll have to pay a 4% transaction fee and a 7% cash exchange fee for every purchase.
3. Peer-To-Peer (P2P) Exchanges
These platforms connect buyers and sellers in a decentralized manner, making it easy for both parties to trade without the need for a middleman.
Some popular P2P exchanges include Binance and Gemini. To trade your cash for bitcoin, you need to create an account on one of these platforms and find a seller. This shouldn’t be a problem since 17% of Americans own bitcoin.
For example, if you use Binance, you’ll need to place an order using Zelle, Wise, Skrill, or any other available payment method to send funds to the seller.
Once the seller receives your money, you’ll get your bitcoins.
4. Bitcoin ATMs
Wondering how to buy bitcoin with cash at the ATM? Luckily, the process is really simple.
First, you need to find a bitcoin ATM, such as Bitcoin Depot, Coin Cloud, or CoinFlip. If you’re having trouble finding one, you can always use a bitcoin ATM locator.
Once you find the ATM, select bitcoin as your preferred cryptocurrency and confirm your identity if requested.
Next, use the ATM’s camera to scan your public key from your bitcoin wallet. And finally, put your money into the machine and confirm the transaction.
The average fee to buy Bitcoin from a Bitcoin ATM is between 9% and 12%, so while this might be the fastest way to buy bitcoin for cash, it’s not the cheapest.
Keep in mind there’s also a daily limit of $3,000–$9,000.
Besides cash, you can use your debit card to buy bitcoins. The process is pretty much the same, except you need to insert your card into the ATM instead of cash.
5. Cash Deposits
If you want to avoid high fees, the best way to buy bitcoins with cash is to make cash deposits to a bank. You pay by depositing cash directly into the seller’s bank account.
A number of banks offer to buy and sell crypto for no or little fees. In addition, you can use platforms that offer to buy BTCs using your bank accounts, such as eToro, Crypto.com, and Binance.
The process of adding bitcoins to your bank account is pretty simple.
For example, if you’re using eToro, you’ll need to set up an account and validate it. You may then deposit money into your account using a bank transfer. Finally, type “Bitcoin“ into the search bar and tap the “Trade“ icon.
Bank cash deposits have several advantages, including fast transactions and zero fees.
6. Cash App
Want to know how to buy bitcoin on a Cash App? First, you must download the app to your mobile device and create an account. To do so, enter your email or phone number to receive a secret code.
Once you enter the code, you’ll be asked to link your bank account and create a username. You’ll also have to enter your ZIP code.
Secondly, you’ll have to add money to your account:
- Click on the “Bank“ icon
- Select the “Add Cash“ button
- Enter the preferred amount
- Click on the “Add“ button
And lastly, if you want to know how to buy bitcoins from Cash App, open the app and select the “Bitcoin“ tab on the home screen. Now, click on the “Buy BTC“ button and put the amount you wish to buy. Enter your PIN and tap “Confirm.“
Conclusion
There you have it! We’ve introduced you to the most popular ways to buy BTCs with cash. If you’re aiming for the easiest and fastest way to buy BTCs, then using a P2P exchange or buying from a Bitcoin ATM would be your best bet.
On the other hand, buying Bitcoin with cash deposits or in person is the way to go if you want to avoid fees altogether.
FAQs
Which stores can help me buy bitcoin using cash?
From which store can I buy bitcoin with cash relatively easily? You can purchase bitcoins from a variety of physical stores, including:
- Walmart
- CVS Pharmacies
- Rite Aid
- Luxolo
How can I buy bitcoin with a cash deposit?
You first need to set up an account with a platform that offers this service, such as eToro, Crypto.com, or Binance.
Once you’ve set up your account, you need to deposit money using a bank transfer. After the money has been deposited into your account, you can buy BTCs with your cash deposit. Enter the amount you wish to purchase and confirm the transaction.
Always make sure to keep your deposit receipt, as with proper proof the bank will release the seller’s bitcoins to your Bitcoin address even if a dispute happens.
Should I buy bitcoin with cash?
There are several advantages to buying BTCs with cash. For example, buying BTCs with cash is one of the fastest and most convenient ways to purchase bitcoins.
However, there are also some risks you should be aware of. For example, if you’re buying BTCs from an individual, there’s a risk that the person may not be legitimate.
And let’s not forget the high fees associated with ATM transactions.
So, before deciding whether to buy bitcoins with cash or not, make sure to go through all the steps above.
