A Beginner’s Guide on How to Purchase Bitcoin with Cash

Over the past couple of weeks, there has been a high demand for bitcoin. More people are looking to invest in crypto coins after bitcoin hit the $50,000 mark. Bitcoin has been around for 12 years now, but most people did not believe in crypto coins back then. Most people viewed blockchain technology as a scam. If you’re interested in investing in bitcoin, you can do so from your smartphone or laptop in the comfort of your home. In this article, we will share ways via which you can purchase bitcoin with cash.

P2P Websites

Peer-to-peer websites have been on the rise in the past couple of years. They are much faster compared to exchange accounts, which can take some hours before approving a transaction. P2P websites connect sellers and buyers. If you want to buy bitcoin, you can head over to the trading site and look for someone selling bitcoin.

After you’ve shown your interest, you will be paired with the seller. You will choose your mode of payment, which can be either via PayPal or bank account. Next, you will share the address where you want the bitcoin to be sent. P2P transactions are much faster compared to those on exchange platforms. Also, when using P2P websites, you will not be required to share your details.

Using Exchange Websites

Exchange websites are platforms that allow you to buy or trade crypto coins with cash and vice versa. You can also trade bitcoin with other types of cryptocurrency such as ethereum. Exchange platforms are easy to use and offer the best prices on the market.

If you do not have an exchange account, you can sign up for one in a few minutes. You can search on the internet for the best exchange website available. All you will need is to visit the homepage with an email address and you’re good to go.

After you’ve created your account, you will need to prove your identity. You can upload a copy of your ID or your social security number. Several exchange accounts will ask you to verify your identity to help identify your source of cash to avoid people using their platform for illegal activities.

After your account is set up, the next step will be to add a form of payment. Most exchange platforms will accept bank accounts, debit, or credit cards. You can then purchase bitcoin with straight cash from your bank account. You will be charged a small fee to facilitate the transaction.

Bottom Line

Purchasing bitcoins is straightforward as various platforms allow you to make the trades anonymously. When buying bitcoin, ensure that you do proper research because crypto coins are very volatile.

Another point worth noting is that you should avoid sharing your private address on the internet to avoid being scammed. Ensure that you do your transaction on private and safe networks only. If you are using an exchange platform to do the transaction, ensure that you transfer the crypto coins to a personal crypto wallet.