How to Buy Bitcoin with Cash in 2023
Bitcoin is a decentralized digital currency that can be used for various transactions without intermediaries. Buying Bitcoin with cash is one of the ways to acquire this cryptocurrency without revealing your identity or relying on a bank account. In this article, we will explore some of the methods to buy Bitcoin with cash in 2023.
Why Buy Bitcoin with Cash?
There are several advantages to buying Bitcoin with cash, such as:
- Privacy: You don’t have to submit any personal documents or verification to buy Bitcoin with cash. This can protect you from identity theft and tax authorities.
- Speed: You can get your Bitcoin in minutes without waiting for bank transfers or exchange approvals.
- Accessibility: You can buy Bitcoin with cash even if you don’t have a bank account or a credit card.
How to Buy Bitcoin with Cash?
There are different ways to buy Bitcoin with cash, depending on your location and preference. Here are some of the most common options:
Buy from an Individual through LocalCoinSwap
LocalCoinSwap is a peer-to-peer platform that connects buyers and sellers of various cryptocurrencies, including Bitcoin. You can find a seller in your area who accepts cash and arrange a meeting to exchange the money for the Bitcoin. You can also use an escrow service to ensure the safety of the transaction.
To buy BTC on LocalCoinSwap:
- Visit the site and sign up.
- Click the “Buy Crypto” link in the top menu.
- Enter your location, the requested amount and select “Cash” as your desired payment method.
- A list of sellers will be displayed. Choose one that has a good reputation and a suitable price.
- Contact the seller and agree on the terms of the trade, such as the time and place of the meeting.
- Meet the seller in person and pay them the agreed amount of cash.
- The seller will release the Bitcoin to your LocalCoinSwap wallet or scan your QR code to send it directly to your external wallet.
Buy Bitcoins from a Bitcoin ATM
A Bitcoin ATM is a machine that allows you to buy or sell Bitcoin using cash or a debit card. There are about 38,677 ATMs worldwide, with the United States having the largest share of 34,386 ATMs. You can find a nearby ATM using sites like CoinATMRadar or Bitcoin ATM Map.
To buy BTC from a Bitcoin ATM:
- Locate an ATM that supports buying Bitcoin with cash.
- Follow the instructions on the screen and insert your cash into the machine.
- The machine will generate a paper receipt with a QR code or send the Bitcoin to your wallet address.
- Scan the QR code with your wallet app or enter the address manually to receive your Bitcoin.
Buy Bitcoins through a Cash Deposit at a Bank
You can also buy Bitcoin with cash by depositing it into a seller’s bank account. This method is supported by platforms like Paxful and BitQuick, which connect you with sellers who accept this payment option. You don’t need to have a bank account yourself, but you need to find a bank branch that is convenient for both you and the seller.
To buy BTC through a cash deposit at a bank:
- Select a platform that offers this option and sign up.
- Browse through the available offers and choose one that matches your criteria.
- The platform will provide you with the seller’s bank account details and a reference code.
- Go to the bank branch and fill out a deposit slip with the required information.
- Hand over the slip and your cash to the teller and get a receipt as proof of payment.
- Upload your receipt to the platform or send it to the seller to confirm your payment.
- The seller will release the Bitcoin to your platform wallet or your external wallet address.