You’re here because you want to purchase Bitcoin using cash.
But, you’re not sure how to go about doing so. That’s where Bitpremier comes in.
Buying Bitcoin with cash is one of the most private ways of obtaining Bitcoin.
However, due to the high levels of privacy offered, there are usually some premiums associated with the price.
Now that you know why you’d want to purchase Bitcoin with cash, we’ll go over some of the most popular methods.
This is likely THE most popular way to purchase Bitcoin with cash. LocalBitcoins is an escrow service that assists in person to person transactions of Bitcoin.
On the exchange, you’ll see vendors offering different deals involving different payment methods. In this case, you’ll want to sort for cash offers and enter an amount. Typically, the higher the amount the better rate you will get.
Once you find a seller that you’d like to purchase from they will have steps on how to proceed with the transaction.
Usually, this involves receiving the seller’s bank information and depositing into their account. Once this is done upload a receipt and your Bitcoin will be sent to the designated address!
It’s important to note that LocalBitcoins charges 1% for their escrow services. This will be on top of any premium sellers have on the exchange.
Wall of Coins is a cash-based exchange that facilitates person to person transactions. No credit cards, debit cards, Paypal, or anything else is supported on the exchange.
At press time, Wall of Coins is ONLY supported in the US but this is changing soon.
The service works in a few simple steps.
Wall of Coins has a $5 minimum on buys and sells, but this is likely not an issue for most. Wall of Coins charges “no fees” but instead earns money from the premium on the transaction.
Bisq is another interesting peer to peer exchange that allows for the exchange of Bitcoin/other cryptocurrencies for fiat currency. What’s great about Bisq is that it’s a decentralized project with public source code.
As far as operating systems, Bisq is available on Mac, Windows, Debian, Ubuntu, Red Hat/Fedora, Linux, and more.
Some features of this exchange include:
In order to fund development, Bisq uses a DAO (decentralized autonomous organization). It’s an extremely interesting concept that aids in decentralizing the project.
Bitquick is another reliable option for purchasing Bitcoin in the United States with cash. It functions similarly to many of the other services mentioned in this guide.
For fees, Bitquick charges 2% fees on transactions. While this seems high compared to some of the other services on this platform, keep in mind they are charging a premium, which is the same thing as taking a fee.
Depending on the amount of volume on the exchange at any given time, the premiums will vary.
LibertyX functions a bit differently than some of the other P2P resources we recommend in this guide. In order to get started, download their app. The app can be downloaded on both the iOS store and Google Play store.
The project has several locations around the world, where users can use ATMs, cashiers, or debit kiosks to purchase Bitcoin privately. As far as limits, the services allow you to purchase anywhere from $1 to $3,000 per day.
Due to the nature of cash transactions, there are some common scams you may see. When doing a transaction, use reliable services mentioned in this guide and take things slow and think clearly.
As long as you are paying attention, it’s very difficult to get scammed.
The main reason people decide to use cash to purchase Bitcoin is due to the privacy benefits the method offers. Most users even decide to pay a high premium (5%-10%).
The only real downsides of using cash to purchase Bitcoin are the following:
Even with some of these issues, buying Bitcoin with cash is still a common and popular option.
Depending on a variety of factors, some exchanges will have different fees. Almost every exchange in this guide will charge a base ~1% fee, plus any premiums that are on the price of Bitcoin at the time.
Of the exchanges mentioned in the guide, LocalBitcoins, Wall of Coins, and Bitquick will all allow you to sell Bitcoins back.
Overall, buying bitcoins via cash is a popular payment method that has interesting pros and cons. We recommend this method to those concerned with privacy and want “quick” delivery.