Buying bitcoins with cash? No problem, it is the quickest and one of the easiest ways to get your hands on the Strongest Cryptocurrency- Bitcoin!
This method involves less risk and full anonymity is possible. All online transactions necessitate completion of Business KYC (Know your customer) which is not required in offline transactions.
Primarily, there are 2 ways to get Bitcoins in Cash: Through a Bitcoin ATM or by Peer to Peer trading which are described as follows –
This kind of purchase is direct-peer to peer, which can be put together through communities or specific websites. The advantage of peer to peer cash transaction is that the buyer and seller are in full contact which makes negotiation feasible and instant exchange possible. The only issue with this method is that a trustworthy person should be selected for making a transaction. To avoid this, Escrow services, like that of Localbitcoin.com can be used. Escrow services are basically a financial arrangement by a third party that regulates transactions between 2 parties..
LocalBitcoin.com is a global Marketplace that supports basic payment methods from all around the world.This method doesn’t ensure anonymity as registration process involves some KYC. Then all you have to do is enter the amount of cash you want to exchange and select the location and the currency. Sellers with a good rating should be preferred.
ATMs are also a convenient method for buying Bitcoins with cash. But to trade through an ATM, a fee of 5-10% is charged. These ATMs machines are all created differently as they are often manufactured by different companies so the verification process differs from one machine to the other. Bitcoin ATMs are largely concentrated in Europe and the US, so, this method of trading is not possible all around the world.
(1) Anonymity can be maintained in some cases no personal information is required
(2) Instant trading of Bitcoins.
(1) These transactions are usually charged higher at 5-15% above market rate.
(2) As these transactions are dependent on individual, chances of robbery and scam are high.