How to buy Bitcoin with cash in 2023

This introductory guide explains how to buy Bitcoin with cash. Follow our simple three step guide to make your first purchase.

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Firstly, the most important question to answer is: can I buy Bitcoin with cash?

Yes, and there are a few different ways to do it. The easiest option is to use cash to fund a trading account and buy Bitcoin that way.

You just need a crypto exchange that accepts cash deposits. And we’re here to help.

How to buy Bitcoin with cash – a step-by-step guide

It takes about 15 minutes to buy BTC with cash. Have a copy of your photo ID to hand and follow this guide to get started.

Step 1. Sign up with Start Trading

We recommend Start Trading as the best platform to use to buy BTC with cash.

Step 2. Create an account

You need an account before you can buy anything. Sign up with your contact details and a form of ID for verification.

Step 3. Make a deposit via cash

Enter how much you want to deposit and select cash as your payment method from the list of options.

Step 4. Use the search box to find Bitcoin

Use the search box on the home page to search for Bitcoin and the currency you want to pay in (such as GBP).

Step 5. Make your purchase

Enter how much Bitcoin you want to buy, check the details and process the transaction. Once the payment goes through, your new Bitcoin will show up in your exchange account.

Top Bitcoin platforms that accept cash

Quick answers to key questions

Can I buy crypto with cash?

Yes, you aren’t limited to buying Bitcoin alone. The only limit is which coins are available on the exchange you’ve chosen. Most crypto exchanges that support cash as a payment method offer 50+ cryptocurrencies and many offer hundreds more.

Is cash safe?

There is more risk to using cash to buy Bitcoin because you don’t have the same regulatory protection as you get from using your bank account or debit card.

A cash purchase often relies on trust, particularly if you use a P2P exchange or an in-person meeting to find a seller. You have no recourse to reverse a cash transaction if something goes wrong.

The most secure option is to buy a prepaid card with cash and then fund your trading account with that card, or to use a Bitcoin ATM (if there’s one close by to where you live).

How much does it cost to buy Bitcoin via cash?

It’s normally a lot more expensive to use cash than a card. The seller sets the price and normally charges a premium for accepting payment in cash. There is more risk and inconvenience to the seller and that’s reflected in the price.

Similarly, Bitcoin ATMs and P2P exchanges are more expensive than using a crypto broker like eToro or Binance. Using cash to fund a prepaid card, like Paysafecard, isn’t as private as using hard cash but can be a good middle ground that helps you balance privacy with cost.

Can I store Bitcoin in cash?

No, but you can store Bitcoin offline if you want to. To do that you need a hardware wallet, which is a storage device like a USB stick.

Another option is to simply write your unique wallet address and private key onto a piece of paper and store that somewhere safe, although if you lose that info there’s no way to access your funds.

Why don’t more crypto platforms support cash?

Most crypto brokers operate entirely online, so it’s simply not convenient to accept cash deposits.

It’s also much more challenging to comply with financial regulations if you accept cash, as it’s harder to trace where the money came from and identify whether the customer is who they say they are.

Should I buy Bitcoin using cash?

Cash is far from the most convenient way to buy Bitcoin, but it is the best way to maintain your anonymity. If you’re willing to accept the extra risk and inconvenience, then there are a few different ways to pay using cash.

You can use a Bitcoin ATM, a P2P exchange, or use a prepaid card to fund your Bitcoin trading account. Here is a quick summary of the pros and cons of using cash to buy Bitcoin this way.

Pros

The best way to maintain your privacy and anonymity
It’s hard to trace cash transactions
Lots of options, from prepaid cards to in-person cash transactions
Prepaid cards are cheap to buy and mean you can use cash with regular Bitcoin brokers

Cons

Costs more to buy Bitcoin from a P2P exchange or a cash seller
Risk of scams from unscrupulous sellers and there’s little regulatory protection
Lower maximum limits when buying BTC with cash

Is there an alternative to buying cryptocurrency with cash?

There are plenty of alternatives, whether you want to pay through an online payment provider or go down a more traditional route. Here are some of the different ways to pay for your Bitcoin purchase.

Original source: https://invezz.com/cryptocurrency/bitcoin/buy/with-cash/

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