5 Ways to purchase cryptocurrency in person

Buying Bitcoin online isn’t always as simple and easy as it should be. Fortunately, you can also buy Bitcoin (BTC) in person with cash. Read on to discover five ways to purchase cryptocurrency with cash.

How to Buy Bitcoin With Cash?

P2P Exchanges That Offer In-Person Trades

P2P exchanges are one of the most popular ways to purchase BTC with cash. On a P2P exchange, buyers and sellers connect online with the platform acting as an escrow to provide that extra layer of security. Moreover, some P2P exchanges connect local buyers and sellers, enabling them to conduct face-to-face transactions.

Below are the steps to purchase BTC through P2P exchanges that offer in-person trades:

• Register on a P2P exchange that allows face-to-face transactions. Some platforms may ask you to complete a KYC verification process.
• Search for sellers that accept in-person cash trades.
• Locate sellers in your local area and verify their reputation.
• Reach a mutual agreement on a price and fix a time to meet in a public place.
• Complete your transaction according to the predetermined terms.

How to buy Bitcoin with cash at Bitcoin ATMs

BTC ATMs are physical machines that facilitate BTC transactions. Unlike traditional bank ATMs, BTC ATMs are not linked to a bank account or bank card. Instead, they allow you to buy or sell BTC for cash on the spot.

Before using a BTC ATM, you should consider the transaction fee it charges, as some ATMs charge higher fees than other methods of purchasing BTC. You may also need to provide a valid ID, as some BTC ATM operators now tailor their machines according to the AML/KYC requirements of the states where they operate.

With the following steps, you can purchase BTC with cash from BTC ATMs easily:

• Locate a BTC ATM that’s close to you.
• Choose ‘buy BTC’ (if it’s a machine that allows both buying and selling).
• Use the BTC ATM scanner to scan the QR code of your wallet address.
• Input the amount you intend to purchase and insert your cash.
• After some time, your BTC should reflect in your wallet.

Bitcoin Vouchers

Crypto vouchers are one of the simplest ways to purchase BTC in person, as they allow you to redeem your BTC at your convenience.

Since BTC vouchers operate in similar ways to regular credit vouchers (like mobile credit or PlayStation Store gift cards), you don’t necessarily need to have advanced knowledge of cryptocurrencies to use them. As a result, anyone can use BTC vouchers to buy digital currency (provided they have set up a BTC wallet on their phone).

You can get started with the steps below.

• Head over to the store and purchase a crypto voucher with your desired amount.
• After you receive your voucher card, access the voucher provider’s online platform to redeem it.
• Enter the code to redeem your BTC with your voucher.
• Enter your BTC wallet address and confirm the transaction. After some time, your coins should appear in your wallet.

Walk-In OTC Desks

Walk-in over-the-counter desks aren’t so popular but have been around for a while. They offer one of the most convenient ways to purchase BTC. These BTC storefronts often provide in-person advice and a physical presence, which can instill trust among those who aren’t comfortable investing online. 

Customers can walk in and purchase various cryptocurrencies, including BTC, with cash, a bank transfer, or a credit card. Examples of places that offer walk-in BTC purchases include the House of Nakamoto in Vienna, Austria, and Genesis Block in Hong Kong.

Below are some simple steps to follow:

• Find a reputable walk-in BTC exchange in your location.
• Do some research about the legality/regulatory standing of the exchange.
• Visit the local store to understand the workings of the OTC desk.
• If you’re comfortable, buy some BTC. You may be asked to provide a valid ID by the desk.
• The desk will transfer your BTC to you at the agreed time.

In-Person Trades at BTC Meetups

Ever since BTC went mainstream, enthusiasts, miners, and traders have organized a series of meetups where they discuss the potential and future of the cryptocurrency. This also serves as an avenue to purchase BTC with cash, especially as such events are frequently targeted at onboarding newbies to the space.

Below are simple steps to get you started on in-person trades at BTC meetups:

• Search for upcoming BTC meetups near you.
• Attend the event and find traders who sell BTC.
• You may want to get to know them more before transacting with them.
• Agree on a price.
• Complete your transaction on the spot.

The Pros & Cons of Buying Bitcoin With Cash

Purchasing BTC with cash comes with several benefits that make it attractive to private investors looking to buy small amounts. But there are also certain drawbacks to consider before going through with the ways discussed above.

Below, we outline the pros and cons of buying BTC with cash in person.

PROS

• It enables you to invest in BTC without having to reveal too much personal information about yourself.
• It’s a simpler way to purchase BTC, especially if you’re a newbie.

CONS

• The possibility of falling for scams is higher than with other methods since you may be transacting with total strangers without the security of intermediaries.
• It’s sometimes hard to decide on a settlement price since BTC’s price is highly volatile and differs across exchanges and regions.
• There’s a security risk if you are dealing with a stranger.

Buying BTC or other cryptocurrencies with cash is an excellent way to privately purchase small amounts of digital currency, provided you have found a trusted seller willing to transact with you. Security is the biggest concern for in-person trades, so meeting in a public place to transact is always good advice for in-person BTC trades.

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