There's a lot of reasons you may wish to buy ether with cash, whether you are looking to buy ether with USD, AUD, GBP, or anything else you may not be sure where to start. However, buying ether with your local currency doesn't have to be difficult, whether you want to meet in person or avoid dealing with people directly, you have plenty of options available. Everywhere from the United States to South Africa and beyond people are looking for ways to buy ethereum with cash, read on to find out how you can as well.
What is Ethereum?
Ethereum is one of the most well-known cryptocurrencies today, and it's also one of the largest in terms of market capitalization. Ethereum has brought the term smart contracts to a broad audience and has been a platform that has empowered developers to create a range of platforms and services. Many decentralized applications called dApps have been developed using ethereum, companies have launched ICOs, and even the more recent popularity of the DeFi (decentralized finance) movement which has become quite a large subsection of cryptocurrency in its own right has ethereum to thank.
Reasons You May Want to Buy Ethereum with Fiat:
- Avoid using third-party payment providers like PayPal
- Increase the privacy of your ethereum trades
- Buy ethereum fast without having to wait for lengthy verification
- Avoid exchanging information such as details about your bank account
- Find ethereum near you so you can buy ether locally
Why is Buying Crypto With Cash Still Popular?
You may wonder why it's still common for people to want to buy or sell crypto for cash, but whether it's ethereum, bitcoin, or just about anything else, there is a constant demand for this payment method. Many people merely prefer to transact in cash, and this is something that is still a big reason to want to use cash even as society moves towards a more cashless existence. Another significant factor is the negativity of many payment providers towards cryptocurrency.
While buying ethereum using bank transfer can be fast and easy as well, many people prefer to keep the bank and their bank account out of their cryptocurrency trading. Some people in delicate parts of the world also struggle with access to payment providers, or even banking, and in situations like this buying crypto with cash can be a lifesaver and protect your assets while you flee a terrible situation. While exchanging goods, services, and crypto without using money is something of convenience for many people, cash transactions are something that is likely to stick around as long as cash does.
There's More than One Way to Buy Ether With Cash
While you may assume there's only one way to use cash to buy ether, there are actually quite a few options. Deciding on which method to use cash is one of the first steps to getting started whether you are buying or selling.
Types of Cash Payment Methods:
- Cash in person
- Cash deposit
- Cardless cash
- Cash by mail
The Most Private Way to Buy Ether
If you are looking to trade ethereum with cash you may be interested in protecting your financial privacy. With so many data breaches and other things going on these days, more people are looking to embrace their right to reasonable privacy by doing things like transacting in cash. While cash can be quite a private means of transacting (when used with care), some variations of cash transactions can be a little more private than others. Interestingly if privacy is important to you, cash by mail is one of the most private ways to exchange cash for ether or any other cryptocurrency for that matter. When using cash by mail, you avoid contact with your counterparty. While you may be hesitant to trade this way out of concern your trading partner may not hold up their end of the trade, you can trade safer by using the escrow services provided by LocalCoinSwap.
Exchange Ethereum Peer-to-Peer
Centralized platforms often struggle to provide even a few payment types, let alone cash. Often many regions are also excluded from trading on centralized exchanges blocking many people from access to cryptocurrency. Typically the payment methods on offer are limited to things like wire transfer as well, further reducing access for those without something like a bank account. However, when you trade peer-to-peer (P2P) on LocalCoinSwap, you can trade your way. Whether it's cash or one of the hundreds of payment methods provided, you have control over how you want to trade. Depending on where you live you'll often find it quite easy to find traders willing to accept cash trades, and if you don't you can make a cash trade offer yourself very quickly to show other traders you are interested in exchanging ethereum using cash.
Whatever way you choose to trade you can do so with the protection of the escrow system, taking advantage of the escrow system on LocalCoinSwap protects both parties in the trade and helps you buy or sell ethereum in any way that suits you, cash included.
Buying Ethereum in Person
If you choose to buy eth in person, there are several things you can do to ensure you leave with ether in your ethereum wallet and have a low-stress transaction. Many of the things that can help with a cash transaction are similar practices you should typically take when meeting anyone for the first time. Even if you are comfortable and complete a few trades with someone, always remain diligent in future trades.
- Avoid cash-in-person trades at night
- Exchange payment at places you know
- Record or otherwise keep a record of the payment in case of dispute
- Ask that payment be acknowledged before leaving the location
- Try and trade places that you are comfortable
- Take advantage of security in public areas such as food courts
- Be discrete when handling money in public
What is the Price of Ethereum?
The price of ethereum is something that changes quite rapidly, from moment to moment, this is something that is shifting, sometimes quite dramatically. Ensuring you get the best price can be helped by checking the current price of ethereum, buy ethereum on LocalCoinSwap where you can see the percentage above market price on trade offers, or by making your own trade offer using dynamic pricing. While some larger cryptocurrencies (including ethereum) are becoming a little less volatile over time, sudden unexpected news or strange trading behaviours can affect the market in sometimes sudden and unforeseen ways. You can best avoid this volatility and ensure you buy ETH for the best price by also ensuring that your trades go as smoothly and quickly as possible. Get off to a good start by thoroughly reading the terms provided by other traders, or being careful when deciding on what your terms are for trades. When everyone is on the same page, trades can go smoother, and you can have your ether in your ethereum wallet quickly or your payment safely secured in the case of being an ethereum seller.
Using an Ethereum ATM
There was a time when cryptocurrency ATMs were a method of quickly buying crypto that was growing in popularity. Over time though they have become less appealing to traders looking to buy ethereum fast. Regulatory shifts have resulted in many countries requiring KYC to exchange crypto with an ATM reducing the privacy allowed previously by these machines. There are also often significant margins and fees associated with using these devices. If you are looking for privacy or a reasonably priced way to buy ethereum using cash, using a crypto ATM is not often a great choice.
Difference Between Ethereum and Ethereum Classic
As Bitcoin (BTC) and Bitcoin Cash (BCH) aren't the same, it's just as essential to recognize that these are both different projects going on their own path as well. Ethereum Classic (ETC) and Ethereum (ETH) are both different digital assets with differing values and prospects. If you are wanting to buy one or the other ensure that you are certain of what you are looking for, and select the right trades that provide the digital asset that you are looking to buy. One of the things that make cryptocurrency great is the options for different projects to go their own way; it's just important to acknowledge the differences when buying or selling them to make sure everyone is on the same page, specifics matter here.
Making Cash from Mining Ethereum
If you are someone who mines ethereum, you may wish to convert ether to cash on a fairly regular basis. A great way to both make money from cryptocurrency mining and also provide a service that can help maximize ethereum mining profits is to start a P2P trading business. If you are already profiting from mining ether you can further increase your potential return on investment by providing payment methods with more demand or which people are willing to pay slightly higher premiums for you to accept, in some parts of the world cash trading can fall into this category as well.
Getting Started Trading Ethereum on LocalCoinSwap
Step 1: Register with a valid email address at LocalCoinSwap.com
Step 2: Find a suitable trade offer or make one yourself on your terms
Step 3: When you start a trade ensure you wait for the escrow to be funded
Step 4: Either wait for your payment or send payment if you are the buyer
Step 5: Release the escrow once you receive the payment or wait for your payment to be received and for the escrow to be released to you.
That's it! You can be buying ether or selling in moments thanks to the power of P2P trading and the modern approach to cryptocurrency exchange provided by LocalCoinSwap. Get started today and find out why more traders are setting up every day.