One of the most popular questions about buying and selling bitcoin is, “Can I buy bitcoin with cash?". Is trading cash for bitcoin even possible in 2021? Let's find out!
Buying and selling bitcoin with cash in person is when a buyer and seller meet face-to-face (F2F) in order to conduct a bitcoin trade and then use cash to complete the sale. Local bitcoin trading with cash has always been a very popular way to buy and sell bitcoin. It is utilized by an enormous number of people worldwide to convert their crypto to and from local currencies (fiat currency).
The primary benefits of buying and selling bitcoin with cash are that it is fast, private, and, as it is person-to-person (P2P), there is often less chance of fraud as long as a few simple security processes are followed. Buying crypto in person also means that you can get cash fast. When using a P2P platform, the cryptocurrency being traded is held safely in escrow. Escrow is one of the ways a P2P marketplace like LocalCoinSwap can keep you safer during trades.
While LocalBitcoins was once a popular choice to trade bitcoin with cash, they removed all cash-in-person trade offers (cash trades) from their P2P Bitcoin exchange. Overnight, the largest P2P platform deleted every single advertisement to buy or sell bitcoin with cash from their platform without prior warning. This shock move led to a lack of trust and many traders looking for LocalBitcoins alternatives.
The good news is that here at LocalCoinSwap we pride ourselves on our accessibility and inclusivity to help everyone with access to crypto. In many parts of the world access to cryptocurrency is vital, and thus, being able to buy and sell bitcoin with cash or any payment method that you prefer to use can be incredibly beneficial. Using LocalCoinSwap allows you not only to trade with traditional money but do so using an easy-to-use, modern platform that enables you to get the best out of P2P transactions.
LocalCoinSwap is also available in over 190 countries worldwide. You can use around 300 different payment methods to choose from that can be used to buy and sell bitcoin, including cash-by-mail, cash-in-person, cash deposit, local bank transfer, Square Cash, debit/credit cards, Paypal, Wise, Skrill, Cash app, as well as many different gift cards such as Amazon, Google Play, and iTunes.
So let’s take a look at how you can get started immediately buying and selling bitcoin with cash using LocalCoinSwap P2P exchange…
How to buy and sell bitcoin with cash in person?
- Register or log in to your LocalCoinSwap account
- Find local seller's who accept cash
- Open a trade with the seller
- Meet and pay the seller
- Mark payment complete
STEP 1: Register or Log into Your Account
As sign-up is instant on LocalCoinSwap, registering an account is fast and private as you only require a valid email address. You also get a free, secure digital wallet for storing your bitcoin and other cryptocurrencies just by registering. If you already have a LocalCoinSwap account, then all you need to do is log in to get started.
STEP 2: Find Local Seller's Who Accept Cash
Next, if you go to the LocalCoinSwap homepage, you can use the search filters at the top of the page to find sellers who accept cash in person within your preferred location.
For example, if you were looking to buy bitcoin with cash in Australia, then you would choose the following:
Once you use the search filters, you will typically see many sellers willing to accept bitcoin for cash appear on the page. Next, choose a cash seller by looking at their reputation ratings and other relevant statistics related to the number of trades that they have completed on the platform.
Once you are happy with your preferred seller and advertisement, simply select the cash advertisement and tap the "BUY" button to view the buy advertisement in detail.
STEP 3: Open a Trade with the Seller
You will see more details on the cash advertisement that you selected, such as price, trade limits, seller statistics such as the number of completed trades they have, and the terms and conditions for the trade. If you are happy with the trade conditions, enter the amount you want to buy in either fiat or cryptocurrency and tap the "Buy Bitcoin" button. The seller will now receive a notification that you want to buy their Bitcoin with cash and will have the option to accept your trade.
Once you receive notification that the seller has accepted your buy trade, you can then message the seller to discuss how and where you will meet to pay them with cash to buy your bitcoin. Keep all messages in the trade chat to ensure accountability, any users wanting to talk or trade-off platform can be a high-risk practice and rarely ends well.
Always specify your expectations in advance, such as when and where to meet and what each person will need to have on hand to make the deal. If you can’t agree on crucial details, sometimes it’s best to just look for a trade that better fits your needs.
STEP 4: Meet and Pay the Seller
Finally, all that's left is meeting up with the seller, making your cash payment, and receiving your bitcoin.
While cash payments are overall a safe way to buy bitcoin, it is always important to remain vigilant when dealing with any type of monetary value. If safety is a concern for you when meeting with a person face to face to buy bitcoin with cash, it is important to meet the seller in a public place and in broad daylight. Do not exchange non-essential personal details with the seller, and always remain aware of your surroundings.
Finally, request that the seller counts the cash amount and then release the Bitcoin to you while you are with them. If you are still unsure of your safety, consider taking a friend along for additional precautions.
Once you have finished your cash trade to buy bitcoin, don't forget to leave the seller feedback to let others know how well your cash-in-person trade went, as this will help others learn more about the seller for future trades. Feedback helps ensure the best traders are the most popular, helping not just you but other traders as well.
Where Can I Buy Bitcoin with Cash?
Local bitcoin traders around the world are trading crypto for cash every day on LocalCoinSwap. It doesn’t matter if you want to buy bitcoin with cash in the United States, Canada, Kenya, India, or any other country; there is likely to be someone offering to accept this popular payment method. P2P trading allows you to trade bitcoin for USD, EUR, GBP, AUD, or whatever your local currency happens to be.
Can I Sell Bitcoin for Cash?
Absolutely! Just like traders you find offering to sell you bitcoin for cash, you can create an offer yourself, or you could look for traders offering to buy using cash. P2P trading is highly flexible, so if you can’t find someone offering what you are looking for, you can quickly start offering it yourself by creating a trade offer with just a few clicks.
Who Trades Bitcoin for Cash?
A wide range of people trade bitcoin using cash. It can be hard to get documentation in some places, so even having access to a bank account can be difficult. Some people just prefer to use cash as it’s one of the most private ways to trade bitcoin. Trading bitcoin using cash is one of the oldest and still most popular ways to trade cryptocurrency.
We hope that you enjoyed this tutorial on how to buy bitcoin using cash on LocalCoinSwap. Start trading bitcoin locally for cash and using the payment methods that suit you by trading P2P on LocalCoinSwap, the best bitcoin exchange for P2P traders worldwide.