One of the most popular questions when it comes to buying and selling bitcoin is “Can I buy bitcoin with cash? And if possible, how?" 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 trading with cash has always been a very popular way to buy and sell bitcoin and is utilized by an enormous number of people all around the world to convert their crypto to and from fiat (local 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, and by using a P2P platform your cryptocurrency is held safely via secure escrow which is a safety method used to secure bitcoin on P2P exchanges like LocalCoinSwap.
The sudden news this weekend that LocalBitcoins removed not one, but ALL of their buy and sell cash-in-person advertisements (cash trades) from their P2P Bitcoin exchange came as a huge shock to everyone worldwide. Literally, over night, the largest P2P platform deleted every single advertisement to buy or sell bitcoin with cash from their platform without prior warning.
The good news is that here at LocalCoinSwap we pride ourselves on our accessibility and inclusivity to help everyone, anywhere around the world access cryptocurrency and thus buy and sell bitcoin with cash or any payment method that they prefer to use.
At LocalCoinSwap we offer our users the option to buy and sell bitcoin with cash, as well as over 250+ different payment methods. We also respect the privacy of our users and let them choose whether or not they want to buy and sell using KYC, which means that if privacy and anonymity matter to you then you have the option to trade in private. If KYC matters to you, or is required in your region or specific payment method, then you are able to request the required identification documentation.
LocalCoinSwap is also available in over 190 countries worldwide and we offer over 250+ different payment methods that can be used to buy and sell bitcoin including cash, cash-in-person, local bank transfer, debit/credit cards, Paypal, Transferwise, Skrill, as well as many different gift cards such as Amazon 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 into 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 we do not require KYC to get started on LocalCoinSwap, registering an account is fast and private. By registering your details, you also get a free, secure digital wallet for storing your bitcoin. If you already have an LCS account, then all you need to do is login 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 United States, then you would choose the following:
Once you use the search filters, you will then see a number of sellers that are willing to accept bitcoin for cash appear within 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
On the full cash advertisement that you selected, you will see more details such as price, trade limits, seller statistics, and terms and conditions of trade. If you are happy with the trade conditions, enter the amount that 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 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 were you will be meet in order to pay them with cash to buy your bitcoin. Send a message to the seller via the message window to request their payment details as well as ask any questions.
Always specify your expectations in advance: When and where to meet, what each person will have on hand to make the deal, how the price for the bitcoins will be calculated.
STEP 4: Meet and Pay the Seller
Finally, all that's left is to meet up with the seller, make your cash payment and receive your bitcoin.
Whilst cash payments are 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 unrequired personal details with the seller and always remain aware of your surroundings.
Finally, request that the seller counts the cash amount and then releases 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 in order to let others know how well your buy trade went as this will help others learn more about the seller for future trades.
We hope that you enjoyed this tutorial on how to buy bitcoin using cash on LocalCoinSwap.