If you are an aspiring investor in Bitcoin, one of the questions you may be looking for answers to is “Can you convert cash to Bitcoin?” This is one of the most crucial things you need to know and also, how to exchange Bitcoin for real money.
Bitcoin and other cryptos are a good investment vehicle because they can bring you huge returns if the price goes up and you later sell at a higher price to realize profits. You may also deposit the coins into interest-earning savings accounts and receive impressive interest payouts.
Benefits of using cash to buy Bitcoin
So why would BTC investors not use other means to purchase them but choose to convert money to Bitcoin, or in other words, buy BTC with cash? Well, this is mainly to maintain privacy, convenience, and enable faster transactions.
The Risk of buying BTC with cash
Before you explore how to convert money to Bitcoin, you need to know the potential risks. You could lose your money if you meet with the supposed seller in an unsafe place, and they rob you. Therefore, you need to take all necessary safety measures. Also, it may not work with large sums of cash.
Ways to buy Bitcoin with fiat
Below are some of the options you should consider if you are seeking answers to the question of how to convert money to Bitcoin:
Buy from exchanges that accept cash
Most third-party crypto platforms offer the option to buy BTC using bank cards, credit cards, and other non-cash options. However, you could find an exchange that operates a physical office; one where you can walk with your money and convert it to Bitcoin. One of such exchanges is Nakitcoins. Nakitcoins operates an office that is a safe money to Bitcoin exchange point. Also, you buy cryptos without any limits or restrictions. You can check out NakitCoins’ advice on how to go about buying BTC with cash.
Buy in-person from BTC holders who are selling
Another option if you are exploring how to convert money to Bitcoin is to buy the digital assets from an individual seller who is willing to deal in cash. You can find them around you or use your circle of friends or relatives and colleagues to find investors who wish to sell. In addition, you can use social media where you check for adverts in Facebook groups for people selling Bitcoins.
You may also advertise that you want to buy Bitcoin so that anyone willing to sell their coins can reach out to you. However, you must keep details of your location concealed and meet the sellers in public places such as coffee shops. To verify the transfer of the digital assets to your wallet, you need to have a smartphone or a laptop on which a crypto wallet is installed.
Buy Bitcoin from Bitcoin ATMs
Buying Bitcoin from a Bitcoin ATM near you may be another convenient option if you need to know how to convert money to Bitcoin. You need to locate the nearest Bitcoin ATM and you can use fiats like USD, Euros, GBP, and others. The ATMs are convenient and allow you to convert money to Bitcoin any time, but the machines usually have high transaction fees, ranging between 7 and 15%.
If you have been looking for how to convert money to Bitcoin, now you know how to go about it. You may also peer-to-peer(P2P) exchanges such as Paxful and LocalBitcoins that connect buyers and sellers and ensure security. As you choose a method to convert your cash to Bitcoins, consider the security, speed of transactions, and fees.