There are many reasons why Bitcoin is a popular cryptocurrency with a value of $21,624 USD. Although this is a big dip as compared to the all-time high of $65,000 USD in November 2021, there are still many reasons to buy Bitcoin today.
Whether you are buying for the first time or have been in the trade for some time, there is a lot you need to know about buying Bitcoin with cash. This article is a great guide for all crypto investors.
Reasons for Buying Bitcoin with Cash
The main reason why you should buy Bitcoin is that it is a worthwhile store of value. Looking at the history of Bitcoin, it has been growing in value, except in recent years, which have been affected by the global economic crisis and COVID-19 crisis. There is still a lot of hope for future growth.
Buying Bitcoin with cash makes the whole process easy, secure, and discreet. Many investors don’t want to keep trails of their crypto investment activities, so they want to avoid bank transfers and other recorded transactions as much as possible.
There are many options for buying Bitcoin with cash such as using the Nakitcoins platform, Crypto.com, Cash App, BTC ATMs, Binance, and many others. These are typically secure platforms that you should try.
How to Buy Bitcoin with Cash
There is so much joy in buying Bitcoin with cash. It could be your savings, salary, or business proceeds, so it should be utilized well by buying Bitcoin with cash through legit ways.
When buying Bitcoin with cash through online platforms, you will need to open an account with the platform so you can deposit cash and then proceed to make a purchase. CEX platforms are instant because they have enough liquidity to support instant trading, while DEX platforms take a while to match you with a seller.
On the other hand, buying Bitcoin with cash through offline options such as a Bitcoin kiosk, ATM, or physical outlets is a bit different. First, you need to locate these outlets, and you have to be there to transact. This means carrying cash on a bank card or even liquid cash and knowing your Bitcoin wallet address and pin to complete transactions.
Risks of Buying Bitcoin with Cash
Buying Bitcoin with cash sounds like a good thing, right? While it is, there are various risks that an investor may encounter and has to deal with. The biggest fear for many people is losing their money to cons and hackers. But you can avoid this by using legit platforms that are well-known and trusted, and securing your device while transacting.
Another risk is the volatility of Bitcoin and other cryptocurrencies. There is nothing much you can do to keep Bitcoin from losing its value, but you can do the right timing to buy at the right time. In fact, buying Bitcoin with cash gets you into a risky business: the gambling business.
As you can see, there is a lot that you need to know about buying Bitcoin with cash. It sounds like a good venture, but this is only the case when you take all the precautions. Now that you know this important information, making the right choices is easy.