How and Where Can You Buy Crypto with Cash
Every time an investor wants to buy or sell cryptocurrency, they have a wide range of payment options. Despite all of these payment methods, many cryptocurrency traders still choose to buy crypto with cash. The reasons might be anything from a quick transaction speed coupled with cash payment to an appealing transaction procedure. Some frequently considered questions regarding buying cryptocurrency with cash will be covered in this article.
How Does Buying Crypto with Cash Work?
Buying cryptocurrency with cash entails paying using fiat money in person or online using a cash payment method. Online cash payments can be made with bank transfers or debit/credit cards. Centralized, decentralized, and hybrid exchanges all offer the usage of bank transfers, debit cards, and credit cards. The use of fiat currency is not supported on any of the aforementioned exchanges but only in real-world crypto exchange offices.
Can I Buy Crypto with Cash Without a Form of Identification?
When purchasing cryptocurrency with cash, you could need some kind of identification or you might not. Depending on the type of exchange being utilized, you may or may not require it in certain situations. Let’s look at them now.
Physical crypto exchange office
A valid international passport or a valid driver’s license is required if you intend to buy crypto with cash from a physical crypto office. This is due to the fact that one of the prerequisites to either buy or sell cryptocurrency with them is a method of identification. Because the buying and selling procedure is not anonymous, this method of purchasing is safer. Additionally, a representative from the exchange is always there to assist.
You will need a form of identification if you want to buy crypto with cash from a centralized exchange. The reason is that using a centralized exchange for anything linked to cryptocurrency requires you to go through a KYC (Know Your Customer) process. In reality, this procedure is a safeguard against fraud on their networks.
Buying cryptocurrency with cash on a decentralized exchange is possible without a form of identification. This is because peer-to-peer transactions are the only type. The customer has two choices when buying cryptocurrency with cash here. They can make an offer specifying the kind and quantity of cryptocurrency they plan to buy together with their preferred method of payment, in this instance cash. Or they look for offers to sell that fit their criteria. On this type of site, you may use a debit or credit card or a bank transfer to buy crypto with cash.
Another location where you may buy Bitcoin with cash and avoid the necessity for identification is a Bitcoin ATM. Although some Bitcoin ATMs solely permit the purchase and sale of Bitcoin, others allow for the purchase and sale of other cryptocurrencies. You must thus confirm that the Bitcoin ATM you intend to use to buy crypto with cash has the coins you desire.
Concluding Thoughts on How and Where to Buy Crypto with Cash
Both those exchanges that require a form of identification and those that do not have certain benefits and drawbacks. Make sure the benefits of the one you select surpass the drawbacks.