Have you been considering investing in Bitcoin but aren’t sure how to buy the cryptocurrency to get started? The good news is that there are many ways you can buy BTC. You can even buy Bitcoin with cash if you want to do it quickly or with a greater degree of anonymity.
However, first, you need to understand the pros and cons of buying Bitcoin with cash so you can make informed decisions. In this article, we discuss both the advantages and disadvantages of purchasing BTC with cash.
Pros of Buying Bitcoin with Cash
Below are some of the main advantages of paying cash for your Bitcoin top-up:
Anonymity and privacy
Are you looking to keep your financial dealings private and away from the prying eyes of other people or the authorities? You should then opt for buying Bitcoin with cash. This is because cash payments offer a higher level of privacy and anonymity than paying using other methods such as bank transfers, bank cards, and others. These methods often require you to verify your identity, which makes it impossible to conceal your transactions.
Speedy and immediate ownership
Another great advantage of buying Bitcoin with cash is that it is faster given that there are no delays waiting for bank transfers to clear which can drag on for several business days. Also, with cash purchases, there is often no need for account verification which can further delay the transaction. So, you close the sale faster and get immediate ownership of BTC.
No risks of online fraud
When you’re buying Bitcoin using online platforms, you also face the risk of online fraud, identity theft, hacking, and other such problems because cybercriminals can gain unauthorized access to the platforms. The good news is that you don’t have to worry about such issues if you are Buying Bitcoin with cash because you’re not compelled to share your personal information thus minimizing the risks of your data getting compromised.
No need to have bank accounts
Some people may not have access to conventional banking services, and this can prevent them from purchasing Bitcoins when the seller prefers bank transfers or such means. Luckily, when buying Bitcoins for cash, you don’t need to have a bank account to transact. This gives those without bank accounts the chance to buy cryptocurrencies without being shut out.
Cons of Buying Bitcoin with cash
There are a few cons of using cash to pay for your BTC top-up, and these include:
Risk of theft
One of the cons of Buying Bitcoin with cash is that you could get robbed of your cash when you go to meet the seller. Therefore, you must always be cautious and only deal with reputable and trustworthy sellers. Also, only meet sellers in safe places and, if need be, have someone go with you to keep an eye on you.
Inconvenience
When Buying Bitcoin with cash, you may have to travel to meet the seller. The traveling, waiting and other things involved can be an inconvenience, especially when you have to cover some distance. It is also a risk to carry cash, if you are to buy with hard currency notes and coins, and the deal involves huge amounts.
Lack of recourse
Unless you’re Buying Bitcoin with cash from regulated exchanges, you may have little recourse or fewer customer support options, in case you encounter challenges during cash transactions. Also, without any transaction trails, disputes can be hard to resolve if they arise.
Conclusion
While buying Bitcoin with cash offers several benefits like faster transactions, anonymity, and avoiding online risks, it has a few cons like the risk of cash theft and the inconvenience of traveling to meet sellers. It is up to you to weigh your options and decide if to use cash, and if you decide that route, buy from trusted exchanges and sellers.
