Just recently, Bitcoin dropped by around 20% from its all-time high. This event, of course, made waves in the world of cryptocurrencies. It’s not all bad, though. Investors are now investigating alternative coins and other ways to implement blockchain technology. Legislation is getting in the way in some countries, though, so buying cryptocurrencies with cash is gaining traction.
So, can you buy crypto with cash? Yes, but there’s quite a bit of information to keep in mind in the process. Depending on the situation, seller, and you as a buyer, things can get a bit messy. There’s no reason to fret, though, as there are a few approaches to stay safe and make a successful purchase.
Luckily, there are a plethora of ways to get your hands on digital cash. Paying with Fiat cash, be it in paper form or through transfers, is possible but depends greatly on your location. Read ahead to find out how to buy crypto with cash.
Can You Buy Crypto with Cash
You can absolutely buy crypto with cash. Of course, it can present a myriad of problems depending on your region. Some governments limit or prohibit any and all exchanges that involve blockchain technology, while others allow it completely. You’ll have to check your local and national legislation beforehand.
While some sellers accept bank transfers, buying crypto with cash will usually involve an in-person meeting.
Reasons to Buy Crypto With Cash
While many think that cryptocurrency trading with physical cash is commonly used to avoid taxation from government entities, it isn’t the only “benefit.” This article isn’t recommending that you do so, but it is one common reason. There are other legal benefits, though. Some regions have limited access to certain coins, and it’s one way to get around those restrictions. Also, some individuals prefer storing cash at home, instead of at a bank, making it more convenient to invest in crypto with physical cash.
Popular Coins Right Now
There are a few specific coins you might want to consider if you’re looking to buy with cash or bank transfer. Most usually require you provide a few methods of verification. The information you have to provide is very basic, though. Some of the popular coins right now are Loopring, Meter, and ParaSwap.
Of these, many prefer to buy Loopering on certain platforms as you can fund your account, and later wallet, through Interac e-Transfer and wire transfer.
Crypto: Cash and Transfers
Whether in person or through a wire transfer, it’s possible to buy crypto with cash. There are a few barriers depending on each region, but you can still use cash for crypto purchases while complying with local laws in many parts of the world. Doing so can also come with some benefits. It’s comfortable for those who love keeping cash on hand, great for those looking to gain access to coins limited in their area, and pretty easy for those ready to set up a transfer.
Hopefully, this article provided some guidance regarding buying crypto with cash. If it did, consider taking a peek at some of the other articles on the site for more useful information