The most popular cryptocurrency today is Bitcoin. It is also the most valuable. Accordingly, a number of channels have emerged to make buying and selling Bitcoin easier for its users. Exchanges, brokers, Bitcoin ATMs, and over-the-counter cryptocurrency shops are a few of them. Each of these has its own unique qualities and benefits. In this article, we will discuss how to buy Bitcoin by cash over the counter and the necessary preliminary measures.
How to Prepare for an Over-the-Counter Cash Bitcoin Purchase
If you are a Bitcoin user who is eager to know how to buy Bitcoin by cash over the counter, you need to take some actions before the transaction can proceed. Here are the steps.
- Conduct your research: The first thing to do before purchasing Bitcoin with cash over the counter is to look up Bitcoin shops in your area. When you make a list of them, learn the requirements for the purchasing process and fully consider all of the information.
- Get any necessary documents ready: Based on the information acquired, there are various documents you must bring with you when buying Bitcoin. Examples include a current passport, driver’s license, or government-issued identification. Make sure any documents are prepared.
- Choose the amount: You must be certain of the amount of Bitcoin you want to purchase. Of course, this determination will be made partly based on the sale price and your available cash.
How to Buy Bitcoin by Cash Over the Counter
Now that you are aware of the measures to follow prior to buying Bitcoin with cash, here is a step-by-step guide on how to buy Bitcoin by cash over the counter.
Step 1: Visit a Bitcoin shop
Visit a reputable Bitcoin shop close to you during business hours and let the staff member assisting you know what your plans are. You can also ask any questions you may have about how to buy Bitcoin by cash.
Step 2: Accept their terms and conditions
There are transaction policies for each Bitcoin shop that sells Bitcoin over the counter. Understand all of the information in the document and sign your agreement after reading the terms of service. Your consent begins the transaction.
Step 3: Provide the relevant information
Offer the paperwork and identification required to carry out the deal you have previously researched. After doing this, tell the representative of the amount of Bitcoin you wish to purchase, provide them with the address of your wallet, and complete the cash payment. The fiat currency used in the nation or another that is recognized by the Bitcoin shop may be used to make the cash payment.
Step 4: Await confirmation
Now that you have completed the necessary actions, you must wait to confirm that you receive Bitcoin in your wallet. Depending on the network conditions at the time of purchase, this could take a few seconds to a few minutes.
Concluding Thoughts on How to Buy Bitcoin by Cash
Now you know how to buy Bitcoin with cash. It is advised that you conduct extensive research before moving forward with the transaction. Additionally, pick a trusted Bitcoin merchant to reduce the risk of theft or loss.