Bitcoin has never had a physical presence in this world—but not a lot of people know that it can be bought with physical assets like cash. Buying bitcoin with cash is, in fact, one of the easiest methods to obtain bitcoin. It’s also a quicker and somewhat-anonymous method of buying bitcoin.
Unlike other exchanges that ditch cash in-person traders, Paxful fully supports cash in-person trades. If you don’t know how to buy bitcoin with cash, there are tons of options out there for you. For example, there are specialized exchanges called “bitcoin cash exchanges” that deal with cash trades. Another option is to make use of a peer-to-peer marketplace. On Paxful, you can buy bitcoin online with your hard-earned cash. But before starting cash-in person trades, make sure to calculate the price of bitcoin in USD or any preferred currency to give you an idea of how much you’ll likely spend.
Turning Bitcoin to Cash on Paxful: Quick and Easy
Paxful has over 300 payment methods available—making trading as easy as possible for all its users. If you’re looking to purchase bitcoin with cash, there are three main ways to do so on Paxful:
- Cash in Person
- Cash by Mail
- Cash Deposits
All the processes are done similarly on Paxful but as an example, let’s use “Cash in Person.” Buying bitcoin via “Cash in Person” is essentially scheduling a meetup with a vendor and physically continuing the trade in person.
To start a trade for Cash in Person, log into your account and click on the “Buy Bitcoin” button.
After clicking on the button, you’ll be redirected to the “Buy Bitcoin” page where you can input your preferred currency and payment method.
When you click on the payment method input field, a page showcasing all the payment methods available on Paxful will pop up. In this case, we’re looking for “Cash in Person.” One way to look for your desired payment method is by scrolling down the comprehensive list.
You also have the option of using the search bar to look for “Cash in Person.”
After successfully selecting “Cash in Person” as your payment method, you’ll be directed to the page where two more input fields will appear—country and city. Since you’ll be physically meeting up with the vendor, you’ll need to set a parameter for where you are in the world.
When you’ve input all the necessary information, click on “Search For Offers.” A list of offers should then appear, all according to the preferences you’ve set previously. From this list, you’ll be able to choose the best offer for you.
As you can see, there are a lot of details to unpack when it comes to each offer. Here are a few tips that will help you find the best possible offer for you:
- Check the details of the offer – The offer will include a number of details you’ll need to take into account. Keep an eye on the price, or how much bitcoin you’ll be getting per dollar. This is important as each cash to crypto offer can come at a different price. You should also be on the lookout for the offer terms and instructions—they will show what the vendor needs from you in order to complete the trade. Make sure that you can comply with all the terms before initiating a trade.
- Determine whether or not your potential vendor is reputable – Check the reputation (the + or – beside the vendor’s username), trade volume (how much BTC has gone through the vendor’s account), number of trade partners, and trade history of your potential trade partner. From there, you’ll be able to gauge how safe it is to trade with this vendor.
- Check the availability of the vendor – If the vendor isn’t available when you want to trade, it could cause a lot of problems regarding the status of your funds. Always try to pick someone that has been online recently.
Once you have selected the perfect offer for you, click on “View Offer” and you will be taken to an offer page—where you can see more specific details about the offer and initiate a trade with the vendor.
After entering the amount of money you’re going to trade, a BTC equivalent will appear. If everything looks good and you’re ready to start the trade, click “Buy Now.” You will then be taken to an individual trade page where you can converse with your vendor via live chat. Here, you’ll be able to clarify concerns or questions with your vendor. In the case of buying bitcoin with cash, you’ll be able to set a meeting place for the trade via the live chat, too.
Once a meeting place is set, go there at the agreed-upon time and have the cash ready. After paying the vendor, be sure to mark the trade as “Paid” to prevent any kind of scam. Give some time to the vendor to verify your payment and once it’s officially verified, he/she should release the bitcoin from escrow.
Sometimes, especially for high amount trades, skilled scammers might try to trick you with fake banknote bills. Keep a money validator pen with you and release bitcoin only after you’re sure the money you’ve received are real currency bills. If you don’t know how to use a money validator pen, check out this video.
All there’s left to do is provide appropriate feedback and the trade will be complete! Congratulations! You have completed cash to crypto trade!
As for “Cash by Mail” and “Cash Deposits,” the process remains the same aside from the payment method you choose. Instead of searching for “Cash in Person” on the payment method pop-up, search for “Cash by Mail” or “Cash Deposit.”
“Cash Deposits” have a much wider range, allowing you to pick the bank of your choice. There are tons of options to choose from. You can even use MoneyGram or Western Union to deposit into a bank.
Other than that, the process remains the same as “Cash In Person.” For “Cash by Mail,” buyers will send their money to the vendor via USPS, DHL, or other courier services. Buyers will usually have to be ID verified on Paxful or verify their identity on the live trade chat. They’ll also need a tracking number so that they can check the status of the delivery. Some vendors will even ask their buyers to take a video of the entire process. In turn, sellers will record themselves opening the sealed parcel with the same tracking number as provided earlier.
Cash deposits, on the other hand, are much simpler as buyers will just need to get the name and the account number of the vendor. After that, the buyer will go to the bank, deposit the money, and take a picture of the deposit slip to send to the vendor. Once the payment is verified, the bitcoin will be released from escrow and the trade will be complete.
Hand-in-Hand: Cash and Bitcoin
Now you know where to buy bitcoin with cash! It’s extremely easy to buy bitcoin with cash on Paxful. If you haven’t tried it yet, now’s your chance to give it a shot!