Buy bitcoin with cash through LibertyX | 2018 review | finder.com

Convert cash to bitcoin with LibertyX – November 2018 review

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Learn how to use the LibertyX mobile app to find merchants near you that support bitcoin.

LibertyX makes it easy to buy bitcoin with cash, in person, from local vendors. Whether you’re looking to buy bitcoin for the first time or trade bitcoin regularly, the LibertyX interface can connect you with real-world locations to buy bitcoin.

Product Name LibertyX Bitcoin Network
Fiat Currencies USD
Cryptocurrencies BTC
Deposit Methods Cash
Trading Fee Fees vary
Deposit Fees None
Withdrawal Fees Fees vary

Pros

  • Buy bitcoin with cash at participating locations.
  • Fast transaction completion.
  • Customer information collected by LibertyX is encrypted.
  • Store bitcoin in a wallet of your choice.
  • You don’t need to sync a bank account to use LibertyX.
  • Convenient Store Locator map is built in to the app, allowing you to search your area.
  • Trailblazer program rewards customers with $5 in bitcoin for being the first to use new LibertyX stores.
  • Makes it easy for stores to join the network and start offering bitcoin services.

Cons

  • LibertyX stores may not be conveniently available in all areas.
  • Some personal information is required to create a LibertyX account.
  • In order to increase your daily maximum purchase to the bitcoin equivalent of $1,000, you need to provide additional personal information to LibertyX.
  • LibertyX stores may charge convenience fees on transactions.
  • Some LibertyX stores only process transactions in specified amounts, such as $5, $10, $20.
  • Potential for security vulnerabilities may vary on a store-to-store basis.
  • Some staff at physical locations may be unfamiliar with bitcoin or the LibertyX interface.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Exchanges like LibertyX

What is LibertyX?

In 2014, LibertyX (formerly Liberty Teller) released the world’s first bitcoin ATMs, designed to give people the ability to swap cash for bitcoin at physical kiosks. LibertyX has continued to expand, partnering with local vendors throughout the US to create a network of real-world exchange points.

Available for web and mobile, the LibertyX app provides a “Store Locator” link, making it easy to find participating LibertyX stores in your area.

Compatible with:

  • iOS
  • Android
  • Web

How much does it cost to use LibertyX?

The LibertyX app is free to download and use, and LibertyX charges no additional transaction fees for using the app.

When buying bitcoin with cash from a participating vendor, you may incur a convenience fee from the vendor. LibertyX lets vendors set their own fees, and this may vary from location to location, but all costs should be accurately displayed through the app on a store-by-store basis.

How do I buy bitcoin with LibertyX?

To buy bitcoin with cash using LibertyX, you will first need to create an account. You can do this online through the LibertyX website or by downloading the LibertyX app for Android or iOS.

  • To create an account, you’ll need to sign up using a mobile phone number and choosing a password, or by logging in with Facebook. Customers who are concerned about personal privacy may want to avoid logging in with Facebook.
  • To confirm your identity, you have to submit some personal information to LibertyX, including your name, address and date of birth. The details you provide are checked against public records to verify your identity. If LibertyX is unable to verify you based on this information, you may be asked to submit a scan of your driver’s license or other documentation.
  • Once your account is active, you can find LibertyX stores near you by using the map feature. Each store that appears on the map will have its own set of instructions explaining how to transact through that location.
  • There are two kinds of LibertyX stores: Variable and PIN/Gift Card.
  • Variable stores allow you to purchase bitcoin in any dollar amount, up to your daily maximum.
  • Stores using PINs (Personal Identification Numbers) require you to buy bitcoin in fixed denominations, such as $10, $20, $50, etc.
  • PIN stores sell you a PIN code representing a purchase of bitcoin in your desired denomination, which you can then redeem through the LibertyX app. Before you can redeem your PIN, you will need to have a bitcoin wallet address to store your bitcoin.
  • To redeem a PIN, use the LibertyX app to choose the store you purchased it from and select “Redeem PIN”. Enter the bitcoin wallet address where you want to receive the funds, and LibertyX will transfer the funds to your wallet. PINs must be redeemed within 24 hours of purchase.
  • Instead of PINs, some stores require you to generate an Order Code/ID beforehand for your desired transaction amount, using your bitcoin wallet address. Then, you give this Order Code, along with the cash amount, to the cashier at the LibertyX store and they will transfer the bitcoin to your wallet.

Is LibertyX safe to use?

LibertyX uses SSL encryption on its website and for all customer communications. Customer information is stored on encrypted hard disks. Currently, LibertyX transactions are handled exclusively in cash, eliminating any potential vulnerability related to connecting your bank account.

LibertyX does require some ID verification details in order to create an account, possibly including a driver’s license scan for some customers. LibertyX allows customers to receive bitcoin in a wallet of their choice, placing much of the security responsibility on users. Choosing a secure bitcoin wallet to store your funds is highly recommended.

Where can I get the LibertyX app?

You can visit the LibertyX website or download the mobile app from the Google Play store or Apple’s App Store.

LibertyX Homepage

Pros and cons

Pros

  • Buy bitcoin with cash at participating locations.
  • Fast transaction completion.
  • Customer information collected by LibertyX is encrypted.
  • Store bitcoin in a wallet of your choice.
  • You don’t need to sync a bank account to use LibertyX.
  • Convenient Store Locator map is built in to the app, allowing you to search your area.
  • Trailblazer program rewards customers with $5 in bitcoin for being the first to use new LibertyX stores.
  • Makes it easy for stores to join the network and start offering bitcoin services.

Cons

  • LibertyX stores may not be conveniently available in all areas.
  • Some personal information is required to create a LibertyX account.
  • In order to increase your daily maximum purchase to the bitcoin equivalent of $1,000, you need to provide additional personal information to LibertyX.
  • LibertyX stores may charge convenience fees on transactions.
  • Some LibertyX stores only process transactions in specified amounts, such as $5, $10, $20.
  • Potential for security vulnerabilities may vary on a store-to-store basis.
  • Some staff at physical locations may be unfamiliar with bitcoin or the LibertyX interface.

What’s next for LibertyX?

LibertyX has expanded its services considerably since it introduced the first bitcoin ATMs in 2014. As bitcoin currency continues to gain popular support, the LibertyX network will likely keep growing, with new vendors introducing bitcoin services into their business models. Some of the changes on the horizon for LibertyX include:

  • The company has announced that, due to customer requests, it is looking into the possibility of integrating support for debit/credit transactions.
  • LibertyX has stated that it may add support for additional cryptocurrencies, such as Ethereum, Litecoin, Ripple, and Dash in the future. Customers are encouraged to submit requests for specific currencies that they would like to see included.
  • New LibertyX partner stores are added regularly to the network, making cash-to-bitcoin transactions increasingly accessible in more locations.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Image Source: LibertyX

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