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How to buy bitcoin with cash: 5 different ways
Simple ways to buy bitcoin and other cryptocurrencies with cash.
Cryptocurrencies such as Bitcoin are often purchased online, but that doesn’t mean you can’t purchase them with cold-hard-cash. It may involve a few more steps than usual, but thankfully there are several ways to purchase Bitcoin with cash in Singapore.
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.
Cryptocurrency exchanges that accept cash
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How to buy cryptocurrency with cash
Peer-to-peer
- How it works: Meet a seller near you in person, and buy Bitcoin with cash in hand, or any other payment option you agree on.
- Available exchanges:
- What to consider: Both the buyer and seller can be nervous about this kind of transaction. Make sure you only meet in a public place, and try to only deal with sellers that have a good reputation on the site.
Cash transfer at banks
- How it works: Go to a bank and pay with cash over the counter for the bank to transfer into the exchange’s account.
- Available exchanges:
- What to consider: This is a good way of turning cash into Bitcoin with minimal fees. However, different coin providers might have their own requirements, such as using a specific bank.
Prepaid cards
- How it works: Buy a prepaid card with cash at a grocery or convenience store. This can then be widely used to buy Bitcoin.
- Available exchanges:
- What to consider: It’s a convenient way to buy anonymously and with cash in hand, but your options may be limited. It’s typically not very cost-effective, and you might be limited to relatively small individual transactions.
Bitcoin ATM
- How it works: Deposit cash into a machine which will then deposit Bitcoin into your wallet.
- Available exchanges:
- What to consider: If there’s a Bitcoin ATM near you, then this might be a quick and convenient way of getting Bitcoin deposited to your wallet. However, it might involve significant fees.
Pay cash at a money transfer service
- How it works: Go into a Western Union or MoneyGram branch (or equivalent), and pay the cash for transfer to the specified recipient.
- Available exchanges
- What to consider: As long as there’s a branch near you, this is a very easy way to pay cash for the service of your choice. The downsides are that you lose some anonymity and you might get caught by fees.
What are the pros and cons of buying cryptocurrency with cash?
Like most things, paying with cash has both benefits and downsides. Depending on your preferred method above, you might experience the following.
Pros
- Quick
- Convenient
- Anonymous
Cons
- Typically not the most cost-effective option
- You will generally be limited in the amount you can buy
- Your platform options will be more limited
What are the fees relative to other payment methods?
Your fees will vary depending on your exact cash payment method. You’ll also find different standard commissions and fees depending on your method. For example, you can generally expect premium prices and relatively high commission fees for the convenience of paying with a prepaid card.
- Peer-to-peer cash in hand. Zero fees other than what’s included in the transaction cost.
- Prepaid cards. The cost of the card itself, which is usually around $5.
- Cash transfer at banks. This might have no or low fees, while the cheap transfers might also help you find more competitive rates from Bitcoin sellers.
- Bitcoin ATM. The fees and costs will vary between ATMs, but you can probably expect them to be relatively high compared to the most affordable options.
- Money transfer service. The fees will depend on which service you use, and whether there are also currency exchange fees involved. You can compare Western Union fees vs MoneyGram fees here for an example of how much they vary.
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.
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