Is It Safe to Buy Bitcoin with Cash

by Devendra Kumar Article

The Bitcoin is one of the most famous cryptocurrencies that is accepted worldwide. It is the first-ever currency that works without the interference of a central bank. In simpler terms, Bitcoin is a decentralized digital currency that is accepted around the world. However, still many people are afraid when it comes to using Bitcoins for making transactions and purchasing/selling Bitcoin. There are certain questions that arise in a trader’s head while making transactions using Bitcoins. In order to know about some FAQs, advantages-disadvantages, and other things related to the purchase of Bitcoin using cash, read further.

• Is there any Risk Involved In Buying Bitcoin Using Cash?

This is surely the most common question that every pops up in the mind of every trader. And, the answer is that there are no risks involved in buying Bitcoin with cash. While making a transaction with Bitcoin, one must always acquire the identity proof of the other person. Because of it, the act of getting scammed or robbed gets eliminated completely. If you are looking for a safer and more reliable way of transacting then go for an escrow service to buy Bitcoin with cash.

• What are The Advantages of Buying Bitcoin with Cash?

There are several advantages of buying Bitcoin with cash that attracts more and more traders. The transaction made is completely discrete and the information of both the parties stays confidential. Moreover, a user can buy small amounts of Bitcoin using cash easily. However, in order to buy Bitcoin with cash, the trader has to be verified first.

• Why The Price of Local Bitcoin and Bitcoin ATMs Is Higher Than Other Exchanges?

This is also one of those questions that most of the traders have in mind. The reasons are pretty clear for this; security, safety, and discretion. The local Bitcoin’s and Bitcoin ATM’s average buy price is 5-10% higher than other exchanges. The price is said to be in relation with the tax charged for keeping the data of the transactions safe as the local Bitcoin and Bitcoin ATMs do not demand an identity proof.

• Is It Safe to Provide An ID Proof?

Providing an ID proof is 100% safe. This basically builds the foundation of trust between trader & buyer. Bitcoin being a crypto-currency always stays under the threats of cyber attacks, in order to prevent the leakage of data there are different shields used. All thanks to the developing security the chances of account hacking are decreasing consistently. Thus, it is completely safe to do so. Traders can show an identity proof to each other as per their convenience.

These are some of the most common FAQs that a person has in mind when he buys Bitcoin with cash. All the answers mentioned above prove that there is no harm in purchasing Bitcoin with cash. Thus, the buyer needs to be prepared before purchasing Bitcoin through cash.