“Dolla Dolla Bills Y’all!” Cash sure makes the world go around. So why not use it at the most unconventional places. A plot of land, gold and assets are too mainstream. What if we told you that you can spend your money to buy more money? Sounds like a paradox, doesn’t it? Well the truth of the matter is that it is possible. You can spend your cash to buy cryptocurrency. No more having to worry about algorithms and hardware involved in Bitcoin or other cryptocurrency mining. One can simply pay cash over the counter and purchase this often volatile yet bankable virtual currency. All you need to do is keep your eyes open and your pockets filled with cash!
Below mentioned are the traditional and conventional ways with which one can buy Bitcoin and other cryptocurrencies.
1. Bitcoin ATM:
Yes! Bitcoin ATMs actually exist. With the generation of a paper wallet, or by simply transferring Bitcoin to a wallet of your choice, one can easily and without any hassle purchase Bitcoin from an ATM. It is a fast and easy process. The only drawback to this entire activity is that:
- They are expensive as one has to pay above the market price.
- Bitcoin ATMs are rare to find.
If one can overlook these above-mentioned points, then Bitcoin buying can’t get any easier.
2. Bitcoin Purchases P2P (Peer 2 Peer):
One of the most social manner of purchasing Bitcoin is from a Peer. in case of any financial emergency it always helps to have a backup of a friend with whom one can buy or sell Bitcoin via fiat currency or cash. When Mt Gox collapsed, many investors who had stored their Bitcoins in a cold wallet, sold off their tokens to peers in exchange of fiat.
3. Buying Bitcoin through Mail (Not Reliable But Doable):
Purchase of Bitcoin via the postal service may be one of the most unreliable way of acquiring Bitcoin, but it is also one of the safest. By mailing or sending a MoneyGram to the potential seller, we ensure that our money reaches the right hands. In return, the seller can send the Bitcoin via Escrow services (a third party first receives the Bitcoin and then transfers it to the original buyer). Or a cold wallet can be sent via courier to the buyer. The drawbacks of this process are:
- Long and uncertain process.
- No guarantees of receiving Bitcoin in return to the money sent.
- Breaches security protocols as home address is now compromised.
- Additional Escrow leads to higher transaction fees.
While this process may have been feasible for days of past, to purchase offshore items or magazines, it is a very slow and unreliable process.
4. Barter Bitcoin For Services Rendered:
One of the simplest and yet secure manner of purchasing Bitcoin is with the help of Online services. If one is a freelancer, they need to offer their services and receive payment in Bitcoin directly into their wallet. This way, not only does one maintain the privacy of their identity, they also their claim over it. Simply exchange your Bitcoin wallet id and get repayment for the service that you have undertaken. The only drawback to this process is:
- Requires a smart contract to be made before any transactions commences. This ensures that the service provider is not swindled out of their hard earned cryptos!
There you have it folks! The above-mentioned are few of the more unconventional means of buying Bitcoin and other cryptocurrency while bypassing Crypto Exchanges and Mining. Make sure you choose a manner that suits your need the best.