There are plenty of ways to purchase Bitcoin in 2019, but not all of these payment methods can be fully trusted. Whether you purchase your bits with credit card, bank transfer, or cash through an online ATM, there are certain security measures that need to be taken. This is the case when making any sort of online investment, but especially true for purchasing Bitcoin.
Up until recently, it wasn’t very common to buy Bitcoin with cash through ATM online services. Nowadays, though, using a cash deposit to purchase bits is becoming the norm. Just be sure that you are making your cash deposit through a trustworthy source, one like CoinFlip. In addition to this helpful tip, follow this guide on buying Bitcoin with cash through an online ATM.
Why Buying Bitcoin with Cash is Becoming More Popular
In the past, Bitcoin currency was typically only purchased through online bank transfers and wires. Now, there are so many payment methods compatible with purchasing Bitcoin, cash included. Paying for Bitcoin with cash has become the most popular payment method for a few reasons.
The main reason has to do with its convenience; using something called a Bitcoin ATM Service allows you to use cash for Bitcoin with one simple transaction. As long as you have a device that connects you to data or the internet and access to a crypto wallet, investing in Bitcoin with cash has never been easier. And the best part is, all you need to get started is $1.
How to Use a Cash Deposit to Purchase Bitcoin
The first step is finding a Bitcoin ATM Service, one similar to CoinFlip. You’ll simply connect to the online ATM portal, state how much cash you would like to use to make a Bitcoin purchase, and follow the steps provided from there. The next steps depend on a few things, like the amount of Bitcoin you’re hoping to buy with cash.
At most online Bitcoin ATMs, the user will be required to go through a verification process by uploading a picture of a valid state ID when the transaction is over $900. Anything under that amount will have a simpler verification process. The user will just be required to access and input a code sent to the phone number provided.
Once the transaction get into the thousands, that’s when more verification is required. Most companies allow for daily transactions up to $3000 and these only require the ID verification process. Once a transaction reaches $8000, though, an in-depth verification is needed.
Where to Buy Bitcoin with Cash
When you choose a reputable Bitcoin investing platform, you’ll have access to hundreds of Bitcoin ATM terminals around the world. For instance, a company like CoinFlip has over 200 ATM terminals, most of them throughout the USA in highly populated cities like NYC, LA, and Chicago. You’ll simply visit the nearest terminal near you, choose your amount, and the Bitcoin for cash transaction is complete.