Where to Buy Bitcoins & Other Cryptos with Cash
I've heard of things like LocalBitcoins which help facilitate buying/selling Bitcoins with people nearby, but do you think there will ever be a company (a trustworthy one) that is licensed which sets up brick-and-morter places where people can walk in and buy Bitcoin and other cryptocurrencies in-person with cash (or credit/debit card).
Maybe not large amounts, there could be limits to cash transactions, but that would be kind of cool for people living in major cities to have a place they can go to talk with crypto experts who can help get them started with a wallet and their first 'investment'. Could be done by a major wallet provider/exchange who are also trusted like Coinbase. Could be set up only in places where consumers are protected by regulation, such as in New York state.
Wisecrypto last edited by
Right now the biggest problem is banks aren't accepting coins as a viable asset for trade, holding, or selling or anything else because of the current investing and speculative environment. So because of that, no brick and mortar store is ever going to get set up because they won't be able to secure a loan from the bank to run a business, nor will a bank do business with them.
once banks accept it though and it becomes adopted? I have a feeling that this will actually happen in banks rather than specialty stores.
@wisecrypto True. I guess its hard to get that kind of stuff set up when crypto is not considered a viable asset in most of the business/legal world yet.
You can already buy bitcoin with cash in many cities around the world. They're called Bitcoin ATMs.
You can find your nearest here: https://coinatmradar.com
@joes Wow that's pretty cool. Any idea on what kind of fees you can expect?
Any idea on what kind of fees you can expect?
Seems like 4-7% is pretty normal for buying Bitcoin at the ATM.
@joes That's not too bad I guess. Thanks for looking that up. I think Bitcoin ATMs are pretty relevant to a lot of people who might have some extra cash (like a few $20 bills in their wallet) and are interested in crypto. At least in the areas that have the ATMs.