If you are worried that you have missed out on the Bitcoin fever, all is not lost. You can still invest in Bitcoin and make some money. But, before you get started, you need to learn the basics. Because this is probably a new adventure for you, the chances are that you won’t know how to convert your spare cash into bitcoins. The good news is that buying bitcoins with cash is pretty straightforward. You can learn how to do it in just a few minutes. Read on to find out how.
What is Bitcoin?
Bitcoin is a digital currency that allows people to send money virtually across the internet. The currency is quite volatile. Hence, you can buy, hold onto it for a time, and then sell it when its value increases.
How to buy Bitcoin with cash?
The process of buying Bitcoin using cash is straightforward. One way of buying digital coins is through an exchange. You need a computer with an internet connection and cash. You must sign up with a reputable crypto exchange to buy Bitcoin. Some of the more renowned exchanges include Nakitcoins, Coinbase, and many more.
Step 1- create an account
The first step is to create an account with your chosen cryptocurrency exchange. Many exchanges are online. You can create an account by providing personal information including your name, email address, and password.
Step 2 – select the amount of Bitcoin to buy
Once you have logged into your account, you can select the amount of Bitcoin that you want to buy. You can either buy a full Bitcoin or a fraction of one (i.e., 0.5 or 0.25 of a bitcoin). After selecting the value of Bitcoin you want to buy, you will be asked to enter your wallet address, phone number, and a valid payment method.
Step 3- pay for the bitcoins and receive them
At this point, you can use a credit card or a debit card. Once you have provided all the details and paid the specified amount, the transaction will be processed, and the purchased amount of Bitcoin will be transferred to your wallet in less than 10 minutes.
Why should you buy Bitcoin?
There are several reasons why you should buy Bitcoin. Some of them are listed below.
- It is a relatively new asset class — Bitcoin was the first cryptocurrency ever created and continues to be the most popular and valuable cryptocurrency in the market today.
- It is not tied to any country, has no intrinsic value, and is not backed by any government. The only reason it has value today is that people trust it, use it, and buy it.
- It is decentralized — Given that Bitcoin is not tied to any government, it is a safe investment because you don’t have to worry about the government stepping in and disrupting the market.
It has a huge potential to grow — For example, the value of a single Bitcoin has increased from $0.0006 in 2011 to over $23,000 in July 2022, although it has a history of rising and falling unpredictably.
Peer-to-Peer Marketplaces
Peer-to-peer marketplaces such as LocalBitcoins.com are great places to buy Bitcoin in exchange for cash.
Now that you know what Bitcoin is and how to buy Bitcoin for cash, it is time to buy some. All you need is to choose an exchange, follow their instructions to create an account, and start buying. Remember cryptocurrencies are extremely volatile and their price can go up or down at any time, so only take calculated risks as you start your investment adventure.
