When it comes to selling and buying bitcoins, you have a couple of options. Selling or buying in person with cash is one of the most convenient ways that is fast and reliable. This is called person-to-person (P2P) exchange and it is becoming increasingly popular today. Through crypto exchange and social media platforms, bitcoin sellers and buyers are connected and then allowed to make arrangements of how they are going to meet and do the transactions.
Some reliable platforms have the option of selling and buying bitcoins and other cryptocurrencies in person, whether using fiat money or even coin swap. That said, let’s discuss how to sell and buy bitcoin in person.
How to Sell and Buy Bitcoin in Person with Cash
As mentioned, you can easily sell or buy bitcoin in person with cash when you have identified the right seller or buyer. Here is what you need to do.
- Get a bitcoin wallet – If you do not have a bitcoin wallet, the first step is to get one. This is a digital wallet where you will store your BTC once you receive them from a seller. In the case you want to sell the BTC, ensure that you have the coins ready in the wallet. On the other hand, prepare the cash that you intend to use to buy Bitcoin and have it ready.
- Check the right platforms – You can sell or buy bitcoin in person using some of the most popular platforms that are available today. NakitCoins is a popular crypto exchange platform with numerous capabilities. When you register with them, you will be connected to sellers and buyers who are willing to exchange your BTC with cash. There are also other options like P2P social medial platforms that you can use to get connected to the right people.
- Sell or buy with cash – When you want to sell bitcoin with cash, you have to be clear from the beginning so that the buyer knows. The same case applies when you want to buy with cash. You can either meet the buyer or the seller or direct message each other to make the deal. However, transactions should have some evidence such as a bank transfer, mobile money, or online money exchange.
Precautions When Selling or Buying Bitcoin in Person
The risks involved when you sell or buy bitcoin in person with cash are high. First, you might not have any protection from the platform, especially when you agree on how to go about this and log out of the platform. You could easily lose your coins or cash to fraudsters.
The principle is to find a buyer or seller from a reputable platform and check if they have ever been flagged by the platform. But if they have had clean transactions before, then you can go ahead and transact.
Another general principle is to do small transactions a few at a time. This will reduce the risk of losing a lot of money in case there is a fraud motive. You will also realize that the other person is taking such precautions as well.
You can sell or buy bitcoin in person with cash easily using the above guidelines that we have shared. There is more that you need to know and researching and consulting with professionals will shed more light. All the best.