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Did you know that the US dollar is dying? What sense does it make to hold onto cash in the first place? When money is printed by the government, it loses its value and we sink ourselves further into debt.
Crypto is a viable option to hedge against the dollar. How can you convert cash to crypto? What options are at your disposal?
Are you interested to learn how to buy crypto with cash? Read our guide below to get the 411.
Cash to Crypto?
Why would you want to buy crypto with cash in the first place? The main reason to convert cash to crypto is privacy. This is at the forefront of the crypto ethos.
Compared to traditional centralized exchanges, you won’t have to give up your identity in exchange for crypto. When you think of the many risks involved with identity theft, when you purchase crypto with cash, you won’t have to worry about this.
Converting cash to crypto is a much faster option as well. Rather than waiting on bank transfers (1-3 business days) or exchange verifications (1-3 weeks), just hand over the cash for crypto!
A peer-to-peer exchange is one without a third-party intermediary. When you use a centralized exchange, you won’t deal directly with the counterparty. Much of the work like buying and selling is done via the exchange itself.
If you prefer more control over these transactions, then you’ll want to learn how to buy crypto in a P2P fashion. You can think of P2P exchanges like Craigslist or Facebook Marketplace, where two parties agree on the deal.
With more and more regulations coming to crypto, it’s best to have a plan B.
Have you met someone online that you’d like to buy crypto from? You will want to establish some sort of trust prior to meeting. Of course, it is always better to verify rather than trust with crypto.
Local crypto meetups or conferences are a great way to get involved in the crypto space. You’ll find plenty of people will to convert your cash to crypto.
Once you decide on what crypto to buy, be sure to have the correct amount of cash on hand and a crypto wallet to store your newly received funds on.
Apps like Cash App, PayPal, and Venmo all make it easy to trade cash to crypto. With the tap or click of a few buttons, you could have crypto in no time.
It’s important to note that these apps are glorified exchanges. This means you won’t want to keep your crypto there. Instead, we recommend using a non-custodial or hardware wallet to keep your crypto safe.
Write down your private keys or seed phrase and store them in a safe place as well. Remember the mantra, not your keys not your crypto.
Crypto ATMs offer an easy solution when you want to buy crypto on the go. If you’re used to using traditional ATMs, you’ll feel right at home here.
You won’t need to set up an account as you would on an exchange. Many Crypto ATMs will allow you to buy crypto, with some allowing you to sell crypto too. You’ll first want to brush up on how to cash out crypto before you do so.
You’ll want to bring cash, some form of identification, and a crypto wallet before you head to a bitcoin machine. The process is as simple as hitting the “Buy Bitcoin” button and pointing your QR code (public address) at the screen.
Many people adopt the buy-and-hold (hodl) philosophy. They do this because they believe crypto will appreciate in value. It’s no question the US dollar is depreciating in value as well.
Set up a crypto piggy bank and start converting your cash to crypto today. Before you know it, you’ll start stacking sats in no time.
For more financial insight into the modern era, read our blog!
Thank you for reading!