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Author : Crypto Income Staff 6 December 2017
Despite what some people think converting cash into cryptocurrencies, such as bitcoin, is actually fairly easy. There are a number of effective methods for turning either Canadian or U.S. dollars into altcoins available to most people. There are a few important things that you must know about such conversion before you begin. Vital knowledge you need to know about cryptocurrency conversion is as follows. It will cost you: almost every broker, exchange, ATM, and digital wallet charges at least a small fee for converting government or fiat currency to altcoins. Always make sure you know what the conversion fees are because they can quickly add up and eat up your profits. There have been some horror stories in the media about investors who ended up paying more in fees than they did for the coins. You can lose money in the process. If you invest $1,000 in litecoin; and litecoin loses 10% of its value – you will lose $100. Make sure you know what the price of the cryptocurrency is before you buy it. Fortunately, there are many places where you can learn the current price of bitcoin and other forms of digital cash. Coinbase tracks Litecoin, Ethereum, and bitcoin and gives their real time value in US dollars. There are sites like bitbuy.ca at https://bitbuy.ca/ that will tell you the price of bitcoin in Canadian dollars. Make sure that you purchase bitcoin. Bitcoin is currently the only cryptocurrency widely accepted by online and brick and mortar retailers.
METHODS OF CONVERTING CASH (FIAT) INTO BITCOIN. Here are some of the best methods of converting cash into bitcoin available in the United States and Canada. Use localbitcoins.com to arrange a LOCAL bitcoin exchange with someone in your area. You can meetup (or do an online escrowed exchange) for bitcoin to cash or cash to bitcoin using localbitcoins. Find a bitcoin ‘guy’ to exchange cash for bitcoin. Every city has one or hundreds. These are people who make money trading bitcoin for cash and will meet up in person, taking your cash for bitcoin at market rate + 2-5 percent comission. The fees are high but if you need bitcoin NOW and a lot of it and you have cash, you can arrange this. Localbitcoins.com or using craistlist is a means to arrange this. Just be careful and use caution as you can get robbed! ACH / SERPA Transfer. This is the best, cheapest and often fastest method. Simply put your cash into a bank account and do a transfer from it. through a bitcoin exchange. The big advantage to this method is that there are some exchanges, including CEX.IO, that offers free deposits from banks for large transactions. CEX.IO offers this because it makes most of its money from trading. This means you will not have to go the trouble of withdrawing cash and accruing additional fees if you receive your salary; or government benefit, payment via automatic deposit. Another advantage is that you can simply deposit the cash at your local bank branch or ATM rather than drive a long distance to a special outlet.
Major bitcoin exchanges that offer ACH transfers in the USA: CEX.IO, Coinbase.com, Gemini.com. Reloadable debit cards. Reloadable cards with the Visa and MasterCard brand name on them will work just like credit cards at websites like Coinbase. You will have to pay a fee, but some retailers sell cards you can use. Simply follow the site’s instructions for credit card payment to take advantage of this method. Gift Cards. The Visa and MasterCard gift cards sold at retailers such as Walmart will work at many bitcoin sales outlets. Be careful because some of these cards with high fees. You will also have the hassle of going to the store and buying the gift cards. Flexepin Vouchers. Canadians can buy these at some merchants and use them to purchase bitcoin online from websites such as Bitcoin Outlet at https://bitcoinoutlet.com/. Unfortunately, they are not available in the United States. A list of merchants that sell them is found at this website at https://flexepin.btcsolutions.ca/map. Brick and Mortar cryptocurrency brokers. These retail establishments which sell bitcoin and other altcoins directly to the public for cash and credit cards. Unfortunately they are few and far between and more common in Canada than the United States. Many of these businesses are listed at Buy Bitcoins Worldwide at https://www.buybitcoinworldwide.com/canada/. A big drawback to brokerages is that they are only found in big cities, small-town residents may have to travel hundreds of miles just to find one. Bitcoin ATMs. Teller machines that convert cash into bitcoin have received a lot of media publicity but they are actually pretty rare.
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