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Author : Crypto Income Staff 6 December 2017
Generally they are located in questionable businesses such as check-cashing outlets and marijuana stores in bad neighborhoods in big cities. The fees they charge for conversion can be very high. Coin ATM Radar at https://coinatmradar.com/ has maps showing the locations and addresses of many but not all bitcoin ATMs. Digital wallets such as Android Pay and PayPal. Most of these cannot be used for direct bitcoin purchases, but you can use PayPal’s reloadable MasterCard debit cards for altcoin transactions. Note: this might change because several new digital wallets designed for cryptocurrency such as TenX are coming to market. The big drawback to these is that you will to deposit the cash into a bank account then transfer it to wallet. Wire Transfers. Some wallets and bitcoin exchanges will accept wire transfers (the same ones that offer ACH transfers) That means you can wire money to them via MoneyGram or Western Union. The problem with this solution is that it is expensive. You will have to pay a fee for the transfer and often another fee to the providers. It also takes 2 to 5 business days to process. The advantage is that wire transfers allow you to move the largest sums of fiat into bitcoin. ACH transfers typically limit you to $10,000 per day. But using a wire transfer, you can send hundreds of thousands to millions of dollars in one transfer. To use wire transfers with a bitcoin exchange, however, you need to do many levels of KYC (Know Your Customer) verification first with the exchange, which can currently take anywhere from a week to three weeks. Major Bitcoin exchanges that allow wire transfers: Kraken.com, Gemini.com, Bitstamp.net, CEX.IO, coinbase.com, quadrigocx.com.
My favorite is Bitstamp.net. SOME PROBLEMS WITH USING CASH TO BUY BITCOIN. There are some drawbacks and even dangers to using cash for bitcoin purchases you should be aware of. You should understand these dangers before you put yourself and your money at risk. Big drawbacks and dangers to bitcoin purchases with cash include. The risk of robbery. Many bitcoin ATMs are located in questionable businesses in bad neighborhoods. Do you really want to go such a place with large amounts of cash? Remember crooks might be waiting for you in such a neighborhood. Permanent loss of money. The big advantage to bank accounts is that they are insured by the Federal Deposit Insurance Corporation (FDIC) in the United States; and the Canadian Deposit Insurance Corporation (CDIC) in Canada. That means you will get your money back if something goes wrong. Credit and debit cards can be canceled and reissued if necessary. If paper money gets lost, stolen or destroyed it is lost forever. The hassle. If you want to make direct cash purchases of bitcoin, you will have to find a broker or ATM travel to it, and spend time buying the coin. If you use a credit card or bank transfer you can make the transaction from any computer or your phone sitting on your couch. Extra cost. If you drive or take the bus or train to a broker or ATM you will have cost of gas or ticket and possibly parking in many cities. Once you get there you will probably have to pay extra fees to cover the cost of the broker’s store and employees or the ATM. Remember the broker has rent or mortgage on his or her shop, plus insurance and employees that probably like to be paid. The companies that manufacture and service ATMS make their money by charging fees.
Time and potential profits. You might have to wait days or weeks to get time to go to the broker or ATM. During that time you might miss out on profits from bitcoin appreciation. Bitcoin’s price increased by 21.69% or $808 in the eight days between August 1 and August 8, 2017, according to our friends at Coinbase. You might lose other opportunities. The time you spend travelling to the ATM or broker and back might be better spent elsewhere. For example at work making money or with your family. Recordkeeping can be tough. If you use a credit card or your bank account for bitcoinpurchases keeping track of them is simple. All you have to do is look at your statement online. With cash you’ll have to keep written records or receipts which can be a real hassle. Another advantage is that bank and credit card accounts automatically calculate amounts. You’ll have to do the math yourself or use a calculator with cash. You will not be able to cancel or contest suspicious or improper transactions. One of the biggest advantages to using a credit or debit card is that you can easily contest suspicious transactions. You might have no recourse if you use a brokerage or an ATM. SOME GREAT ALTERNATIVES TO CASH FOR BITCOIN BUYERS. As you can see the potential problems associated with using cash to buy bitcoin can be great. Fortunately there are a lot of really good alternatives to cash for anybody interested in purchasing bitcoin. Some of the best cash alternatives for cryptocurrency users include. Bank transfers – As noted above this is usually the cheapest method. It is almost instant and can be free if you use some of the larger exchanges such as CEX.IO. The big advantage here is that funds never leave the banking system until the purchase is made so they will be insured.
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