Among all the ways ofbuy bitcoin, cash remains the most practical for people who do not wish to take the risk of submitting their bank details on a site as well as for Bitcoin buyers who wish to operate in complete confidentiality. In fact, the majority of other payment methods require authentication by the KYC mechanism (Know Your Customer), which consists of providing personal information to the platform to be validated by it. How to get Bitcoin with cash? Several options exist.
Buy Bitcoin in cash with a cash transfer
While a platform or seller can deposit Bitcoins directly into your digital wallet, the buyer can just as well transfer cash via an intermediary provided for this purpose.
Buy Bitoin in cash with a Cash Mandate from La Banque Postale
La Banque Postale’s Cash Mandate is a traditional but effective way to send or receive cash. Sending cash to a third party bank account is also possible with an account payment mandate (Account Mandate). It’s not a commercial exchange, but unlike a wire transfer, it allows you to send cash without going through your bank account. Accessible to everyone, it is therefore possible to send cash to a recipient in France or to a post office abroad.
The mandate can be transmitted by Internet or via a agency. In France, to pay Bitcoins (BTC) in cash, you can go to La Poste, where you will have to fill out a form with your contact details and information, as well as that of the beneficiary. Also enter the amount to be transferred and pay the transfer amounts as well as any exchange costs. Be careful not to exceed the transfer limit, which varies according to the type of Mandate Cash chosen (€ 1,500 for the classic, compared to € 3,500 for the International Express Mandate at the time of writing the article).
Several sites allow Mandat Cash as a means of payment for the purchase of Bitcoins, including in particular:
- BitBoat (only by Account Mandate).
Purchase of Bitcoin with a Western Union or Moneygram type transfer
On the same principle as the Mandat Cash, the companies Western Union and Moneygram, among others, offer a cash transfer service to a beneficiary in France or abroad. The procedure is similar to the first and also allows you to transfer cash without going through a bank account and maintaining your anonymity.
In France and abroad, many partner structures exist around the world, notably in postal agencies, with tobacconists or in a few local shops.
As for cryptocurrency platforms, CoinMama allows you to buy Bitcoins, for example, using a Western Union transfer or a MoneyGram payment.
Buy Bitcoin in cash from an individual
Make a peer-to-peer purchase of Bitcoins, it’s possible. Some platforms like LocalBitcoins allow individuals and sellers to meet to complete the transaction. The operation is simple: you meet with a cryptocurrency reseller to buy Bitcoins for cash.
To minimize the potential risk of scam, LocalBitcoins gives resellers active on the platform a scoring (rating), which allows select a person with confidence.
advice : choose a public meeting place, during the day and with the support of you.
Buy Bitcoin in cash via an ATM
Withdrawing Bitcoins like euros from a ATM is also possible! However, on this point, France is behind these neighbors. Count only ten in France in 2020 (in Paris, Lille and Nice). To find out where to buy them, you can use the CoinATMradar site.
Their operation is rather classic. On a Bitcoin ATM, choose “Buy BTC” by specifying the amount, which can be predetermined (20 euros, 50 euros, 100 euros, etc.) or limited (500 euros in particular). Insert your cash into the machine and select the amount of your cryptocurrencies in return.
Obviously, Bitcoin is a virtual currency and not a fiat currency. Don’t expect to receive BTC tickets or coins in return! If you don’t have a digital wallet, the BTC ATM will offer you a ” wallet ”, Or wallet in French, which is a Bitcoin storage system. For more information on this and how to get one, don’t hesitate to consult our guide. The funds are thus deposited on your new Bitcoin wallet, or on yours if you already have one. The machine prints an invoice detailing the operation (public key with QR code and private key).
Good to know : These machines are also one of the ways to sell your Bitcoins to collect cash.
Buy Bitcoin in cash with prepaid cards
The idea is to buy a prepaid card in cash to use it as a means of buying Bitcoins. These prepaid cards are sold at tobacconists, in supermarkets or in local shops.
Buying Bitcoin with the Paysafecard card
The Paysafecard card is sold between 10 and 100 euros in multiple cash shops and allows you to buy BTC online via several cryptocurrency buying platforms, including:
- LocalBitcoins (it’s up to you to find a Bitcoin seller who accepts the prepaid card to complete the transaction);
- VirWox (with a cash payment, you can convert SLL – the currency of the Second Life online game – to Bitcoin);
Buying Bitcoins with the Neosurf card
The Neosurf prepaid card can be purchased in cash in many shops. Sold 15, 30 or 50 €, this card is accepted as a means of purchasing BTC on several platforms such as ZebitCoin, LocalBitcoins, Bitit, Bitboat or CoinHouse. A PIN code allows you to pay for your BTC online purchases.
As we have just seen, you can buy Bitcoins in cash without going through your account or using any bank card. From La Banque Postale’s Cash Mandate to prepaid cards, via an ATM, a tobacconist or a direct reseller, many solutions exist. It is also ideal for shopping Bitcoins confidentially! Your only requirement is to have a cryptocurrency wallet to store your Bitcoins after the purchase is completed. In France, watch for the promising deployment of Bitcoin ATMs : even if France is shy for the time being compared to its neighbors, there are more than 7 000 around the world !