Requirements to Buy Bitcoin with Cash in Person

People always find convenience appealing. Cryptocurrency exchanges offer a variety of experiences and options in order to attract a diverse array of customers with different ideas of what is most convenient for them. In-person Bitcoin exchanges are one of these popular options. Only crypto exchanges with a physical office where crypto users can buy and sell cryptocurrency allow you to buy Bitcoin with cash in person. They have an edge over other kinds of crypto exchanges because of this. To sell or buy Bitcoin with cash in person, you must bring certain items with you whenever you visit a physical Bitcoin office. In this piece, the requirements will be discussed.

What Do You Need to Buy Bitcoin with Cash in Person?

You must meet a few criteria in order to buy Bitcoin with cash in person from any exchange. Each of them will be examined in this section.

  1. A means of identifying yourself: Every onsite Bitcoin exchange office mandates that every cryptocurrency user intending to sell or buy Bitcoin with cash in person visit their office with a form of identification at all times. This is one of the exchange’s conditions of service that must be met. The purpose of this requirement is to guarantee adherence to regulations designed to block a buyer’s route to large-scale money laundering and funding of terrorism. Before the implementation of these rules, there were numerous reports of fraud and scams, and some buyers had even fabricated false identities. In order to prevent this from happening, a buyer is required to bring a form of identification whenever they want to buy Bitcoin with cash in person. This aids the in-person crypto exchange in ensuring compliance with AML and KYC regulations.
  2. Wallet address: Your wallet address is another item you must have on hand if you plan to buy Bitcoin with cash in person. A wallet address is a public key made up of a special generated collection of numbers and letters that acts as a virtual address for receiving and sending cryptocurrency. This string of characters is typically made up of 26 to 35 alphanumeric characters and is produced once by a wallet. You establish your wallet address in your digital wallet and provide it to the employee at the Bitcoin exchange office where you are physically purchasing Bitcoin with cash. Keep in mind that you must come to the Bitcoin office with the address you generated from your wallet. Otherwise, you will not be able to receive your funds.
  3. Fiat currency: You must always have fiat currency on hand if you intend to buy Bitcoin with cash in person from a Bitcoin exchange. This is due to the local Bitcoin office only accepting fiat currency. For instance, NakitCoins is the first Bitcoin exchange office with physical locations in Turkey, and it only takes cash as payment. However, when you purchase Bitcoin in person from a friend or acquaintance, you have the option to send the individual a bank transfer.

Concluding Thoughts on What You Need to Buy Bitcoin with Cash in Person

The required things you need to bring with you whenever you want to sell or buy Bitcoin with cash in person from a physical Bitcoin exchange office are a form of identification, a wallet address, and fiat currency. You should be aware that failure to meet even one of the requirements will prevent you from achieving your objectives.