How to buy bitcoin with cash: 7 different ways

Cryptocurrencies such as Bitcoin are often purchased online, but that doesn't mean you can't purchase them with cold-hard-cash. It may involve a few more steps than usual, but thankfully there are several ways to purchase Bitcoin with cash in Australia.

CoinSpot Cryptocurrency Exchange

CoinSpot is an Australian-based exchange that allows you to easily buy, sell or trade more than 250 cryptocurrencies.

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Cryptocurrency exchanges that accept cash

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Name	Product	Deposit methods	Fiat Currencies	Cryptocurrencies
CoinSpot Cryptocurrency Exchange		Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID	AUD	297 cryptocurrencies	CoinSpot is an Australian exchange that lets you easily buy, sell and trade more than 250 cryptos.	Go to site View details	Compare	loading Fetching your data...
CoinJar Cryptocurrency Exchange		Cash, Credit card, Cryptocurrency, Debit card, Bank Transfer (PayID/Osko/BPAY)	AUD, GBP	24 cryptocurrencies	CoinJar offers a simple way to buy, sell, or trade cryptocurrency with AUD. Enjoy free and instant deposits, fees start from 0.05% and withdrawals are free to your bank account	Go to site View details	Compare	loading Fetching your data...
Cointree Cryptocurrency Exchange		Cash, Cryptocurrency, POLi, PayID, Online banking	AUD	158 cryptocurrencies	Finder Exclusive: New members get $10 bonus after first trade. T&Cs apply. Buy 150+ cryptocurrencies with fast-growth portfolio insights, and the ability to swap any coin to any other instantly.	Go to site View details	Compare	loading Fetching your data...
Paxful P2P Cryptocurrency Marketplace		Bank transfer, Cash, Cryptocurrency, PayPal, Credit or Debit Card, Payoneer	DZD, XCD, ARS, AMD, AWG, AUD, AZN, BSD, BHD, BDT & 140+ more	2 cryptocurrencies	Connect with bitcoin buyers and sellers through this peer-to-peer marketplace that accepts cash, credit and more than 300 other payment methods.	Go to site View details	Compare	loading Fetching your data...

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How to buy cryptocurrency with cash

Peer-to-peer

• How it works: Meet a seller near you in person, and buy Bitcoin with cash in hand, or any other payment option you agree on.
• Available exchanges:
  • LocalBitcoins
  • Paxful

• What to consider: Both the buyer and seller can be nervous about this kind of transaction. Make sure you only meet in a public place, and try to only deal with sellers that have a good reputation on the site.

Cash transfer at banks

• How it works: Go to a bank and pay with cash over the counter for the bank to transfer into the exchange's account.
• Available exchanges:
  • BuyaBitcoin
• What to consider: This is a good way of turning cash into Bitcoin with minimal fees. However, different coin providers might have their own requirements, such as using a specific bank.

Prepaid cards and Flexepin vouchers

• How it works: Buy a prepaid card or Flexepin with cash at a grocery or convenience store. This can then be widely used to buy Bitcoin.
• Available exchanges:
  • Bitit
  • CoinLoft
• What to consider: It's a convenient way to buy anonymously and with cash in hand, but your options may be limited. It's typically not very cost-effective, and you might be limited to relatively small individual transactions.

Blueshyft Newsagents

• How it works: Use cash to buy Bitcoin directly or deposit money into a cryptocurrency exchange using a Blueshyft terminal at a participating newsagency.
• Available exchanges:
  • CoinSpot
  • CoinJar
  • Cointree
• What to consider: Before going to a newsagency you will need to generate a QR code using a Blueshyft compatible exchange or wallet for the amount of Bitcoin you wish to purchase. You will then need to take the QR code to the newsagency to complete the payment. Keep in mind you may be charged two sets of fees – once by the exchange, another by the newsagent.

Australia Post Office

• How it works: Australians can now pay for Bitcoin at Australia Post outlets through the Post Billpay service. The service is available thanks to a partnership with Bitcoin.com.au which allows users to pay for Bitcoin in cash like they would any other bill.
• Available exchanges:
  • Bitcoin.com.au
• What to consider: Users will need to create an online account with Bitcoin.com.au before they complete the purchase at the post office. Fees are high, with a 3.9% commission fee + GST.

Bitcoin ATM

• How it works: Deposit cash into a machine which will then deposit Bitcoin into your wallet.
• Available exchanges:
  • See if there's a Bitcoin ATM near you.
• What to consider: If there's a Bitcoin ATM near you, then this might be a quick and convenient way of getting Bitcoin deposited to your wallet. However, it might involve significant fees.

Pay cash at a money transfer service

• How it works: Go into a Western Union or MoneyGram branch (or equivalent), and pay the cash for transfer to the specified recipient.
• Available exchanges
  • Paxful
  • LocalBitcoins
• What to consider: As long as there's a branch near you, this is a very easy way to pay cash for the service of your choice. The downsides are that you lose some anonymity and you might get caught by fees.

What are the pros and cons of buying cryptocurrency with cash?

Like most things, paying with cash has both benefits and downsides. Depending on your preferred method above, you might experience the following.

What are the fees relative to other payment methods?

Your fees will vary depending on your exact cash payment method. You’ll also find different standard commissions and fees depending on your method. For example, you can generally expect premium prices and relatively high commission fees for the convenience of paying with a Flexepin voucher.

• Peer-to-peer cash in hand. Zero fees other than what’s included in the transaction cost.
• Flexepin and prepaid cards. The cost of the card itself, which is usually around $5.
• Cash transfer at banks. This might have no or low fees, while the cheap transfers might also help you find more competitive rates from Bitcoin sellers.
• Bitcoin ATM. The fees and costs will vary between ATMs, but you can probably expect them to be relatively high compared to the most affordable options.
• Money transfer service. The fees will depend on which service you use, and whether there are also currency exchange fees involved. You can compare Western Union fees vs MoneyGram fees here for an example of how much they vary.