Bitcoin withdrawals and deposits must be enabled to get started. You can deposit up to $10,000 worth of bitcoin in any 7-day period. Depending on network activity, it can take hours before transfers into or out of your Cash App are confirmed on the blockchain. Cash App only supports Bitcoin (BTC). How to deposit money into bitcoin wallet through the terminal? This question is in demand too. This question is in demand too. The presence of a minimum quality of information, which can be found in the search engines for this query, is misleading about the impossibility of replenishing the wallet in this way. Open your Bitcoin.com wallet app and select Send. Copy and paste the recipient’s wallet address into your own wallet app. Or, if you’re in person, select Scan QR code and simply scan it with your app. Choose which wallet you want to send Bitcoin from. In the United States you can buy bitcoin with a connected bank account via ACH bank transfer. In Europe you can buy with your bank account via SEPA transfer. Purchases made with ACH take 5 days for the coins to be delivered, while SEPA purchases take less than two days. Coinbase charges a flat 1.49% fee on all transactions.

How Much Money do i Need to Open a Bitcoin Account?

I thought the question of ”how much money do I need to open a Bitcoin account?” was a really funny one.

Now, I understand that despite the hype surrounding Cryptocurrencies, some people are still not conversant with what Bitcoin is, or even the current investment opportunities that are surrounding Bitcoin as a Cryptocurrency.

Note: Click here to open a Bitcoin account where your funds can be invested while you collect your profits at the end of the day.

To answer the question that formed the title of this post, I’d say that the amount of Bitcoin you need and the purpose for buying Bitcoin will dictate the amount you will need for an account.

The answer is now very clear. But I’d say that a newbie would still struggle to grasp what am talking about here.

Therefore, in the next section of this post, I shall break it into bits that can easily be swallowed since am assuming that only newbies are looking for answers on ”how Much Money do i Need to Open a Bitcoin Account?”

The amount you need to open a Bitcoin account will depend with the goal you have in mind.

For example, if you want to start mining Bitcoin in the cloud, you can start with as little as 0.05 Bitcoin or more.

Some Cloud mining companies (like Genesis Mining)are even asking for less than 0.05 Bitcoin at times.

But there is also something I’d wish to bring to your attention:

First, to determine how much Bitcoin you’ll need in your account, you’ll have to figure out how to exchange regular currencies such as USD, EUR, JPY etc into Bitcoin.

There are several exchanges on the internet which do this job very well.

Most of the time, I use Topedgefx, a platform that helps you sell fiat currencies like USD into Bitcoin and vice versa.

And then there are scam exchanges (others controversial) too.

The ones I have in my archives are Gatehub, CoinTree, and Cryptopia exchanges.

The purpose for which you are determining how much Bitcoin to keep in your account is generally determined by what you want to do with it.

If you are someone who has a knack for trading Bitcoin, and is always looking for best way to invest in Bitcoin, you will always find a number of sites claiming to offer an opportunity to make money with Bitcoins or any other Cryptocurrency.

Those sites usually have their minimum deposit requirement which can be in any amount of Bitcoin.

This reminds me of the different ways that people can invest in Bitcoin.

I have lately seen that Initial Coin Offerings (ICOs) are a big thing.

Some websites in this space are even claiming that their coins will be the next big thing, even bigger that Bitcoin.

Of course you can’t take them seriously because this is the language of business here.

Those who get sucked in get ripped off by these sites.

Nearly every website in the blockchain space is offering an ICO.

A good number of them are not legitimate as the aim is usually to collect as much money as possible before abandoning ship.

A good examples would be Crypterium and Envion. These are disasters waiting to happen.

Therefore, the amount you will need for any Bitcoin account is whatever you decide to buy and hold in that account.

Usually when I buy Bitcoin, I don’t have a minimum BTC in mind to buy.

I just go to my favorite exchange here, and then buy whatever the amount of Bitcoin my dollar amount can afford me.

That means I can buy 0.1 BTC, 0.05 BTC, 0.0004 BTC or whatever.

The choice is always with me. But to some extent, this choice is influenced by what I want to do with the Bitcoin in question.

how much money do I need to open a Bitcoin account and invest

Seasoned traders like I and a few investors in this industry go into the market with an open mind.

Like I said before, I buy Bitcoin of any amount.

I have been mining Bitcoin with these platforms as a side hustle for some time now.

I remember the first time I started mining Bitcoin in 2015. I started with 0.05 Bitcoin.

I have somehow managed to grow that investment to an amount I don’t wish to disclose in this post.

The point is, you can invest any amount in Bitcoin.

But like any other market, things can be a bit uncertain.

I remember that it was the year 2014 when I first got interested in Bitcoin.

When I saw its value rising very fast and steadily, I ask myself ”Should I invest in Bitcoin?”

Unfortunately back in the day, there was not so much information on the internet about whether or not to invest in Bitcoin.

It was a gamble for me. So I figured out a Bitcoin investment strategy and decided to stick to it.

A small part of my portfolio was allocated to Bitcoin mining.

The other small percentage of the trading capital remained with my Forex broker since am a Forex trader myself.

Of course Bitcoin’s value continued to increase at a faster pace. By mid-2016, I had gained a significant amount of profit because I am typical a trader/investor with long term goals in mind.

MyFXchoice, the broker that I use, announced that they had revised their spreads downwards to $3 per unit from their initial $5 per unit.

That must have helped me in one way or another since I was able to trade Bitcoin pairs at a much cheaper price than before.

So yes, with a Bitcoin investment strategy in place (whether mining or trading it like me), you can make lots of money. You can also invest as much or as little as you want.

Should I Invest in Bitcoin?

The answer is yes and no.

It’s a yes because if you have the steel to trade, you will make a lot of money.

Suppose you found this blog in 2015 and bought Bitcoin with me, how much do you think you could be having—- assuming you never sold it?

A lot, isn’t it?

Well, do you think the current rate of Bitcoin growth will be sustained in the long term future?

I advice caution here because most people are now much aware of Bitcoin than before.

So that means many people are buying and holding or selling when they have a profit.

I know most of my students here have Bitcoins in storage somewhere.

I advised some of them to buy Bitcoins last year (2016), which they did.

Along the way, some sold their Bitcoin when price became a little bit unstable. Others decided to buy and hold up to this very day.

I can assure you that these guys can’t get to thank me any better.

What to know with Bitcoin investing

Bitcoin isn’t affected by economic or geo-political factors.

Generally, the price has maintained an upward trend.

The recent devaluation of the Chinese Yuan created more demand from the Chinese people.

This in turn caused the USD to increase in value in relation to the Yuan. It affected Europe-based exchanges as well.

From what the world has seen, Bitcoin is apolitical. It is not influenced by Global chaos, governments or financial institutions in the world.

And even if I have to think that economics and politics will significantly influence the value of Bitcoin, I have to do so on a global scale as opposed to just observing what is happening in a particular country.

How much money do I need to open a Bitcoin account and store it?

Since we already know that we can buy Bitcoin of any amount, the next concern is how to safely store it.

Will you store it in the short or long term?

The choice of storage depends on these two goals.

If you’re planning to store your Bitcoin in the short term, simply open an account with an online wallet.

I use Topedgefx for exchanging and temporarily storing my Cryptocurrencies online.

But that does not mean that you should leave your coins there for a significant length of time.

With scammers on the loose, I have been cautious enough and even devised ways to store my Bitcoin in a safe hardware wallet.

You can read my review of that product here.

With hackers and scammers lurking on the internet, the best way to secure your Cryptocurrency after buying for any amount is to use a Cryptocurrency hardware wallet.

It’s a very useful tool indeed as I have used my Bitlox wallet for close to one year now.

My final word

That being said, I don’t think anyone still has questions related to ”how much money do I need to open a Bitcoin account?”

The absolute truth is that you can still make money with Bitcoin, just like we do with any other market.

Your concern should be how to invest and secure your proceeds afterwards.

So if you’d like to learn more, join my students mentorship program where I teach and show people how to make money with Forex and Cryptocurrencies.

We can both agree on this:

Buying bitcoins with cash is confusing!

Luckily, today I'll show you how easy and fast it can be.

We've collected the best exchanges and listed them for you below.

Chapter 1

Introduction

Why buy bitcoins with cash?

• It's private and usually quick
• One of the easiest ways to get bitcoins

Converting your cash to bitcoin can get you bitcoins within a couple of hours.

Make sure you have a Bitcoin wallet before you buy since some of the exchanges below require one.

If you don't have a wallet, read our guide on the best Bitcoin wallets.

Buying bitcoin with cash usually has very high fees. For lower fees, try one of the exchanges below and deposit using bank transfer or credit card:

• Bits of Gold

  • Crypto exchange based in Tel Aviv
  • Buy with card, cash or bank transfer
  • Supports Bitcoin & Ethereum
• Rain

  • Exchange for Saudi Arabi, Oman, Kuwait, Bahrin, UAE
  • Rain is based in Middle East
  • High buying limits
• WazirX

  • Crypto exchange based in India
  • Deposit INR with IMPS & UPI
  • Low fees and many coins
• CoinJar

  • Buy crypto with cash at 1,200+ retail outlets around Aus
  • iOS & Android apps that let you trade
  • Australian crypto exchange established in 2013
• eToro

  • Start trading fast; high limits
  • Easy way for newcomers to get bitcoins
  • Your capital is at risk.
• Luno

  • Best for Nigeria, South Africa, Indonesia, Malaysia
  • East to use interface
  • Trusted exchange
• Bitpanda

  • Crypto exchange based in Europe
  • Buy bitcoin with card, SEPA, SOFORT
  • Trusted exchange
• Coinbase

  • High liquidity and buying limits
  • Easy way for newcomers to get bitcoins
  • 'Instant Buy' option available with debit card
• Bitbuy

  • Exchange based in Canada
  • Very high buy and sell limits
  • Supports Interac & wire
• Coinberry

  • Crypto exchange based in Canada
  • Very high buy and sell limits
  • Supports credit & debit card, Interac, wire
• Coinsquare

  • Canada's largest cryptocurrency exchange
  • Very high buy and sell limits
  • Supports bank account, Interac, wire
• eToro

  • Supports Bitcoin, Ethereum & 15 other coins
  • Start trading fast; high limits
  • Your capital is at risk.

  This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

We suggest using the exchanges listed below or doing research before buying from any exchange.

Many exchanges are simply trying to steal your personal information (like your password).

We do research on every exchange we list and are very careful not to include scam exchanges on our site.

Chapter 2

Cash Bitcoin Exchanges

It's possible to buy bitcoins with cash on LocalBitcoins via cash trade in-person or with cash deposit.

A quick step-by-step guide on how to buy bitcoins with cash on LocalBitcoins:

1. Find a seller in your area who accepts cash.
2. Select amount of coins and place an order.
3. Receive account number from the seller.
4. Deposit cash into the seller's account.
5. Upload your receipt to prove you made the deposit/trade.
6. Receive bitcoins! The coins will arrive in your LocalBitcoins wallet.

The above guide was meant to give you an idea on how LocalBitcoins works.

If you want more information, read our full guide on how to use LocalBitcoins.

LocalBitcoins is private and does not require any personal details or verification, although specific sellers may request this info.

Be sure to buy from sellers with previous trade history and positive feedback.

Local Bitcoins charges a flat 1% fee on each purchase.

We may receive compensation when you use LocalBitcoins. Please visit LocalBitcoins for its exact pricing terms.

• Can be private, fast and easy
• In-person trades require no personal information
• Purchases of bitcoin can be made quickly via cash deposit

• Beware of scams; always follow the rules!
• Harder to buy large amounts of bitcoins compared to large exchanges
• Slightly to significantly higher prices than regular exchanges; premium for higher privacy

Read Review

LibertyX lets you buy bitcoin with cash at a number of retail stores across the United States.

You'll have to verify your identity before buying, making LibertyX less private than some of the other options.

You can buy up to $1000 worth of bitcoin and will be charged a 1% fee on all purchases.

Get this:

If you sign up with Facebook you can buy your first $1000 fee free.

Your bitcoin should arrive a few minutes after your payment is made.

• Easy and fast way to buy bitcoins with cash
• Low 1.5% (plus store fee) rate for cash purchase method
• Daily $1000 limit is fairly high for a convenience service

• Participating stores add their own variable fee
• Some verification is required which lowers the expected privacy level of cash purchase
• Attaching your Facebook account further degrades privacy

Our Bitcoin ATM map helps you find a Bitcoin ATM in your local area.

Using Bitcoin ATMs you can buy bitcoins with cash ONLY.

The average ATM charges a fee of 5-10%, but this is what people are willing to pay to buy bitcoins privately and with no verification.

There are many Bitcoin ATM manufacturates, so each ATM is different. Some require verification, although most don't.

• Our map makes it super easy to find a Bitcoin ATM near you

• Bitcoin ATMs often have 5-10% fees per purchase

Bitit is slightly different than the other options on this page. Instead of buying directly with cash, you instead need to use a voucher like Flexepin or Neosurf. The fees are about 8% for buying with Neosurf or Flexepin.

We may receive compensation when you use Bitit. Please visit Bitit for its exact pricing terms.

• Unique way of purchasing offers extra privacy over other methods
• 8% Neosurf fee is slightly better than Coinhouse's 10%
• Available in 50 countries
• €10,000 initial weekly Neosurf cash payment limit
• Bitcoin gift cards also available; more expensive than other options

• In-person buying methods offer more privacy but can be confusing
• Identity verification required for buying amounts over €25
• €500 initial weekly credit/debit card limit

Read Review

Buy Bitcoin with Cash Exchange Comparison

Exchange	Fees	ID Required	Countries
LocalBitcoins	1%	Sometimes	Global
BitQuick	2%	Yes	USA
Wall of Coins	~1%	No	12 Countries
LibertyX	1.5-8%	Yes	USA

Chapter 3

Frequently Asked Questions

If you're still a bit confused, that's okay. Buying bitcoins is hard and that's why I built this site.

The FAQ section below should answer all of your remaining questions.

What are risks are involved buying bitcoins with cash?

Buying bitcoins with cash can be very low risk.

If making a trade in-person, it's best to meet in a public place to reduce the risk of scamming or theft.

If buying bitcoins with cash via cash deposit, use an escrow service (like LocalBitcoins or BitQuick) to ensure the seller must send you the bitcoins after receiving bitcoins.

What are the benefits and advantages?

It's easy to buy small amounts of bitcoin with cash.

It's also private, since no personal information is required in most cases, especially if trading in person or at an ATM with no verification.

Buying bitcoins with cash is also fast, as there is no verification to slow down the process.

What are the disadvantages?

It can be hard to buy large amounts of bitcoins with cash, especially with cash deposit.

Bitcoin ATMs also have limits and some require verification if more than a certain amount is purchased.

Pro Tip

Do you want to buy larger amounts of bitcoins? Try buying with a bank account and you'll save on fees, too.

Why do Local Bitcoins and Bitcoin ATMs have a higher price than other exchanges?

The average buy price on Local Bitcoins and Bitcoin ATMs is usually 5-10% higher than the average global rate.

Unlike other exchanges, which require ID verification and personal information, Local Bitcoins and Bitcoin ATMs don't require any information like this.

The 5-10% premium on LocalBitcoins and at ATMs is simply the cost people are willing to pay for privacy when buying bitcoins.

Is it risky giving up my ID in order to buy?

It depends how much you trust the exchanges.

Just like any information you give up online, there is always the risk that it can be hacked or stolen from the website you give it to.

One thing that Bitcoin exchanges have going for them is that because they are constantly under attack, they have some of the best security and protections in place to protect against the hacking of your personal info.

There is always risk with anything related to information online.

Even Yahoo was hacked and information on 1 billion accounts was stolen.

Should I leave my bitcoins on the exchange after I buy?

We really recommend storing any bitcoins you want to keep safe in a wallet you own.

Many Bitcoin exchanges have been hacked and lost customer funds. If you don't want to fall victim to these hacks then the easiest way is to store your coins in a wallet you control.

Can you sell bitcoins?

Out of the exchanges we listed, LocalBitcoins, Wall of Coins, and BitQuick all allow you to sell bitcoins for cash.

Bitcoin Cash

You can buy Bitcoin Cash using cash from most or all of the methods and dealers listed on this page.

Chapter 4

Tutorials: How You Can Buy Bitcoins with Cash

How to Use BitQuick

BitQuick is one of the best ways to buy bitcoins with cash in the United States.

It charges 2% per buy but the exchange rates are generally better than LocalBitcoins.

We will show you how to make your first purchase in the tutorial below.

You will NEED a Bitcoin wallet before you can buy from BitQuick. Don't have one? Read our guide.

Go to BitQuick

You will see the home page. Then, click 'Quick Buy'

Enter the amount you want to spend. You can enter in dollars or BTC, the fields will update automatically.

You should now see a list of banks with prices:

You can pick any bank, and banks with the lowest prices will show up first.

Once you picked a bank you will be required to fill in some details. This includes your email, phone number, and Bitcoin address. You can also change the amount of Bitcoin you want to receive.

Make sure you put in your phone number and press 'SEND VERIFICATION'. This will send a PIN code to your phone that you need to confirm.

Once you put in your details press 'PLACE HOLD'. This will lock in your order.

Now you will need to find a bank branch of the bank you chose in your area. Then you go into the bank, make a deposit, and save the receipt.

Go back into BitQuick and upload the receipt to the seller. This proves you made the deposit.

Bitcoins should arrive to the address you entered earlier within 3 hours!

Buy Bitcoins with Cash from Bitcoin ATMs

Bitcoin ATMs are another great way to purchase bitcoins with cash!

Think of a Bitcoin ATM as a cash to Bitcoin converter.

While you may have to physically drive or walk to the ATM, once you reach the ATM you can buy bitcoins instantly. You’ll need to be lucky enough to have a Bitcoin ATM in your area.

Our Bitcoin ATM map helps you find locations makes it easy to locate a Bitcoin ATM in your area.

You can do the following to check if there is a Bitcoin ATM near you:

1. Go to the Bitcoin ATM Map

2. Search by Location

In the search box in the top left, type in the name of your country or city and click enter.

3. Find an ATM

Once you search, you’ll be taken to the location you entered on the map. If you see map pin markers, you’re in luck! That means there are Bitcoin ATMs in your area.

4. Choose an ATM

Click on one of the map markers for more details about a specific ATM. From there, you can also click on “Read More” at the bottom for even more details.

While Bitcoin ATMs make it easy to buy bitcoin with cash, there are some downsides:

Bitcoin ATMs generally sell bitcoins at a mark-up of 5-10%.

Before you buy bitcoin from an ATM, check the ATM’s price against a Bitcoin price index like our Bitcoin price page.

Also:

How To Pay Through Bitcoin

Some ATMs may require verification, like a picture of an ID or a finger print scan (although most don't).

Buy Bitcoins with Cash at Wall of Coins

How To Make Money Bitcoin

Wall of Coins is a peer-to-peer cash exchange, currently available in the United States, Canada, Germany, Argentina, Latvia, Poland, and the Philippines.

LibertyX Review

Now that you know a bit about LibertyX we'll show you how to use it. Once you've downloaded the app from the Apple App Store or Google Play Store, open it and you should see a screen like this:

Enter the amount of bitcoins you want to buy and then press 'NEXT'. You should now see a screen with some options. If you want to find a store near you to buy then click 'Find Store'. Now you'll see a zoomed out map.

Put in your location or allow the app to see your current location. You should then see a zoomed in map with pins displayed the many locations you can buy from:

Now tap on a pin and then tap 'SELECT THIS LOCATION':

You will get more information on the location, like the store's hours, fees, phone number, and instructions for buying the coins:

In the next step you will need to login with Facebook or make an account:

Once you login you will also need to link your phone number.

Once you confirm your phone number you can get your LibertyX code that you show the store!

At the store you present the code to the cashier and pay for the amount of coins you want. The cashier will then print out another code that you enter into the LibertyX app. Once you enter the code from the cashier you receive bitcoins!

Trades Near You: Mycelium Local Trader

Mycelium Local Trader is part of the Mycelium Bitcoin Wallet for Android.

If you live in a city, you're in luck:

There may be a number of sellers in your area.

Make sure you meet in a public space. Going with a friend is best, too. There have been reports of scams and robberies, so just make sure you take precautions when buying.

Once you download the app, click Buy/Sell:

Once you enter your location you should see a list of local sellers:

Click on a seller for more info:

Again, make sure you buy from sellers with good feedback! If you meet, meet in a public space and go with another person.

Chapter 5

Peer-to-Peer Exchange Explanation

The exchanges mentioned above (LocalBitcoins, Wall of Coins, and Bitquick) all work in almost the same way.

This section aims to provide more clarity on how a trade might work using one of these exchanges.

Buying Bitcoins at Peer-to-Peer Exchanges

Peer-to-peer (P2P) Bitcoin exchanges are a great way to get bitcoins with cash. A P2P trade usually works something like this:

1. A buyer and seller use a site like LocalBitcoins or Wall of Coins and agree on a price.
2. The seller’s bitcoins are held by the site and only released to the buyer upon confirmation of payment.
3. The buyer deposits cash into the seller’s bank account.
4. The seller confirms payment. Usually, the buyer sends the seller a receipt to prove that cash was deposited into the seller's account.
5. The site (LocalBitcoins or Wall of Coins) releases the bitcoins to the buyer.
6. The seller got cash, and the buyer got bitcoins. The trade is complete!

The above was just an example!

Through sites like LocalBitcoins you are free to agree on other payment methods besides cash deposit.

For example:

You could arrange to meet in person and exchange cash for Bitcoin.

Yes, using LocalBitcoins you can even exchange that Starbucks gift card from Christmas a few years ago for bitcoins ;)

Why Are P2P Exchanges Good?

• No verification is required. You don’t need to submit any personal details and there is no verification process that takes up time.
• Cash payments are irreversible. Once cash is in someone’s bank account, the buyer of bitcoin has no way to reverse the transaction. So the seller can feel confident that he received payment for bitcoins, and release the bitcoins to the buyer.

A Note on Exchange Rates

Peer-to-peer Bitcoin exchanges offer a fast way to buy bitcoins.

However:

Peer-to-peer exchange rates may be a bit higher than the global average Bitcoin exchange rate.

People are willing to pay more to buy bitcoins both more privately and faster. The markup is usually somewhere around 5-10% on LocalBitcoins. Wall of Coins generally has rates close to market.

How To Transfer Money Into A Bitcoin Account

Check the against a Bitcoin price index like Bitcoin Average or the CoinDesk BPI.

Best Practices for In-Person Cash Trading

If you decide to meet up with another person then make sure to take some precautions.

Meet in a public area. Most trades will go through fine but a search on Google shows people getting robbed or scammed at in-person trades.

Bring a friend. If possible, try to bring along a friend or family member just so you're not alone.

These tips are not meant to scare you and there is nothing wrong with trading bitcoins. But when dealing with any amount of money or trade it's best to be safe.

Chapter 6

Theft, Scams, and Storage

If you get one thing from this article let it be this:

Don't store your bitcoins on exchanges!!!

I've been buying bitcoins for more than three years. I've never lost any money to scams or thefts. Follow the guidelines in this article and you'll be able to do the same.

Here are two examples where users got screwed by leaving bitcoins on exchanges:

And there are many more I could list.

If you're buying with cash from an ATM you won't have to worry about this, since ATMs always send bitcoins directly to a wallet or Bitcoin address.

If you're buying from BitQuick or LocalBitcoins:

Make sure to move the coins you bought to your own wallet right after you buy!

Secure Your Coins: Get a Good Bitcoin Wallet

How To Pay Using Bitcoin

Make sure you get yourself a Bitcoin wallet that will securely store your bitcoins.

Besides storage, there are many scam exchanges out to steal your personal information and/or bitcoins.

How To Deposit Money Into Someone Else's Bitcoin Account

Following these two basic principles should help you avoid theft, scams, and any other loss of funds:

1. Do research before buying on any exchange. Check reviews, ratings, and regulation information.
2. Don't store coins on the exchange. Already mentioned above but worth repeating.

Secure Bitcoin Hardware Wallets: