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> even though you can't buy crypto with cash and crypto cannot be converted directly to cash I have bought and sold crypto primarily using cash for the last te

> even though you can't buy crypto with cash and crypto cannot be converted directly to cash I have bought and sold crypto primarily using cash for the last ten years, what are you talking about. Yes, many people use an exchange. Many do not.

NikolaNovak 4y ago
Physical cash? How?
- purpleflame1257 4y ago
  Presumably a Bitcoin ATM
- none_to_remain 4y ago
  One simple option: Hand someone some cash, they send you some BTC
  - nibbleshifter 4y ago
    Precisely this. There's nothing complex about it either. You get a bunch of cash, they get btc, or vice versa.
  - rdtwo 4y ago
    Not that simple. You need to validate the transaction on the chain and that takes hours
    - nibbleshifter 4y ago
      You only need a single confirmation these days. It takes 10 minutes. Source: have been doing this for years.
      - rdtwo 4y ago
        How much do you pay on the transaction cost
- denton-scratch 4y ago
  Bitcoin Local offers the opportunity to meet a seller at a physical location. Same with Local Monero. If you're planning to exchange $10M, you'll probably need a couple of bag-carriers, and perhaps some muscle as well. You can also trade for non-physical "cash", e.g. local bank transfer via escrow. As far as I'm concerned, that's a cash exchange.
  - ycombobreaker 4y ago
    Won't the usage of escrow trigger a KYC/AML "event" of some sort? That would tie the two parties' identities in a way that a cash evades.
    - denton-scratch 4y ago
      I think local traders are expected to execute some level of KYC. In my experience (under £1K, online) that's a photo of me, holding my driving licence and a piece of paper syaing "I'm buying X from Y". I've never tried a physical cash trade in person.
- nibbleshifter 4y ago
  You arrange to meet someone online, meet up, exchange cash for btc/whatever, done. Never had a bad experience with it. You just sit in a coffee shop with the person for the few minutes it takes for a transaction confirmation.

NikolaNovak 4y ago

Physical cash? How?

purpleflame1257 4y ago
Presumably a Bitcoin ATM
none_to_remain 4y ago
One simple option: Hand someone some cash, they send you some BTC
- nibbleshifter 4y ago
  Precisely this. There's nothing complex about it either. You get a bunch of cash, they get btc, or vice versa.
- rdtwo 4y ago
  Not that simple. You need to validate the transaction on the chain and that takes hours
  - nibbleshifter 4y ago
    You only need a single confirmation these days. It takes 10 minutes. Source: have been doing this for years.
    - rdtwo 4y ago
      How much do you pay on the transaction cost
denton-scratch 4y ago
Bitcoin Local offers the opportunity to meet a seller at a physical location. Same with Local Monero. If you're planning to exchange $10M, you'll probably need a couple of bag-carriers, and perhaps some muscle as well. You can also trade for non-physical "cash", e.g. local bank transfer via escrow. As far as I'm concerned, that's a cash exchange.
- ycombobreaker 4y ago
  Won't the usage of escrow trigger a KYC/AML "event" of some sort? That would tie the two parties' identities in a way that a cash evades.
  - denton-scratch 4y ago
    I think local traders are expected to execute some level of KYC. In my experience (under £1K, online) that's a photo of me, holding my driving licence and a piece of paper syaing "I'm buying X from Y". I've never tried a physical cash trade in person.
nibbleshifter 4y ago
You arrange to meet someone online, meet up, exchange cash for btc/whatever, done. Never had a bad experience with it. You just sit in a coffee shop with the person for the few minutes it takes for a transaction confirmation.