The current daily trading volume for Bitcoin is 301977.0. This is a change of around 18.84% from the day before and 30.77% from one year ago. This data demonstrates a considerable increase in everyday Bitcoin traders. Due to this, some of these traders prefer to buy BTC for cash. Have you ever questioned the causes of this massive increase in traders? This article will offer some insight on the factors that support the preferences of certain Bitcoin traders in buying Bitcoin for cash.
Reasons for Bitcoin Traders to Buy BTC for Cash
One of the factors contributing to the daily growth in users is the wide range of uses for Bitcoin, which in turn influences why people want to buy it for cash. In-depth analysis of the reasons behind Bitcoin investors’ cash purchases of Bitcoin will be explored in this section. Let’s look at them now.
Daily goods purchases
The usage of Bitcoin is expanding as a method of payment for everyday purchases of products. One of the reasons Bitcoin traders choose to buy BTC for cash is due to this. Some online merchants and shops provide Bitcoin-compatible payment methods that are easily integrated. Among them are PayPal, Overstock, Burger King, Microsoft, KFC, Whole Foods, Home Depot, Starbucks, AT&T, Etsy, Gyft, Subway, Twitch, and Pizza Hut. These merchants work in several industries, which supports the freedom to purchase various products including software. For some Bitcoin traders who have cash on hand and urgently need to purchase some things using a method other than cash, they first buy BTC for cash. The desired things are subsequently purchased using the acquired Bitcoin. The cryptocurrency trader gains from this since the fees for credit card transactions, authorizations, and customer support are either avoided or decreased.
Buy BTC for cash because of inexpensive crypto transfer rates
Relatively high transaction costs apply to methods of sending money such as Zelle, PayPal, Venmo, email money transfer services, ACH transfers, wire transfers, Western Union, and Money Gram. But the transaction charge for Bitcoin is little. This is one of the main reasons why most Bitcoin traders want to buy BTC for cash. They prefer to use their fiat currency to buy Bitcoin first and then send Bitcoin to their friend’s wallet. The friend subsequently sells it for cash in the local currency. This route serves the interests of the sender and the recipient. Compared to sending money through Western Union and other methods, the sender enjoys a lower transaction charge. The friend also gains from this approach since transaction fees and international transfer fees are not deducted from their portion. Additionally, they profit more if the price of Bitcoin increases at the moment of sale.
In this article, two reasons why Bitcoin traders choose to buy BTC for cash are discussed. Additionally, some people choose to pay cash when they are planning to invest the money they have on hand. Either way, you can enjoy the financial potential of this flexibility.