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Confirm the amount of BTC you want to sell, enter your payment details for example, provide your PayPal email address or bank account. Wait for the buyer to send the payment. Complete transaction once the fund is received. The best part? Buying and selling bitcoins on LocalBitcoins is completely free. This is because they provide escrow, mediate transactions and resolve any dispute. Bitcoin ATM is a hassle-free way to convert Bitcoin into cash.
Bitcoin ATM is rather a physical centre, allowing you to buy Bitcoins with fiat money. And the good news is some ATM machines let you sell your Bitcoins for local currency too. I t will show you a live worldwide Bitcoin ATM map. Then search for a Bitcoin ATM that offers the option to sell bitcoins for cash. However, this method is only suitable for small transactions.
Still, the biggest drawback of using Bitcoin ATM is its high transaction fee. Compared to online exchanges which charge an average 0. Clearly, convenience comes at a higher cost. In case you need to cash out bitcoins quickly, Bitcoin ATM can be the most feasible option. Some popular Bitcoin debit cards are Crypto. Each card comes with different features, fee structures and services. As more people are getting into the world of crypto, more businesses are accepting bitcoins, demand for Bitcoin is going through the roof.
Despite the price volatility and government regulations, Bitcoin will only appreciate its value over time…. Consider this…. A decade ago, 10, bitcoins bought you a pizza. Today, 10 bitcoins would buy you a high-performance Tesla Model X. There you go. By now you should know exactly how to exchange Bitcoin into cash. If you need to convert Bitcoin to fiat to pay the day-to-day bills or even reward yourself, sell it via exchanges such as Coinbase. Cashing bitcoins with a cryptocurrency exchange can be more convenient, easier and safer for crypto beginners.
If you want to sell your Bitcoin at a higher price, try LocalBitcoins. If you want to get quick cash in emergencies, withdraw cash from a Bitcoin ATM can be a good choice. It allows you to easily spend and withdraw Bitcoin for cash when you need it.
Before cashing out your Bitcoin or any other cryptocurrency , there are some factors you should consider:. Depending on each of these factors, some methods will be more convenient than others. Also, depending on local tax regulations and the type of bank account you own, you may need to call your bank before cashing out a large amount in one transaction, otherwise your account may get frozen.
A common way to cash out Bitcoin is through a third-party exchange, such as Coinbase , Kraken , or Bitstamp. Most cryptocurrency exchanges have reasonable fees and security measures in place to help you turn your cryptocurrency into cash without putting your assets at risk. Once the exchange has received your Bitcoin, you can cash out to fiat via a bank transfer.
Note that each cryptocurrency exchange has specific rules for withdrawals, so make sure you go through their policies before depositing your crypto assets. Most platforms allow you to cash out only with the bank account you used to deposit funds. This means that you need to deposit a small amount of fiat first to be able to make a withdrawal. Depending on the platform you work with and your country of residence, cashing out your Bitcoin can take from one to five days.
The good news is that some third-party exchanges accept PayPal withdrawals for both US and EU customers, which speeds up the process. Cryptocurrency exchanges are generally a reliable and secure way of converting Bitcoin and other cryptocurrencies into fiat, but users lack anonymity. If you want to learn how to cash out Bitcoin through an anonymous approach with more control over your funds, try checking out peer-to-peer exchanges. Most of these platforms are secure, even without a central authority governing the network.
However, sometimes transactions are more time-consuming and complicated to close. Transactions happen between users privately, with no intermediary. This adds more anonymity to the transaction, but it also increases the risk of scams. Users can choose from various payment methods, including bank transfers, cash deposits, gift vouchers, Skrill, Payoneer, Western Union, Neteller, and sometimes PayPal. Each method has its own transaction fees and waiting times.
Learn what Bitcoin is and how it has become a focal point for high-risk investors. Bitcoin platforms are growing in numbers. Learn how to set up a bitcoin checking account to gain the advantages of purchasing and trading bitcoin. Looking for a bitcoin-friendly bank? Ready to convert bitcoin to cash? Learn the different bitcoin cash out options, services to help you, and how to choose the best method for you. Advertiser Disclosure. Banks Editorial Team March 27, You may also like.
What Is Bitcoin? Advertisement Disclosure. Product name, logo, brands, and other trademarks featured or referred to within Banks. This site may be compensated through third party advertisers. Or at the very least, it will no longer be the dominant method of payment. For the time being, there are still a few businesses or individuals that accept payment in the form of bitcoin. If nothing else, this should be the key reason why you may want to convert your bitcoin to USD or another fiat currency.
By doing this, you can use the value of your bitcoin to purchase actual things. An additional reason relates to when the market finds itself on the decline. Suppose that it gets so bad that you believe the price of bitcoin will inevitably keep sinking. In this situation, you would no doubt want to protect yourself from losses. Therefore, it seems logical to convert bitcoin to cash while you wait for the recovery of the bitcoin price.
First things first, there are some things that you need to take into consideration. Here are a few questions you need to ask yourself:. These are only a handful of the many questions that you will need to ask yourself before cashing out. Only after considering them can you finally begin turning your digital currency into cash. With that in mind, we can start going through the various methods on how to cash out bitcoin.
Afterward, you can decide for yourself which is the best one for you. A third-party broker is merely another way of referring to an exchange. A majority of cryptocurrency exchanges typically do not allow for the deposit of funds using fiat money. However, there are some that do. There are some measures you need to take to make sure brokers do not break money laundering laws. To do this, you will need to withdraw to the same bank account that you deposited with in the first place.
In this case, you will in all likelihood need to make at least one deposit first. Moreover, in the long-run, it can prove to be advantageous. If you make the choice to cash out your bitcoin with a broker exchange, then be ready to wait.
Normally, it takes about days for the money to reach your account. Brokers that you may access will depend on your region, but a few general examples include Coinbase and Kraken. More information on how to use both of these platforms may be found further down in this article. And with that, you now know how to cash out Bitcoin using a broker exchange.
If this method sounds appealing, we will go over instructions on how to do it later in this guide. If, however, you would prefer a more anonymous and less time-consuming approach, then there is another way. From here, we can transition into selling bitcoin for cash using a peer-to-peer platform. When you sell bitcoins to other people on LocalBitcoins, you can choose which payment method you want the buyers to use. Your options include the following:.
Selling with a P2P system is safe, but only if you know what you are doing. It is imperative that you remain vigilant about fraudsters. LocalBitcoins is a platform that offers a solid level of safety due to its escrow service. It will keep your bitcoins in a secure place until you can confirm that the buyer now has the payment. Before we move forward, we should clarify what an escrow is. With that out of the way, we can conclude this section. Now you know how selling bitcoin for cash works on a P2P exchange.
So, you now understand the primary differences between the two popular methods. Having established that, we can start to explain how you withdraw bitcoins to cash using broker exchanges. We will start with Coinbase. Coinbase is by far the most popular broker exchange that specializes in buying and selling bitcoin. Generally speaking, Coinbase processes more Bitcoin transactions than any other working broker. Moreover, they have a huge user base of over 30 million.
This all may seem a bit much to grasp. However, to make things a little easier for you, we will show you how to cash out bitcoin through Coinbase. First, you need to open an account with Coinbase, then link your bank account before making a deposit. If you already have this covered, then proceed to the next section. Kraken is another popular choice for brokers. This is an exchange that allows fiat currency deposits and withdrawals. Since its launch, it has made a name for itself by processing the most Bitcoin to Euro transactions.
However, that is not all they specialize in. There are a variety to choose from, however, one that a lot of users recommend is the aforementioned LocalBitcoins. This is a platform that got its start back in and supports almost every country in the world. No matter what, you should be able to track down buyers to sell your bitcoin. Sellers with knowledge on how to cash out bitcoin can also establish the price they wish to sell their bitcoin for. You can do this by way of advertisement creation. However, suppose that you sell to a buyer that lists the price they want to pay.
Should this happen, then there are no fees. This platform also has its own rating system; one share some similarities with eBay. With it, you can leave feedback for the buyer or seller. This arrangement helps you to remain safe whenever you are selecting a buyer. LocalBitcoins gives you the ability to maintain anonymity as well when choosing payment methods like web money or gift vouchers. This is especially true if you also utilize a safe and reliable VPN in order to properly secure your connection.
There are some sellers who decide to ask new buyers i. There are even some that convert your bitcoins into fiat currencies. There are a handful of these ATMs that provide services for both withdrawals and conversions.
You can buy Bitcoin Cash using cash from most or all of the methods and dealers listed on this page. BitQuick is one of the best ways to buy bitcoins with cash in the United States. Don't have one? Read our guide. Enter the amount you want to spend. You can enter in dollars or BTC, the fields will update automatically.
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. This will send a PIN code to your phone that you need to confirm. 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. That means there are Bitcoin ATMs in your area. Click on one of the map markers for more details about a specific ATM. Some ATMs may require verification, like a picture of an ID or a finger print scan although most don't. 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:. You will get more information on the location, like the store's hours, fees, phone number, and instructions for buying the coins:. 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! 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. Again, make sure you buy from sellers with good feedback! If you meet, meet in a public space and go with another person. 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. Peer-to-peer P2P Bitcoin exchanges are a great way to get bitcoins with cash.
A P2P trade usually works something like this:. Through sites like LocalBitcoins you are free to agree on other payment methods besides cash deposit. Yes, using LocalBitcoins you can even exchange that Starbucks gift card from Christmas a few years ago for bitcoins ;. People are willing to pay more to buy bitcoins both more privately and faster.
Wall of Coins generally has rates close to market. 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. 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. 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.
Make sure you get yourself a Bitcoin wallet that will securely store your bitcoins. Following these two basic principles should help you avoid theft, scams, and any other loss of funds:. Disclaimer: Buy Bitcoin Worldwide is not offering, promoting, or encouraging the purchase, sale, or trade of any security or commodity.
Buy Bitcoin Worldwide is for educational purposes only. Every visitor to Buy Bitcoin Worldwide should consult a professional financial advisor before engaging in such practices. Buy Bitcoin Worldwide, nor any of its owners, employees or agents, are licensed broker-dealers, investment advisors, or hold any relevant distinction or title with respect to investing. Buy Bitcoin Worldwide does not promote, facilitate or engage in futures, options contracts or any other form of derivatives trading.
Buy Bitcoin Worldwide does not offer legal advice. Any such advice should be sought independently of visiting Buy Bitcoin Worldwide. Only a legal professional can offer legal advice and Buy Bitcoin Worldwide offers no such advice with respect to the contents of its website. Buy Bitcoin Worldwide receives compensation with respect to its referrals for out-bound crypto exchanges and crypto wallet websites. 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. So untill we do so, I want to leave you with answers of few frequently asked questions FAQs to help you relax in order to exchange your bitcoins to cash:. There are more fiat currencies to which you can convert according to the country where you are residing. But you can definitely try LocalBitcoins with an alias name and identity to meet someone in person to exchange BTC to cash.
If you did!! Do share it with your friends on social media who want to buy or sell Bitcoin!! Note: Better than selling and cashing out your bitcoins, you can always take Bitcoin loans on your BTC holdings. Here is how you do that!! Also, If you need some direction, feel free to contact us at themoneymongers.
Written By Sudhir Khatwani. Do you HODL bitcoins? Are you looking to cash out your bitcoins? I believe some of you want to sell their bitcoins because of one of these reasons: You have now lost interest in Bitcoin. Or you think you have made enough returns out of your Bitcoin investment.
Where to cash out Bitcoin? Sudhir Khatwani Hey there! Cryptocurrencies and blockchain will change human life in inconceivable ways and I am here to empower people to understand this new ecosystem so that they can use it for their benefit. You will find me reading about cryptonomics and eating if I am not doing anything else.
Guest What? We have got you covered. Convert Bitcoin To Cash Services. WazirX India Only.