Nov 19, · The simplest and most “automated” way to turn your Bitcoin into hard cash is through an exchange platform. They act as a middleman for the famously decentralized cryptocurrency by Author: Jon Martindale. Briefly, there are two main ways to sell your coins for cash and both take place offline. You can either sell your coins to a person or to a two way Bitcoin ATM (“BTM”), which both buys and sells bitcoins. The Advantages of Person-to-Person Cash Sales. Dec 05, · You can sell bitcoin for cash by using a bitcoin ATM that allows you to exchange your BTC for a USD cash withdrawal.
How can you sell bitcoin for cashHow to Sell Bitcoin for Cash - Coinmama
Not only is there no identity verification, but there are sometimes great arbitrative opportunities depending on how desperate a person is to buy bitcoin and how many other sellers there are in the area. This can create the ability to sell your Bitcoin above market value. After determining the amount of BTC you want to sell, find a deal that suits your payment method currency wise or post your own listing.
LocalBitcoins gives each user a feedback score similar to eBay where users can get comfortable with the history and number of deals the buyer has completed through local bitcoin. Now that you know your buyer, send the details of exactly what you want from them and make sure you are complying with the terms of the trade.
These will tell you where and how you will receive your USD payment. Also, remember to fund your Local Bitcoins wallet address so you can initiate the transaction based on the minimum about of BTC referenced in the trading request. Now that all parties have agreed on the transaction and ironed out the specifics in the inbox section of LocalBitcoins, your Bitcoins will be moved from your wallet to the trade escrow. At this point, the buyer will get your payment details how do you want to get paid for your BTC and release the USD equivalent in cash over to you via the agreed upon manner.
When you have received the payment, you will confirm to Localbitcoins. That is it the trade is done! As bitcoin and cryptocurrency continue to explode in popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency in a quick and effective way.
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December 11, Adam Stieb. Read More. You may now skim through the list and select offers to examine more closely. When you click on an offer, you will find yourself on a new screen which will provide you with the following information:. This is where the terms of the exchange can be spelled out clearly and any questions can be answered like what will happen if the user is unable to deposit payment in time.
This is where you provide your bank account number to the buyer, who then walks into a branch of your bank, fills out a deposit slip, and then deposits cash directly into your account. But banks are concerned with who is taking money out of an account, not who is putting it in. This method is fast, easy and convenient for both parties. If however you are uncomfortable with it, you can use the cash by mail option. With more than a million users, this site offers ample opportunities to sell bitcoin locally, no matter where you are located.
This also allows you to be picky about the exchange rate you are willing to accept. Not only that, but each buyer and seller on the site has ratings based on previous transactions. So if a buyer has a low rating, you know to avoid them. This also means that over time, you will build your reputation as a seller, which should make it easier for you to sell bitcoin for cash in the future.
If you want to sell bitcoin for cash in a hurry and a transaction falls through, then you will have to start all over again. As the name implies, it was set up to make it quick and easy to buy and sell bitcoin.
As of the time of this writing, the site has served more than 67, customers. Fill out the form you find on this page. That means selecting the payment method you are willing to accept, filling in the applicable information, and then entering in the amount you want to sell. If you are okay with a range, you can put in a minimum and maximum transaction size; otherwise, you can just enter an exact amount. You can allow for static or dynamic pricing. You then put in your email address, choose an authentication method, and submit your order.
Next, you need to make your bitcoin available. A personalized escrow address will be provided to you after your order is created. Deposit the bitcoin into it. You will receive emails anytime there is a buyer hold or a cash deposit. Once you confirm the cash deposit with BitQuick, the bitcoin will be sent to the purchaser. The site itself is taking care of all the hard work of matching up buyers and sellers. All you do is kick back and wait. All fees are paid by the buyers except cancellation fees, if you choose to revoke your sell order.
Western Union as your method to receive payment. There is no option for cash via mail. So it may take you longer to get a deal that you are happy with. Finding buyers on Localbitcoins may be faster.
With Localbitcoins, you have to check buyer profiles and manually accept or reject offers, but BitQuick automates that whole process for you based on the information which you provide when you fill out the form to sell bitcoin.
You probably are aware that there are bitcoin ATMs now where you can walk up and buy bitcoin with cash. Some of these machines will even create a wallet for you if you do not have one. But did you know that you can also use some bitcoin ATMs to sell your bitcoin for cash?
Interestingly, this is fast becoming a standard feature for bitcoin ATMs, though as of the time of this writing, the majority still only allow you to buy bitcoin with cash. From here, you can zoom in on your location and search for local bitcoin ATMs. In the lower left are some checkboxes where you can specify what you are looking for and narrow down the results. It may also be helpful to know that the following types of ATMs are most likely to allow you to sell bitcoin:.
Note that there are no guarantees that a particular model will allow you to sell bitcoin, even if it is standard for that model. The reason is that operators of ATMs are able to enable and disable certain functions, including sell functions. This means that it is always smart to look up online whether a particular ATM will allow you to sell, especially if you need to drive a long distance to get to it.
If you do find an ATM in your area where you can sell bitcoin, here is how to proceed in general—the specific steps can vary from one machine to the next. If the machine requires you to verify your identity, then you will need to start out by completing the verification step. The procedures may differ from one model to the next, so do some research before you head to the ATM. That way you can be sure you will have what you need when you arrive. After you complete this step, you can tell the ATM how much bitcoin you want to sell.
The ATM will then let you know the exchange rate and the fee, and then it will provide you with a QR code. You can scan this to send your bitcoin. At this point, one of two things will happen, depending on the model. Either the machine will dispense the cash, or it will give you a redeem code which you can use after awaiting a confirmation. Sometimes more than one confirmation up to six is needed before you can use the redeem code and get your cash.
If you want a receipt, you can print one once your transaction is complete. You already are used to using ATMs to withdraw fiat currencies, so the idea of using them to withdraw your bitcoin as cash has obvious appeal. It is a process which feels safe and familiar. You do not need to worry about another party screwing up the transaction. You need to wait through the confirmation process. Obviously dealing with this on a regular basis would be incredibly expensive.
One more thing you can do is join a bitcoin exchange. Sites which are set up for trading also are fine, though they are a little more complicated to use. Here is a list of US friendly bitcoin fiat exchanges where you can use U. Changelly is another good site for selling bitcoin, but only in exchange for other cryptocurrencies, so it does not work to convert to cash.
Once you have completed the transaction, you will have fiat funds in your CEX. IO account.