Nov 19, · If you decide to cash out your Bitcoin using a broker exchange (such as Coinbase), then it will normally take about days for the money to reach your account. For EU customers, payments are made via SEPA (withdrawals paid in Euros). However, if you want to sell Bitcoin for USD, brokers normally use the SWIFT payment method. Mar 31, · An easy way of converting your bitcoin to cash is to find a local bitcoin exchange that can turn bitcoin to cash. Depending on where you live, some bitcoin exchanges would gladly convert your bitcoin into cash. For example, if you live in the United States, Coinbase can help you transfer your bitcoin straight into your bank account. Usually, it takes from 1 to 5 days to get money to your account. However, there is also an opportunity to use the Peer-to-Peer approach or turn to a broker too. Now it is time to analyze the offer of the best platforms to convert BTC and choose the most suitable one.
How easy is it to convert bitcoins to cashHow to Cash Out Bitcoin: Complete Guide
This is how it works: you deposit your Bitcoin into the exchange, then, once the exchange has received your Bitcoin, you can request a fiat currency withdrawal. The most common way to do this via a bank wire transfer. To make sure brokers do not break money laundering laws , you will need to withdraw to the same bank account that you deposited with. If you have never deposited fiat on to a broker exchange, then you will more than likely need to make at least one deposit first.
If you decide to cash out your Bitcoin using a broker exchange such as Coinbase , then it will normally take about days for the money to reach your account. When selling Bitcoins to other people on LocalBitcoins, you can decide which payment method you want the buyers to use. These include:. LocalBitcoins offer a good level of safety because of their escrow service. This keeps your Bitcoins locked until you confirm the payment has been received from the buyer. So, now that you know the difference between the two favored methods, I will now show you how to withdraw Bitcoins to cash using broker exchanges!
Coinbase is the most popular broker exchange for buying and selling Bitcoin. They process more Bitcoin transactions than any other broker and have a massive customer base of 13 million. Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time. Take a look! Litecoin vs Ethereum: find out the differences between Ethereum and Litecoin - two of the biggest cryptocurrencies in the full Litecoin vs Ethereum guide.
Learn how to buy Bitcoin with PayPal, in the simplest and most straightforward ways possible! Learn how to buy Litecoin with PayPal instantly. First, you will need to open an account with Coinbase , link your bank account, and make a deposit. If you need help on how to do this, view our guide here.
If you have already done this, proceed to step 2! Once you have set up your account, you will need to send your Bitcoin to your Coinbase Bitcoin address! You will then be shown your Bitcoin Coinbase wallet address. This is the address you need to send your Bitcoin to. Next, click on Sell. The next step on how to cash out Bitcoin is in the wallet. Assuming you have now sent your Bitcoin to your Coinbase wallet, you should see your Bitcoin wallet and your default fiat currency here.
This will change depending on where you are located. For example, U. You will also see your withdrawal limit. If you have already verified your account, your limits will be quite high. However, if you need to increase this, click on See Limits and follow the additional verification instructions! Before you can withdraw, you need to exchange your Bitcoin to your local currency. Enter the amount of Bitcoin that you wish to sell, and the fiat currency equivalent will update.
Once you click on Sell Bitcoin Instantly , your funds will now be in your fiat currency wallet. Ok, so we are at the final step on how to cash out Bitcoin to your bank account.
Your bank account details will already be saved from when you set it up earlier. Another popular choice for Bitcoin sellers is Kraken! Kraken is another popular exchange that allows fiat currency deposits and withdrawals.
It has been around since , and processes the most Bitcoin to Euro transactions. Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange. There are a few to choose from, however, the one I most recommend is Local Bitcoins. LocalBitcoins was created in and now supports almost every country in the world.
So, no matter where you are from, you should be able to find buyers to sell your Bitcoin to. The great thing about P2P is that you can request any payment method you want. Here are some examples of the different payment methods available on LocalBitcoins:. Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for.
However, if you sell to a buyer that has listed the price they want to pay, there are no fees. There is also a rating system like eBay, where you can leave feedback for the buyer or seller.
This helps you to remain safe when choosing a buyer. Local Bitcoins allows you to stay anonymous, too when choosing such payment methods as web money or gift vouchers , especially if you also use a reliable and safe VPN to secure your connection.
However, some sellers decide to ask new buyers those who have no feedback to supply identification. First, you will need to open an account at Local Bitcoins. You can do this by clicking here. Choose a username and a strong password. You also need to enter and confirm your email address. Then you need to choose the country where your ideal buyers are located. I recommend using your own country of course , however, this is up to you.
In this example, I have selected the UK. You also need to enter the amount of Bitcoin you wish to sell. In this example, I will show you how to cash out Bitcoin using PayPal. This is a sign of a serious, legitimate buyer. Confirm the amount of Bitcoin you want to sell and enter your PayPal email address.
Then click on Send Trade Request. Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them. Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow I explained an escrow earlier, remember? So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so.
The buyer should contact you to let you know that the funds have been sent. Check that the funds have arrived in your PayPal, then click on Payment Received , and you're finished.
Once you become more experienced with Local Bitcoins , you can practice selling using different payment methods. It is also a good idea to set up an advertisement. In this case, you will receive a notification from buyers when they want to buy from you. LocalBitcoins is just one of the P2P exchanges that allow you to cash out your Bitcoin — there are many others.
Because many people view cryptocoins as an investment strategy rather than as a daily-use currency, conversions to and from Bitcoin influence the value of a portfolio. Frequent conversions to address volatility in the cryptocoin market may cost a great deal in fees and unfavorable rates. Keep your cryptocurrency stored in a wallet or online service and only convert to money that which you'll need to spend over one of your budget cycles.
If you incur an unexpected need for more money, withdraw more cryptocoins as cash from a Bitcoin ATM or transfer cryptocoins to a debit card or your bank account. Transferring cryptocurrencies to a bank account through Coinbase or CoinJar can take between one and five days, however, so it's best not to rely on this method to get cash in emergencies.
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