Best Way to Convert Bitcoin to Cash
Exchanges, online wallets, smartphone wallets, offline wallets and more — there are tons of places to store Bitcoin. They all have nice features and a high degree of protection. However, there is no special way of converting bitcoin to currency.
Factors that affect your preferences
- Transaction Time
- Cost OR Fees
- Amount of Money
For eg, if you want to get fiat in your Payoneer wallet, you need to find exchanges that operate with this payment system and evaluate their terms and conditions.
In comparison, Bitcoin is a very costly cryptocurrency. If you are going to withdraw 1 BTC or more, you must inform your bank of the huge amount of money that will show on your account.
We can’t assume that any strategies are the best. However, we will tell you as much about the common ways to cash out Bitcoin as possible, so that you can pick the right one for yourself.
This strategy is the most diverse, since every exchange has BTC on its lists, and more than 90% of all cryptocurrency providers find it easy to remove coins in order to make money. Frequently, we do not have the option of direct cash out, unless you can use third-party providers.
Coinbase is one of the most famous bitcoin exchanges in the world. It’s trustworthy, very stable and very quick. Most dealers, investors and other cryptocurrency fans use Coinbase to purchase and repay BTCs.
Cash out of Bitcoin
Bitcoin currency out of the Coinbase
Step-by — step guidance:
Build and check your account. Link to your bank account and deposit at least $10.
Link the BTC address to the Coinbase address.
Offer your BTC to Coinbase so that you have a fiat in your wallet of trade.
Click the ‘delete’ button on this pocket.
Fill the holes and validate the order.
Seeing that you have added your payment and personal details during registration, there is no need to enter it for any withdrawal. Coinbase will take up to a week to remove the currency. Next, once you have earned the confidence in your bank account, you can cash it out.
There are other cryptocurrency exchanges that will help you to cash out Bitcoin. These examples are Stormgain, Kraken and Liquid. They’ve had many different advantages. Stormgain has one of the lowest fees, while Liquid has more customers. It is important that they have the same money withdrawal formula, so that you can choose the most preferred swap.
The other famous BTC cash-out service is LocalBitcoins. This forum provides for the possibility of acquiring cryptocurrency cash without third parties. The key advantage of this program is that you can use any form of payment. This ensures that you can get cash for your BTC.
Build your account.
Push the ‘Sell BTC’ button.
Choose the place where you want to locate a dealer. The best option is to pick your own country, so the agreement is going to happen quicker.
Enter the amount of coins that you want to sell.
After you make a post like this, you just have to wait before someone sends you a response. As a result, you can negotiate on terms with this guy, get cash and sell him BTC.
Pros & Cons
Cryptocurrency exchanges are extremely secure, so you can be confident that no data is compromised. In addition, each transaction is protected and anonymous. Coinbase, for example, has never been hacked. Any attempts have been made, but hackers have never succeeded.
Cryptocurrency exchanges store your personal and payment records, so you just need to supply it for the first time. Using that would result in the requests being handled more efficiently.
However, cryptocurrency exchanges do not encourage you to convert bitcoin to cash. You need to transfer money to your bank account (or to an electronic payment system) and then cash out from there. It’s humiliating, because you have to pay extra fees to the bank or payment services.
LocalBitcoins solves this dilemma, but there’s another pitfall. There are a number of conmen on this service. In general, they’re hidden among the vendors. However, there have been stories of some BTC users attempting to hack and snatch Bitcoin from other users. That’s why you’ve got to check their background.
It’s possible to recognize at least 10 Bitcoin wallets for various computers and purposes. However, there is no Bitcoin wallet with a direct withdrawal feature. You must transfer BTC to your wallet on an exchange or use an exchange service to withdraw it to a bank account. Only after such a withdrawal procedure will you get cash.
There are, though, a few tricks. You could use the ATM and your QR-code wallet to withdraw your currency. If you know of any ATMs in your area, this is one method that you can use to turn bitcoin to cash.
Alternatively, you should use the Mycelium wallet on your mobile. There’s an alternative called ‘Mycelium Local Trader.’ Most of the people use it to buy BTC with cash. You can, however, become a ‘Local Dealer’ and sell your BTC.
1. ATM Bitcoin
For a minute, let’s forget about digital currencies. If you need cash, where are you going? Very definitely, you’re going to the nearest ATM and you’re going to borrow some fiat currency from your bank account.
It’s no difference for cryptocurrencies. Bitcoin ATMs (BTMs) allow cryptocurrency holders to convert Bitcoin to cash on the place. You will use a bitcoin wallet instead of withdrawing from a bank account.
Generally, the procedure goes like this: the BTM asks you to move your cryptocurrency to a particular wallet address inside a specified timeline, say 30 minutes. After the procedure has been verified, the BTM will release your currency.
Does that sound like a easy and fast process? Oh, it just isn’t. First of all, you need to locate the Bitcoin ATM at your place. Now, maybe this isn’t the problem if you live in a big city, but what about those living in the countryside? You’re getting the idea.
In addition, it takes time to send your cryptocurrency to a particular wallet. So, you’d have to wait until your transaction is confirmed on the blockchain to actually withdraw cash. It will take minutes to hours based on the wallet app, blockchain, etc.
Apart from that, BTMs tend to support only the most popular cryptocurrencies such as Bitcoin, Ethereum and Bitcoin Cash. Those carrying Ripple, USDC and other digital assets can have a hard time locating a BTM that supports these currencies.
But the most discouraging thing about Bitcoin ATMs is the fares and fares. Generally, prices and packages are worse than those paid by internet providers. The explanation is very simple: if you’re still stuck behind the BTM, you don’t have the patience to pursue better deals out there. For online providers, you only have to open a new tab on your computer to try another option.
2. Online support
So, if the BTM is not an option, the easy alternative is to search online. It just takes a Google search to discover some of the choices open. Of the first utilities to show up, you’d typically come across services promoted by cryptocurrency exchanges like Coinbase and Binance.
Although these programs may seem easy, they do not function for any cryptocurrency owners. For example, Coinbase only allows you to withdraw your funds to bank accounts in the US and certain European countries. The rest of the world can not have recourse to this solution.
A similar story is replicated with a variety of famous cryptocurrency exchanges. Yet, there are third-party providers, such as Localbitcoins, that basically bind buyers and sellers working as a fraud prevention service.
Today, again, you’d have to locate a buyer paying a reasonable rate to sell the cryptocurrency, and that could take some time. Not to mention the execution time, cash is usually sent to bank accounts and the normal turnaround time is 2 days.
3. Operation of the wallet
If you’re saying that cryptocurrency wallets are only supposed to hold your cryptocurrency, then you’re possibly using the wrong wallet. Currently, wallets provide a wide range of services. And yes, that includes bitcoin withdrawal functionality.
For example, Luno’s cryptocurrency wallet helps consumers to cash out cryptocurrency to their bank accounts. Luno processes your withdrawal “automatically” and then your bank can take as long as it takes to access your money. Apart from the territorial constraints of this sort of operation, there is another player who is messing up the whole process: the banks.
Banks are highly controlled financial entities, which means one thing: they don’t want to have anything to do with cryptocurrencies. That hard position costs time and money to thousands of cryptocurrency holders every day who get calls from the bank asking for “more information” or simply reminding them that these transfers are being stopped for “security reasons.”
Companies like Crypterium have been able to come up with alternatives that deliver a much simpler, less bureaucratic method of accessing the cryptocurrencies. Instead of transferring money to savings accounts, you should do so directly to a bank card. In only a few taps, a customer can cash out Bitcoin or some other digital currency and get cash added to the balance of the card in minutes.
4. Blockchain card
Undoubtedly, cryptocurrency debit cards are one of the safest ways to cash out bitcoin and other crypto properties. The explanation is very obvious: these cards link digital currencies to a commonly recognized form of payment and withdrawal.
A cryptocurrency card is attached to a wallet that is used to top it up. When a user uploads a crypto card, cryptocurrencies are transformed to fiat currency. With this fiat balance, the customer will simply spend on any shop that takes credit cards and withdraw in daily ATMs.
If there is nothing to tell about this cash out process, it is worth pointing out the severe shortcomings of geographical availability. The Coinbase Card will only be found in the United Kingdom and a number of European countries. The same is true of the Wirex Card.
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