Another reason is when the market is in decline. If you think the price of bitcoin is going to keep sinking and you want to protect yourself from losses, it makes sense to convert bitcoin to cash while you wait for the bitcoin price to recover. A peer-to-peer platform like LocalBitcoins serves more than 1.
LocalBitcoins is free to use unless you create an advertisement for selling your bitcoins, then there is a small percentage fee charged. Before you convert all of your BTC to a bank account, keep in mind the following pitfalls associated with converting bitcoin to cash:. At 12 years of age, Bitcoin still dominates the cryptocurrency world. 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? This article will answer those questions. Advertiser Disclosure. Take a look! All you need to know in one place - Complete NEO price prediction guide. Will Bitcoin crash? Learn about all of the speculation in the guide below!
Bitcoin alternative guide: find your best altcoins and biggest Bitcoin competitors in the complete Bitcoin alternative guide. 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.
The important thing to remember is that the exchange has an escrow, and NEVER send your Bitcoin to a buyer before they have paid! Best Bitcoin mining hardware: Your top choices for choosing the best Bitcoin mining hardware for building the ultimate Bitcoin mining machine.
Wondering what is SegWit and how does it work? Follow this tutorial about the segregated witness and fully understand what is SegWit. If you have read this guide from start to finish, you should now know how to cash out Bitcoin! We have shown you two different methods — the broker exchange way Coinbase , and also the peer-to-peer way. They both have their advantages and disadvantages. Coinbase can be more convenient and safe for beginners , whilst LocalBitcoins allows you to remain anonymous and sell at a higher price.
So, which did you prefer? Are you going to use a broker for cashing out Bitcoin, or a P2P exchange? We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours! Reading up on how to cash out Bitcoin, you'll quickly notice that there are quite a few different ways of going about it.
The general opinion, however, is that utilizing a cryptocurrency broker or an exchange is still the best way to go about it.
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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. At that point, you can withdraw them.
You can transfer them to a bank account or you can withdraw them using a credit or debit card. Once the fiat funds are in your bank account, you can then withdraw them as regular cash. IO show you updated exchange rates every few minutes so that you can sell when the price is in your favour. Finally, another option for selling your bitcoin is to do it in person. You can do this by joining a local bitcoin meetup group , or you can check on social networking sites like Facebook to see if there are any local groups.
If you decide to use this method to sell your bitcoin, you will be meeting with the buyer face-to-face. You should of course schedule this meeting to take place in a public venue so that you are minimizing your personal risk. If possible, you should ask the trader to show you public feedback which they may have from a site like LocalBitcoins. Once you arrive at the meeting, you can make the exchange however you have planned it.
You will probably both show up with your smartphones. The buyer will hand you the cash, and you will transfer the bitcoin to his or her bitcoin address. Then you will go your separate ways. You do not need to demand identification from each other, so long as that suits you both. And if it works out, you could even end up with a repeat buyer who is easy to deal with in the future. You have no idea how that will go. They could stand you up and waste your time, or they could show up and mug you, etc.
Of course, many of these transactions go by without a hitch, so there is no need to be paranoid. Still, a lot of people prefer a method where less can go wrong. While bitcoin is great to invest in, there are going to be times when you want to convert your bitcoin into a fiat currency like US Dollars.
Thankfully, there are multiple methods available to you to convert your bitcoin into cash. Whether you go through a P2P site like BitQuick or LocalCoins, you use an ATM, or you go through a bitcoin exchange, it is easier than you think to convert your cryptocurrency funds into fiat funds and withdraw them. Nothing you read here should be taken as a solicitation to purchase anything or investment advice.
We do not offer professional legal advice, tax advice or investment advice. We stand behind the Consumer Review Fairness Act of , meaning we are not responsible for user published reviews and comments on this site. We are affiliated with some of the products and services found on this website with absolutely no cost to you and often a benefit to you. You can learn more about us and how that works if you want to know more. Our team is made up of experienced researches, writers and publishers and we strive to post honest, legit and current BTC exchange focused information.
If you want to learn more about or get in touch we would love to hear from you. But actually, there are several approaches you can take, and none of them are difficult. LocalBitcoins It is hard to go wrong with this site. Here is how you can use LocalBitcoins to sell your bitcoin for cash: Start by signing up for an account.
Next, go to the LocalBitcoins homepage. Here the user is able to type out any additional details that he or she wants you to know. This might confuse you, because after all, that person is not you. However, for large volume, you may need to get upper tier verification, that could take days. More on this, in the next step. A lot of them would ask you to setup 2 factor authentication.
This process is useful to secure your account, as you would be adding Bitcoin to their wallet. Now, under the wallet section of the website, you will find your unique Bitcoin deposit address. You can transfer your Bitcoin to the wallet, and usually this could take minutes for the transfer to be done. If you are doing something like this for the first time, you should transfer just a fraction of Bitcoin.
Ex: 0. Once you received the Bitcoin in the wallet, simply place a sell order. You could sell the Bitcoin at the current price. Once you are done selling Bitcoin, you will have the fiat currency in your wallet. Now, you can withdraw the funds directly to your bank account, or other accounts such as PayPal, and others. This process could be done immediately or could take days, depending upon your country, and website policy. Over all, selling Bitcoin constitute of only these 5 steps. These steps will be more or less similar across, and medium that you use.
You could sell it offline in your network or via P2P method. You can check the current Bitcoin price in your country, and sell at the same price to interested buyer. You can also use platforms like Localbitcoins or Paxful to sell your Bitcoin offline. These are P2P platform, which connects Bitcoin sellers with buyers.
However, when dealing with cash and selling it offline, comes with its own risk. So, you need to be careful. If you are not in hurry, and looking to cash out a huge amount of Bitcoin, you should use a Bitcoin OTC broker. These is a service offered by exchanges for whales like you to sell large amount of Bitcoin without impacting the market, and help you get the best possible price. CoinBase is a popular website used by millions to sell Bitcoin.
Now, lets look at some of the questions which are asked by CoinSutra community members via email. In case if it is not, feel free to ask it via comment section below. Yes, you can sell Bitcoin within seconds, and some listed websites let you receive the money in a few seconds. When using P2P method like Localbitcoins , Paxful , you could receive money instantly. You could definitely sell Bitcoins for cash, however, if you are doing large volume of selling for cash, you need to check with your country law.
Certain countries does not allow huge cash transactions. There is no upper or lower limit when it comes to selling Bitcoin. The only cost associated with selling Bitcoin is the exchange fees or the broker fees. For example, Binance charges only 0. These days, it is apparently very easy to sell Bitcoin. Unlike old days, now you could also sell Bitcoin instantly and securely.
Also, a lot of countries has put the proper law and legislation for selling Bitcoin. The only time when it is hard to sell Bitcoin is when you are in a country where Bitcoin is banned. In such cases, you could use a P2P exchange like Localbitcoins or Paxful. Treat your Bitcoin as money, and sell it when you need fiat money. However, the price of Bitcoin is volatile, and when the price is super low, you could wait for it to get better to sell.
If you need money urgently, you can use your Bitcoin as collateral on websites like Block-fi , Nexo to take a loan. Binance is the most popular way to sell BTC in Nigeria. Do let me know if you have any other questions regarding selling Bitcoin. Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra.
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