Do you like to cash out on bitcoin? Here is a guide for you to know how to turn bitcoin into cash in the bank transfer, PayPal, and cash deposit. You can also learn how to withdraw bitcoins with a broker and also with a peer-to-peer exchange. Learn about the various methods to cash out the bitcoin. But you have to ask some questions before choosing one. Do you prefer the easiest method or the cheapest method? Do you want money to be deposited in a bank account or PayPal? How long do you want to wait to get money in cash?
Which currency do you require to change the bitcoin? Here are some of the details for you to know how to turn bitcoins into cash. Know about the methods and choose the one that suits you best.
Table of Contents
- What are the third-party exchanges?
- What is a peer-to-peer platform?
- How to turn Bitcoin into cash with Broker Exchange?
- How turn Bitcoin into cash with Coinbase?
What are the third-party exchanges?
The third-party broker is another name given for an exchange. Most cryptocurrency exchanges do not permit you to deposit the funds using fiat money. But some do.
You have to deposit the bitcoin into the exchange. After the exchange receives your bitcoin request a fiat currency withdrawal. The best way to do it is via a bank (wire) transfer. For making sure the brokers do not break the laws regarding money laundering, you have to withdraw to the same bank account. If you have not deposited fiat on the money exchange then you have to make one deposit.
If you have decided to cash out the bitcoin using the broker exchanges like Coinbase it may take about 1-5 days for the money to credit to your account. Further for the EU customers, the payments are made through SEPA. If you want to sell the Bitcoin for the USD the brokers use the SWIFT payment method. This is how you can cash out bitcoin using the broker exchange.
What is a peer-to-peer platform?
If you do not like waiting for three days to convert bitcoin into cash you can consider utilizing peer-to-peer selling platforms such as LocalBitcoins. When you want to sell bitcoins to other people in the LocalBitcoins you can decide which payment method you require the buyers to use. Some of it includes-
You can ask the buyer to deposit the cash directly into the account. But you have to always ask them for ID proof and proof of payment. This should be done before releasing the bitcoins.
You can ask the buyer to send the bank transfer payment. Before trying the method to turn bitcoins into cash, be careful to request proof of ID. After receiving the money release the bitcoins.
Meeting in person for cash
You can plan to meet up with the buyer who is near you. Then they will pay for you in cash for the bitcoins.
P2P selling is safe if you understand what you are doing. But it is important to be aware of fraud. The LocalBitcoins are offering a good level of safety as they are escrow service. It keeps the bitcoin locked till you confirm that you got the payment from the buyer.
How to turn Bitcoin into cash with Broker Exchange?
There is a way to turn bitcoin into cash with broker exchanges. Here is the method on how you can do it.
Coinbase is the most popular broker exchange for selling and buying bitcoin. They can process the Bitcoin transactions compared to other brokers and get a massive customer base of 13 million.
The withdrawal methods
Coinbase helps you to sell bitcoins for cash. Then you can withdraw it from the bank account. You will be only able to cash out Bitcoin into a bank account that you used to buy cryptocurrency on Coinbase. Therefore, if you have not done this already then purchase a small amount of cryptocurrency first.
The fees will depend on the country that your bank is located. For instance, if you want to sell Bitcoin for USD the wire transfer is $25. If you are in the EU and have SEPA then the expense is just $0.15.
The withdrawal times also depend on the country. The US withdrawals normally take 4-6 working days. On the other hand, the EU withdrawal takes 1-3 working days.
How turn Bitcoin into cash with Coinbase?
To make things simple for you here is the way to convert bitcoin into cash.
- First, you have to open the account with Coinbase and link the account. Then make the deposit.
- After setting up the account you have to send your bitcoin to the Coinbase Bitcoin address! for doing this click on the accounts tab and open Bitcoin wallet. Then click receive. You will get the Bitcoin Coinbase wallet address. It is the address you have to send the Bitcoin to.
- After setting it up press Buy/Sell.
- Click on sell.
- The next step is how to cash out the Bitcoin. After sending the bitcoin to the Coinbase wallet you have to check the Bitcoin wallet and your default fiat currency.
- You can also find the withdrawal limit. If the account is verified then limits will be high. But if you want to increase it press See Limits. Follow the instructions for additional verifications.
- But before you can withdraw you have to exchange the Bitcoin for your local currency.
- After you sell the bitcoin the funds will be in the fiat currency wallet.
- Lastly, click on the fiat currency wallet and press withdraw. The bank account details will be saved after setting it up.
Kraken is another popular exchange that permits fiat currency deposits and withdrawals. It is working since 2011. It processes the Bitcoin to Euro transactions. But they do support other currencies like USD, CAD, and JPY.
If you want to turn Bitcoin into cash you can withdraw from a local bank account.
The withdraw fees are low. The SEPA cash is only €0.09. If you want to sell Bitcoin for USD in the local bank it costs $5.00.
It takes about 1-5 working days for Kraken withdrawals to get to the bank.
These are the methods you can use to cash out bitcoins into cash. It will help you to convert bitcoins into cash easily.
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