How Do You Get Cash Out Of Bitcoin

4/2/2022 admin

You can't 'withdraw' bitcoins into your bank account, any more than you could 'withdraw' a car into your bank account. You have to sell them in exchange for money, and then you can deposit the money. Select the crypto you want to sell and enter the amount you want to withdraw. Select Preview sell Sell now to complete this action. When initiating a withdrawal of a sell from your fiat wallet to your bank account, a short holding period will be placed before you can withdraw the fiat from the sell. On this website, you can sell Bitcoins in two ways- through online bank transaction. On the web, log in to your account and then head to the “Sells” page. Enter the amount of money you want to remove, the Wallet you’re taking it from, and the account you’re sending it to.

How Do You Get Cash Out Of Bitcoin Rate
How Do You Get Your Cash Out Of Bitcoin
How Do You Cash Out Of Bitcoin

You can also choose between three platforms, each with the same low fees and advantages, how to sell bitcoin for cash but in a different package Enter your Cash pin or use your Touch ID for security. When owning Bitcoin, at some point you could want to cash out part of your cryptocurrency to get back some cash or to withdraw some profits.

You can learn a lot about yourself by how you trade bitcoin. In my case, I was reminded that my appetite for risk rounds down to zero.

On Monday, a little more than a week after buying $100 worth of bitcoin to distract myself at an airport, I decided I'd had enough. Every hour, both day and night, brought wild price fluctuations.

A friend strongly warned me to move my bitcoin to an alternative digital wallet to avoid being hacked after publishing an article about my holdings. And the sage advice of my two investment gurus -- Warren Buffett and my wife -- continued to ring in my ear: 'stay away.'

But the only thing more nerve-racking than buying bitcoin right now may be trying to get your money out.

The same surge in demand for bitcoin that has caused the price to spike from $1,000 at the start of this year to more than $17,000 this week has also put a strain on various bitcoin exchanges, causing sudden outages.

I experienced this firsthand on Monday when using Coinbase, a leading service for trading bitcoin. The exchange suffered a brief crash just as I was gearing up to sell.

Coinbase reminded its users of this risk last week on the day it became the most popular app in the U.S. 'Access to Coinbase services may become degraded or unavailable during times of significant volatility or volume,' the startup wrote in a cautionary blog post. 'This could result in the inability to buy or sell for periods of time.'

Worse still: the skyrocketing price and interest in bitcoin has made it a greater target for attacks. Bitfinex, another large bitcoin exchange, said Tuesday it was trying to deal with a 'heavy DDOS' attack.

Even when the exchanges are functioning properly, selling can be stressful.

Once Coinbase recovered from its outage, I watched as the price shot up above $17,000, approaching a new high. I took that as a sign to sell. But actually submitting the transaction can feel like rolling the dice. Wait 30 seconds (or if the app is simply slow to load) and the price may rise or fall hundreds of dollars.

For those who own large sums of bitcoin, there's an added complication: Services like Coinbase impose varying weekly buy and sell limits to protect accounts. But the limits, which can be as low as $2,500, may make it hard to dump all your holdings at once.

Or as the company put it in the blog post last week, 'Due to the rapidly changing price of digital currencies, some customers may not have sell limits that are sufficient relative to the value of total digital currency they are storing on Coinbase.'

And then there are the delays. Several days after I bought the original $100 worth of bitcoin, I purchased another $150 worth before deciding to put an end to my brief life as a bitcoin trader. It took a full week for the first transaction to go through. The second transaction is still pending.

Put another way: If the price of bitcoin were to plunge 50% this afternoon and I wanted to sell, I would be unable to sell the second batch I'd purchased because technically I still don't have it.

As for that original $100, I ended up netting about $50 in profit after various fees for buying and selling. When that money finally hits my bank account on Friday, I intend to take my wife out to a dinner to make up to her for all the bitcoin talk this month.

CNNMoney (New York) First published December 12, 2017: 5:20 PM ET

Do you HODL bitcoins?
Are you looking to cash out your bitcoins?

Well, if these questions resonate with you, then you are in the right place.

I believe some of you want to sell their bitcoins because of one of these reasons:

You have now lost interest in Bitcoin.
Or you think you have made enough returns out of your Bitcoin investment.

In any case, you just want to convert your BTC into cash either to realize profits or free up your stuck capital.

However, whatever your reason might be, I understand your stand as one might sometime feel the need for extra capital or would like to realize profits.

That’s why I think it is important to talk about the questions that come up while converting BTC into cash so that you don’t hit a road:

How to get USD, EUR or GBP for Bitcoin?
Where to cash out Bitcoin?
Where to convert Bitcoin into fiat like USD, EUR, GBP, etc?
How To Withdraw Bitcoins To Cash?

Bitcoin To Cash: How & Where To Convert Bitcoin Into Cash USD, EUR, GBP

So some of the exchanges that allow you to do so are:

Convert Bitcoin To Cash Services	USPs
Coinbase[10$ Bonus on 100$ above transaction]
CEX	All Countries & almost all fiat pairs supported including South Africa & Nigeria
Paxful	To sell BTC in-person & receive cash in any fiat currency
Coinmama
Bitit	European Countries & almost all fiat pairs supported
WazirX(India Only)	Convert BTC to INR

These exchanges will help you cover most of Europe, the US, and the UK. Cashing out Bitcoin isn’t easy at it looks but for you we have found out some of the best ways through which you can convert your bitcoins into cash.

But before we get into the specifics of that, you need to decide how do you want your cash?

Do you want it in your bank account or you want the hard cash by meeting someone in person.

Or do you want to have other stuff in exchange for your bitcoins like gift cards or Amazon products from Purse.io?

For now, assuming that you want the cash in your hand or your bank account, let’s get started:

How & Where To Exchange Bitcoin For (or to) Real Cash Money Like US Dollars (USD), Pound Sterling (GBP), Euro (EUR), etc?

#1. Convert Bitcoin Into Cash Through A Fiat Supporting Exchange

It is highly likely that if you don’t have Bitcoin ATMs near you, you will be having fiat accepting Bitcoin exchanges in your country.

Using these exchanges, you can easily convert your bitcoins into cash like USD, EUR, or GBP. Of course, for this, you will be required to find such an exchange that deals in fiat and cryptocurrencies both.

You will also need to complete your KYC on such exchanges before you can exchange BTC to cash because fiat currency laws in most countries want exchanges to adhere to this policy.

Of course, I understand that I have not listed all the countries here but in reality, not all countries have such fiat linked cryptocurrency exchanges.

So for residents of those countries, I will be listing another method through which they can meet Bitcoin buyers/sellers in their country to cash out their bitcoins.

#2. Meet & Trade In-Person To Get Cash Through LocalBitcoins

For those BTC holders who have neither crypto exchanges nor Bitcoin ATMs in their country can exchange BTC for cash through LocalBitcoins.

LocalBitcoins is a peer to peer Bitcoin exchange service based out of Finland. LocalBitcoins is an escrowed service that has garnered quite a bit reputation since 2012 as the most liquid P2P Bitcoin exchange.

On LocalBitcoins you will a no-ground network of Bitcoin buyers and sellers in 16537 cities and 248 countries including your country too.

It gets better:

Through LocalBitcoins, you can meet the buyers and sellers in-person to negotiate and execute a Bitcoin trade. Moreover, when you are cashing out BTC you have a lot many options to receive your cash ( SEPA Transfer, bank deposit, PayPal, Payoneer, cash).

Getting started with LocalBitcoins is also easy as it only takes your email ID to begin with. After which you can explore the simple and intuitive UI of LocalBitcoins to filter out relevant buy/sell deals for yourself.

Note: Be sure to check the reputation of the buyer/seller before you decide to pick up a deal on LocalBitcoins and never release your bitcoins without confirming your payment receipt.

And just when I am completing this, I am realizing that there might be another category of Bitcoiners who would be thinking to cash out Bitcoin to short it and buy back when the price is lower.

For those kinds of Bitcoin users converting Bitcoin into cash might not be the ideal thing and that’s why such types of users prefer converting Bitcoin to USDT like stablecoins.

And hence I am sharing a bonus method just to do the same.

#3. Convert Bitcoin To USDT or Stablecoin like TUSD etc

Anyone who wants to cash Bitcoin and not get into KYC like things can do so by cashing out in fiat digital currencies, i.e., Stablecoins like USDT, TUSD, etc.

Here are some of the popular exchanges that will let your convert BTC to USDT or similar stablecoins:

Binance: Supported pairs are BTC/USDT, TUSD/BTC
BitBay: Supported pairs are XMR/BTC
Huobi: Supported pairs are BTC/USDT
Gate.io: Supported pairs are BTC/USDT

This method will reduce your headache of dealing with KYC and other banking problems which you might run into when trying to cash out your bitcoins through fiat linked crypto exchanges.

*****4. Bonus: Cashout Bitcoins Through A Bitcoin ATM

One of the easiest ways to convert Bitcoin to cash is through Bitcoin ATMs.

For those of you who don’t know about Bitcoin ATMs, here is a simple explanation of it:

Bitcoin ATMs are much like traditional exchanges from where you can either get cash for Bitcoin, or you can get Bitcoin for cash. This method is usually anonymous and requires you to have a Bitcoin wallet in case you are receiving Bitcoin or selling it.

A Bitcoin ATM asks you to scan its public address, and when you have transferred BTCs to that address, it splits out equivalent fiat.

For this, you first need to make sure that you have a Bitcoin ATM nearby and that you can do it through the Coin ATM Radar service.

Using Coin ATM Radar, you can find out nearby Bitcoin ATMs and check its exchange rates as well as transaction fees. For example, this Bitcoin ATM in Chicoutimi at Place du Royaume has these specs:

ATM Type: Genesis Coin
Direction: Fiat ⇄ Crypto
Fees: Buy 13.0%, Sell 16.9% from BitcoinAverage Fees updated: 12 minutes ago.
Limits: Buy: $10000/txn, Sell: $2900/txn

So this is how you can get fiat for Bitcoin through a Bitcoin ATM.

But just after writing this, I realized that not everyone would be able to find Bitcoin ATMs nearby.

That’s because there are only a few Bitcoin ATMs around the world as of now and that brings me to my next section which is a much easier way to convert BTC to fiat if you don’t have ATMs nearby you.

Conclusion: How To Convert Bitcoins to cash

These are some of the best methods that you can use to cash out your bitcoins for fiat currencies like USD, EUR, CNY, or GBP.

However, I understand that many countries are still left untouched by the methods I have listed above and to name a few such as Australia, Zimbabwe, Argentina, etc.

For these countries and other left-out countries, TheMoneyMongers plans to bring a comprehensive list of resources using which they will be able to buy/sell Bitcoin in their respective countries.

We intend to start first with first and second world countries such as listed below. After which we will finally make our way for third world countries, who actually need Bitcoin the most.

The USA
India
Europe
Australia
China
Japan

So untill we do so, I want to leave you with answers of few frequently asked questions (FAQs) to help you relax in order to exchange your bitcoins to cash:

Q1) Can You Exchange Bitcoin for US Dollars (USD), Pound Sterling (GBP), Euro (EUR), CAD, etc?

Yes, you can very well exchange Bitcoin for various fiat currencies like USD, GBP, or EUR. There are more fiat currencies to which you can convert according to the country where you are residing.