If you’re itching to exchange your crypto for some cold, hard cash, you’ll want to consider the implications of selling. The downside to P2P exchanges is the risk of losing your funds (Bitcoin sent, but no cash received), and the time it takes to sell, as you need to find a prospective buyer and negotiate the sale. Overall, selling Bitcoin for cash with an online broker is best when you already hold the crypto assets on the platform. You bought low, hodl’d and now are ready to enjoy some of your crypto gains. In addition to paying with crypto track your crypto portfolio on money dashboard directly, cashing out Bitcoin or other cryptocurrencies is something every crypto holder should know about. Here are the top ways to convert Bitcoin to cash fast, cheaply, easy and securely.
- You must be holding your Bitcoin with the platform to be able to sell it for cash.
- Here are the top ways to convert Bitcoin to cash fast, cheaply, easy and securely.
- Bitcoin ATMs are known for their large fees, so they might not be the best option to sell your Bitcoin.
Go to a Bitcoin ATM
While most exchanges and money apps allow you to sell your crypto at a reasonable rate, places like crypto ATMs charge extremely high fees, which may eat into your profits. For example, Coinbase offers a VISA debit card that allows you to spend your Coinbase crypto balance, automatically selling your selected crypto and using the cash for any purchases you make. You can also earn crypto rewards that deposit into your Coinbase account (reward rates vary). At supported bitcoin ATMs, you can instantly convert your bitcoin into cash, the key word here is instantly! To do so, you’ll need to verify your identity and enter the amount you want to withdraw.
BitDegree.org does not endorse or suggest you to buy, sell or hold any kind of cryptocurrency. Before making financial investment decisions, do consult your financial advisor. Even though it’d have cost you 1% in fees, you could have set up your own price and chosen your own payment method.
If you decide to cash out your Bitcoin using a broker exchange such as Coinbase, then it’ll normally take about 1-5 days for the money to reach your account. For EU customers, payments are made via SEPA (withdrawals paid in Euros). However, if you what happens to bitcoin after all 21 million are mined want to sell Bitcoin for USD, brokers normally use the SWIFT payment method. There are quite a few ways to cash out your Bitcoin, but you need to know what your goals are before selling. If you simply want to use your crypto to make purchases, you can solicit Bitcoin-friendly businesses, or use a crypto debit card to use the value of your crypto at the store.
How to Cash Out Bitcoin Easily
Bitcoin ATMs are known for their large fees, so they might not be the best option to sell your Bitcoin. But what is bitcoin what affects its price and what is it used for if for whatever reason this doesn’t work for you, there are other ways. You can use a Bitcoin ATM, peer-to-peer trade your tokens, or even pay directly with Bitcoin.
While some are more straightforward and beginner-friendly than others, you shouldn’t encounter any difficulties with either of the top-rated exchanges. That said, many users believe that KuCoin is one of the simpler exchanges on the current market. The content published on this website is not aimed to give any kind of financial, investment, trading, or any other form of advice.
Crypto debit card
It’ll include methods of how to turn Bitcoin into cash such as bank transfer, PayPal and even through cash deposit! I’ll show you how to withdraw Bitcoins to cash using an exchange (namely, Binance) and through a peer-to-peer exchange. And to make it easier for you, I’ll also include some helpful images. As always, it is also a good idea to consult with a tax professional when buying and selling assets. Taxes can get complicated, especially when it comes to crypto assets. If you want to expand your investment portfolio to include digital assets, read this guide on how to get started in cryptocurrency.
Another way to sell your Bitcoin for cash is to use a Bitcoin ATM. These ATMs work similarly to the classic ones, except you use your crypto wallet to fund the transaction. Basically, you send your token to a specified address, and you’ll get cash in return. Depending on the Bitcoin ATM, you might get the cash right away, or you’ll have to wait a few minutes while it confirms the transaction.
Processing time depends on several factors we’ve covered earlier in this article. Sellers have the ability to set their own rates and can choose from more than 350 payment options, such as cash, gift cards or other digital currencies. Clients can sell directly to over 12 million users worldwide, according to the platform’s website. You can also do a direct trade, selling your cryptocurrency directly to another person through another entity. The most popular way is through a peer-to-peer online platform that allows sellers to find the best offers through an exchange, though one could even do it in person if needed.