How To Sell Bitcoins Summary
If you want to convert your Bitcoins back to normal money youll need to do the following:
If Coinmama doesnt work out for you here are some additional exchanges recommended for selling Bitcoin:
Coinmama
Turning Bitcoin To Usd
For cryptocurrency newcomers, one of the most common things they want to understand is how to cash out Bitcoin or withdraw from Bitcoins to fiat currency .
Regardless of the reasons, a time may come where you want to turn your Bitcoin into government-issued currency.
So how exactly can you get fiat cash or dollars for your Bitcoin?
How Can I Sell Bitcoin Can Bitcoin Be Converted To Cash
What will the future price of Bitcoin be? What is the expected price of Bitcoin in 2018? What is the bitcoin price prediction for 2018, 2019 and 2020?
Its true that Bitcoin value fluctuates frequently, substantially, day and night. So, due to this volatile nature of Bitcoin, almost all Bitcoin holders remain curious about bitcoin price forecast as they find it tough to decide whether to sell some of the bitcoins or let all of them remain invested.
American Venture capitalist Tim Draper predicts bitcoin will multiply by 30 times within four years. He tweeted This is bigger than the internet. Its bigger than the Iron Age, the Renaissance. This affects the entire world and its going to be affected in a faster and more prevalent way than you ever imagined.
In another tweet, this tech investor predicted that bitcoin will reach $250,000 by 2022.
Serious winds at our block party last night. Predicting bitcoin at $25k by 2022.
Tim Draper
You May Like: How To Send Bitcoin Through Atm Machine
Why Should You Sell Bitcoin Anonymously
Though Bitcoin is becoming increasingly popular in the mainstream, several misconceptions remain. Chief among these is the idea of Bitcoin anonymity.
Bitcoin has a widespread reputation of being an anonymous virtual currency, but that isnt true. Bitcoin is pseudonymous, meaning anyone can create a Bitcoin address on its public blockchain, then use it to send and receive Bitcoin effortlessly. However, once you appear on the blockchain, your footprint never fades.
A Bitcoin transaction, by design, is recorded eternally on the public ledger. That means every action you take is stored permanently and publicly. Everyone can see the balance of your address, the history of your transactions, and the addresses of everyone involved.
In short, there is direct, public access to all the transactions youve made, even if you, the address holder, are pseudonymous. This aspect of Bitcoin makes it a transparent currency, but endangers your privacy.
Interested in crypto privacy? Check out we.incognito.org for more resources.
How To Buy Bitcoin With A Credit Card
The process for purchasing Bitcoin with credit cards is similar to the one for buying the cryptocurrency with debit cards or through automated clearing house transfers. You will need to enter your credit card details with the exchange or online trading firm and authorize the transaction. In general, however, it is not a good idea to purchase Bitcoin with credit cards. There are a couple of reasons for this.
First, not all exchanges allow Bitcoin purchases using credit cards due to associated processing fees and the risk of fraud. Their decision to do so may work out in the best interests of customers. This is because credit card processing can tack additional charges onto such transactions. Thus, in addition to paying transaction fees, you will end up with processing fees that the exchange may pass onto you.
The second reason is that credit card purchases can be expensive. Credit card issuers treat Bitcoin purchases as cash advances and charge hefty fees and interest rates on such advances. For example, American Express and Chase both count purchases of cryptocurrencies as cash advance transactions. Thus, if you purchase $100 worth of Bitcoin using an American Express card, you will pay $10 plus an annual percentage fee of 25%.
Read Also: How Do I Find My Lost Bitcoins
Withdrawing Your Funds After You Sell Bitcoin
If you’ve sold Bitcoin through a platform that permits fiat currency withdrawals, check to see what withdrawal methods are supported. Options may include:
- Bank transfer
- Cash
When choosing your withdrawal method, make sure you consider:
- Fees. Many platforms impose a withdrawal fee, and the fee charged usually varies depending on the withdrawal method selected.
- Limits. Are there any minimum or maximum limits on how much you can transfer? How do they differ between withdrawal methods? Can you increase these limits by providing additional verification or ID?
- Processing times. How long will it take for USD to arrive in your wallet or bank account? For example, while cash withdrawals are instant, bank transfers can take several days to arrive.
- Any other restrictions. For example, some exchanges will require you to withdraw funds using the same payment method with which you made your deposit.
Withdrawing cryptocurrency
Storing your cryptocurrency on an exchange for the long-term is not recommended. Exchanges control the private keys to these wallets and are also popular targets for hackers. The safest option is to transfer your cryptocurrency into your own secure wallet that lets you retain ownership of your private keys. It’s a good idea to set this wallet up well in advance of selling your Bitcoin and make sure you double check your wallet address before depositing any funds.
Buy Bitcoin With A Cash Deposits At The Bank
Both LocalBitcoins and Paxful, offer cash deposits as a payment option.
In the US, there are two more services which specialize in arranging and securing bank deposit purchases: BitQuick and Liberty X .
Finally, Wall of Coins provides this same service within the US, the UK, Argentina, Australia, Brazil, Canada, Germany, Latvia, Mexico, Poland, the Philippines, and Romania.
With this method, the seller provides their bank details. You then visit the relevant bank, and fill in a deposit form. Sellers may specify a particular bank. You then make a cash deposit to the sellers account via the bank teller.
This method is more reliable and physically secure than meeting with a stranger. Specifically, the seller has no way of knowing which bank youll be using.
The downside is that such services are only available within banking hours. And theyre slower than face-to-face transactions particularly if theres a long queue at the bank, or the service is slow to verify your trade.
As with face-to-face cash trading, you should only conduct bank-deposit trades via a reputable escrow service this action will protect you from fraud.
You can prove to the escrow service that you made a payment by photographing or scanning your bank deposit receipt. In the event of a dispute, with proper proof, theyll release the sellers coins to your Bitcoin address.
So ensure that you keep your receipt. Unlike a bank transfer, its really hard to prove that you made a payment without it!
Read Also: What To Look For In Crypto
How To Buy Bitcoin With Cash
Most people buy cryptocurrency using a centralized exchange and a connected bank account or bank card. However, if you dont have a digital bank account or bank card, you may feel like youre unable to participate in the world of buying or selling cryptocurrency. For many people and countries, cash still functions as the main point of payment. Pay Depot offers options for anyone to purchase Bitcoin in a convenient and straightforward way.
With our Pay Depot Bitcoin ATMs, we aim to provide a fast, easy and reliable Bitcoin shopping experience. You can find our ATM terminals in various locations on the east coast of the United States to buy your cryptocurrency with cash. Our ATM gives you a similar experience as if you were purchasing through a digital channel.
Paypal & Other Payment Services
Sometimes, you might prefer to use a third-party payment service perhaps to keep the funds separate from your bank, keep your bank details off of the exchange or just to make use of a low flat fee. However, the services each exchange supports will vary, and youll still have to link your PayPal account, or an equivalent, before you begin.
Much like withdrawing to a bank account, first go into the withdraw section. However, this time, you need to select the payment service such as PayPal or Faster Payments instead of a bank account. Then just enter how much you want to take out, check that the additional charges arent too steep and confirm you want to withdraw.
You May Like: What Is The Primary Benefit Of Immutability Blockchain
How To Buy Sell And Manage Bitcoin
You don’t need to be a millionaire to invest in crypto, but you do need to be cautious and realistic about potential returns on investment. Ready to go for it? Here’s how to set up a crypto wallet and buy some Bitcoin.
Are you finally ready to take the plunge into the world of cryptocurrencies? It may seem complicated, but with a little research, beginners can be buying and selling Bitcoin in no time.
Bitcoin is the most ubiquitous digital currency on the market, so we’ll show you the ropes on buying, selling, and storing it. However, these tips can apply to other cryptocurrencies like Ethereum .
Sell Bitcoins In Canada
For exchanging cryptocurrencies, Changelly is one of the most popular platforms to use.
In Canada, to sell bitcoin you will need to do it through them. Its easy to understand and fast, so if this is your first time selling bitcoin, you can use their service for safety purposes. Buying bitcoins with a credit or debit card on their website also can be done.
Read Also: Why Is Crypto Going Down Again
Through An Exchange Or Broker
This is similar to the currency exchange system at airports. Once you deposit your digital currency to exchange and request for withdrawal, the broker will transfer the money to your bank account.
However, since there are money laundering restrictions on brokers, you have to withdraw your money through the same bank account that you made a deposit with.
The biggest disadvantage with this method of conversion is the time it takes. Experts say it’s safe and secure, but it takes time for the money to reflect in your bank account. The exchange also charges a fee for the transaction, and it varies from broker to broker and country to country.
Buy And Sell Crypto On An Expert Picked Exchange
There are hundreds of platforms around the world that are waiting to give you access to thousands of cryptocurrencies. And to find the one that’s right for you, you’ll need to decide what features that matter most to you.
To help you get started, our independent experts have sifted through the options to bring you some of our best cryptocurrency exchanges for 2021. Check out the list here and get started on your crypto journey, today.
You May Like: How To Buy Cryptocurrency On Etrade
Is There A Legal And Legitimate Way To Invest In Bitcoin
Bitcoin exchanges have a checkered history. Mt.Gox, once the largest exchange, shut down in 2014 after losing hundreds of millions of dollars worth of bitcoin after a hack.
Today, the leading exchange is offered by Coinbase, a startup that has raised more than $200 million from a number of top tier venture capital firms. Square, the payments service, is also rolling out a bitcoin product.
There are also bitcoin ATMs in scattered bodegas and convenience stores around the country, through companies like Coinsource. The ATMs let you exchange bitcoin for cash, or vice versa by scanning a QR code from the digital wallet application on your phone.
When Is The Right Time To Sell Bitcoin
Before selling Bitcoin it is important to analyze the market carefully. Is it really the most optimum time to sell? Of course, you will never truly know the answer to this question but there is Bitcoin price prediction analysis that can be performed to help you decide whether to sell or hold. Our guide to cryptocurrency technical analysis is another useful tool to help you better understand and read the cryptocurrency market.
Also Check: Why Bitcoin Is Going Down
Turn Bitcoin Into Cash Using Coinbase
To make things a little easier for you, I will now show you how to cash out Bitcoin at Coinbase.
1. 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!
2. Once you have set up your account, you will need to send your Bitcoin to your Coinbase Bitcoin address! To do this, click on the accounts tab, open your Bitcoin wallet, and click Receive. You will then be shown your Bitcoin Coinbase wallet address. This is the address you need to send your Bitcoin to.
3. Once you are all set up, click on Buy/Sell at the top of the page.
4. Next, click on Sell.
5. 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. In the example image below, I opened an account from the EU, so my deposit wallet is in Euros .
This will change depending on where you are located. For example, U.S customers have the option to withdraw to USD, and Japanese users can withdraw to JPY.
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!
7. Once you click on Sell Bitcoin Instantly, your funds will now be in your fiat currency wallet.
Kraken
Additional Methods For Selling Bitcoins
In this post, I tried to focus on the main methods for selling Bitcoins. However, there are numerous other methods you can use to sell your Bitcoins.
For example, Skrill, Netteller, Amazon gift cards and more. Most of these options can actually be found on LocalBitcoins .
Another option would be to just exchange your Bitcoins for real life goods you want to buy such as a car, a house, a computer, etc.
Read Also: Is Bitcoin Mining Worth It
How Can I Sell Bitcoins For Cash
If youve been holding bitcoin and are now wondering how to cash out bitcoin, follow this guide.
Finish the order, and youre done!
Thats pretty much it! Learning how to sell bitcoin is pretty easy. But you might have a few extra questions which well answer for you, of course.
How To Sell Bitcoins For Cash On Cash App
If youre wondering how to sell bitcoins on the cash app, you are in luck. There is no better way to transfer money across the world than using a mobile app for the activity.
And even if you dont want to buy or sell pounds of currencies, its still possible to do so. This article will explain how to go about it and what to look for.
The first step is to set up your account and choose the payment option you wish to use either paypal or wire transfer.
Don’t Miss: What Can You Buy With Crypto
How Do You Sell Bitcoins
When you feel like its time to trade those precious Bitcoins back to fiat money there are a few things youll need to think about.
First, how do you want to get paid?
Do you want to receive money to your PayPal account? your credit card? your bank account? or maybe you prefer cash?
These considerations will lead you to the second question: Which exchange do you want to use?
Different exchanges provide different payment methods, fees, and exchange rates. Its important to conduct ample market research before choosing the right exchange.
Finally, theres the issue of taxation.
I wont go into detail about this one since its different for each country. Ill just say that its important to know how your country taxes cryptocurrency sales in order to understand if and when to report about the sale to authorities.
Some countries havent come up with clear guidelines, while others have very strict rules. Make sure to consult a CPA in your jurisdiction.
Now that weve got the basics out of the way, let me review the various methods you can use to sell Bitcoins.
Choose A Cryptocurrency Wallet
Ledger Nano S
Before you buy digital currency, you need a place to store it, and thats where crypto wallets come in. Theyre known by several nameshot wallet, hardware wallet, software walletbut come in two main types:
Cold Wallet: A physical, hardware-based digital wallet for storing cryptocurrency that isnt connected to the internet, akin to a very high-tech flash drive for storing cryptocurrency. Cold wallets come with multiple layers of security, and are more difficult to hack than an internet-connected wallet.
Hot Wallet: A software-based digital wallet that is connected to the internet and often comes in the form of an app.
Over the years, certain companies have emerged as reliable crypto hardware wallet manufacturers. Ledger, for example, has been making cold wallets for years now and could be a good place to start. Trezor is another big name in the hardware wallet space.
If you want to go with a digital wallet, most major cryptocurrency exchanges package an online wallet with your user account. Coinbase, maybe the largest cryptocurrency exchange out there, does this. Its wallet is highly rated, and you dont need a Coinbase account to use its app.
Recommended Reading: What Crypto Does Coinbase Offer