Option : Use Bitcoin Debit Cards
If you travel frequently, you might find a Bitcoin debit card a convenient way to spend your Bitcoin like local currency without conversion fees.;
Bitcoin debit cards dont convert Bitcoin into cash, per se. Theyre more like a bridge between the world of cryptocurrency and the real world. Consider them prepaid cards that you can load with bitcoins and use for purchases as you would a regular debit card linked to your bank account.
A reputable Bitcoin debit card works as a form of payment anywhere that accepts MasterCard or Visa, even if that merchant doesnt accept Bitcoin. The card automatically converts it into local fiat money.
Whats more, depending on a cards features and services, you might be able to withdraw cash from any ATM that supports Visa or MasterCardnever mind locating a Bitcoin ATM.
Find a card with features that you like
Bitcoin debit cards have perks similar to consumer debit cards and credit cards that offer cash-back bonuses, discounts, and low annual percentage rates. Youll find that it pays to shop around. Here are a couple of well-known Bitcoin debit cards:
Meet the application requirements
These vary by card, but in general, a card company will require you to stake your cryptocurrency for a holding period before granting access, similar to verifying your identity when you open an account with a crypto exchange.
Top up your card as needed
How To Convert Your Crypto Into Cash
Let’s understand this by taking Bitcoin as an example of a cryptocurrency that you want to convert into cash. Remember to keep in mind that converting any cryptocurrency into cash will involve taxation as well an exchange fee that a third-party broker will levy depending on the number of digital tokens. Not to forget, a third-party broker may take a day or two to transfer the money to your bank account.;Bitcoin price in India stood at Rs. 36.53 lakhs as of 10am IST on August 16.
Now let’s come to converting cryptocurrency into cash. There are two ways of doing it.
Is Bitcoin Cash A Good Investment
Bitcoin remains the most popular, valuable, and widely accepted cryptocurrency than Bitcoin Cash. As of now, Bitcoin is ranked #16 and continues to find its space in the market.
If scalability issues persist on the Bitcoin Blockchain network, more merchants and users are more likely to develop an interest in the faster and cheaper Bitcoin Cash alternative.;
As more businesses continue to accept BCH for everyday transactions, its value may increase in the future .
However, its important to note that Bitcoin Cash isnt alone in that space. Similar projects like Litecoin are going neck to neck with it.
If your investment interests are in the cryptocurrency world in general, you could also take a look at crypto ETFs.
Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose.
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How To Cash Out Bitcoin Using Your Local Private Bank
Cash Out Bitcoin Through your local bank
If you are trying to cash out bitcoin worth millions of dollars, you will find that going through a private bank may be the best choice for you.
The bank can help you facilitate both the sale as well as the movement of the fiat equivalent to your desired destinations.
More importantly, why you may want to consider using a private bank is that you will get more professional help with receiving your funds without getting your account frozen due to heavy and sudden cash flow.
Withdrawal Limits On Crypto Exchanges
Most crypto exchanges place limits on the amount of money users are allowed to withdraw each day. These limits can be as little as a few thousand dollars or they can be much higher. For example, the Coinbase withdrawal limit is 10,000 USD per day. For Kraken, the limit is 5,000 USD per day in crypto at tier 1 . Typically, crypto exchanges allow you to increase your withdrawals limits by upgrading your account level. For example, upgrading a Kraken account to tier 2 enables fiat withdrawals and increases the crypto daily withdrawal limit to 500,000 USD.
If you are going to cash out on a large amount of bitcoin, make sure your withdrawal limits can handle that amount. Alternatively, you might withdraw from several exchanges instead of just one. Since upgrading your account means providing the exchange with more personal information, users who wish to maintain anonymity might prefer this last option.
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How Can You Move Btc To A Bank Account
There areseveral ways to convert bitcoin to cash and ultimately move it to a bankaccount:
A sample transaction would go something like this:
Why You Should Sell And Cash Out Bitcoin
Are you still weighing the pros and cons of each of these conversion methods? Maybe its time to consider why you should sell your bitcoins in the first place.;
The saying buy low, sell high holds true for Bitcoin as it does for any other investment. But Bitcoin has had such ups and downs since it first appeared that its tough to determine when youll get the most for your money.;
Consider this: in December 2013, BTC was trading at about $1,156and then fell to about $760. Even though the COVID-19 pandemic shut down much of the economy, cryptocurrency rebounded, with Bitcoin reaching just under $24,000 in December 2020 and just over $41,000 in January 2021. That same month, it fell to just over $30,000quite a drop, but an astronomical increase compared to 2010 when it was worth just $0.0008.;
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So Is There Anything Truly Valuable About Bitcoin
Yes, the technology behind it.
Bitcoin is built on the blockchain, a public ledger containing all the transaction data from anyone who uses bitcoin. Transactions are added to “blocks” or the links of code that make up the chain, and each transaction must be recorded on a block.
Even bitcoin critics like Dimon have said they support the use of blockchain technology for tracking payments.
Platforms That Offer Debit Cards
Debit cards are a fast and convenient way to convert bitcoin into real money, you just have to recharge the debit card with bitcoin or another cryptocurrency that they accept and it will automatically convert the balance to fiduciary money to make a payment at any place that allows payments with debit card.
The most known platforms that offer these services are: Wirex, Shift Card or Bitpay.
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How To Sell Bitcoin: 5 Ways To Cash Out’ Your Btc Holdings
How do you sell Bitcoin? is one of the first questions that arise when people become interested in buying cryptocurrencies, since getting your money out is just as important as investing.
Selling Bitcoin can be similar to buying Bitcoin, except in a somewhat reversed process. To sell BTC, you must first have BTC on hand in your wallet.
Buying Bitcoin is possible via a number of routes. When you are ready to sell some or all of your Bitcoin, you can do so through a variety of avenues, including an online cryptocurrency exchange, direct peer-to-peer transactions online or on-site, and through a Bitcoin ATM.;
How To Cash Out Bitcoin Using Peer
Cash Out Bitcoin Through Peer-to-Peer Exchanges
The most popular peer-to-peer exchanges you can use to convert your bitcoin to fiat are LocalBitcoins and Paxful.
These two popular bitcoin market places operate in almost all countries of the world so anyone reading this guide right now can access them and use their platform to cash out bitcoin to fiat and directly to their bank.
As the name suggests, Peer-to-peer exchanges;provide the platform for individuals to trade bitcoin among themselves without involving a third party.
Peer-to-peer exchanges are mostly escrow-based with a transparent and straightforward fee structure.
These exchanges offer certain advantages which make them appealing to many cryptocurrency enthusiasts looking to cash out bitcoin:
However, theres a high possibility of getting scammed if youre not vigilant thats just the basic draw-down of this option to cash out bitcoin -security is not top-notch like the regular cryptocurrency exchanges.
How Does Peer-to-Peer Exchanges Operate?
First, you need to open an account on any of the exchanges for example, LocalBitcoins; then complete your profile setup and place a trade request to sell bitcoin.
You can specify your preferred payment method. Some of the payment options include:
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Sell Bitcoins In Europe
If you live in Europe,;BitPanda;is likely the easiest way to sell Bitcoin for cash. BitPanda allows users to buy and sell Bitcoin online with a credit card or through their bank account. You can even deposit fiat currency into your PayPal account.
Users who have used CoinBase in the past know that they charge hefty fees when buying and selling Bitcoin, but BitPanda charges a smaller fee.
Unusual Bank Account Movements
Money laundering is a serious issue. Let’s suppose you’ve had your bank account for some time, keeping a balance of a few hundred dollars at a time and suddenly receive a very large transfer. Enough to buy a small tropical island. Understandably, your bank might have some questions for you. They might even freeze your account until you can provide satisfactory answers as to where that money is coming from.
There really is no way around this except to talk to your bank executives before making the deposit. Let them know you will receive an unusually large amount of money, and explain just where this money comes from. If you can convince them the funds were obtained legally, they might be okay with it. If, after hearing you out, the bank decides not to accept the deposit , you may have no choice but to open an account at a different bank.
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Shop And Earn Free Bitcoins
Shop and earn is by far one of the fastest ways you can earn free bitcoin when you spend money online. Using Bitrefill or Lolli which is a crypto reward app, you can earn Bitcoins for your usual online spend.
Lolli supports all major online retail shops and this is something you and your family can use on a usual basis and accumulate a decent amount of Bitcoins.
To get started, here is what you need to do:
- Head over to Lolli Website
- Create a free account
- Now, whenever you are shopping online on any of the 500+ partner stores, you will earn free Bitcoins.
I have been using Lolli for a while, and here is what I have earned in Bitcoin:
Lolli is more like one-time setup. Over time, you will be able to accumulate a decent amount of Bitcoins via this trick.
How To Cash Out Large Amounts Of Bitcoin Fast
The single best way to cash out large amounts of Bitcoin is through something called an OTC transaction. An OTC transaction occurs when a private buyer and private seller are linked together by an intermediary to facilitate the swap. The intermediary acts as the trusted middle-man that receives the funds and the Bitcoin first so neither party gets taken advantage of. When the intermediary receives the deposits from either party, they then facilitate the away.
Actually, at Crypto Coin Society, we have facilitated many deals just like this with our network of private buyers. If you would like to be matched with one of our private buyers then to fill out the application form and we will be in contact to help you facilitate an OTC transaction to easily cash out any amount of Bitcoin.
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Can I Get My Money Back From A Crypto Scam
We want to be abundantly clear here. There are no guarantees that bitcoin or any cryptocurrency can be recovered. Having said that, there are ways that can and should be attempted to recover your Bitcoin if youve lost it to a scam. There are also pitfalls that one should be aware of in attempting to recover their lost funds.
Determine Why You Want To Receive Profits From Bitcoin
As a virtual asset, Bitcoin isnt money in the traditional sense. You could cash out your bitcoin, so to speak, by shopping online through a service such as Moon or Lolli, which accepts Bitcoin as currency. Thats a lot like spending a massive gift card at your favorite retailer.
However, if you want to get cash in handor your bank accountyoull need to convert your bitcoins into fiat currencies, or government-issued currency, such as the U.S. dollar.;
Unlike cash based on commodities, fiat money is backed entirely by the complete faith and trust in the authorities that issued it. In some nations, such as the United States, fiat currency also is the legal tender. .
Before I outline how to do that, though, think about why you want to sell and cash out your bitcoins. Depending on your needs, one method might be more convenient than anotherand save you on taxes and fees.
Lets examine how to sell and cash out Bitcoin through each of these methods.
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Why Sell Bitcoin For Cash Using Coinme At Moneygram
Some People Kill Time At The Airport By Browsing Duty
But first, there are two things you should know about me: I tend to be almost as afraid of losing money investing as I am of flying. On some level, I figured one fear might cancel out the other.
So last Thursday, while waiting for a flight to Nashville, I pulled up a popular application called Coinbase that can be used to buy and sell bitcoin. The virtual currency had hit $10,000 for the first time a couple days earlier, before retreating somewhat. News of bitcoin’s rapid rise was everywhere, including on CNN.
For 15 minutes at the airport, I refreshed the price of bitcoin over and over, watching as it gained and lost hundreds of dollars in a matter of minutes. I called out the price fluctuations breathlessly to my wife, who gently encouraged me not to be an idiot, before returning to her magazine.
She was in good company. JPMorgan Chase CEO Jamie Dimon recently a “fraud” and suggested people who buy it are “stupid.” Warren Buffett called bitcoin a “mirage” in 2014 and warned investors to “stay away.”
Are you trading Bitcoin? We want to hear from you.
And yet bitcoin has climbed more than tenfold since Buffett’s warning. Earlier this month, one college friend casually told me over drinks he’d made tens of thousands of dollars investing in another cryptocurrency. He said he hoped it would be worth enough one day to buy a house.
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