Wednesday, June 29, 2022

How Can You Turn Bitcoin Into Cash

Sell Bitcoin Using Localbitcoins

How to turn BITCOIN into CASH! THE EASY WAY!

Founded in June 2012, LocalBitcoins is a P2P Bitcoin exchange that facilitates direct trading between potential buyers and sellers.

Serving more than 1.35million people from 15,000 cities across 249 countries, LocalBitcoins is available in almost every country.

In fact, only New York state has suspended their services due to local financial regulations.

Whats particularly great about LocalBitcoins is that youre dealing directly with buyers, with no intermediary.

Plus, it offers escrow service to protect both buyers and sellers of Bitcoin.

Apart from that, you can decide how much you want to sell your Bitcoin for, as well as request any payment method that you like.

You can choose from a variety of payment methods, including cash deposit, bank transfer, Payoneer, Paypal, gift vouchers, Western Union or in-person cash.

Heres a quick look at how it works:

  • Create an account at LocalBitcoins.
  • Verify your identity laws may apply in your country.)
  • Select Quick Sell.
  • Filter your country and choose the payment mode.
  • LocalBitcoins will instantly give you a list of relevant buyers based on your location.
  • Choose your buyer carefully.
  • Confirm the amount of BTC you want to sell, enter your payment details

  • Once the buyer accepts your offer, send your BTC to LocalBitcoins escrow.

  • Wait for the buyer to send the payment.

  • Complete transaction once the fund is received.

The best part? Buying and selling bitcoins on LocalBitcoins is completely free.

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.

Store Your Crypto Before Converting It

If you want to convert cryptocurrency to cash, you will have to create a wallet first to receive your crypto. It is generally necessary to own one single wallet per cryptocurrency but some user-friendly wallets like allow you to manage various assets through one single interface.

It is important to understand that the Bitcoin or Ethereum blockchains are networks, like the internet is itself. The wallets we are going to cover below are clients allowing access to these networks. As one of the consequence of this, you may access a blockchain through different points, some are more secure or user-friendly than others:

  • Hot wallets
  • Software wallets
  • Cold wallets

The rule number one, no matter the wallet you have decided to use, is to NEVER share your private keys with anyone. They are the equivalent of the PIN number of your debit card. Anyone knowing your private keys have access to your funds without your consent.

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Option : Use Bitcoin Atms

Although an online crypto exchange is a secure and convenient option for many users, sometimes you dont want to go through the process of signing up, verifying your identity, and then waiting for the withdrawal to clear.

If youre faced with an emergency, you can visit a Bitcoin ATM and take out a small amount. Most of these machines have withdrawal and deposit limits of $1,000 to $10,000, so you wont be able to convert every bit of bitcoin you own. Plus, who wants to carry around large stacks of cash?

Find a Bitcoin ATM near you

As of this writing, there are roughly 18,000 crypto ATMs across approximately 70 countries, according to Coin ATM Radar. For instance, about 15,000 exist in the United States, 1,300 in Canada, and 200 in the United Kingdom.

About 40% of all installed Bitcoin ATMs support selling. Find one near you using the interactive map from the Coin ATM Radar homepage:

  • Select your cryptocurrencies, such as Bitcoin or Bitcoin cash .
  • Select whether you want to buy or sell.
  • Scroll along the map to find your area. For instance, about 89 ATMs sell Bitcoin in the New Jersey/New York area.
  • Zoom in on the map to find one closest to your location.

Verify your identity

In general, the operator of the crypto ATM will require that you verify your identity. The procedure varies by type of machine, though.

Select your options

Enter the amount you want to withdraw

Take your cash minus a fee

How To Convert Your Crypto Into Cash

How To Turn Bitcoin Into Cash Uk

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.

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Watch For Cash Out Scams

Cryptocurrency is still relatively new and much of the market is unregulated.

There are many scams out there that may claim to help you turn cryptocurrency into cash that you can withdraw to your bank account.

Sometimes, these deals will advertise better than typical conversion rates or low fees.

The reality is:

With cryptocurrency, it can be almost impossible to recover your funds if you transfer them to a less than trustworthy exchange or organization.

Be on the lookout for scams and only use well-known, trusted companies to exchange your bitcoin for cash.

Receive Crypto On Cold Wallets

1. Hardware wallets

Cold wallets come under the form of USB flash drives and are the safest way to store and transfer cryptocurrencies. While they do access the blockchain online, your funds are as safe as your USB flash drive is. With the progressive adoption of blockchain and cryptocurrencies, several companies have created their cold wallets, the two main ones at the moment are:

Other names are well reputable and worth your attention too but we will consider these two as the main ones as they have been in business for years, before anyone else, which is a plus when it comes to matters like storing money.

2. Paper wallets

A paper wallet consists of a print or a hand-written note of your private keys. As such your funds are as safe as the paper your private keys are written on is. Keep in mind, however, that your private keys should not be copied and pasted for optimal safety of your funds so that this precious information does not stay in your computers clipboard. The same goes with printing it

If you write your private keys directly from your screen, make sure you copy the address right and that your computer is totally virus free.

This is why, at all times, it is paramount that you keep the control over your private keys. While you can convert crypto to cash instantly on exchanges, if you store cryptocurrency on them, they are in control of your private keys and you are not, with all the collateral risks that implies.

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Convert Cryptocurrency To Cash: How To Cash Out Bitcoin And Ethereum

This guide will outline how to convert cryptocurrency to cash, including wallet creation, sending tokens and how to cash out Bitcoin and Ethereum to your bank. But first, lets start with a little bit of background.

We are at an exciting time! It took nearly 50 years to the internet to come from an idea to a concept adopted in mass.

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How many years did it take for esports to come from local LAN competitions to what we are experiencing right now? As for the blockchain technology, the Bitcoin white paper came out in 2008 from an idea that was born in Stuart Haber and W. Scott Stornettas minds in 1991. As you may have understood, the crypto fever may have not even started yet.

However, pending a very likely mass adoption allowing anyone to pay for food and shelter in cryptocurrency, several steps are necessary to be able to spend the cryptocurrency you own.

Unless you live in a big city, there is a high chance that you still need to convert cryptocurrency to cash before spending it for your daily uses. Even so, do not expect your local London grocery store to accept cryptocurrencies as a mean of payment just yet. Or a cryptocurrency ATM at every corner.

In order to take full advantage of the crypto-revolution, we will explain how to:

  • Create a wallet.

Converting crypto to cash is actually the crux of the crypto-economy pending its adoption, as it is directly referring to its in-real-life value.

Use Cryptocurrency Exchange To Cash Out Bitcoin

How To Exchange Bitcoin into Cash | CoinGeek

When it comes to the question of how to turn Bitcoin into cash, third-party exchanges make it easy to sell Bitcoin and Altcoins for EUR, USD, GBP, etc.

Crypto trading or exchange platforms, such as how to turn Bitcoin into cash on Coinbase, usually have features and services for Bitcoin to fiat currency conversion.

But not all exchanges will support crypto-fiat exchanges and there are sometime jurisdiction restrictions. For example, results on how to turn Bitcoin into cash Australia will differ from available crypto apps in Europe.

These are just some of the most recommended third-party crypto exchanges with options to sell your Bitcoin for cash or Bitcoin to cash converter.

Bitstamp, Coinbase, Gemini, Kraken

No need to worry about how to turn Bitcoin into cash Canada because these crypto exchanges are typically available worldwide.

Steps to selling Bitcoin for cash on crypto exchanges

  • To withdraw Bitcoin to bank account, the first step is to sign up to the platform by completing the verification process.
  • You can buy BTC or deposit Bitcoin to your account.
  • Finally, convert Bitcoin to a fiat currency using the bank transfer option or sending to your PayPal account .
  • Pros and cons of crypto exchanges for cashing out Bitcoin

    The upside of using crypto exchanges are the simplicity of the platform, security, and overall ease of use.

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    Should You Convert Bitcoin To Fiat Currency

    Before you rush into cashing out your bitcoins and realize your profits, theres one important question to ask yourself: Should you convert Bitcoin to fiat currency?

    Dont forget that youll need to pay tax for the profit you made from selling bitcoins into fiat money.

    Heres the thing: The beauty of Bitcoin isnt about the blockchain technology behind it. Its the decentralized digital scarcity.

    Therell be only 21 million bitcoins in the world.

    Take a look at Bitcoins yearly lows:2012 $42018 $3200

    As more people are getting into the world of crypto, more businesses are accepting bitcoins, demand for Bitcoin is going through the roof. Despite the price volatility and government regulations, Bitcoin will only appreciate its value over time

    A decade ago, 10,000 bitcoins bought you a pizza.

    Today, 10 bitcoins would buy you a high-performance Tesla Model X.

    In the next decade, with 1 bitcoin youd be considered pretty wealthy.

    Perhaps you should also allocate a portion of Bitcoin for long-term HODLing.

    There you go. By now you should know exactly how to exchange Bitcoin into cash.

    If you need to convert Bitcoin to fiat to pay the day-to-day bills or even reward yourself, sell it via exchanges such as Coinbase. Cashing bitcoins with a cryptocurrency exchange can be more convenient, easier and safer for crypto beginners.

    If you want to sell your Bitcoin at a higher price, try LocalBitcoins.

    Like this article? Share it with your friends and families.

    How To Turn Bitcoin Into Cold Hard Cash

    Welcome to our guide about how to convert Bitcoin, or BTC, to cash. If youve ever wondered, how do you convert bitcoin to cash? youre in the right place.

    Below youll find answers to questions including:

    • Can you convert Bitcoin to cash?
    • How do I convert Bitcoin to cash?
    • Can I convert Bitcoin to PayPal?

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    Convert Bitcoin Via Cryptocurrency Exchange

    The easiest way to cash out Bitcoin is through an online cryptocurrency exchange.

    These third-party exchanges allow you to easily sell your Bitcoin for USD, EUR, GBP, MYR and other local fiat currency via their websites or user-friendly apps.

    To start, youll need to find an exchange that supports your country.

    Heres how it works:

    • Sign up and complete the verification process.
    • Deposit BTC into your account
    • Cash out your BTC to fiat via bank transfer or Paypal

    Its simple, easy and secure.

    But its not the fastest way, as it can take 1-5 days to receive your fiat money depends on the platform youre using and your country.

    Also, for cryptocurrency newcomers who dont already have an account with the crypto exchange, it can take weeks, if not months to get your account approved.

    At the moment, some restricted countries dont have cryptocurrency exchanges.

    If you have limited exchange option and prefer more anonymous, theres another option to sell Bitcoin for cash using a peer-to-peer platform via LocalBitcoins.

    Convert And Over The Counter Trading

    Can You Convert Bitcoin To Cash

    The Convert and Over the Counter trading is an emerging method of changing Bitcoin into cash by simply converting it into any supported fiat currency of choice. This service is also made available by the exchanges and is free of charge. All you have to do is move your Bitcoins to an online exchange wallet where the service is supported and then carry out the trade and withdraw. Exchanges that support this include Binance and Poloniex.

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    Convert Bitcoin Via An Online Service

    DigitalVision Vectors / sorbetto

    Several popular online services allow people to purchase Bitcoin and other cryptocurrencies on the web or a smartphone app, and also sell the coins they have for government-issued currency.

    The most popular service is Coinbase, and a good alternative is CoinJar. Both offer the buying and selling of Bitcoin, Litecoin, and Ethereum, while Coinbase also supports Bitcoin Cash , and CoinJar has Ripple.

    Each service can connect to bank accounts to pay for crypto purchases. This connectivity also enables the selling of cryptocurrencies, which can be converted and transferred to a bank account within a few days.

    Many people use Coinbase and CoinJar to buy Bitcoin and cash out their profits through a bank transfer as their coins gain in value. Others use their accounts to receive cryptocurrency payments from friends, family members, or customers.

    How To Cashout Bitcoin Into Usd Eur Gbp

    • 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 sometimes feel the need for extra capital or would like to realize profits.

    Thats why I think it is important to talk about the questions that come up while converting BTC into cash so that you dont 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?

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    How To Sell Bitcoin

    As there are different ways of earning bitcoin, there are different ways of selling bitcoin also. You can either do it via an exchange, direct trading websites or carry out a peer-to-peer transaction.

    Which exchange site you choose or which broker you trade with will depend largely on where you live or work, as funds will need to be transferred easily and locally, without the need for expensive currency conversions and international telegraphic transfer fees.

    Factors To Consider When Cashing Out Bitcoin

    How to turn bitcoin into cash

    Before cashing out your Bitcoin , there are some factors you should consider:

    • Transaction fees and steps required by each process

    • The amount youre looking to withdraw

    • Whether you want to deposit your money into a bank account or PayPal

    • The time for the money to reach your account

    • Local laws and the currency you need to cash out to

    Depending on each of these factors, some methods will be more convenient than others. For instance, if you want to use PayPal to withdraw funds, youll need to do some research and identify cryptocurrency exchanges that support this payment platform.

    Also, depending on local tax regulations and the type of bank account you own, you may need to call your bank before cashing out a large amount in one transaction, otherwise your account may get frozen.

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    Using A Peer To Peer Exchange

    Peer to peer exchanges are generally more time consuming however they may offer bigger returns. When trading peer to peer, traders have the option of making the price as competitive – or high – as they like. Both parties can also determine which payment option best suits their needs. Some options include:

    • Bank transfers, where the buyer deposits money directly into your bank account.
    • Cash deposit, the buyer deposits money into your bank account.
    • Cash in person, you meet with the buyer in person and receive cash.

    Its important that in the first two situations you get the ID and proof of payment from the buyer before sending any Bitcoin. When meeting with someone ensure that you are in a safe location.

    Better yet, make use of a reliable platform, like LocalBitcoins, that offers escrow services so that you know that you are protected. With escrow services, your Bitcoin is stored in the platforms escrow until the funds have cleared, after which the Bitcoin is released to the buyer.

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