How To Turn Bitcoin Into Cash
There are some easy ways to convert BTC into USD, INR, EUR or GBP, some of which are listed below.
However, before you pick any of the listed methods, you need to find out how you want to receive your fiat. You can sell Bitcoins in person for cash or you can sell it on exchanges and get the money directly deposited into your bank account.
However, I assume for now you want to sell your Bitcoins and get hard cash in person or directly in your bank account.
How To Convert Cryptocurrency To Usd
May 11, 2018
Cryptocurrency is on the tip of everyones tongue with Bitcoin and other cryptocurrencies seeing a massive rise in their valuations in 2017 and early 2018.
While some would like to see cryptocurrencies overtake fiat currencies like the United States Dollar , Euro and others completely, we are still far from that point. As such, most want to know how to convert cryptocurrency to fiat in order to take some of their paper profits off the table.
In this article, well go over how to convert cryptocurrency to USD, perhaps the worlds most popular fiat currency.
Spend It Or Buy Gift Cards
Thousands of retailers and services around the world accept Bitcoins, including such giants as Amazon and Overstock.com. If youre willing to jump through a few hoops, you could purchase some high-demand items, for example, the Samsung Galaxy S8 Edge or the iPhone 8 Plus, with your Bitcoins and then sell the item on eBay for cash.
Read our previous article for more recommendations of Bitcoin-friendly stores, including Gyft, which provides a great way how to buy gift cards online for retailers like Amazon, Starbucks, and iTunes with Bitcoins.
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Is Converting Btc Into Usdt Simple And Safe
Converting BTC into USDT is fairly simple on KuCoin. After creating an account and exploring the trading chart and order books, users can easily trade BTC using the market order feature. By simply entering the amount of BTC they are wanting to sell, the interface will then convert the amount into its equivalent into USDT.
Considered to be the industry’s most reliable exchange, KuCoin is safe. Despite being hacked in 2020, KuCoin’s CEO Johnny Lyu did well by its users in recovering the approximate $280 million that was stolen from it. In boasting a large international platform that abides by regulatory frameworks from countries around the world, KuCoin is an incredible liquid platform with billions in daily trading volumes.
Along with an extensive FAQ section, users can also submit tickets for any issues they might be facing. Reliable, secure, and prioritizing users’ knowledge base on the industry, KuCoin seems dedicated to providing customer support and making trading easy and straightforward. KuCoin’s trading fee is straightforward with 0.1 percent maker and taker fees. Depositing into KuCoin is free of charge, but withdrawing comes with a standard fee depending on the U.S. dollar value of the asset being withdrawn.
Things To Remember About Converting Bitcoin To Cash
Before you convert all of your BTC to a bank account, keepin mind the following pitfalls associated with converting bitcoin to cash:
- Taxes.Death and taxes are inevitable, even for bitcoin investors. Although somejurisdictions have yet to clarify their stance on bitcoin and taxes, most taxauthorities say that you have to pay taxes on profits that you may make whenselling bitcoin for cash. And lest you think you can simply ignore those rules,keep in mind that some bitcoin exchanges will report your profits to the taxman when you cash out.
- Fees.Most of the BTC-to-bank-account methods described above entail exchange fees.
When youre ready to convert bitcoin to cash, consider such things as the cost and ease of the cash out method, where you want it deposited the type of currency you need to convert your bitcoin to, and how long you want to wait to receive your cash. Whatever your needs, theres a method that can fit and the options continue to grow as bitcoin becomes more common and accepted throughout the world.
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Cash Out Your Bitcoins Offline
If you feel that the transaction fee charged by most exchanges is too high, one of the alternatives of how to turn Bitcoin into cash is selling directly to clients. One of these methods is using financial services that allow the seller and buyer to interact on a peer2peer basis.
The services are designed to help automate the detect geolocation and outline actual offers in your area. One of the services using this model is LocalBitcoins.
LocalBitcoins.com is probably the simplest answer to the question How do you turn Bitcoin into cash? The method requires the Bitcoin holder to register for an account with LocalBitcoins.com website to receive a secure offline Bitcoin wallet.The second step is sending the Bitcoin you intend to sell to the wallet you have just created. Then, you select the amount you want to sell Bitcoin for and select the preferred method of payment. To complete the process faster, you can even opt for the QUICK SELL option. See the caption below of the interface snippet from LocalBitcoins.com.
For a step-by-step guide in video format on how to sell Bitcoins for cash, follow the link below:
It is also possible to find buyers on cryptocurrency forums such as Reddit and BitcoinTalk and agree on the terms of payments. However, such methods are highly risky and should only be used with great caution because they lack advanced operational guarantees such as those available on other platforms such as Kraken. ;
Why Transfer Bitcoin To Your Bank Account
The idea that bitcoin will eventually replace fiatcurrencies* is the reason so many people are investing in it now. In theory,you will one day be able to use bitcoin for any type of purchase when itreplaces fiat currencies, like U.S. dollars, which will no longer be necessary.
For now, however, there are still relatively few businessesor individuals that accept payment in bitcoin. That is one reason you may wantto convert your bitcoin to cashto use the value of your bitcoin to buy actualthings. Another reason is when the market is in decline. If you think the priceof bitcoin is going to keep sinking and you want to protect yourself fromlosses, it makes sense to convert bitcoin to cash while you wait for thebitcoin price to recover.
*Fiat money is anothername for government-issued currency which meansit is not backed by a physical commodity such as gold or silver.
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Bitcoins Cannot Be Stolen
Purchasing Bitcoins is just as good as patenting them with your name. Therefore, these cryptocurrent coins cannot be coveted from you by anyone unless you give them direct access to your computer or more to the point to your Bitcoin account. Nevertheless, these digital coins are framed in ironclad safety.
The Use Case Of Bitcoin As A Payment Instrument
If you need to transfer funds abroad quickly, instead of looking for a bank with lower fees you can use Bitcoin or other cryptocurrencies. Because the distributed ledger offers you some advantages that traditional financial institutions donât have:
- Even if you send a large amount of funds, you donât need to provide tons of documents. All you need is a crypto wallet with the needed number of coins on balance and the address of the recipient wallet;
- On average, BTC transactions need a few minutes to be completed. So if you want to send money to another part of the world, you donât need to wait days or weeks as if you were sending funds through the bank system;
- Crypto transactions are cheap. Most of the blockchains charge less than a dollar to process the digital money transfer. For instance, CEX.IO users should pay only 0.0005 BTC to withdraw coins to another wallet.
These points are just a few reasons why people prefer virtual currencies against traditional fiat funds. The list can be extended with numerous other benefits. Mainly, crypto transactions are highly secured with hashing algorithms, simple in use, and are not regulated by a single entity .
In our modern life, this new technology finds a lot of use cases outside the digital industry. Many online stores accept Bitcoin , Ether , Litecoin as payment methods. So you can buy Ethereum on the crypto exchange, for instance, and then use it to pay for goods and services.
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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.
Fastest Usd To Bitcoin Exchange
If you decide to buy crypto via Mastercard or Visa, the first thing you should do is to register on the best Euro or USD to Bitcoin converter site. Switchere.com has a very easy and instant procedure of registration and verification. Onboarding takes up to 15 minutes. The next question is safety. Nobody wants to lose his or her money because the service is not enough secured. Its impossible when it comes to Switchere.com. The website is absolutely secure. You can purchase or exchange currency without fear of being scammed.
Confidentiality is of prime importance. On the website, you can convert USD to BTC anonymously. The service does not store the information about your ID or payment card. Moreover, its impossible to launder money with the help of USD to BTC converter. Every dollar you get is right. Crystal Blockchain Analytics is our partner that guarantees the safety of transactions. Simple online crypto converter, easiest ID verification and the most pleasant welcome bonus for newcomers.
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Signing Up And Uploading Your Bitcoin
Faq: Buying Bitcoins With A Card
What do I need to buy Bitcoin ?
If youâre a CEX.IO customer, you just need a debit card or credit card. With our Instant Buy service purchasing cryptocurrencies made super easy. You just open the page, choose the amount you want to buy, and enter your card credentials. The crypto you bought will appear on your account immediately. So, if you still donât have an account on CEX.IO, you can easily register here.
How can I check the actual price of BTC?
When youâre using the Instant Buy option, you can see how much to pay for the exact amount of crypto according to the current market price. So, you donât need to check the crypto prices every time you make a purchase.
Can I use a bank transfer to purchase crypto?
Yes, you can top up your CEX.IO balance with fiat funds using SWIFT, ACH, Faster Payments, and SEPA wire transfers. Just make sure this option is available in your country.
Where to store my Bitcoins?
You can keep it on your CEX.IO account for free. Later, you can exchange BTC to USD and withdraw funds to your card. We use the enhanced security measures to protect your funds and keep them on cold wallets, away from possible online hacks. However, it doesnât mean that you can not withdraw your digital funds when you need them. To cover the customersâ transactions, CEX.IO keeps the companyâs funds on hot wallets. More you can learn in this blog.
Can I withdraw money back to my card?
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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.
Use Trading Platforms To Turn Btc Into Cash
Rather than trading directly with another person, some people opt to convert Bitcoins into cash by using trading platforms that combine crypto and forex trading exchanges. These platforms require users to start by registering accounts and verifying them using government-recognized info such as a phone number and date of birth.
Then, the Bitcoin holder has to deposit the coins on the exchange account, place a sell order stating the preferred currency of payment and price. When a matching buy order is placed, the transaction is completed.
Notably, these exchanges are centralized and are considered an easy target for attackers. If you pick any big loss in the crypto industry, the chances are that it happened in the exchanges. One of the latest attacks on the crypto exchanges happened at YouBit in December 2017 and resulted in the platform filing for bankruptcy.
One of the top exchanges that allow users to cash their Bitcoins for cash is Kraken. This is one of the leading exchanges, which was started in 2011, that has won the tag of the gateway to the cryptocurrency industry for supporting crypto to fiat transactions and vice versa.
To use Kraken, digital coin holders are required to start by registering accounts and confirming them with additional information like proof of location, phone number, and date of birth.
For a video on how to turn Bitcoin into USD using Kraken, please follow the link below.
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Withdraw Cash From Bitcoin Atm Near You
There is a growing number of Bitcoin ATMs, which are Internet-connected machines that allow people to exchange Bitcoins for cash, and vice versa. Bitcoin ATMs can be typically found in high-traffic areas, such as shopping malls or train stations.
The Bitcoin ATM Map app from CoinATMRadar allows you to find all Bitcoin ATMs near you quickly. It even lists all the cryptocurrencies each ATM supports as well as its address, fees, limits, and sometimes even pictures and other useful information.
Just keep in mind that Bitcoin ATMs usually charge very high transaction fees. Its not unheard of to pay more than $50 in fees alone for a single transaction performed using a Bitcoin ATM.
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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