Monday, May 16, 2022

How Do You Turn Bitcoin Into Money

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In Closing Is Bitcoin The Future Of Money

How to Turn Bitcoin Into Cash (taught in under 1 minute)

As you can see, there are plenty of strategies for making money with Bitcoin. Which methods you decide to use is up to you, but you can be sure that youll start earning Bitcoin soon after starting your journey.

However, regardless of whether Bitcoin survives the next decade or not, its changed the financial system forever. Governments are now talking about implementing state-sponsored cryptocurrencies for payments. Private institutions are working on improvements to the blockchain, and new ideas for digital currencies.

Bitcoin has already changed the future of money. However, it remains unclear if it will be here in the future. Whether we see Bitcoin succeed in global adoption in the coming decade, or we see it slide away into obscurity, there is still value in it in todays market.

Use these strategies to make yourself a cryptocurrency portfolio and earn some money from Bitcoin.

How To Move Bitcoin To A Bank Account

Moving bitcoin to a bank account is the same kind of process as converting currencies at the airport when you arrive in a new county. You are essentially selling your bitcoin and buying the equal value in dollars .

The exchange rate for this currency exchange is not determined by the economic actions of a government or a countrys central bank. Instead, the bitcoin exchange rate is determined by demand. How many people want to buy bitcoin right now and what they are willing to offer will determine how much money you will get for your bitcoin.

Moving bitcoin to a bank account is like exchanging currency. But because bitcoin is devoid of government control, the exchange process occurs privately. It is not mediated by world economic structures.

How To Sell From The Bitcoincom Wallet App For Android And Ios

1 Tap the Discover tab .

2 Scroll down to Services then slide the bar to find Crypto2Cash.

3 Sign up to this 3rd party provider. You will be asked to provide your banking details and ID.

4 After signing up, you’ll be able to type in how much Bitcoin or Bitcoin Cash you would like to sell

5 Send the BTC or BCH to the address provided by Crypto2Cash. After about six confirmations , the order will be complete and youll receive an email from Crypto2Cash.

6 The funds will then be sent to the bank account you provided.

Please be aware bank transfers can take several hours to several days depending on your bank and currency requested.

If you have issues with their service, their support is available Monday-Friday 9 a.m. to 6 p.m. CET at +31 85 225 05 10

or email them at

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How & Where To Exchange Bitcoin For Real Cash Money Like Us Dollars Pound Sterling Euro Etc

#1. Convert Bitcoin Into Cash Through A Fiat Supporting Exchange

It is highly likely that if you dont have Bitcoin ATMs near you, you will be having fiat accepting Bitcoin exchanges in your country.

Using these exchanges, you can easily convert your bitcoins into cash like USD, EUR, or GBP. Of course, for this, you will be required to find such an exchange that deals in fiat and cryptocurrencies both.

You will also need to complete your KYC on such exchanges before you can exchange BTC to cash because fiat currency laws in most countries want exchanges to adhere to this policy.

Of course, I understand that I have not listed all the countries here but in reality, not all countries have such fiat linked cryptocurrency exchanges.

So for residents of those countries, I will be listing another method through which they can meet Bitcoin buyers/sellers in their country to cash out their bitcoins.

#2. Meet & Trade In-Person To Get Cash Through LocalBitcoins

For those BTC holders who have neither crypto exchanges nor Bitcoin ATMs in their country can exchange BTC for cash through LocalBitcoins.

LocalBitcoins is a peer to peer Bitcoin exchange service based out of Finland. LocalBitcoins is an escrowed service that has garnered quite a bit reputation since 2012 as the most liquid P2P Bitcoin exchange.

On LocalBitcoins you will a no-ground network of Bitcoin buyers and sellers in 16537 cities and 248 countries including your country too.

It gets better:

Through An Exchange Or Broker

Now you can convert Bitcoin into cash( బిà°à±?âà°à°¾à°¯à°¿à°¨à±?âని ...

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.

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Do I Think I Could Make More Money

As more people experiment with cryptocurrency, more businesses accept Bitcoin, driving the demand. Even though its trading history has been volatile, Bitcoin value will likely continue to appreciate over the next decade.

One bitcoin might be worth about $397,000 by 2030, according to a Crypto Research Report. Another estimate from Lightspeed Venture Partners places it at $500,000 per coin that year. Either way, thats a lot more money than its worth at this writing.

Why Transfer Bitcoin To Your Bank Account

The ultimate idea is that bitcoin will replace traditional currencies. People are currently investing in bitcoin because they view it as a commodity that will grow in value over time. If you have bitcoin, you may want to hold on to it for that reason. But, since demand has increased recently, you may be able to make a profit if you sell your bitcoin now and transfer the equal value to your bank account.

In theory, you will one day be able to use bitcoin for any type of sale. For now, there are still few businesses or individuals that accept payment in bitcoin. That is one reason you may want to convert your bitcoin to cash to use the value of your bitcoin to buy actual things.

Also Check: How To Convert Bitcoin To Dollar

S Of Withdrawing Your Money

Once youve sold your bitcoin and have some fiat currency in your digital wallet, you might want to withdraw those funds. There are three main options for withdrawing funds from online wallets. However, be aware that the trading platform will have a different withdrawal fee depending on which you choose, so be sure to look at that before deciding on a method.

You might also have to prove your identity with an ID card, drivers license or passport before withdrawing funds. This is a step that most exchanges have to take to follow anti-money laundering laws. It shouldnt take long, but you wont be able to move your money without it.

Things To Consider When Cashing Out Bitcoin

How to turn BITCOIN into CASH! THE EASY WAY!

There are a few things that you should consider while checking out the mode of converting Bitcoin into cash:

  • Analyze the transaction fee of different modes so that you can select the one which offers more in less price
  • The next important thing to check is the steps required in every process. Choosing a method with lengthy steps can be monotonous and complicated as well sometimes.
  • See the amount you want to withdraw as if the amount is less than your criteria you might change your mind.
  • Ask yourself if you wish to deposit the money in the bank account or your PayPal account.
  • Check the period as to how much time it will take to credit in your account.
  • Last but not least, always study the local rules and guidelines before opting for any method

These were the few things that you should look at before choosing any payment method. Also, there are a few questions that you should ask yourself before selecting a method.

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Sell Bitcoin On Oobit

An easy and secure way to sell Bitcoin for cash is through Oobit. Users have the option to either buy Bitcoin through the platform and sell it, or to transfer the BTC from an external wallet to their Oobit wallet and then withdraw the funds. The process is streamlined and simple, and takes roughly 3 confirmations.

All you need to do is locate the Sell option in the top menu and select the Bitcoin wallet.

You will then be asked to enter the amount you are looking to sell , verify your email, and select whether you would like funds deposited into your Euro or GBP bank account. Follow the prompts and enter the details required, you will then receive an email notification once the transaction is complete. This should take anywhere from a few minutes to a few hours depending on the network and the bank involved.

Bitcoin Buying / Selling Platforms

There are platforms in which you can buy and sell bitcoin, the biggest drawback of these platforms are the commissions and the price difference with the market, since because they have to obtain a benefit from each transaction, these platforms usually buys more expensive and is sold cheaper than at the market price.

As a point in favor, it can be said that they provide security, since these platforms have been offering these services for years.

Coinbase

Coinbase is one of the best known platformsboth for buying and selling bitcoin, to exchange bitcoins for euros on this platform the following steps should be done:

  • Have Bitcoin in the wallet
  • Sell Bitcoins to Fiat money.
  • Make a withdrawal of the fiduciary money to a bank account by a transfer.

Bit2me

In Bit2me it is possible to buy and sell bitcoin, regarding the sale it can be made through SEPA bank transfer , SWIFT bank transfer or from HalCash.

Cex.io

Cex.io has been offering services related to bitcoin since 2013, this platform also allows the purchase and sale of bitcoins, the withdrawal of cash can be made through Visa, MasterCard or Cryptocapital

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How To Withdraw Bitcoin To Your Bank Account

Bitcoin is one of the best-known cryptocurrencies and one that many people have decided to buy and hold like an investment.

People who own bitcoin often find themselves wondering how they can turn that bitcoin into cash and withdraw it to their bank account. The answer varies depending on where you hold your bitcoin.

How To Cash Out Bitcoin

How To Turn Your Hobbies Into Bitcoin

When it comes to cashing out your bitcoins, youll need to consider how you want to receive your fiat money.

You can either use third-party exchanges and deposit your money into a bank account or sell bitcoins in person for physical cash.

Interestingly, if youre looking to spend your Bitcoin, cashing out is one of the many options. One of them is to use an exchange like Paybis and sell your bitcoin for cash via Skrill in EUR or USD.

You can convert your BTC to cash via Paybis in a multitude of ways:

  • SkrillEUR, USD
  • NetellerEUR, USD
  • Services like Lolli and Moon on the other hand allows you to directly shop online using your BTC, that way you do not even need to use an exchange to cash out your bitcoin.

    Even better, you can get maximum discounts as well as earn some bitcoins while you spend. Check out this article to help you spend Bitcoin smarter.

    Lets get back to the topic, if you prefer to have fiat money in your bank account or wallet, here are some of the best ways to sell your Bitcoin for fiat currency.

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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:

  • Sell bitcoin on a cryptocurrency exchange, such as Coinbase or Kraken. This is the easiest method if you want to sell bitcoin and withdraw the resulting cash directly to a bank account. To make sure brokers do not break money laundering laws, you will need to withdraw to the same bank account that you deposited with. Its simple, easy, and secure, but its not the fastest method. For the U.S., the average time for money to reach your account is about 4-6 days but it varies by country. Any associated fees also depend on the country that your bank is located in. Coinbase is the most popular broker exchange for buying and selling bitcoin. They process more bitcoin transactions than any other broker and have a massive customer base of 13 million. The steps:
  • Sign up and complete the verification process.
  • Deposit BTC into your account
  • Cash-out your BTC to fiat via bank transfer or PayPal
  • Bitcoin Debit Cards: Several websites allow you to sell bitcoin and receive a prepaid debit card in exchange, allowing you to use it like a regular debit card. Each card is powered by either VISA or Mastercard, which means that they work for both online and offline shopping at most businesses anywhere in the world. Aside from purchases, you can even use bitcoin debit cards to withdraw cash at ATMs where VISA or Mastercard are accepted.
  • A sample transaction would go something like this:

    How To Withdraw Bitcoin Easily

    These methods will provide you a clear answer on how to convert Bitcoin to cash. Here are all the significant methods for you:

    1. Third-party broker exchanges: Many people think that this can be the easiest and straightforward method as your involvement would be less in it, but again, the first question that would strike in their mind is how to cash out Bitcoin using a third-party broker exchange. The answer for it is as simple as the method itself.

    A third-party broker can also be referred to as an exchange. For example, a lot of cryptocurrency exchanges do not permit you to deposit funds using fiat money , but some exchanges do.

    Procedure

    First, you would deposit the Bitcoin into the exchange, and once they receive it after that, you can request a fiat currency withdrawal. One of the most prevalent methods of doing it is through a bank transfer.

    Ensure that you withdraw the money to the same bank account from which you deposited, as it assures that the brokers are not breaking the money laundering laws. In case if you have never deposited fiat money in the broker exchange, then you would have to make a minimum of one deposit first.

    If you choose this method to cash out your Bitcoin, then it might take around 1-5 working days to reach the amount in your bank account. So this method is not that complicated, plus your involvement is also less after you do the first transaction but let us check out the other methods before concluding.

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    A Brief History Of Bitcoin Bubbles

    The Great Bitcoin Bubble of 2017 made every other financial bubble before it, seem like a regular day on the NYSE. After reaching heights of nearly $20,000 a coin, the Bitcoin price slipped down to the $3,300-mark.

    However, the cryptocurrency steadily recovered toward the $11,000handle over the coming year, and as of the start of Q4, 2019, the Bitcoin price is $8,300, after a selloff from the $10,000-mark.

    The Bitcoin Bubble of 2017 caught everyone off-guard, even seasoned Bitcoin believers. The growth in the currencys value from the $4,000-handle to $20,000, took less than 9-months, and most economists have never witnessed anything like it in their lifetimes.

    As the price crossed the $10,000-handle for the first time, the world started to get Bitcoin fever. The growth to the $20,000-handle barely took 2-months, and people thought that Bitcoin could reach $1-million a coin.

    However, this mania was short-lived. The cryptocurrency crashed over the first three months of 2018, giving many investors a hard landing in the process. During the height of the mania, there were reports of people doing stupid things to acquire Bitcoin.

    Stories of people putting mortgages on their homes to buy Bitcoin were common, and the stories of scams involving mining companies and ICOs continued to grow. The ICO mania sparked by the rise in the Alt-coin sector also cost many investors their shirts.

    Convert Bitcoin Via Cryptocurrency Exchange

    How to turn bitcoin into cash

    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 or Paxful.

    Lets look at Localbitcoins as an example:

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    Turn Bitcoin Into Cash Using A Peer

    Here are a few simple steps for how to turn Bitcoin into cash using peer-to-peer exchange:

    • Decide which peer-to-peer exchange platform you want to use. LocalBitcoins is a popular option.
    • Sign up and choose the location of your ideal buyer.
    • Use the marketplace to find buyers, and send a trade request.
    • Most peer-to-peer platforms have an escrow option where your bitcoins are not released to the buyer until you have confirmed youve received payment.

    Peer-to-peer platforms also allow you to stay anonymous. You can use a VPN to secure your connection and choose payment methods such as web money or gift vouchers.

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