Wednesday, August 10, 2022

How To Get Bitcoin Back To Cash

Have I Achieved My Investment Goals

Bitcoin Code – How To Get Your Money Back

If you purchased Bitcoin for less than pennies on the dollar years ago, youve more than recovered your initial investment. What was your goal when buying Bitcoin? If youve wanted to earn enough for a down payment on a home or to pay off your mortgage, student loans, or high-interest credit card debt, you might well have hit that mark by now as good a time as any to sell.

Recover Your Wallet The Right Way

If youre smart enough to store your bitcoin in a noncustodial wallet, youre smart enough to make a backup. Whether youre using a desktop, mobile, or hardware wallet, the process is much the same: look out the seed phrase youve stashed in a safe place for this very scenario and enter it into your replacement wallet. All going to plan, youll see your balance restored and your coins reappear in your wallet within seconds of importing your seed.

There are a few exceptions to this rule, however, as not all wallets rely on a seed phrase to restore access. Hashwallet generates a unique recovery key and recovery seed during setup of the smartcard device. When combined, these components can be used to regain access to the funds stored on the wallet, and must be stored separately for security reasons. Once the recovery key and recovery seed have been securely stored, they are permanently deleted from the smartcard.

In the event of wallet loss, the user can retrieve and combine these security elements, whereupon their new Hashwallet will generate the keys required to access the funds. Zengo is another wallet that deploys a keyless design. For the remainder of this guide, though, well focus on conventional noncustodial wallets that utilize a seed phrase.

How To Cash Out Your Crypto Or Bitcoin

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So, you have some bitcoin or cryptocurrency in your wallet and youre ready to sell off your digital assets for cash.

Thankfully, there are several secure ways to turn your crypto into cash if you need regular fiat fast.

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Selling Bitcoin Through P2p Trading

Using a peer-to-peer marketplace is a little harder than other methods, but it gets around the transaction fees and limitations of going through an exchange. However, if youre willing to take on the challenge, this is how you make a P2P trade.

Note that well use Binance for its ease of use, but many people prefer to use a dedicated peer-to-peer platform for the extra privacy and wider array of payment types.

  • Go to the P2P Trading Page

    On the homepage, click buy crypto and then P2P trading.

  • Choose to Sell and Set Your Currencies

    Select sell, then choose your crypto and fiat currencies that you want to trade in. You can also set specifications like the amount or payment method.

  • Find a Buyer

    Scroll down until you find a buyer with a price, payment limit and payment method that suits you.

  • Choose How Much You Want to Sell

    When you click sell BTC on the buyers listing, youll be able to choose how much bitcoin you want to sell and how you want to get paid.

  • Send the Offer

    By clicking sell BTC again, you will send the offer to sell your bitcoin to the buyer. Remember that depending on the platform, you may not be able to withdraw this offer.

  • Confirm the Release

    Once the buyer has paid you and the money is in your bank account, click confirm release to hand over the bitcoin.

  • Am I Concerned Or Excited About The Scarcity Of Bitcoin

    Bitcoin falls to $47,000 as market correction till end of March seems ...

    The dance of supply and demand drives pricing for any investment. The total amount of bitcoins that can ever exist is 21 million.

    You might not want to sell your bitcoins just yet because youre concerned about the possibility of not being able to repurchase it. Then again, perhaps youre like many HODLers who get a thrill out of its decentralized digital scarcity.

    Its like having the key to an exclusive club, such as Club 33 at the Walt Disney World parks that has a waiting list of more than a decade to enter and costs thousands a year in membership fees.

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    How Much Are Bitcoin Atm Fees

    All crypto ATMs charge a fee for their use, but the amount varies from machine to machine. The fee is a percentage of the transaction made which is added to the price of the purchase or taken out of the amount sold when cashing out. Hermes Bitcoin ATM in Los Angeles offers the lowest fees in the city. The average Bitcoin ATM buy fee in the U.S. is around 8%. The average selling fee is around 5%. Bitcoin ATM fees range from as little as 7% to as much as 26% .

    Are My Assets Giving Me Anxiety

    Just a nutshell of Bitcoins trading history feels like a rollercoaster. If youre tired of this wild ride and not knowing what your assets are worth from day to day, it might be time to get off. Cash out your bitcoins so you can enjoy the proceeds or roll them over into another market where youre not losing as much sleep at night.

    Also Check: Can You Trade Fractions Of Bitcoins

    Withdraw Cash From The 2

    When you are at the 2-way kiosk, log in to your account on the Bitcoin ATM, and select the Withdraw Cash option. If the Bitcoin ATM you are using does not have this option available on the screen, it most likely does not have crypto selling capabilities. Make sure the location you are using has the ability to sell Bitcoin. Enter the amount of cash you wish to withdraw and send Bitcoin to the wallet address QR code indicated.

    How To Convert Your Crypto Into Cash

    How to Earn Bitcoin Back Rewards with Cash App Card

    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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    How Do I Cash Out My Funds

    In order to cash out your funds, you first need to sell your cryptocurrency for cash. Then you can either transfer your funds to your bank or buy more crypto. Note that there is no limit on the amount of crypto you can sell for cash.

    1. Sell cryptocurrency for cash

  • Click Buy / Sell on a web browser or tap on the Coinbase mobile app.
  • Select Sell.
  • Select the crypto you want to sell and enter the amount.
  • Select Preview sell> Sell now to complete this action.
  • Once the action is complete, your cash will be available in your local currency wallet . Note that you can immediately cash out your funds by tapping Withdraw funds in the Coinbase mobile app or Cash out funds from a web browser.

    2. Cash out your funds

    From a web browser:

  • From a web browser select your cash balance under Assets.

  • On the Cash out tab, enter the amount you want to cash out and then click Continue.

  • Choose your cash out destination and then click Continue.

  • Click Cash out now to complete your transfer.

  • From the Coinbase mobile app:

  • Tap > Cash out

  • Enter the amount you want to cash out and choose your transfer destination, then tap Preview cash out.

  • Tap Cash out now to complete this action.

  • When cashing out a sell from your cash balance to your bank account, a short holding period will be placed before you can cash out the funds from the sell. Despite the hold period, you are still able to sell an unlimited amount of your crypto at the market price you desire.

    You Can Now Recover Bitcoin Cash Funds From Your Bitpay Or Copay Wallet

    Need to access your Bitcoin Cash? We’ve just released an improvement to our wallet recovery tools to allow BitPay and Copay wallet users to withdraw funds to wallets that support BCH.

    The Bitcoin network recently experienced a hard fork which created a new kind of digital currency token: Bitcoin Cash . Because this currency developed from a split in the main Bitcoin blockchain, users holding BTC in software wallets at the time of the fork would have gained an equal amount of BCH corresponding to the same private keys.

    BitPay does not support Bitcoin Cash payments, and we have no plans to upgrade our software to support the Bitcoin Cash fork. However, we do want our wallet users to have the option to retrieve their Bitcoin Cash if they wish to do so.

    If you had bitcoin in the BitPay or Copay wallets before the August 1st hard fork and you have not claimed them using another wallet, you can now access your Bitcoin Cash tokens . We’re going to show you how to use our BitPay and Copay recovery tool to do this.

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    Where Else Can I Buy Or Sell Crypto For Fiat Money

    If Coinbase is not available in your area or is unavailable to you, you may want to try some of the following options of other centralised exchanges:

      That allows you to sell Bitcoin in different forms whether that be in person or not, and with different forms of payments such as gift cards, cash, or bank deposits. Another option, available in some areas around the world, is Bitcoin ATMs. Bitcoin ATMs allow you to sell Bitcoin in person. Each ATM works slightly differently. To check if there is a Bitcoin ATM in your area, please visit:

      Whats The Best Way Of Cashing Out Bitcoin

      How to turn Bitcoin into cash (fiat)

      Here are some of the best ways of cashing out Bitcoin:

      • Using a Cryptocurrency Exchange: A crypto exchange is just another name for a third-party broker. Some cryptocurrency exchanges like Coinbase and Binance allows you to deposit funds using fiat currency
      • Peer-to-Peer Exchange: P2P crypto trading sites like LocalCrypto and LocalBitcoins allows people from different countries to buy and sell Bitcoin using their local fiat currency
      • Bitcoin debit cards: Many websites allow you to cash out your Bitcoin through a prepaid debit card. You can use this Bitcoin debit card powered by Mastercard or Visa
      • Bitcoin ATMs: Bitcoin ATMs allow you to scan QR codes and then sell your Bitcoin for cash. These ATMs are located across the world

      Also Check: How To Set Up Bitcoin Wallet

      Buying Bitcoins At Peer

      Peer-to-peer Bitcoin exchanges are a great way to get bitcoins with cash. A P2P trade usually works something like this:

    • A buyer and seller use a site like LocalBitcoins and agree on a price.
    • The sellerĂ¢s bitcoins are held by the site and only released to the buyer upon confirmation of payment.
    • The buyer deposits cash into the sellerĂ¢s bank account.
    • The seller confirms payment. Usually, the buyer sends the seller a receipt to prove that cash was deposited into the seller’s account.
    • The site releases the bitcoins to the buyer.
    • The seller got cash, and the buyer got bitcoins. The trade is complete!
    • The above was just an example!

      Through sites like LocalBitcoins you are free to agree on other payment methods besides cash deposit.

      For example:

      You could arrange to meet in person and exchange cash for Bitcoin.

      Yes, using LocalBitcoins you can even exchange that Starbucks gift card from Christmas a few years ago for bitcoins )

      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

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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.

      Sending And Receiving Bitcoin

      How To Convert Your Bitcoin To Cash FAST Using Coinbase and PayPal

      You can instantly send bitcoin to any $Cashtag for free, right from Cash App.

      To start sending or receiving Bitcoin:

    • Toggle from USD to BTC by tapping BTC or USD on your Cash App home screen.
    • Enter at least $1 and tap Pay from your home screen
    • Type your recipients unique $Cashtag, current phone number, or email address
    • Tap Pay
    • You can also send bitcoin from the Bitcoin tab. To do so:

    • Tap the Bitcoin tab on your Cash App home screen
    • Tap the Airplane button
    • Choose send Bitcoin
    • Enter the amount and the recipients $Cashtag
    • You can also send bitcoin to individuals who do not currently have a Cash App account by entering their phone number or email address. They will be prompted to create an account to accept the payment. If they do not create and verify their account within 14 days, the payment will be returned to you.

      The minimum amount per transaction to a $Cashtag is 0.00001 BTC or 1,000 sats .

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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:

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