Sunday, August 14, 2022

How To Sell Bitcoin For Cash

Paypal & Other Payment Services

How to Sell Bitcoin with Cash App

Sometimes, you might prefer to use a third-party payment service perhaps to keep the funds separate from your bank, keep your bank details off of the exchange or just to make use of a low flat fee. However, the services each exchange supports will vary, and youll still have to link your PayPal account, or an equivalent, before you begin.

Much like withdrawing to a bank account, first go into the withdraw section. However, this time, you need to select the payment service such as PayPal or Faster Payments instead of a bank account. Then just enter how much you want to take out, check that the additional charges arent too steep and confirm you want to withdraw.

How To Sell Bitcoin On Binance: Step

Whats the first word that comes to your mind when you hear Bitcoin? Chances are, its HODL. HODL is commonly used by cryptocurrency investors who refuse to sell their crypto, usually bitcoin, regardless of whether the price increases or decreases. Most of us aim to accumulate as many bitcoin as possible, but there are times when you need or want to sell your holdings.

The easiest, cheapest, and fastest way to sell your bitcoin and other supported assets into your local currency is Binance Buy & Sell. Once you sell your bitcoin, you can choose between local currencies EUR, GBP, USD, BRL, AUD, TRY, RUB, MXN, UAH, KES, KZT, and UGX, and save on fees with bank transfer, instantly withdraw with your credit or debit card or get cash with P2P. You can also choose between three platforms, each with the same low fees and advantages, but in a different package.

Binance.com is our intuitive web platform that provides all the features Binance offers in a traditional website interface.

Binance Desktopis a software available for desktop and laptop computers running Linux, macOS, or Windows.

Binance App is available on all mobile devices and tablets running iOS or Android, and you can . Switch between Pro and Lite, depending on your crypto experience and needs.

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.

  • Recommended Reading: Should I Invest In Hive Blockchain

    How To Sell Bitcoins Summary

    If you want to convert your Bitcoins back to normal money youll need to do the following:

  • Find an exchange
  • Send your Bitcoins to that exchange
  • Trade your Bitcoins for fiat
  • Withdraw the fiat to your account
  • If Coinmama doesnt work out for you here are some additional exchanges recommended for selling Bitcoin:

    Coinmama

    Selling Bitcoin On Cryptocurrency Exchanges

    How To Sell Bitcoin For Cash On Binance

    They are also relatively easy to use: you will need to place a sell offer, defining how much cryptocurrency you wish to sell and set your asking price per unit. The exchange then automatically processes the transaction once your offer is matched.

    If you have sold your BTC in exchange for fiat currency, you will be able to withdraw your funds to a linked bank account via bank transfer or to a Visa or Mastercard.

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    Buying Bitcoin With Cash In

    If you have trusted friends who own some bitcoin theyre willing to sell, youre all set.

    To make such trusted friends, consider attending Bitcoin conferences or meetings in your area. To locate these events, search Meetup or Facebook for local Bitcoin groups.

    Another thing to remember, unless you plan to meet near an ATM, is to make sure you bring the agreed-upon amount of cash.

    Also make sure to bring your phone or laptop with an installed Bitcoin wallet. If you only bring an address, you wont be able to verify receipt of your coins.

    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.

    Read Also: How To Learn Blockchain Coding

    Additional Methods For Selling Bitcoins

    In this post, I tried to focus on the main methods for selling Bitcoins. However, there are numerous other methods you can use to sell your Bitcoins.

    For example, Skrill, Netteller, Amazon gift cards and more. Most of these options can actually be found on LocalBitcoins .

    Another option would be to just exchange your Bitcoins for real life goods you want to buy such as a car, a house, a computer, etc.

    A Quick Guide On Selling Btc For Gbp On Binance

    How to SELL Bitcoin Cash Coinbase BCH
  • Create a Binance.com account.
  • Verify your identity since youll be withdrawing GBP.
  • Go to Deposit and select Bitcoin .
  • Copy your BTC deposit address and transfer funds from an external wallet.
  • After deposit confirmation, go to Binances Sell Crypto Page.
  • Enter the amount of BTC to sell .
  • Once completed, go to Withdraw and select GBP to cash out to your bank account.
  • After that quick guide, well now go over some exchanges that anyone can use to sell bitcoin in the UK.

    Recommended Reading: How To Invest In Cryptocurrency In India

    How To Sell Bitcoin And Other Crypto In Canada

    In our previous article, we covered how to buy bitcoin in Canada. While many people want to hold bitcoin and other cryptocurrencies for the long term, its never a bad idea to take profits. There could be a million reasons why you might want to sell bitcoin, but its not always obvious how to do it. Depending on how you bought bitcoin in the first place, there are several ways you can sell bitcoins in Canada. There are exchanges, peer-to-peer websites, and other ways you can sell. If youd like to know more, read on for our guide about how to sell cryptocurrency in Canada.

    What Are The Fees For Selling Bitcoin

    Fees for selling bitcoin depend on the payment method and platform/venue used. For example, if you’re selling directly to a friend and settling in cash, you’ll only need to consider the ‘network fee’ for sending the bitcoin from your digital wallet to your friend’s digital wallet.

    Read more: Learn about sending bitcoin, including information of network fees and more.

    If you’re receiving cash via bank transfer, you’ll of course need to factor in the associated fees.

    Exchange services also charge fees for facilitating trades. These fees cover the exchanges’ operating costs plus a small margin.

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    Should You Sell Your Bitcoin For Cash

    At the moment, Bitcoin stands as the most valuable cryptocurrency in the game. With just one coin being worth tens of thousands of dollars, it could be time to turn your Bitcoin back into fiat currency. So, check out some of the methods listed above if you’re looking to sell your Bitcoin for cash money.

    How Can I Sell Bitcoins For Cash

    How To Sell Bitcoin For Cash Uk

    If youve been holding bitcoin and are now wondering how to cash out bitcoin, follow this guide.

  • Log into your exchange thats holding bitcoin.
  • Select bitcoin as your asset of choice and click the Sell button.
  • Input the amount youd like to sell. Most exchanges allow you to type this is USD or in BTC.
  • Pick your type of sell order. There are generally the following:
  • Limit Order A limit order has you setting an exact amount to automatically sell your bitcoin. This can happen immediately if there is someone looking for bitcoin at that price. Otherwise, it will be held in the exchange until someone buys at the price.
  • A market order means youll be selling your bitcoin at the exact price its currently at. There is no waiting for a price to match. It simply sells at the market price.
  • There are a few other types of orders, but considering this guide is for beginners, well leave it at that.
  • Finish the order, and youre done!

    Thats pretty much it! Learning how to sell bitcoin is pretty easy. But you might have a few extra questions which well answer for you, of course.

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    Why Sell Bitcoin In London

    Despite the huge interest in Bitcoin in the UK, some people might want to sell the cryptocurrency. Below are a few reasons to sell Bitcoin in London.

    • When fiat currency is suddenly needed
    • When trying to take advantage of the price increase
    • If there is an unfavourable position to hold BTC
    • To convert BTC holdings to other cryptocurrencies

    Buying Bitcoin With Cash From A Bitcoin Atm

    Bitcoin ATMs accept cash and in return send you Bitcoins to your Bitcoin address. They are a convenient way to trade 24/7.

    Although BTMs have become more and more popular since their introduction some years ago, there are still many regions without one. The best way to locate a nearby BTM is to use the CoinATMRadar or CoinFlip if you are in the US. Use promo code 99BTC to get 10% off from your transaction fees at the CoinFip ATMs.

    When you click on a BTM on this site, you will see a display with its precise location, fees, limits, and ID requirements . The site will also provide contact details for the operator. You should notate these details, in case there are any issues.

    When you go to the BTM, remember to also take your Bitcoin wallet or address! Also, just like when using a regular ATM, be on the lookout for suspicious characters who are lying in wait.

    Also Check: Where To Report Bitcoin On Taxes

    Make A Cryptocurrency Account On A Selling Platform

    You can use a platform like Coinbase or Binance. With the account you created, search for a market on which to buy and sell bitcoin , Ethereum , Litecoin , etc. Using your money, buy the amount of crypto you want to sell and transfer it into a personal wallet. To find out how much bitcoin or other cryptocurrency is worth in US dollars, visitCoinMarketCap.com.

    Cash Out Bitcoin To Usd Factors

    How To Sell Your Bitcoin on Cash App

    In this section, we will see what are the factors to consider to cash out of Bitcoin and other cryptos to USD?

    #1) Transactional costs on peer-to-peer platforms

    Peer-to-peer platforms allow you to trade even hundreds and thousands worth of dollars in crypto. However, peer-to-peer platforms also have very low transactional limits. They also have very high transactional fees. This may eat a sizeable chunk when trading millions or a moderate amount of dollar value in Bitcoin.

    For instance, you may not trade beyond $1000 per day on most peer-to-peer exchanges. For trading outside of OTC, you can expect to trade and withdraw a limit of between $2000 and $3000 at the maximum end.

    #2) Restrictions on trading and withdrawal amounts

    Cashing out Bitcoin is best done via a third-party broker, over-the-counter trading, or on a third-party trading platform. You can also trade it peer-to-peer. Cashing out a massive amount of Bitcoin comes with limited restrictions on daily withdrawals. These limits are imposed on many third-party platforms and, of course, the possibility of scrutiny from regulators.

    For instance, the trading limits on LocalBitcoinsone of the most popular peer-to-peer platforms is just a maximum of Euros 200,000 per year for tier 2 KYC verified accounts. Tier 3 verified accounts may not have any limits imposed. Practical limits for daily trading exist when trading with the different payment methods supported.

    #3) Regulatory scrutiny

    #4) Taxes and tax amounts

    Recommended Reading: How To Buy Bitcoin With Debit Card Without Verification

    Can I Get Cash For My Bitcoin

    Yes, you can receive cash for your Bitcoin. However, the exchange rate varies depending on how much BTC you have to sell and when it’s being sold during any given time of day or week. But since many different platforms allow cryptocurrency-fiat exchanges right now, all you need to do is look around online so you can find one that works best for your needs!

    Factors To Consider When Selling

    The best way to sell Bitcoin is subjective and varies based on your circumstances. What works well for one person might not be a good fit for the next. Instead, it’s about working out which option is the right choice for you. You can do this by asking yourself a few important questions:

    • Do you want to sell Bitcoin for fiat or another cryptocurrency?
    • How quickly do you want to sell your Bitcoin?
    • Are you willing to accept a price well below the market rate or do you want to negotiate the best price possible?
    • If selling for fiat, how do you want to receive payment?

    These questions should help you decide how you want to sell your Bitcoin, and you can then figure out which platform has all the features you need. When comparing different cryptocurrency exchanges, make sure you consider the following:

    There are several other important factors, such as where an exchange is regulated and the payment methods accepted by peer-to-peer trading sites. For a full breakdown of the features to look out for, check out Finder’s cryptocurrency exchange guide and discover tips on how to choose the right platform.

    Recommended Reading: How Do You Cash Out Bitcoin On Cash App

    Sell Bitcoins In The United States

    If you live in the US, CoinBase is the easiest way to sell Bitcoin for cash. CoinBase 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 BitPanda in the past know that they charge hefty fees when buying and selling Bitcoin, but CoinBase charges a smaller fee.

    How To Sell Bitcoin: 5 Ways To Cash Out’ Your Btc Holdings

    How to Sell Your Bitcoin for Cash â USA TODAY Classifieds

    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.

    Read Also: When Is The Best Time To Buy Cryptocurrency

    Benefits Of Vending On A Coinflip Atm

    Some of the reasons why Coinflip remains to be the go-to ATM solution include:

    • Easy vending process. The Coinflip Bitcoin ATM enables users to sell Bitcoin in exchange for cash with a lot of ease. You dont need much, just a smartphone with a stable internet connection and some Bitcoin in your crypto-wallet, the rest is up to the ATM.
    • High level of security. Depending on the type of purchase, you could either be asked for a valid state ID, a photo taken with the terminals camera, your name, or phone number. You can therefore be sure of being the only person who has access to your money.
    • Their services are readily available 24/7 with ATMs supporting hundreds of transactions worth hundreds of dollars. The ATMs are conveniently placed in metropolitan districts all over the United States. Currently, they are over 600 Bitcoin terminal available near your city and state. Their customer support team is very effective and always available on their websites messaging app.
    • Affordable transactions. Not only do they charge very low miner fees but they also offer discounts and a customized fee structure to users who transact over $10,000 per month.

    Make Sure to Use Coupon Code: BTCUP17 for 5% OFF your fees at any Coinflip ATM. Hurry Coupon Expires on September 30th, 2020

    Sell Bitcoins In Canada

    Changelly is one of the most popular platforms for exchanging cryptocurrencies. To sell bitcoins in Canada, you will need to do it through them. Its straightforward and fast, so if this happens to be your first time selling bitcoin, you can use their service for safety purposes. You can also buy bitcoins with a credit or debit card on their website.

    Coinmama is another excellent online platform to sell bitcoins in Canada for cash. They are known worldwide because of the variety of cryptocurrencies that you can buy with your credit or debit card, such as BTC, BCH , DASH, ETH , etc.

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