Friday, July 1, 2022

How To Turn Cryptocurrency Into Cash

How To Withdraw Bitcoin To Your Bank Account

Mike Olthoff – How to turn cryptocurrency into REAL CASH! Pt 1

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.

Determine Why You Want To Receive Profits From Bitcoin

As a virtual asset, Bitcoin isnt money in the traditional sense. You could cash out your bitcoin, so to speak, by shopping online through a service such as Moon or Lolli, which accepts Bitcoin as currency. Thats a lot like spending a massive gift card at your favorite retailer.

However, if you want to get cash in handor your bank accountyoull need to convert your bitcoins into fiat currencies, or government-issued currency, such as the U.S. dollar.

Unlike cash based on commodities, fiat money is backed entirely by the complete faith and trust in the authorities that issued it. In some nations, such as the United States, fiat currency also is the legal tender. .

Before I outline how to do that, though, think about why you want to sell and cash out your bitcoins. Depending on your needs, one method might be more convenient than anotherand save you on taxes and fees.

Lets examine how to sell and cash out Bitcoin through each of these methods.

Why You Should Sell And Cash Out Bitcoin

Are you still weighing the pros and cons of each of these conversion methods? Maybe its time to consider why you should sell your bitcoins in the first place.

The saying buy low, sell high holds true for Bitcoin as it does for any other investment. But Bitcoin has had such ups and downs since it first appeared that its tough to determine when youll get the most for your money.

Consider this: in December 2013, BTC was trading at about $1,156and then fell to about $760. Even though the COVID-19 pandemic shut down much of the economy, cryptocurrency rebounded, with Bitcoin reaching just under $24,000 in December 2020 and just over $41,000 in January 2021. That same month, it fell to just over $30,000quite a drop, but an astronomical increase compared to 2010 when it was worth just $0.0008.

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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:

    If You Find Yourself In Need Of Ready Cash In A Hurry There Are Plenty Of Ways To Quickly Convert Your Bitcoin Into Fiat Currency

    How To Turn Cryptocurrency Into Cash

    There are many options for converting Bitcoin into fiat currency

    In brief

    • There are many ways to quickly convert Bitcoin into fiat currency.
    • Each method has advantages and disadvantages, including speed, privacy and fees.
    • Whichever option you choose, it’s important to research it thoroughly in order to avoid surprises.

    So youve got a stash of Bitcoin you scrimped and saved, hodled through the highs and bought the dips. But how do you turn your Bitcoin into fiat currency quickly?

    There are lots of reasons why you might want to exchange your Bitcoin for fiat currency for example, as an investment decision to profit from favorable marketplace conditions like a bull run on the price of Bitcoin. Or you might want to enjoy more flexibility when using your cryptocurrency to pay for things.

    How soon you need fiat currency could also influence your choice, too. You might need ready cash to respond to an emergency situation, in which case speed is of the essence when youre looking to liquidate your digital assets.

    Fortunately, there are a number of different methods available to you. But what are the differences between them, and whats the best situation in which to use each method? Weve rounded up the options for converting Bitcoin into fiat currency, and explored the benefits and pitfalls of each.

    Also Check: Where To Buy Hive Crypto

    Can Cryptocurrency Be Exchanged For Cash

    If you want to cash out crypto using the app, its easy to do so: just go into your crypto account and hit Exchange to convert your balance into the fiat currency of your choice. You can convert up to $50,000 per day and spend the money using your Wirex card alternatively, you can withdraw from an ATM.

    Where To Find Draco

    First of all, you need to have either the mobile app or the direct mir4 desktop game itself because steam removed the DRACO feature so you can only do it there.

    Once you installed either one of the two, you need to open the game menu, go to Market, and press DRACO.

    After opening DRACO from the market you will find the place where you can smelt your Darksteel to DRACO. Be sure to have enough Darksteel before trying to smelt in order to get a DRACO, you can find out its current rate on the same page.

    Also Check: Should I Invest In Tron Crypto

    Can I Withdraw Ethereum To Cash

    Absolutely! Otherwise, you wouldnt be reading this post. After youre done with this one, have a look at another popular article published in our blog about how long it takes to transfer Ethereum.

    So, what we really mean by saying withdrawing Ethereum to cash is converting Ether to fiat money. Its up to every crypto investor to decide whether to keep their digital assets long-term or cash them out at any convenient time. If you need to cash out your ETH, read on to learn more about the most common withdrawal method.

    How To Transfer Your Bitcoin To Your Bank Account

    How to Convert Your Cryptocurrency Back Into Cash in Your Bank Account

    One easy way to move your crypto assets into your bank account is to sell them to cryptocurrency exchanges such as Coinbase. To ensure that you dont violate money laundering laws, try to withdraw your funds to the same account that you made the deposit from.

    In the USA, it takes about 4-6 days for Coinbase users to move their funds into their wallets. The location of your bank may determine the fees that you have to pay to process your transaction.

    Coinbase is one of the most popular broker exchanges that allow people to buy and sell BTC easily. With a customer base of over 13 million users, Coinbase processes vast volumes of transactions each day.

    To use Coinbase, you will have to sign up and verify your account. Deposit or buy Bitcoin into your account, and cash out your Bitcoin to fiat through bank transfer.

    Also Check: How To Track Crypto Portfolio

    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

    Why Are More People Investing In Bitcoin

    The belief that digital currencies like Bitcoin will eventually replace fiat is one reason that has convinced many people to invest in BTC. When this idea becomes a reality, people will be able to use BTC to buy things just like fiat.

    Currently, only a few businesses and individuals accept Bitcoin payments. That is why crypto holders often want to convert their Bitcoins into cash so that they can buy goods more easily.

    When the BTC market is in decline, investors protect themselves from massive losses by withdrawing their Bitcoins for cash. Bitcoin ATMs have been gaining prominence in recent years, thanks to the transformation of the crypto sector. These are physical locations that allow people to buy and sell Bitcoin with fiat currencies. There are over 5,000 Bitcoin ATMs worldwide and the number keeps growing year-on-year.

    Read Also: What Is Crypto Backed By

    Different Ways To Cash Out

    Okay, so youre on board with the idea of cashing out your bitcoin to dollars. Thats great, but you should not dive headfirst into it quite yet. First things first, there are some things that you need to take into consideration. Here are a few questions you need to ask yourself:

    • Which method do you want: the easiest or the cheapest?
    • Do you want to deposit the money into your bank account or PayPal?
    • Exactly how long do you want to wait to receive your cash?
    • Which currency are you looking to convert your Bitcoin into?

    These are only a handful of the many questions that you will need to ask yourself before cashing out. Only after considering them can you finally begin turning your digital currency into cash. With that in mind, we can start going through the various methods on how to cash out bitcoin. Afterward, you can decide for yourself which is the best one for you.

    Convert Bitcoin Via Cryptocurrency Exchange

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    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.

    Read Also: How Does Blockchain Wallet Work

    Cryptocurrency Deposit To The Exchange: A Wallet

    Once you created an account on your preferred exchange website, you will have access to several wallet addresses. The wallets on the exchange are yours too, but they are going to allow you to convert your cryptocurrency into cash and then transfer it to your bank account. Now you just need to send your cryptocurrency from your current wallet to the wallet you own on the exchange website:

    • Depending on your wallet, find the way to send the cryptocurrency stored on it by pressing a send button. Given it is one of the core feature of your wallet, it should be easy to spot no matter the wallet used.
    • At this point, you will be required to enter a destination address. Great news! The destination address is the address of the wallet you own on the exchange website you opened an account on. Be careful to give the right address for the right asset. A Bitcoin address for a Bitcoin transaction, an Ethereum address for an Ethereum transaction etc.
    • Paste it in the destination address field of the wallet storing your cryptocurrency currently.
    • Triple check the destination address you copied and pasted in your wallet of origin is the same address displayed in your exchange account.
    • Press send. The transaction should not take more than a few seconds. It can take longer sometimes but you can check the status of your transaction by checking it on the blockchain itself with your transaction ID.

    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.

    Read Also: How Much Money Does Crypto Mining Make

    Turning Bitcoin To Usd

    For cryptocurrency newcomers, one of the most common things they want to understand is how to cash out Bitcoin or withdraw from Bitcoins to fiat currency .

    Regardless of the reasons, a time may come where you want to turn your Bitcoin into government-issued currency.

    So how exactly can you get fiat cash or dollars for your Bitcoin?

    Spend Bitcoin Using A Bitcoin Debit Card

    George Levy – How Can You Convert Your Cryptocurrency into Fiat Currency?

    Strictly speaking, Bitcoin debit card wont turn your bitcoins into hard cash. Id describe it as more of a way to allow you to use your bitcoins just like any regular debit card.

    You can load your BTC into these cards and theyll automatically convert your Bitcoin into fiat currency such as USD, EUR, GBP, AUD etc.

    Holding a Bitcoin debit card allows you to spend, buy and pay for anything or even withdraw cash at ATMs anywhere in the world as long as VISA/MASTER cards are accepted.

    Access to these borderless bitcoin-funded debit cards is crucial for anyone , allowing you to make purchases online and/or offline, anywhere in the world without the hassle of expensive fees.

    Some popular Bitcoin debit cards are Crypto.com, Wirex, Cryptopay. Each card comes with different features, fee structures and services. To help you make better decision, Ive written a Bitcoin debit card comparison post here.

    Recommended Reading: Should I Invest In Blockchain Technology

    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.

    Invest in Luckbox: Information for investors

    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.

    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.

    Read Also: What Crypto Currencies To Invest In

    Receive Crypto In Hot Wallets

    The term hot wallet refers to a cryptocurrency wallet that is connected to the internet in a way. The most common hot wallets refer to the wallets you own on cryptocurrency exchanges.

    However, software wallets, that are software installed on your computer, are connected to the internet too and can be considered as hot wallets as well.

    1. Your wallet on a cryptocurrency exchange

    If you buy a cryptocurrency for the first time, you may have to go through a cryptocurrency exchange. You will have to create an account and verify it through a KYC. All these platforms have advantages and drawbacks, others exist but these are the most reliable at the time of this article:

    All the websites above will allow you to buy cryptocurrencies with your VISA card or thanks to a bank transfer or other payment methods. These websites are the ones allowing you to convert Bitcoin to USD or to EUR as well, and to cashout the amount in USD or EUR to your bank account.

    If you gave your exchange wallet address to the person sending you money, you can directly jump to the convert crypto to cash paragraph at the end of this post. Note however, that you should not make an habit of using your exchange wallet systematically for transactions. Your exchange wallet is as safe as the exchange is and in a constantly changing environment like the crypto-world is, that implies direct legal, technical and security threats for your funds. Please do consider the following storing options too.

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