How to convert bitcoins to cash guide, Crypto exchange tips, Architecture, Coinbase, Kraken
How to Convert Bitcoins to Cash
10 Jul 2021
Do you know you can convert bitcoins to cash and then transfer the money to your bank account? Oh well, you can. Stay put, and we’ll show you how!
Selling bitcoins on crypto exchanges like Coinbase or Kraken is an intelligent move. This works very fast if you’re looking to sell bitcoins and then pull out cash straight to your bank account.
As a precaution, you need to withdraw funds to the same account as the one where you deposited them–brokers may flout money laundering rules if you don’t do so. It’s easy, secure, and simple, but not the quickest method.
A typical time frame for receiving funds in the United States is 4-6 days, but it varies according to the country. Fees associated may also be dependent on the current location of your bank. Among the top broker exchanges for buying and selling bitcoins, Coinbase is the most popular. It handles more bitcoin transactions than many other brokers and boasts a customer base of nearly thirteen million.
How to Convert Bitcoins to Cash ADvice
- ü Sign up and verify your account.
- ü Make a BTC deposit (or buy BTC)
- ü Cash out your Bitcoin via PayPal or bank transfer (some services require it).
Bitcoin ATMs: Unlike traditional ATMs that you can withdraw money from a bank account, bitcoin ATMs are physical centers where you can buy and sell bitcoinsfor fiat money.
There are currently over 4990 crypto ATMs in 76 countries, and using Coin ATM Radar, you can find a bitcoin or some other crypto ATM in your area. But keep in mind that most ATMs you’ll find out there are not the same (they’re different from one another), which might make this method only suitable for not-too-large transactions; most machines have limits for deposits and withdrawals.
The most significant disadvantage of bitcoin ATMs is their high transaction fees, ranging between 7 to11 percent.
Bitcoin Debit Cards: You may be able to sell bitcoins on several websites for a prepaid debit card, which you can easily use as regular debit cards. These cards can be used both online and offline since MasterCard or Visa powers them. And besides making purchases, you can use the cards to withdraw cash at ATMs that accept VISA or Mastercard.
Peer-to-peer transactions: The peer-to-peer method, which is faster and more anonymous, according to the the-newsspy.org, can be used to sell bitcoin and get cash. It’s up to you which method of payment buyers use when you sell bitcoins to other people. These may include:
- ü Payment in cash: You can request the buyer to pay directly into your bank account. Be sure to get a copy of your ID and proof of payment before releasing your Bitcoins.
- ü Bank transfer: If you’d like, the buyer can transfer the payment by bank transfer (or even by PayPal). Before proceeding, always request the buyer’s ID. As soon as you receive the money, you can send them the bitcoins.
A sample transaction would look just like this:
- George looks out for sellers around his country so he can buy one bitcoin. David offers a reasonable price for one bitcoin, and he also accepts bank transfer as a payment method.
- George sends David a request for one bitcoin, which David accepts.
- David puts the requested 1 BTC into the escrow. The escrow holds the BTC until George makes a transfer and David receives the money.
- George makes a transfer of the exact amount, and it lands into David’s account.
If David receives the payment, he lets out the Bitcoins from the escrow, and then they’re sent to George’s account.
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