How to cash out Bitcoin: Quick Guide
With Bitcoin being one of the most popular cryptocurrencies in circulation, it’s no surprise that mining for this currency is both difficult and volatile. But if you own bitcoins (and want to make money off your investment) there may be a need to convert them into real-world currencies like USD or EUR so they can buy things with their value!
How to turn Bitcoin into Cash?
The most common way to cash out Bitcoin is through a third-party exchange like Coinbase, Bitstamp, or Kraken. This process can be slightly different for each platform but the general idea is the same.
- First, you’ll need to create an account with one of these exchanges and verify your identity. This usually involves providing some personal information like your full name, date of birth, and address.
- Once you’ve been verified, you’ll be able to link your Bitcoin wallet to the account. The process for doing this varies from exchange to exchange but it’s generally pretty simple.
- Once your Bitcoin wallet is linked, you can now start buying and selling cryptocurrencies on the market! Most exchanges will allow you to cash out your Bitcoin for fiat currencies like USD or EUR.
- When you want to cash out, simply place an order on the exchange and wait for it to be filled. Once it’s been filled, the funds will be transferred to your linked bank account or PayPal account (depending on which withdrawal method you choose).
And that’s it! These are the general steps for how to turn Bitcoin into cash. The process may be slightly different depending on the exchange you use but overall it should be pretty straightforward.
Via P2P Platforms
If you want to avoid paying fees when cashing out Bitcoin, you can use a peer-to-peer platform like Binance P2P or Paxful. These platforms allow you to sell Bitcoin directly to another person without going through an exchange. However, it’s important to remember that these platforms are often used by scammers so it’s important to be careful when using them.
Another option for cashing out Bitcoin is to use a Bitcoin ATM. These machines allow you to insert cash and receive Bitcoin in return. However, not all areas have Bitcoin ATMs and they can often have high fees so they’re not always the best option.
Meet up in person
Finally, if you want to avoid paying fees and you’re not worried about security, you can always meet up with someone in person to sell your Bitcoin. This is often done through local Bitcoin meetups or other crypto-related events.
Remember, there’s no one perfect way to cash out of Bitcoin. It all depends on your personal preferences and needs. Choose the method that’s best for you and be sure to research it thoroughly before getting started!