Where to Sell Bitcoin for Cash
Because of the hard-capped quantity of 21 million bitcoins and growing user adoption, saving in bitcoin is the best strategy to boost your purchasing power. All you have to do is sit on your bitcoin; there’s no reason to risk it. Because bitcoin was the best-performing asset last decade and is expected to be the best-performing asset this decade, it would be foolish to invest one’s bitcoin in anything else.
People who want to exchange their Bitcoins for fiat currency (such as dollars, euros, or other currencies) can do it in a variety of ways, both online and offline. I’ll go over the various selling techniques accessible in the next post. How to Make a Bitcoin Sale Summary You’ll need to perform the following to convert your Bitcoins back to “regular” money: Look for a trade (e.g. Coinmama, CEX.io, Coinbase) You should send your Bitcoins to the exchange. Bitcoins can be exchanged for fiat currency. Withdraw the money from your account in fiat.
When you decide it’s time to convert those valuable Bitcoins to fiat currency, there are a few things to consider. First and foremost, how do you want to be compensated? Do you want money deposited into your PayPal account? Do you have a credit card? what is the name of your bank account? These factors will bring you to the second question: which exchange should you use? Various exchanges offer a variety of payment methods, fees, and exchange rates.
It’s critical to do extensive market research before deciding on the best exchange. Then there’s the matter of taxation. I won’t go into great depth about this one because it varies each country. I’ll just add that knowing how your country taxes bitcoin purchases is critical for determining whether or not to report the sale to authorities. Some countries lack clear restrictions, while others have extremely rigorous regulations. Make sure you speak with a CPA in your area. Now that we’ve covered the fundamentals, let’s look at the several ways you can sell Bitcoins.
Exchanges of third-party brokers
The majority of cryptocurrency exchanges do not enable you to deposit funds with fiat currency, but a few do.
A bank (wire) transfer is the most popular method of doing so.
You must withdraw to the same bank account that you deposited to ensure that brokers do not break money laundering rules.
If you elect to cash out your Bitcoin through a broker exchange (like as Coinbase), the money will typically arrive in your account in 1-5 days. Payments are made via SEPA for EU consumers (withdrawals paid in Euros). When selling Bitcoin for USD, however, brokers typically employ the SWIFT payment method.
And that’s how to cash out Bitcoin via a broker exchange – jump through to the next section for instructions.
Let’s look at how to sell Bitcoin for cash utilising a peer-to-peer platform if you’d prefer a more anonymous and time-saving method!
• It’s possible to manage it from a mobile device.
• Extremely safe
• Supports over 1500 different cryptocurrencies
• Exceptional security
• User interface on a touchscreen
• Simple to set up
If you don’t want to wait three days to cash out your Bitcoin, a peer-to-peer selling network like LocalBitcoins can be a good option.
When selling Bitcoins to others on LocalBitcoins, you have the option of choosing which payment method the buyers will use. These are some of them:
• Cash deposit: You can request that the buyer make a cash deposit into your bank account. Before releasing your Bitcoins to them, you should always ask for evidence of identification and proof of payment.
• Bank Transfer: You can request a bank transfer payment from the buyer. Before attempting this technique of cashing out Bitcoin, make sure you have evidence of identification from the buyer. You can give them the Bitcoins once you’ve received the money.
They process more Bitcoin transactions than any other broker and have a huge 13 million-strong customer base.
• Withdrawal Methods: You can sell Bitcoins for cash via Coinbase, which you can then deposit into your bank account. Only a bank account that you used to buy cryptocurrencies on Coinbase can be utilised to cash out your Bitcoin. So, if you haven’t already, I recommend starting with a little quantity of cryptocurrencies.
• Fees: Fees vary depending on where your bank is situated. A wire transfer, for example, costs $25 if you wish to sell Bitcoin for USD. If you live in the EU and have SEPA, this will only cost you $0.15!
• Withdrawal timeframes are also dependent on the country in which your bank is based. Withdrawals from the United States typically take 4-6 business days, whereas withdrawals from the European Union take 1-3 business days.
Another well-known exchange that accepts fiat money deposits and withdrawals is Kraken. It’s been around since 2011 and handles the majority of Bitcoin to Euro conversions. They do, however, accept other major currencies such as the USD, CAD, and JPY!
• Withdrawal Methods: You can withdraw your Bitcoin to a local bank account if you wish to transform it into cash with Kraken.
• Fees: At Kraken, withdrawal fees are quite minimal. A SEPA cash out, for example, costs only €0.09! It’s also only $5.00 to sell Bitcoin for US dollars at a local US bank!
• Cash-out times: Kraken withdrawals take 1-5 business days to reach your bank account.
If you’ve read this instruction from beginning to end, you should now be able to cash out your Bitcoin! We’ve shown you two methods: the broker exchange approach (Coinbase) and the peer-to-peer method. They each have their benefits and drawbacks.