Bitcoin has become the new face of breakthrough investments. Whenever investors or general bitcoin holders urgently need cash, they simply convert bitcoin to cash at their highest value in the market.
For business people who invest in bitcoin, it acts as a digital liquidity asset that is quickly and easily convertible to cash.
To begin with, a decade ago, bitcoin was simply digital. One had very limited options to use bitcoin for what it’s worth?
But thanks to the quick growth of the cryptocurrency industry, now, bitcoin peer-to-peer transactions, bitcoin ATMs, and bitcoin to Cash convertible options have widened.
Are you thrilled to learn how to convert to cash in any possible currency like USD, Euro, or GBP?
Well! You will find out in this reading. Here are some of the best methods to convert bitcoin to cash.
Method N1: Transfer BTC to Bank Account
Since Bitcoin has adjusted itself in the general public’s monetary lifestyle, business people, investors, and whatnot — it has found its way to the bank accounts.
For example, when BTC first entered the market before 2010, it was only a prediction that bitcoin would soon replace the fiat currencies.
However, the procedure of replacement is still on-going. Bitcoin holders have found a way to use the BTC exchange rate to their benefit.
Transferring bitcoin to the bank account is one of the legal and easiest methods for converting bitcoin to cash. The reason is when you transfer bitcoin to the bank, it automatically converts to government-issued currency.
For example, if you transfer one bitcoin to a bank account in US Branch, your bank balance will increase by “1 BTC to USD” current value of the Bitcoin price.
Thus, here is a brief guide on how to transfer Bitcoin to a bank account.
Method N2: Via Cryptocurrency Exchange platforms
As the industry has almost fully developed, hundreds of third-party platforms have also taken place over the world wide web. These cryptocurrency exchange platforms deal using their unique or innovative BTC exchange strategies.
However, not all platforms are trustworthy. Investors mostly use Coinbase or Kraken to transfer bitcoin to cash online.
The procedure is quite straightforward. Cryptocurrency exchange sites will ask you whether you want to buy or sell bitcoin.
Now, if you sell bitcoin, you can choose to transfer the selling value to your bank account.
However, a few terms & conditions are necessary to keep in mind.
For example, you can only transfer bitcoin selling value to a bank account if you have purchased BTC using the same bank account earlier.
Apart from this, keep your eyes on third-party applications.
For example, there are some platforms that don’t take any responsibility for the real authentication of the buyers’ or sellers’.
Thus, the risk may fall on your shoulder.
Method N3: Bitcoin ATMs
For the most part, Bitcoin ATMs are widely trending among those who regularly deal in bitcoins. These ATMs deliver convenience as the usual ATMs do. You can utilize a Bitcoin ATM to buy or sell BTCs for Cash. Here’s how to use a bitcoin ATM:
- Locate a Bitcoin ATM on Google Maps, which supports the “sell bitcoin” feature.
- Visit the ATM. Tap on the “Sell BTC” option given on display.
- Now, use Scan code to link your BTC wallet to the ATM.
- Enter the number of bitcoins you desire to sell.
- Next, you’ll see your “receivable cash amount.”
- Choose to receive payment as “Cash.”
- Wait for the transaction to complete.
- Collect cash (as you do in general ATMs).
- Check Bitcoin wallet balance before you leave the ATM premises.
Here’s a fun fact: Bitcoin ATMs are now up and running in 76 countries. It is also crucial to mention that bitcoin ATMs charge a transactional fee which can be anywhere around 7 to 12%.
Method N4: Sell Bitcoin > PayPal > Bank Transfer > Cash Withdrawal
This one may seem a long method. Yes! It is also time-consuming. However, the risk of converting bitcoin to cash is quite negligible here.
When you sell bitcoin online, PayPal appears as one of the common payment methods. You can request the buyer to send you payment via PayPal.
Further, PayPal takes 2–3 working days for crediting the payment to the bank. At last, you can withdraw cash from an ATM or simply the bank.
The good part of this method is that PayPal (as an intermediate platform) does not charge any bank transfer fees. On the other hand, if you pine to receive a check, you may have to pay a small procedural charge.
Indeed, it is an easy method. Yet, precaution is better than cure.
Therefore, it is recommendable to ask buyers for ID proof or social security number. Recently, money laundering issues in the cryptocurrency industry have been discovered.
Method N5: Purchase Bitcoin Debit Cards
It is rather thrilling to view the growth rate of the cryptocurrency industry, especially bitcoin. From Bitcoin ATMs to prepaid Bitcoin Debit Cards, BTC is seemingly taking over the banking institutions.
On several bitcoin-based websites, a distinctive method of “selling bitcoin” is going on. This method is called “Bitcoin Debit cards.”
When you sell a countable number of bitcoins on a respective platform, instead of receiving payment in a bank account or PayPal, the website offers to pay you in the form of a prepaid debit card.
For example, if you sell 1 BTC, you will receive a debit card with a prepaid limit equivalent to the monetary value of 1 BTC. You can use this debit card as a standard one.
It allows you to make card-based payments in stores.
Furthermore, you can also use these cards on regular ATMs to withdraw cash. Bitcoin debit cards come into two categories: VISA Card and MasterCard.
Method N6: P2P Bitcoin Transfer
Peer-to-peer money transfers have been replacing the regular cash exchange between customers and clientele all over the world.
Now, prominent bitcoin websites like LocalBitcoins allow bitcoin buyers and sellers to find each other and deal according to their choice and preference.
Here’s a fun fact: LocalBitcoins currently has 1.3 million active users.
According to the records, the LocalBitcoins website consists of active users from 15k countries. It runs actively in 249 countries.
On this platform, you can find bitcoin buyers who pay you according to your preference.
For example, you can provide bank details to the buyer and receive payment directly from the bank. Cash Deposit is also a widely utilized method of receiving payment on LocalBitcoins.
To make LocalBitcoins bitcoin to cash transactions much easier and safe, the platform allows sellers and buyers to set a face-to-face meeting via private chat option.
One of the major reasons investors prefer to use LocalBitcoins is that it allows sellers to review a list of bids set by different buyers in the area.
So be attentive and do your homework — explore a little before taking some actions.