Can you convert Bitcoin into cash? If yes, How?
The simple answer is yes! But how can you convert Bitcoin into cash? Well, the growth of the industry over the years has made available several options.
The truth is most people are investing in Bitcoin because it is showing a tendency to replace fiat currency. Apart from this, you should know that in the nearest future, you will be able to use any bitcoin for any kind of purchase.
For now, only a few businesses or individuals accept bitcoin as payment options. This could be one of the reasons you want to know how to convert your Bitcoin to cash at the moment.
Another reason that might bring this decision is a decline in the market. A sell option will only occur to you if you feel you have to protect yourself from the losses as the market continues to sink.
How can then you transfer your Bitcoin to your bank account?
Sell it on a cryptocurrency exchange/broker
Exchanges such as Coinbase or Kraken offer the easiest way to sell your coins and withdraw cash to your account.
The best advice here is to use the same account details that were used to make a deposit while withdrawing. This is required to curb and regulate money laundering.
For verification and authenticity, you need to sign up and complete the verification process. Deposit or buy Bitcoin into your account. Once you are ready to withdraw, you do so via a bank transfer or Paypal.
Bitcoin ATMs
A Bitcoin ATM allows you to buy or sell Bitcoin with fiat currency. There are about 4990+ crypto ATMs across 76 countries.
You can find ATM’s location in your region by using the website Coin ATM Radar.
Know that all the machines are not the same, and the biggest drawback is the high transaction fee.
Bitcoin Debit Card
These cards are either powered by VISA or MasterCard, and you can use them both online and offline. The card can be gotten from websites that you sell bitcoin, and they give you a prepaid debit card in exchange.
Peer-to-peer exchange
The quickest form of selling bitcoin is through peer-to-peer transactions. With this method, you can decide which payment method you prefer before you transfer the coins to them.
This could be a cash deposit or a bank transfer with a proof of transaction ID respectively. You might as well go ahead and meet the buyer in person if he is in your locality.
The peer-to-peer method of buying Bitcoin offers a good level of safety. This is because this method works hand in hand with the escrow service which locks bitcoin up until payment has been confirmed.
However, before you convert your bitcoin to cash you have to remember that the sales will always require transaction fees in most cases and that taxes are inevitable.
Also, take into consideration, the cost and the ease of the cash out method. This means you should note the bank account to be deposited, the type of currency, and the duration it takes to receive your cash.
Whatever it is that you need on account of Bitcoin exchange, they will always be an options that meets your needs. Look out for them!
How to create an account with Coinbase
First open an account with CoinBase, by searching for the Coinbase on your browse. Give an email address, and get started.
Once you have given your email, you will be asked to create an account. I think for verification purposes, you should use your real names when signing up. Choose a password, and click on the agreement to successfully create an account.
From here, you will be asked to verify your mail, you will do this by opening the mail you provided and click on the verify button.
Once you have your mail verified, provide your phone number, CoinBase will ask for permission to send a code for verification
Type in the seven digits numbers you received and submit.
The server will pop up a question on what you would love to do next with your account. You can choose to transfer crypto or to skip the process
If you choose the "yes, transfer crypto "option, this is the disclaimer that you are going to receive.
If you choose option B, you will be led to a home page with the various features including the buy and sell option.
How to sell Bitcoin on CoinBase
Now that you have successfully created an account with CoinBase, you can transfer your CoinBase Bitcoin address, and sell them using the sell option.
• Once you are done, click on the buy/sell button
• Follow suit with the sell button.
• Your bitcoin balance will reflect on your account, and the corresponding default fiat currency. The image below shows a Euro currency, yours will change depending on your country
• Other things you will notice are your account limits, and you can increase the limit of you do the additional verifications.
• When you click on the sell button, your funds will be in your fiat currency wallet.
• Here is the final step to exchanging your bitcoin, you just need to click on your fiat currency wallet, e.g., USD, and click on withdraw.
If you already had your account details saved. You have successfully converted your Bitcoin into cash.
How to save your bank account/details on CoinBase
Once you have added an ID for verification in your CoinBase account, you can go ahead and add a payment option
• This is done by clicking on your profile and choosing the setting icon.
• You will find the payment method as one of the listed procedures in your account.
• Click on it and choose an option
• Go ahead and verify your payment method, and you will are ready to receive your money.
Note that the payment duration varies between countries, it could take up 4-6 days for most countries, and 1-3 days for others.