Five Easy Ways to Turn Bitcoin Into Cash Money – Selling Bitcoin For Cash
1. LocalBitcoins
It is hard to go wrong with this site. It is one of the most popular sites on the web for the buying and selling of bitcoin between everyday ordinary people. Currently, you can use LocalBitcoins in any of 15,243 cities in 248 countries.
The company has stated that there are around 1.35 million users globally right now, and that weekly transaction volume is equivalent to around $14 million. So if you are in the market to sell, there are plenty of folks in the market to buy.
Here is how you can use LocalBitcoins to sell your bitcoin for cash:
Start by signing up for an account.
Next, go to the LocalBitcoins homepage.
See the top banner which reads “Buy and sell bitcoins near you?” Look just below that and you will see “Quick Buy” and “Quick Sell” tabs. Click on “Quick Sell.”
Enter in the approximate value of the bitcoin you are trying to sell, select the currency of cash you want to receive, choose a country, and then pick a payment method. Cash options include “cash at ATM,” “cash deposit” and “cash by mail.” Then click the orange button labeled “Search.”
This will pull up a list of buyers who are potentially interested in buying bitcoin from you. You may now skim through the list and select offers to examine more closely.
When you click on an offer, you will find yourself on a new screen which will provide you with the following information:
• An exchange rate.
• Payment methods that the buyer is willing to use.
• Trade limits.
• The buyer’s location.
• The buyer’s payment window.
There is also a section called “Terms of Trade” on the right.
Here the user is able to type out any additional details that he or she wants you to know.
This is where the terms of the exchange can be spelled out clearly and any questions can be answered (like what will happen if the user is unable to deposit payment in time).
Some users who are new to LocalBitcoins are not clear on what “cash deposit” means.
This is where you provide your bank account number to the buyer, who then walks into a branch of your bank, fills out a deposit slip, and then deposits cash directly into your account.
This might confuse you, because after all, that person is not you.
But banks are concerned with who is taking money out of an account, not who is putting it in.
So generally no questions are asked.
This method is fast, easy and convenient for both parties. If however you are uncomfortable with it, you can use the cash by mail option.
Pros:
• Choose a cash method of your choice for payment.
• Access a huge marketplace of buyers. With more than a million users, this site offers ample opportunities to sell bitcoin locally, no matter where you are located. This also allows you to be picky about the exchange rate you are willing to accept.
• You can sell to a buyer whose terms are acceptable to you. Not only that, but each buyer and seller on the site has ratings based on previous transactions. So if a buyer has a low rating, you know to avoid them. This also means that over time, you will build your reputation as a seller, which should make it easier for you to sell bitcoin for cash in the future.
• Buyers who use this site are often very keen on making a purchase, and may even be willing to give you an amazing price.
Cons:
• There are no guarantees when you are dealing with regular everyday individuals. If you want to sell bitcoin for cash in a hurry and a transaction falls through, then you will have to start all over again.
2. Bitquick.co
Bitquick is not as well known as LocalBitcoins, but it is another very popular website, previously called “BuyBitcoin.US.”
You will find hundreds of positive reviews for it online.
As the name implies, it was set up to make it quick and easy to buy and sell bitcoin. As of the time of this writing, the site has served more than 67,000 customers.
Selling bitcoin is fee-free, as is cancelling the order if you change your mind.
Here is how it works.
1. Navigate to Bitquick’s Sell page.
2. Fill out the form you find on this page. That means selecting the payment method you are willing to accept, filling in the applicable information, and then entering in the amount you want to sell. If you are okay with a range, you can put in a minimum and maximum transaction size; otherwise, you can just enter an exact amount. You can allow for static or dynamic pricing. You then put in your email address, choose an authentication method, and submit your order.
3. Next, you need to make your bitcoin available. A personalized escrow address will be provided to you after your order is created. Deposit the bitcoin into it.
4. You will receive emails anytime there is a buyer hold or a cash deposit. Once you confirm the cash deposit with BitQuick, the bitcoin will be sent to the purchaser.
Pros:
• This is an incredibly simple and straightforward method for selling bitcoin. The site itself is taking care of all the hard work of matching up buyers and sellers. All you do is kick back and wait.
• You never have to pay any fees to sell your bitcoin for cash here. All fees are paid by the buyers (except cancellation fees, if you choose to revoke your sell order).
• If you do decide you want to cancel a transaction, you can do so quickly, easily and securely.
• Your funds are not released to the buyer until you verify with the website that the buyer did indeed deposit the cash.
Cons:
• You can only choose bank, credit union, or money transfer service (i.e. Western Union) as your method to receive payment. There is no option for cash via mail.
• While BitQuick is arguably easier to use than LocalbitCoins, it is also a lot smaller. So it may take you longer to get a deal that you are happy with. Finding buyers on Localbitcoins may be faster.
On the whole, it is hard to beat BitQuick for sheer convenience.
With Localbitcoins, you have to check buyer profiles and manually accept or reject offers, but BitQuick automates that whole process for you based on the information which you provide when you fill out the form to sell bitcoin.
3. Sell your bitcoins at an ATM.
You probably are aware that there are bitcoin ATMs now where you can walk up and buy bitcoin with cash.
Some of these machines will even create a wallet for you if you do not have one. But did you know that you can also use some bitcoin ATMs to sell your bitcoin for cash?
Interestingly, this is fast becoming a standard feature for bitcoin ATMs, though as of the time of this writing, the majority