Sunday, December 8, 2019

How Do You Turn Bitcoins Into Cash?

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering [email protected] [email protected]

In 2019, it’s very easy to turn your cash into Bitcoin and also turn Bitcoin into cash. A number of companies have made it possible and even simplified the steps required for these conversions. It has also enabled people to buy and sell Bitcoin on the same day. As a consequence, if you’re looking for how to turn Bitcoin into cash, then we’ve got you covered.

How to Sell Bitcoin for Cash

At this point, we believe you already have Bitcoin(s) which you’ll like to trade for fiat. If that’s the case, then you can use a cryptocurrency exchange, peer-to-peer exchange, Bitcoin ATM and a whole lot of other options to get the fiat equivalent of your cryptocurrency.

Cryptocurrency Exchanges:

Some cryptocurrency exchanges such as Coinbase, Bitfinex, GDAX, Kraken, Cex, etc. have created an avenue for their customers to sell Bitcoin and also withdraw it to their bank account or Visa card. However, fees usually apply to these transactions and the higher you withdraw, the higher the fee you’ll incur.

Also worthy of note is the amount of time it could take for money to finally get credited to your bank. It could be within a matter of hours, a day or even three days depending on the method of payment you chose. While exchanges can help you convert your funds to fiat, it is not advisable to leave your virtual assets on them for long since they are more prone to an attack.

That aside, you can make fiat withdrawals by registering on these exchanges and then verifying your identity which is a requirement. Next, you need to copy your Bitcoin address on the exchange and send your funds to the platform. A sell order can then be created and once the price you’ve set tallies with that of a potential buyer, your funds will be sold for the fiat which you’d selected. You can then link your bank account to the platform to make withdrawals.

Peer-to-Peer Bitcoin Exchanges

LocalBitcoins and Paxful are popularly known as a peer-to-peer exchange that will enable you to buy and sell Bitcoin on the same day. What they do, is provide an interface for you to connect with a potential buyer or seller in your region. Thus, the transaction can occur within a matter of minutes.

While these platforms are one of the fastest ways of selling Bitcoin for cash, they still pose a certain level of risks. There could be chargebacks of funds on the part of the seller, or a buyer could get scammed. Neither of these will be the case if you strictly adhere to the guidelines of the platform and ensure that you only transact with those with a high rating score.

Bitcoin ATMs:

One more way on how to turn Bitcoin to cash is to try Bitcoin ATMs. Given that there are over 4,500 machines around the world, the probability of finding one in your region is high. However, not all ATMs can dispense cash and as such, you need to be sure if a particular Bitcoin ATM can fund you with cash after you have transferred your funds to it.

Bitcoin ATMs have the advantage of enabling you to buy and sell Bitcoins instantly. They also take away the long process of signing up and carrying out identity verifications as is the case of exchanges. Nonetheless, their high transaction fees are what you should be aware of.

Cryptocurrency Apps:

One of the safest ways of exchanging your Bitcoin for cash is to use an app like Luno. These apps come with the advantage of allowing you to deal directly with the app’s administrators instead of a random user as is the case of a peer-to-peer exchange. It, therefore, eliminates the potential for a scam.

All you have to do is download the wallet and verify your identity. The verification enables you to buy and sell Bitcoin without limitations. On the contrary, you can still buy the asset even though in a small amount until you verify. You can also buy Bitcoin with the square cash app. Like cryptocurrency exchanges and Bitcoin ATMs, their fees is their downside.

Given the platforms above, they will enable you to turn your Bitcoins into cash. If fast payment is your priority, then you can try peer-to-peer exchanges even though a great deal of care has to be taken. On the other hand, if you’re not in a hurry, crypto payment apps and even exchanges would be the better option.

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