Have you ever wondered about how to turn bitcoins into cash? Or maybe you are desperately in need to turn your bitcoins into cash right now. You definitely can! If you’ve made huge returns from trading or just want to cash in your cryptocurrency for dollars, euros, pounds, etc., then it is possible to sell your Bitcoin instantly. The best part is, you can receive these payments via bank transfer, Paypal, Skrill, Western Union, among other options.
While you can use Bitcoin to make purchases directly from online and offline platforms that accept the virtual currency, there may be a need to have cash. Therefore, you can convert your Bitcoins or fraction of it to real money using cryptocurrency exchanges. You can also use peer-to-peer platforms.
How to Turn Bitcoins Into Cash Using Crypto Exchanges
You can use cryptocurrency exchanges that facilitate Bitcoin to fiat conversion and vice versa to exchange your bitcoins for cash. An instance of this is Coinbase and Kraken, both U.S. based virtual currency exchanges which enable their customers to withdraw to their bank using SWIFT and SEPA. The payment could take between 1 to 5 business days before it gets to the customer’s account.
We recommend you turn your bitcoins into cash on coinbase. But before you can do that, you need to create a coinbase account. Check out this article for how to create a coinbase account.
Some platforms may require you to make a cash deposit before you can make withdrawals in cash via the same platform. Here, the fiat currency must come from the same bank account which you want to use in making withdrawals. The aim, in this case, is to adhere to money laundering laws of certain countries pertaining to how their citizens can use and trade Bitcoin.
While the use of cryptocurrency exchanges are more reliable since you are dealing directly with an exchange, there are other options you can try. This time around, it is with peer-to-peer platforms such as LocalBitcoins. It was founded in 2012. It allows people in 200 countries besides the US, China, North Korea, Syria, and Indonesia to make bitcoin to cash transactions.
Peer-to-peer exchanges connects you with people in your region who want to buy or sell bitcoins. As a result, payments are done instantly to your bank account, PayPal, Skrill, etc. The platform acts as an escrow between you and the seller, where your Bitcoin is only released to them after you have confirmed receipt of their payment.
Nevertheless, you must ensure that the name you register with on the platform is the same as that on your bank account and identity card. This ensures that if a dispute occurs between you and the buyer/seller, you can have an upper hand. Likewise, if you are buying from this platform, look out for those who have a good rating from trading with other customers on the platform as well.
Withdrawing Bitcoin to Local Bank Using Luno
There are other platforms like Luno. Luno allows you to buy cryptocurrency directly from your bank or pay to your bank. Luno began in 2013 and it currently allows Bitcoin and Ethereum conversion to fiat. As of 2020, it has added some more cryptocurrencies to its exchange. Besides, BTC and ETH, users can also trade their XRP, BCH, and LTC for cash on the exchange. The exchange offers support for 43 countries including Spain, Austria, Sweden, Greece, Finland, France, Portugal, Switzerland, and the United Kingdom.