How to Cash Out Bitcoin
Demand creates supply and more and more crypto coin owners need to exchange digital assets for real money as Bitcoin and altcoins are difficult to use for settlement transactions. Today, without any special difficulties, the crypto coin can be withdrawn to any electronic wallet or bank account, or you can get cash. The main thing is not to rush when choosing a method of cashing out, since haste and inattention can quickly lead to a fraudulent service, for example, to a phishing pseudo-exchange.
Different Methods How To Turn Bitcoin Into Cash
Today there are four options for how to turn Bitcoin into cash:
- Currency exchange services
- WebMoney wallet
- Private persons
Private crypto exchange services
No matter how many exchange services exist, they are all different, and their differences are based on the exchange rate, the speed of operations, the commission charged and the banks and electronic currencies presented in the list with which they interact.
The beauty of such sites lies in a wide range of currencies, both classic and virtual. With their help, you can convert digital capital into Euros, US dollars and other national bills, or turn into QIWI, Webmoney. But it should be borne in mind that with a further desire to cash out electronic funds, their cash out to a bank card also provides for some commission.
Exchange services are much the same as exchanges, but they serve different purposes. Exchanges create conditions for trading and making money on exchange rate differences, crypto exchange sites allow you to quickly convert it.
Crypto exchanges differ from exchange services in a much larger selection of currencies, while the exchange service mainly contains only the most popular coins. Exchanges also offer an extensive list of withdrawal options: they can be withdrawn directly to a card or bank account, and you can also use popular payment systems. When choosing the option to withdraw assets, do not forget that in each specific case, a certain commission is provided.
Сrypto cash out to WebMoney
When WebMoney announced their intention to cooperate with Bitcoin, users had an additional way to withdraw cryptocurrencies. To do this, you need at least a formal certificate, confirmed in the system by a scanned passport. Having issued it, you can create many WM wallets for different currencies, and for BTC you need WMX.
The security of this method does not cause censure, since both wallets as for Bitcoin as well as WM systems, are well protected from intrusion.
Selling cryptocurrency to private individuals
Personal contacts with individuals also may result in cashing out Bitcoin. Selling cryptocurrency without intermediaries is the riskiest option. The exchange rate in this case depends only on the seller and the buyer. Potential counterparties for such operations are searched for on special platforms on the Internet, such as LocalBitcoins.com or can be found by visiting various cryptocurrency forums or exchange chats.
Things To Remember About Converting Bitcoin To Cash
Everyone approaches the choice of the path individually, guided by their own preferences, based on whether the priority is speed or the maximum saving of the amount during conversion. Based on this, it is impossible to say unequivocally which method is the best, but you can consider each separately, applying three parameters to them:
Security means that when converting and withdrawing funds personally, the operation will go as easy as silk with minimal risks.
A transaction is considered profitable if, as a result of manipulations with money, the amount at the end does not shrink too much due to biting off interest from it by intermediaries along the way.
If to speak about convenience the process should not be laborious in order to get capital personally as soon as possible.
How To Cash Out Large Amounts Of Bitcoin
If you want to cash out Bitcoin in large amounts there are OTC agents who match a buyer to a seller for a commission. This type of OTC trading is aimed at large investors who is thinking on how to сash out large amounts of Bitcoin and prefer to use the services of a trusted broker or intermediary to complete transactions instead of independently participating in exchange transactions.
Where You Can Convert Bitcoin To Cash
In most cases, Bitcoins are being sold via a crypto exchange. This is a fairly convenient way, especially for those who have purchased BTC on the exchange before as there is no need to re-register and learn the process deeply.
If a person does not want to contact the exchange and to wait until his digital money is bought, then exchange services are the most affordable method.
Withdrawal Limits On Crypto Exchanges
Recent revitalization of the crypto market may lead to the appearance of new faces in the arena, who will actively sell and buy coins but millions of people are unable to sell their assets because of the limits on their wallets. Some wallet providers set up smart limits that have created a trap for small investors because there are minimums associated with the grid commissions.
The situation becomes even worse when cryptocurrency exchanges have even higher limits for trading and withdrawal of funds.
It is not recommended to split into small amounts while withdrawing cryptocurrency. This will not prevent the bank from verifying the transaction if it considers it suspicious. Moreover, dividing one payment into several small ones in international practice is perceived as unfair activity and always raises questions from the monitoring service. You just need to indicate the legal basis for the transfer, save transaction confirmations and pay tax on time.
Best way to cash out Bitcoin
Exchanges are the most convenient way to withdraw funds. However, not all marketplaces have this option.
If security and a profitable rate are important to you or you need documentary confirmation – then you should spend 15 minutes once for verification on a legal exchange, and subsequently constantly enjoy all the benefits. If your goal is to maintain privacy and you are willing to put up with increased risks and delays, then choose a regular online exchange service.
Where can I sell Bitcoins for cash?
Cryptocurrency exchange services allow selling digital coins for US dollars or other fiat money, and then sending them to a bank account, PayPal payment system and others. A user can stop on an exchange service and indicate which crypto coin and how much he wants to cash out. It is up to you which way to choose. It all depends on the goals, amount, country, etc.
How much Bitcoin can you cash out?
The commission for cashing out Bitcoins, as well as the limit on transaction activity, vary from one service to another. Moreover, some exchange services change the terms of cooperation almost every day. Therefore, it is very difficult to be a miner: in order to stay in touch with the situation, you need to constantly monitor the latest news, and daily choose the service that is safer and more profitable at the moment.
It is also worth paying attention to the reviews left by more experienced users. With this regard, thematic forums are good, which can be used not only to find intermediaries but also to study the real impressions of clients of different exchanges and exchange services.
How do you redeem Bitcoin for cash?
Many platforms offer to buy Bitcoins for US dollars and Euros and other fiat cryptocurrencies, both from a card and from electronic wallets and bank transfers.
P2P (peer to peer) exchange services remain one of the most popular and long-standing ways to buy cryptocurrency. This type of service involves the placement of private advertisements for the purchase or sale of cryptocurrency, with the choice of a suitable rate and exchange conditions.
Some time ago, offline terminals for the sale of cryptocurrencies began to appear everywhere in different cities of the world. And although this method is not popular, due to expensive maintenance, high commissions, excessively long periods of receipt of cryptocurrencies on the balance when buying, vendors around the world are developing this direction in an attempt to occupy their niche.
Can you cash out Bitcoin for real money?
It is not enough to get crypto coins; they have to be converted into real money for which we buy goods. Many people do not think about it at all until the moment when they have to cash it out. If the amount is small, then there are no problems. If we talk about using exchange services, then this is the most common way to convert Bitcoin into “real” money in a speedy way. The interface of such services is quite convenient and simple and you just need to indicate which currency is subject to exchanging or selling. Converting digital assets with the help of special exchanges is considered safer. Large exchanges have successfully existed for many years. The reputation of the exchange is the guarantee that the money from the client’s account will not disappear along with the platform itself.