Cash Out Bitcoin

Bitcoin is an attractive option for many. The market is hot, and despite the tumble it took in 2017, it’s quickly getting hotter thanks to the financial problems from the COVID-19 outbreak. It’s a great investment and a great way to get away from traditional fiat currency, but if you want to withdraw Bitcoin wallet to bank account funds offline, there are ways to do that. Unfortunately, you may be a bit confused about the whole process. After all, it should be fairly easy to convert your Bitcoin to cash, right? It’s not quite as easy as it seems, but there are ways to do it. This quick guide can help.

Why People Withdraw Bitcoin Wallet to Bank Account Offline

Earn Bitcoin Cash, just by visiting websites, simple and no account required! Bring in additional rewards via our affiliate program. Boost traffic to your website for cheap! New to bitcoin cash? Take a few minutes of your time and get some easy BCH to transact with. The single best way to cash out large amounts of Bitcoin is through something called an OTC (over-the-counter) transaction. An OTC transaction occurs when a private buyer and private seller are linked together by an intermediary to facilitate the swap. According to Statista: “As of January 1, 2021, there were nearly 14,000 Bitcoin ATMs all over the world”. Bitcoin ATMs allow anyone with a credit or debit card to buy bitcoin. They may also have bi-directional features, letting clients exchange bitcoins for cash by scanning a wallet address.

There are a number of reasons people choose to withdraw their Bitcoin to their offline bank accounts. While Bitcoin may eventually replace fiat currency, not very many businesses actually accept payment in Bitcoin, and that’s one of the biggest reasons people decide to convert it to cash. Another reason is that Bitcoin can be an investment, and should the market be in decline, you may want to take what you have and protect your assets from further loss. In that case, taking it to the bank may give Bitcoin a bit of time to recover until you decide to buy back into the market once more. No matter what your reason for cashing out your Bitcoin, though, the process is a fairly simple one.

Moving Bitcoin with An Exchange

When you’re ready to withdraw Bitcoin wallet to bank account, the first step is to start an account with one of the many trustworthy exchanges. Keep in mind that there are exchanges that are not trustworthy, so you’ll want to select a tried and true option like Coinbase or Kraken. This is a fairly easy way to get your cash. You create your account, then complete the verification process. Deposit the money into your account on the Exchange. Then, once it’s sold, you’ll cash it out via a bank transfer or PayPal in some cases.

Withdraw Bitcoin Wallet to Bank Account Through an ATM

There are Bitcoin ATMs where you can accomplish something fairly similar. Unlike traditional ATMs, Bitcoin ATMs are places where you buy or sell your Bitcoins. There are nearly 5000 of them across the world today, and there are sites that list all of them available like Coin ATM Radar. This isn’t the best way to handle a high volume of Bitcoin, though, as there is a high transaction and most ATMs have withdrawal limits. As a result, it’s only really a good option if you’re looking to withdraw a small amount of Bitcoin.

Using Debit Cards for a Withdrawal

There are Bitcoin based sites that let you sell your holdings and in exchange for those holdings, you get a prepaid debit card loaded with cash. You use it as you might a traditional debit card, as each one is powered by the Visa or Mastercard network. They work for on or offline shopping, and you can typically use it anywhere you might be able to use a traditional debit card. In fact, in most cases, you can even use it at a regular ATM.

Selling Bitcoin for Cash

How To Get Cash For Bitcoin

There’s another way to withdraw your Bitcoin holdings and receive cash in exchange. By using peer-to-peer platforms, you can sell your Bitcoins directly to other people. You decide what payment method you want a buyer to use. Keep in mind that because peer-to-peer networks are made up of individuals, you can decide what your price will be. Typically you need to decide between accepting PayPal, a bank transfer, or a credit card, though there are some peer-to-peer transactions that are cash only. Be sure to carefully vet these transactions, though, as they are not protected, and you’ll want to make certain you’re not about to become the victim of a scammer.

Getting Real Value Out of Your Bitcoin

While getting cash for your Bitcoin might seem like the best idea at the moment, keep in mind that once you do so, you may never be able to get Bitcoin quite as cheaply again. Bitcoin is an incredibly volatile market, and that means while you may be trying to protect your investment right now, you may actually end up creating some real damage in the end. If possible, you may want to hang on to that Bitcoin to watch its value soar. If that’s not possible, though, you may want to consider spending it as Bitcoin. There are many different places that now accept Bitcoin, and the number of places accepting Bitcoin is growing on a regular basis. In fact, there are even places where you can buy food with Bitcoin! One site will connect you with pizza chains that accept Bitcoin, and there are a few pubs that will take your Bitcoin as payment. There are many sites available that allow you to see where you can spend your Bitcoin in the UK and throughout the world. The key, though, is to do a bit of research. If you want to cash out your Bitcoin because you need to make a purchase, it’s worth it to do some research and see if the purchase you’re trying to make is available from a company or a seller that accepts Bitcoin as payment. With so many big names like Microsoft and Overstock now accepting Bitcoin, it’s just possible you could get more value for your actual Bitcoin than you might ever hope to get if you cashed out of the market.

No matter what you decide to do, keep in mind that you should be safe. If you intend to cash out all of your Bitcoin, make certain you’re using a secure source to do so. If you only intend to cash out some of your Bitcoin, you may want to make a separate hot wallet and leave your other Bitcoin assets in a cold wallet to help protect what you have available.

Cash Out Bitcoin Wallet

Although Bitcoin is a digital coin that has no physical form, it can certainly be converted to any traditional currency. There are several ways how anyone can do that and this article will bring a brief review on any of them.

However, before cashing out it is necessary to evaluate factors like:

• the number of assets you are going to withdraw;
• the fees of withdrawal;
• the type of account (bank or PayPal) where the transaction will be made to;
• how long will it take for assets to reach the account.
• the local bank taxes and fees, that might be applied depending on the bank or the country.

Yet, when you’ve estimated the factors mentioned above, the final step to do is to choose a method of how you are going to withdraw money from Bitcoin.

How to cash out Bitcoin through the regular exchanges

Since there are dozens of cryptocurrency exchanges online, none of them converts Bitcoins to fiat currencies directly. However, the process can be made safely and transparently by sending funds to the bank or PayPal account.

In order to cash out Bitcoin via an online exchange, you first need to have a valid account on a cryptocurrency exchange such as Coinbase, Bitstamp, or Coinspot. This is what you will need to do:

1. To open an account on cryptocurrency exchange you just need to sign up, verify your account by submitting the required identification documents and link it to your bank or PayPal account.
2. To make a Bitcoin deposit, which at least should be worth $10. Later you could sell your Bitcoins for cash, which then will be sent to your bank account.
3. Withdraw funds to the personal bank or PayPal account. To do this, first choose the withdrawal method from the menu on the withdrawal page.
4. Enter all of the bank account details.
5. Submit the request.

Since most of the cryptocurrency exchanges apply reasonable fees (mainly around 1.5%) for Bitcoin withdrawals, the process of transferring funds to the bank’s SWIFT (USD) or SEPA (EUR) account may last up to 5 business days depending on the country you’re based in.

If you are going to cash out large amounts of Bitcoins, it is worth knowing what limits do the online cryptocurrency exchanges apply. Most of them however apply the limits on amounts that may be withdrawn daily.

Depending on the exchange and on the region the user is located, these limits may vary. Coinbase, for example, allows the daily withdrawal limit up to $10.000. Meanwhile, the withdrawal limit on Binance is 2 Bitcoins per day for the unverified users or 100 Bitcoins for verified users.

Usually, online exchanges provide their users with the possibility to increase the withdrawal limits by upgrading the level of the account.

Cashing out through online exchanges is one of the safest ways to withdraw Bitcoins. If the transfer time and withdrawal fees are not right for you, then you should consider another way of Bitcoin withdrawal.

Cash Out Bitcoin To Cash App

For Bitcoin holders who prefer a higher level of anonymity when converting Bitcoins to cash, the option of using the peer-to-peer (P2P) cryptocurrency exchange is available.

Contrary to their centralized counterparties, the P2P exchanges like LocalBitcoins or Paxful do not hold Bitcoins for their users. Instead, they connect traders and allow them to make deals privately while staying anonymous.

In order to make a transaction on P2P exchange, users have to follow the simple instructions:

How To Turn Bitcoin Into Cash

1. To open an account on P2P exchange and verify their ID by submitting the required documents and linking it to the valid bank or PayPal account.
2. To find a reliable buyer. Thus it is important to check up the feedback score and review the comments on another user. Although the decentralized P2P exchanges give more privacy and anonymity, the spot prices of digital assets as well as fees are set by the individual traders. Thus users who want to sell their Bitcoins should evaluate both their possible profits and competitive environment carefully.
3. Make a transaction. The important moment here is to use a P2P exchange that includes escrow service. This means that Bitcoins will be currently locked since the seller confirms he received payment.

Since P2P exchanges support various payment methods, users can choose within bank transfer, gift voucher or PayPal, Skrill, Payoneer, Western Union, or Neteller.

Although Bitcoin is rapidly going its path towards the wider adoption, it still may take time to cash out the world’s leading digital currency. And since the only direct option to convert Bitcoins to fiat is by using Bitcoin ATMs, the amount of them is not enough across the globe to meet the needs of remote users or those who are located elsewhere than in the big cities.

Exchanging Bitcoin For Dollars

However, there still are ways of how to cash out Bitcoins on regular and P2P exchanges. While both types of exchanges have their own advantages and scarcities, it is important to evaluate personal needs first. The factors like transaction fee, time or type of the account to which the funds will be withdrawn, as well as local laws should be kept in mind before cashing out the benchmark digital currency.