How Do I Convert Bitcoin to Cash? A Simple Guide

 How to cash out bitcoin? Can you cash out Bitcoin at any time? How much Bitcoin can you cash out? Learn everything about cashing out Bitcoin here.

 Did you know that there were nearly 153 million Bitcoin users in 2019 in the United States? These users made transactions worth approximately $6 billion in total. There's no doubt that Bitcoin is the largest type of cryptocurrency in the world today and at some in the future, we will all use it.

Bitcoin can be used to pay for goods online, but you can also convert it into cash. If you're wondering "how to cash out Bitcoin", you have come to the right place. Keep reading this article to learn more about Bitcoin transactions and how to transform your Bitcoin into real money.

Sell Your Bitcoins on Exchange Platforms

It's possible to sell Bitcoins using different types of cryptocurrency exchange platforms such as Coinbase or Kraken. These platforms are used to buy Bitcoins as well and some of them have a customer base of more than 12 million at the moment of this writing.

Selling your Bitcoins is not complicated. Use Coinbase or other platforms to buy Bitcoins to be used for purchasing games, goods, or various services. If you still have some Bitcoins left in your account, you can withdraw them from the same platform. The withdrawal process can take approximately 4-5 days, but this depends on your country of origin and other factors.

It's important to remember that you can withdraw money to the bank account you used to deposit Bitcoins. This prevents money laundering and adds more safety to the withdrawal process. At the moment of this writing, one Bitcoin is equal to about $9,200, but you can also withdraw parts of a Bitcoin if necessary.

To understand how the withdrawal process works, follow these steps.
  • Sign up to a cryptocurrency exchange platform - the process takes one minute and you need a valid email address
  • Buy Bitcoins as needed - this is also called the "deposit" process. Use the Bitcoins as you see fit to buy products or services
  • Withdraw your Bitcoins - it's possible to withdraw your money to a bank account via electronic transfer or by using your Paypal account in some cases
Keep in mind that you don't necessarily need to buy or deposit Bitcoins to your account. You can also earn them from various websites or applications that pay customers with Bitcoin as a reward.

Some platforms allow freelancers to work from home and get paid in Bitcoins that can be converted to cash later on. For such projects, a good check stub maker is required to help with mass payments for multiple users online.

Another way you can get Bitcoins is by using crypto mining.

This involves using your personal computer to help to scan online Bitcoin transactions. You don't need expert knowledge to do this, just to download an application that uses your computer resources when you're away. Once a block of Bitcoin transactions is completed, you are rewarded with Bitcoins. You can then use these Bitcoins to shop online or transform them into cash. 

Withdraw Money From a Bitcoin ATM

Believe it or not, there are nearly 5,000 Bitcoin ATMs spread across more than 70 countries worldwide. They work exactly like a regular ATM, allowing you to deposit Bitcoin and withdraw cash. There are various applications for mobile phones that allow you to find an eligible Bitcoin ATM in your location, so use those to see how close you are to one.

However, keep in mind that these ATMs are still in their infancy. They can only work for small transactions using Bitcoins. Each machine is different and you should be aware of their withdrawal and deposit limits before using one. These machines provide a quick way to convert Bitcoin into cash, but they charge substantial fees for each transaction.

Sell Bitcoins in Exchange for Prepaid Debit Cards

This is another common method to convert Bitcoin to cash. You can sell your Bitcoins to different websites and applications that accept them in exchange for a prepaid debit card. This card is usually Visa or MasterCard certified. You can use the card when shopping online as well as at various physical stores. 

The best thing about this exchanging method is that your prepaid Bitcoin card can be used in all countries that accept Visa and MasterCard cards. This gives you a lot of purchasing freedom and you can continuously add more funds to your Bitcoin card when you sell Bitcoins online.

Sell Your BitcoinOn Peer-To-Peer Platforms

You can sell Bitcoins on various exchange platforms to get cash, but you can also sell it to people who want to buy Bitcoins to be used for online shopping. For example, you find a good peer-to-peer platform for exchanging Bitcoins online. You create an account and specify that you sell one or more Bitcoins at a certain price.

If someone who is looking to buy Bitcoins likes your ad, he might contact you for more details. If both of you accept the transaction details, the buyer deposits the money on a third-party platform, usually Escrow. You can choose from multiple payment methods such as bank transfer or cash deposit. Once you have received the money from the buyer, you release the Bitcoin from Escrow.

This is a great method of selling your Bitcoins for cash, but make sure that you screen potential buyers.

For example, ask for proof of funds and proof of ID before releasing the Bitcoin from Escrow. You should only deliver the Bitcoin if the buyer provided proof and seems credible. If the buyer doesn't want to provide proof of funds or identification, it's best to look for someone else to avoid being scammed. 

Now You Know How to Cash Out Bitcoin

As you can see, there are quite a few good methods you can try when it comes to how to cash out Bitcoin. Although the value of a Bitcoin fluctuates over the year, investing in this type of cryptocurrency can be a great way to increase your earnings.

For more useful tips and tricks regarding cryptocurrency, how to earn Bitcoins, and how to invest them smarter, make sure that you check out the other articles on our website.
 
 
 
 

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