We’ve covered how to buy Bitcoin, but now it’s time to look into how to convert BTC to cash. In this guide we’ll look at a few methods in which you can change your cryptocurrency to fiat currency in no time, and throw in some handy advice along the way.
3 Reasons Why You Might Want To Convert Bitcoin To Cash
While cryptocurrencies’ adoption rates are soaring and they are becoming more popular by the day, a lot of mainstream stores still don’t accept them. The first reason as to why you might like to make the conversion might be to use your BTC to buy something at a merchant that doesn’t accept Bitcoin. Another might be to make use of the returns you’ve made from trading or hodling Bitcoin. Following the recent supercharged bull run, it’s understandable that many people are looking into cashing out their returns.
Lastly, you might be looking to protect yourself from a bear market. When the price declines, traders often look to move their funds into other more stable assets, like fiat or stablecoins for instance. Whatever your reason, we’re here to help and will run through various methods available to you as a trader.
Sell BTC With An Exchange
Also sometimes referred to as a third party broker, exchanges allow you to sell BTC for fiat simply, easily, and securely. This process is usually done by buying and then selling BTC through the platform and then withdrawing the funds to your fiat bank account (so as to comply with anti money laundering regulations). This is one of the quickest ways, however note that you will need to also complete a KYC verification on the platform in order to engage in any trade activity.
Some important elements to note when using an exchange to convert Bitcoin to cash is their:
- Withdrawal times, how long with the transaction take.
- Fees, what fees with the platform charge to make use of this service.
- Payment methods, what payment options are available.
- Jurisdiction, does this exchange operate in your country.
Using A Peer To Peer Exchange
Peer to peer exchanges are generally more time consuming however they may offer bigger returns. When trading peer to peer, traders have the option of making the price as competitive - or high - as they like. Both parties can also determine which payment option best suits their needs. Some options include:
- Bank transfers, where the buyer deposits money directly into your bank account.
- Cash deposit, the buyer deposits money into your bank account.
- Cash in person, you meet with the buyer in person and receive cash.
It’s important that in the first two situations you get the ID and proof of payment from the buyer before sending any Bitcoin. When meeting with someone ensure that you are in a safe location.
Better yet, make use of a reliable platform, like LocalBitcoins, that offers escrow services so that you know that you are protected. With escrow services, your Bitcoin is stored in the platform’s escrow until the funds have cleared, after which the Bitcoin is released to the buyer.
Convert Bitcoin With A Bitcoin ATM
Just under 15,000 Bitcoin ATMs are scattered around countries across the globe and offer a quick means of selling BTC for cash. Bitcoin ATMs also allow the most novice of users to easily and effortlessly complete the transaction, using a process that is familiar to them. It is important to note however that not all Bitcoin ATMs allow for fiat withdrawals, some only allow users to buy Bitcoin (it is estimated that 40% allow for withdrawals).
You’ll first need to check where the closest one is to you, you can use this Coin ATM Radar map. At the ATM you will need to go through a verification step, identifying yourself through an ID (some machines differ). You will then need to send the BTC you would like to sell to the QR code provided. The Bitcoin ATM will either immediately release the funds, or will give you a redeem code that allows you to come back and get the cash once the necessary confirmations are completed.
Sell Bitcoin On Oobit
An easy and secure way to sell Bitcoin for cash is through Oobit. Users have the option to either buy Bitcoin through the platform and sell it, or to transfer the BTC from an external wallet to their Oobit wallet and then withdraw the funds. The process is streamlined and simple, and takes roughly 3 confirmations.
All you need to do is locate the Sell option in the top menu and select the Bitcoin wallet.
You will then be asked to enter the amount you are looking to sell (ensure that you have the available funds), verify your email, and select whether you would like funds deposited into your Euro or GBP bank account. Follow the prompts and enter the details required, you will then receive an email notification once the transaction is complete. This should take anywhere from a few minutes to a few hours depending on the network and the bank involved.
Use Bitcoin As You Please
The cryptocurrency was designed to offer an alternative payment system, it’s only right that it gets used as such. Buying and selling Bitcoin should be as easy as can be, and that’s exactly the core aim of our Oobit platform. Convert cash to crypto or crypto to cash in a few simple and straightforward steps, and use them as you please.