How to Cash Out Bitcoin & Other Cryptocurrency: Complete Guide

If you already possess a few valuable coins and want to turn them into fiat, this definitive guide is here to help you out. Find out what can be done to sell Bitcoin for cash, as well as all other cryptocurrencies. These methods differ by both how do you cash out Bitcoin, and how much time it takes.

Which way of Bitcoin cash out is best for me?

Before you start turning digital currency into a real one, you need to decide which of methods appeals to you. Here are a few questions to ask yourself for making an informed decision:

• Do I need the cheapest or the easiest option?
• How long are you ready to wait to transfer Bitcoin to cash?
• Where the money should be stored– in PayPal or a bank account (you are free to select the way how to cash out Bitcoin on some platforms).
• In which currency will you be cashing out Bitcoin?

Now it must be easier to figure out the best method. Let’s move on and find out how to get cash from Bitcoin.

Cryptocurrency exchange

Today, this is the most widespread way of money financial transfer. An exchange platform is a website where you can sell Bitcoin for cash (or other currencies depending on which coins are supported by projects) to other users and transfer money to your bank account.

So, how to withdraw Bitcoins to cash using a cryptocurrency exchange platform?

1.   Create an account using your personal data (every platform has different requirements for personality verification) and provide a link to your bank account or debit/credit card.

2.   Leave a request for exchange– specify the amount of cash out Bitcoins, the currency you want to turn it into, how to cash out cryptocurrency (where to transfer money to), and post your offer.

3.   As soon as someone replies your request and initiates a transaction, the exchange process will be launched. It may take from a couple of minutes to several days– it depends on the bank card provider and currencies chosen, as well as the sum. There are several exchange platforms available on the internet:

Kraken
CoinBase
BitStamp
CoinMama
Binance
Poloniex

Peer-to-peer exchange. Mostly, exchanges offer pretty agreeable fees, but there are certain drawbacks connected with this method of withdrawal. It’s not an option if you need money urgently– most likely, you will need to wait at least two days for the bank to process the request. Besides, the fees can be pretty high depending on how do you cash out Bitcoin, and which fiat currency you select.

Don’t want to wait for two to three days to exchange Bitcoin for cash? How to cash Bitcoin quicker? Consider using a platform for P2P (peer-to-peer) exchange like LocalBitcoins. When you sell BTC to other people, you are free to select the payment method for them to use. You choose how to cash out Bitcoins:

o    Cash deposit on your bank account (proof of ID and proof of Payment will be required).

o    Bank transfer. It also requires ID verification and proof of payment provided in advance.

o    Meeting in person. You can arrange a meeting with people nearby and cash out Bitcoin literally.

This is a convenient method, but you should be aware of the fraud. Select LocalBitcoins and similar services that feature the escrow service– this way, Bitcoin will be kept until you receive the payment. How to cash out Bitcoins to PayPal? This method is also suitable for such transfers!