You now have bitcoin and want to exchange it for cash. Fortunately, the industry has caught up now that bitcoin (BTC) has been around for more than ten years, offering a number of fantastic options for turning bitcoins into cash, which we’ll discuss in this article.
Why Would You Send Bitcoin To Your Bank Account?
The reason why so many people are investing in bitcoin right now is because they believe that it will eventually displace fiat currencies*. Theoretically, when bitcoin takes the place of fiat currencies, like U.S. dollars, which won’t be required anymore, you’ll be able to use it for any kind of purchase.
However, there are currently still only a small number of companies or people who accept bitcoin as payment. To use the value of your bitcoin to purchase actual goods, that is one reason you might want to convert your bitcoin to cash. When the market is losing momentum is another factor. It makes sense to convert bitcoin to cash while you wait for the price of bitcoin to rise if you believe the price of bitcoin will continue to decline.
How Can BTC Be Transferred To A Bank Account?
There are various methods to turn bitcoin into cash and then transfer it to a bank account:
- On a cryptocurrency exchange like Coinbase or Kraken, sell bitcoin. If you want to sell bitcoin and transfer the proceeds to a bank account, this is the simplest method. You must withdraw to the same bank account that you used to deposit in order to ensure that brokers do not violate money laundering regulations. Although it’s safe, straightforward, and easy, this method isn’t the quickest. Money typically takes 4-6 days to reach your account in the United States, but this varies by nation. The location of your bank will also affect any associated fees. The most used broker exchange for buying and selling bitcoins is Coinbase. They have a huge 13 million customer base and process more bitcoin transactions than any other broker. The actions:
2.Register and finish the verification procedure.
3.Add Bitcoin to your account (or purchase it).
4.Cash out your Bitcoin for fiat using PayPal or bank transfers (applicable to some services)
5.Bitcoin ATMs: Unlike conventional ATMs, which let you take money out of a bank account, a bitcoin ATM is a physical location where you can buy or sell bitcoins using fiat currency. You can use the website Coin ATM Radar to locate a bitcoin or other cryptocurrency ATM close to you. As of this writing, there are over 4990+ crypto ATMs spread across 76 countries. Because most ATM machines have deposit and withdrawal limits, keep in mind that not all machines are created equal and that this method is only appropriate for small transactions. A bitcoin ATM’s high transaction fee, which typically ranges between 7 and 12 percent, is its biggest drawback.
6.Bitcoin Debit Cards: A number of websites let you exchange bitcoin for a prepaid debit card that you can use just like a standard debit card. Each card is powered by either VISA or Mastercard, so it can be used for both online and in-person purchases at the majority of establishments worldwide. In addition to making purchases, you can also use bitcoin debit cards to get cash from ATMs that accept VISA or Mastercard.
7.Peer-to-Peer Transactions: You can sell bitcoin for cash using a peer-to-peer platform for a quicker, more private method. You can select the form of payment you want the purchasers to use when you sell bitcoins to other people. These consist of:
8.You can request a cash deposit into your bank account from the buyer. Never hand over your Bitcoins to anyone without first requesting identification and payment proof.
9.You can request the buyer to make a bank transfer payment to you (you can even use PayPal). Before proceeding, always ask the buyer for identification documentation. You can give them access to the bitcoins once you’ve received payment.