Complete Guide Of Cashing Out Bitcoin

Some of the options are safer while some other options are faster. The easiest method is not necessarily the cheapest, so it’s important to understand how each method works to know which is best for you. The following are ways to cash out Bitcoin securely.

Selling Bitcoin on cryptocurrency exchanges

This is by far the easiest method of converting your Bitcoin to cash. It’s also one of the safest ways. Lots of crypto exchanges such as Binance, Coinbase, and Kraken are willing to take your Bitcoin and give you cash in return.

However, you are only allowed to withdraw to the same bank account you deposited with. This is one of the rules and policies by the exchanges to reduce issues of money laundering.

Although withdrawing through cryptocurrency brokers is simple and secure, it’s not the fastest method. Each withdrawal usually takes three or more days before it is reflected in your account. If you’re not in hurry and don’t need immediate cash, withdrawing your Bitcoin through a crypto exchange is the safest method.

Bitcoin ATMs

There are now about 5,000 Bitcoin ATMs located across 76 countries in the world. This number is still small compared to the needs of Bitcoin holders, but it’s still great to have such ATMs in some geographical locations. Bitcoin ATMs are one of the fastest ways of changing your Bitcoin into cash, but they are only suitable for small transactions due to their withdrawal limits.

Bitcoin Debit Cards

Some websites offer you a prepaid debit card with fiat currency after selling your Bitcoin to them. In order words, they take your Bitcoin and give you the dollar equivalent of the Bitcoin in the form of a debit card.

Each of the cards is powered by either MasterCard or Visa, making them suitable for both offline and online shopping anywhere MasterCard is accepted all over the world.

You can also withdraw cash at any ATM where MasterCard or Visa is accepted.

Peer-to-peer transactions

Several peer-to-peer platforms are available for Bitcoin holders who want to sell their Bitcoin. These platforms bring exchangers together. But this method is not the safest, as several scammers are using this as an opportunity to steal people’s Bitcoin. That’s why it’s important to ask for proof of ID and proof of payment before releasing your Bitcoin to them. It will be better if you get a platform that allows users to send payments to escrow accounts during the transaction.

Overall, it’s very easy to cash out your Bitcoins these days. With different methods available, it’s important to choose the most secure method to ensure you receive your funds promptly after parting with your Bitcoin.

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