That demonstrates how far the top cryptocurrency in the world has gone when it comes to adoption. But even with the growing popularity of Bitcoin as a means of payment, there is still a limited number of outlets willing to accept them as a means of payment. That is why most people prefer converting their Bitcoin to fiat money when they want to spend their Bitcoins. The question now is how do you cash out bitcoins, and which method is ideal for you?
Thankfully, there are several ways people can exchange their cryptocurrencies for fiat money, which we are going to explain here.
Peer-to-peer (P2P) method
There are some peer-to-peer Bitcoin selling platforms like LocalBitcoins that provide the avenue for users to cash out their Bitcoin in no time. It’s faster than following several other processes that take three business dates before completion.
There are a plethora of payment options to choose from when selling Bitcoins to other people on LocalBitcoins. These include Bank transfers, cash deposits, or arranging a one-on-one meeting if the person is in your geographical location. When using the first two methods, it’s advisable to wait for a confirmation message in your email or your mobile device before releasing your Bitcoin to their address.
Remember that fraudsters also use P2P platforms to steal people’s Bitcoin. So you should be very careful when transacting with anyone on the platform.
Bitcoin ATM
There are now thousands of Bitcoin ATMs located around the world. If one of the themes is close to your location, you can avoid stress by using the ATM. Of course, you will need to register with one of the Bitcoin ATM providers to use such a service.
Cashing out Bitcoin via Broker Exchange
Cashing out Bitcoin via an exchange is one of the most favored options for many Bitcoin holders. That is because it is safer to use a recognized exchange. Many crypto exchanges receive Bitcoin transactions from people looking to exchange their Bitcoins for fiat currency.
However, you can only use most exchanges to cash out if you have bought Bitcoins on those platforms and have an account with them. In other words, the exchanges will only send funds to the account you provided when you were buying Bitcoins to trade on their platform.
Also, remember there is an exchange fee attached to each transaction, although the weight of the fees depends on the country your bank is located in.
The above are the most common ways you can turn your Bitcoin into cash. And as Bitcoin sees more adoption, there will be more options for people to cash in their Bitcoins.
