Bitcoin has been in circulation since 2009, and in case you’re one of the first investors, it could be the perfect time to cash out. However, how can you sell your Bitcoin for cash?
The most popular method could be to use a cryptocurrency exchange. However, if it doesn’t work your way, you can try many other methods. You can utilize the Bitcoin ATM, trade peer-to-peer your tokens, or make payments directly using Bitcoin.
6 Ways To Cash Out Your Bitcoin
1. Use a Crypto Exchange
If you’ve only recently started trading crypto, you’re probably using a cryptocurrency exchange such as Binance and Coinbase.
But, be aware that charges for crypto exchanges can quickly mount up. Apart from the charges that are associated with transactions and the transaction itself, there’s a charge that is collected by the exchange to cover its operational expenses.
First, you’ll swap Bitcoin in exchange for USD or another currency accessible on the cryptocurrency exchange. After that, you’ll need to cash out from your bank. You’ll also have to be charged a withdrawal fee also.
Although using a crypto exchange to withdraw your Bitcoin could prove to be a less efficient way to do it, however, it does have the benefit that you can reach support for customer service in the event that there is a problem.
Also read: Top 10 Cryptocurrency Payment Gateways
2. Money Transfer Apps
Most of the time the most efficient way to cash out your Bitcoin is to do so using the same platform you used to purchase it. Therefore, if you purchased Bitcoin via Robinhood, PayPal, or an equivalent platform, it’s best to stay with them.
3. Peer-to-Peer Trade
If you are planning to convert Bitcoin into a currency you can also try peer-to-peer trading. There are many crypto exchanges that allow peer-to-peer trading which means you can trade your Bitcoin without having to transfer it from a custodial account. Because it is selling Bitcoin directly to someone else the fees tend to be lower. Additionally, the majority of P2P platforms accept different payment options.
In contrast, P2P trading may have slower trading speeds as both parties have to agree on the conditions for the exchange. If you’re not using a reliable platform you could be fraud-ridden out from your money-earned Bitcoin.
4. Go to a Bitcoin ATM
Another option to sell your Bitcoin for cash is to make use of the Bitcoin ATM. They function similarly to the standard ones, with the exception that you’ll use your cryptocurrency wallet to fund the transaction. In essence, you transfer your cryptocurrency to a specific address and receive cash back. Based on your cryptocurrency ATM, you might get cash in a matter of minutes however, you’ll need to wait for a few minutes before it can confirm the transaction.
Always, before you make any crypto transactions, make sure to be sure to check the fees prior to approving the transaction. Bitcoin ATMs are renowned for their high fees and therefore may not be the best choice for selling your Bitcoin.
Although they’re becoming more and more popular, however, Bitcoin ATMs aren’t readily available all over the world. You can search on Coin ATM Radar and find the nearest one.
5. Get a Crypto Debit Card
You can also utilize it to withdraw cash at ATMs that are supported which makes it one of the most efficient methods of turning Bitcoin into cash. If you already have the crypto exchange then you can apply for the crypto debit card to utilize the funds inside your wallet.
Also read: Top 6 Freelance Websites That Pay in Cryptocurrency
6. Pay Bitcoin Directly Using Bitcoin
There are many things that you can purchase using Bitcoin. With the money you have in your wallet, you could purchase a brand new vehicle, game, electronic, and even your morning cup of coffee. This means you don’t have to go through the whole process of selling your cryptocurrency.
When you’re a freelancer, and find new clients via websites that pay with cryptocurrency, you’ll be able to skip the hassle of converting currencies to crypto tokens, and the reverse.
Turn Bitcoin Into Cash
There are many choices available in case you are looking to cash out your Bitcoin. But not all options are the best choice for you. You must consider the cost, transaction times, and accessibility.