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How To Convert Bitcoin Back To Cash

 

How do you cash out Bitcoin anonymously? The pros and cons of different ways of converting BTC to cash. The most reliable way to cash out Bitcoin. The MyBTCtoCash’s Bitcoin price calculator tool allows you to convert easily between Bitcoin and USD. This simple converter uses actual exchange rates based on the Bitcoin last price. Bitcoin is a type of virtual currency with meaningful value in the real world, and as such, it can be traded for dollars, yen, or any other global currencies. BCH to RUB converter. Live currency rates for Bitcoin Cash to Russian Ruble. Free calculator to convert any foreign currencies and provide instant result with the latest exchange rate. You mined your coins or bought them up. Now you want to cash in your bits. Here's a quick guide on how to convert Bitcoin to cash quickly and painlessly.

Are you looking to convert the bitcoins you’ve been holding up until now into fiat currencies? Our article for today will show you different ways in which you can cash out your BTC.

Cash

Exchanges that have Fiat Options

The first option is to find an exchange that has let you convert BTC into fiat currency. Most exchanges do not have this option available, but there a few that do. You can trade your Bitcoins against fiats like USD, EUR or GBP. A few platforms have JPY, but that option is limited to certain countries. Below are some of the exchanges that have fiat options. To find out more, enter CoinMarketCap and click on the Markets tab and then arrange the list according to https://coinmarketcap.com/currencies/bitcoin/#markets pairs.

  • Bitfinex-USD/EUR
  • bitFlyer– USD/JPY
  • Coinbase-USD/EUR/ GBP
  • Bitstamp-USD/EUR
  • BitMex-USD
  • Simex-USD
  • Coinsuper- USD
  • Gemini– USD
  • Exrates – USD
  • Gatecoin USD
  • Kraken-USD/EUR
  • CoinsBank-EUR/USD/ GBP
  • Exmo- EUR/USD
  • Coinroom- EUR
  • Liquid- JPY/USD
  • BTCBOX-JPY
  • Zaif- JPY
  • Bitbank-JPY
  • Coincheck- JPY
  • Cryptonex- JPY/GBP
  • Bitinka-EUR
  • Bitsane – EUR

The options presented above might not work on a global scale as the cash system differs from country to country.

LocalBitcoins

LocalBitcoins is a Peer-to-Peer Bitcoin exchange based out of Helsinki, Finland, which has been established in 2012. It brings together buyers and sellers from more than 15,000 cities across 248 countries. Considering these numbers, there is a chance that you will find a buyer in your country through LocalBitcoins.

Localbitcoins lets you interact with the buyer directly and you can receive your fiat in any of the supported formats (bank deposit, PayPal, Payoneer, cash).

The platform lets you meet the buyers/sellers online and make the trade offline. The buyers have the option to either pay in cash or wire the amount.

Bitcoin

You can filter your country according to the payment mode of your choice. All the fees here are set by the seller while LocalBitcoins is used as an escrow manager.

It is advisable that you check the reputation of the buyer/seller; a higher reputation means that the buyer/seller is more serious. There have been cases in which BTC holders have been lured and forced to give up their digital funds, so you can never be too careful.

How To Convert Bitcoin Back To Cash

How To Convert Bitcoin Cash

Convert BTC into USTD Like Digital Fiat

If time is not a pressing matter for you, you can first convert your BTC into USDT (Tether).

USDT conversion has its benefits when in comparison to dealing in USD or EUR. Moving money in and out of your bank account on a regular basis makes you liable and may add more to your taxes.

There is also the issue of volatility that you need to think of when you convert to USDT because USDT always keeps its value to that of the actual US dollar.

How Do I Convert Bitcoin Back To Cash

The most advantageous thing about USDT compared to fiat currency is that it is supported by far more exchanges across the world. You can later convert your funds into USD via Bittrex, Kraken and Binance, all of which are well-known and used exchanges.

How To Convert Bitcoin Back To Cash Today

USDT (Tether) is supported on a variety of exchanges including the following: Bitfinex, Binance, KuCoin, Cryptopia, Bittrex, Gate.io, ZBG, BitForex, OKEx, IDAX, HitBTC, Huobi, Poloniex.

Bitcoin ATMs

Bitcoin ATMs can be found in most of the bigger cities around the world and they let users rapidly convert Bitcoin and other cryptocurrencies into fiat money.

Using a Bitcoin ATM to exchange your digital funds into cash can be convenient for those theta receive their earning in cryptos. One disadvantage would be that this service comes with higher fees when compared to online exchanges. The conversion rates can also be much lower that what is on the market, meaning that you will not get the crypto at its actual market price.

Use a Bitcoin Debit Card

Cryptocurrency debit cards are a practical and reasonable way of spending Bitcoin and other cryptos at traditional merchants who may not accept payments in digital coins but accept debit and credit cards. These cards enable their users to make deposits in cryptocurrencies via an online website that automatically makes the conversion to a fiat currency such as USD or EUR.

How To Convert Bitcoin Back To Cash

The most known debit cards dedicated to cryptocurrencies are Monaco, Bitpay, CoinJar, and BCCPay. Each card is supported by either VISA or Mastercard meaning that their usage is extended to both online and offline shopping at most businesses. Availability is variable depending on geographical region, as well as its daily and monthly usage limits, so before getting a card it is advisable to compare see which one suits your financial needs.

Conclusion

We hope that our article has been of help and that our aforementioned options will suit your needs. Be sure to check any source, website, buyer/seller, service provider, etc. before you even start trading your BTC, as there are many frauds and scams lurking.

Now that you have your bitcoin nestled in your online wallet, you may be wondering how to convert your bitcoin into cash. There are a few ways you may try. You may be better off turning your bitcoin cryptocurrency into dollars that you place in your bank account without turning it into cash, but the choice is yours. Here is how you may convert bitcoin to cash in your hand.

How to Convert Bitcoin to Cash

[o] You may sell your bitcoin to somebody who lives near you
[o] Sell your bitcoin to a local broker or exchange company
[o] You may exchange your bitcoin at an exchange and withdraw to your bank
[o] Trade your bitcoin at an exchange and withdraw to PayPal or Skrill
[o] Sell your bitcoin at a peer-to-peer exchange

If we are talking about turning your bitcoin into cash money with the fewest possible steps, then you need to find a local bitcoin trader or exchange company that is willing to deal in cash. It is weird, but they are popping up in strange places. I have visited states where it is hard to find any trader establishments, and there have been cities I have found where the vertical distance to a trader establishment is further away than the horizontal distance. On a recent visit to Britain (the US’s only ally), I found that bitcoin brokers/traders were around 100 miles apart, which is rather good when you compare it to most US states. If you are lucky, you may have an established trader with a shop or even a stall somewhere in your town.

If you are looking for the best possible deal for your bitcoin, then it is going to involve putting your bitcoin for sale on a peer-to-peer exchange or marketplace such as Localbitcoins and then waiting for somebody who is willing to buy your bitcoin from you at your price and for cash.

You may sell your bitcoin to somebody who lives near you

There are people living near you who may be looking for bitcoin. They may be willing to pay hard cash for your bitcoin, but they are probably going to want to meet you in your home. You can join local groups on Facebook or Google+ and post about how you have bitcoin for sale. You may even put your adverts on local online adverts too.

The sad fact is that sometimes it takes a while (even days) for a bitcoin transaction to go through. In my experience, it is pretty unpredictable, although I am sure that experts will disagree with me. The person paying cash has to be able to trust that you will send the bitcoin over.

There are ways to get around this. For example, the person handing over cash can have you sign a contract that says he or she is able to get a full refund if the bitcoin doesn’t arrive, and the buyer may also receive a receipt from you for the money paid. In addition, if the person knows where you live, then that person may feel a little more secure handing over cash to you. It is up to you to do as much as possible to protect your client and yourself.

Sell your bitcoin to a local broker or exchange company

How To Convert Bitcoin Back To Cash

As I mentioned earlier, the method with the least number of steps is to sell to a local bitcoin trader, broker, or exchange company. There are these types of traders sprouting up all around the country and in other countries. They are very similar to MoneyGram and Western Union establishments where they may be independent shops, they may be part of another shop, or they may even be a booth or stall somewhere.

You walk in with your ID and proof of address, and you create the bitcoin transaction. You allow the clerk to watch as you send the bitcoin money over from your wallet. The clerk then pays cash once it is clear that the transaction has been conducted and confirmed by you.

You may exchange your bitcoin at an exchange and withdraw to your bank

You probably bought your bitcoin at an online exchange, so you probably have no issue with returning to the exchange. Turn your bitcoin back into US dollars and have the US dollars sent to your bank account. Once the money is sent to your account, you are able to go to an ATM and draw it out in cash.

The biggest issue with this method is the exchange rate you get and the fees you pay. Different exchanges have different rates and fees, so it is up to you to try to find the best value for your money.

Bitcoin Conversion To Cash

Trade your bitcoin at an exchange and withdraw to PayPal or Skrill

Do the same thing as the section above. You go to an online exchange company and you convert your bitcoin into dollars. You then withdraw your dollars to your PayPal or Skrill account. Oddly enough, there are exchange companies that will not allow you to buy bitcoin with your PayPal or Skrill account, but they will allow you to withdraw your US dollars into a Skrill or PayPal account.

One of the downsides with this method is that there are too few exchange companies that accept PayPal or Skrill, which means you usually suffer with regards to the type of exchange rate you get or the amount of fee you have to pay.

Sell your bitcoin at a peer-to-peer exchange

There are peer-to-peer marketplaces such as Localbitcoins and Paxful. They feature a bunch of different people who are looking to buy and sell bitcoin. The people who trade on these types of website are often allowed to define the way they are paid.

If you are selling on Localbitcoins, then you need to place an advert that shows how much you are looking to sell and how much you are willing to accept for your bitcoin. If you are looking to sell a lot at once, then you may say so. You may specify that you want to pay cash. If you happen to be selling for a very good rate, then people may be willing to travel to hand over cash. However, you must do your best to protect yourself and your client. This should involve a contract, a receipt you give to the other person to confirm that person paid, and SMS messages between you both. Watch a few episodes of Judge Judy and you will see the sort of thing you need. It is imperative that you protect your buyer as well as yourself because it is very easy for small claims courts to turn against you if it looks as if you only have your own interests at heart.

If you only want to sell a small amount for cash, then you may prefer Paxful. You can use the website to become a regular buyer or seller, or you may set up a single advert that expresses what you want. You can say that you have X amount to sell and that you are looking for X amount of dollars in cash. Other sellers will often look over the newest adverts to see if they can get a good deal on bitcoin trades.

Conclusion – Luck Favors The Patient

The bigger your rush is to sell your bitcoin for hard cash, then the less you will receive. If you are willing to sit back and get a good price, then you will be able to convert bitcoin to cash without losing too much. If you have had your bitcoin for a while and it has gone up in value, then you may still be able to make a tidy profit if you take your time to find the best possible deal with the best exchange rate and the lowest fees.

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