How Do You Cash in Bitcoin?

The introduction of bitcoins and other cryptocurrencies such as stablecoins continues to shape the payments landscape in many ways. Some time ago, the very idea of using bitcoins for grocery shopping sounded unrealistic. However, the growing popularity of crypto around the world is seeing some businesses begin to accept BTC payments for both online and offline purchases. While it’s easy to make online payments with bitcoin, cashing in bitcoins can be tricky if you don’t find the best exchanges. Do you have some bitcoins and want to turn them into cash right now? Then, read on to learn how to cash in your bitcoins.

Why you may want to sell bitcoins for cash

Because of their high potential to replace fiat currencies, cryptocurrencies will continue to attract more investors over time. It’s only a matter of time before bitcoins will be widely accepted globally for the purchase of goods and services. As of today, only a few businesses or individuals accept BTC payments. As a result, BTC holders may want to convert their crypto to cash and transfer it to their bank accounts. When the market is declining, smart investors may also want to cash in their bitcoins to avoid losses.

Ways to cash in bitcoins

Peer-to-peer BTC platforms

You can also use peer-to-peer bitcoin trading platforms such as LocalBitcoins to cash in BTC. LocalBitcoins allows over 1.35 million customers from over 200 countries across the world to buy and sell bitcoins for cash. In Turkey, crypto investors can also use NakitCoins to buy and sell bitcoins for cash instantly.

Coinbase exchanges

The Coinbase platform is one of the simplest means of selling BTC for cash and transferring it directly to your bank account. To avoid breaking money-laundering rules, you may use the same bank account for your deposits and withdrawal. Bank transfer is a simple and secure means of cashing in bitcoins; it may not be the fastest withdrawal method though.

In the United States, it can take about 4 to 6 days to transfer money from Coinbase crypto exchange to your bank account. Transaction fees may vary from country to country. Coinbase is one of the most popular crypto exchanges (brokers) for investors to buy and sell BTC. Over 13 million customers use Coinbase exchange for BTC transactions. To cash in BTC with Coinbase:

• Create and verify your account on Coinbase
• Deposit bitcoins into your account
• Cash-out your bitcoins to fiat through bank transfer.

Bitcoin ATM and debit cards

Bitcoin ATMs are physical locations that allow you to buy and sell bitcoins for fiat currency. There are more than 4,000 crypto ATMs across the world. With Coin ATM Radar, you can search for crypto ATMs near you. However, it’s important to note that bitcoin ATMs differ in many ways. Crypto machines also have withdrawal and deposit limits and may charge high transaction fees (between 7 and 12%).

Some crypto websites allow investors to sell bitcoins and receive prepaid debit cards in exchange. Bitcoin debit cards work like VISA and MasterCard. Apart from making purchases, you can use your bitcoin debit card to withdraw cash from VISA and MasterCard ATMs.