How To Turn Crypto Into Cash

Palm Beach Confidential editor Teeka Tiwari is widely considered one of the premier crypto analysts in the world. In this advisory, Teeka uses a strategy called “asymmetric investing,” which allows you to turn small sums of money into life-changing gains.

So, you have mined a handful of bitcoins and want to cash them now but are confused about how to do it. There’s nothing to be worried about as we have got you covered. You will get through the whole process of “How to Turn Bitcoin into Cash”. This guide will enlighten you with the methods of how to turn bitcoin into cash or simply how to convert bitcoin to cash. Efficient and safe ways to do this, selling bitcoins, and everything you need to know.

1. Kraken is also one of the best exchanges for converting cryptocurrency into fiat currency and withdrawing due to its high withdrawal limits. There are four different tiers applied to customers which determines how much they can withdraw.
2. If you’re looking to sell popular cryptos like Bitcoin, Ethereum, and Ripple, you’ll likely be able to trade directly to GBP as outlined in Option 1. If you’re trying to cash in a less popular crypto (or, ‘altcoins’), you’ll likely need to first trade it for one of the more popular coins, as explained in Option 2.

By the end of this guide, you’ll be able to make money and convert bitcoins to cash.

Table of contents:

1. Cashing Out on Crypto Exchanges
   • Coinbase
   • Stormgain
   • Binance
2. Cashing Out on a Peer to Peer Exchange
   • Bitcoin Global
   • Paxful
   • Local Bitcoins
3. FAQs

How to Turn Bitcoin Into Cash?

There are multiple ways that you can convert bitcoin to cash, but the most important thing to look up is to consider “How Long does it take to sell Bitcoin?” your ease and accessibility and the way you are most comfortable with.

To convert bitcoin to cash, next is how you want your money, you can have the money in your bank account directly, or to your PayPal and then withdraw via bank, would you rather buy something with your coins or have them in cash, and finally, how urgent you want to convert these bitcoins to cash.

What are the most popular Bitcoin Cash out Options?

Cashing out bitcoins seems to be a very difficult and technical process by name. But in reality, it is not that difficult, rather a very simple and easy process. At the moment there are multiple methods available and being used to cash out bitcoins. Some of them are easy to use and some are fully equipped tools that give you a whole analysis of the market and helps you to make your choices to sell or hodl your coins and watch them grow.

As per the discussed conditions, there are multiple ways to cash bitcoins, which we call to cash out methods. Some of the most famous and widely used of those are,

1. Cashing Out on Crypto Exchanges

These crypto exchanges work exactly in the same manner that normal cash exchanges work. You are to deposit your coins to one of these exchanges and then you can then request a fiat money withdrawal via bank transfer or an ATM. But you have no idea of who is going to be the counterparty you are trading with.

Some of the most popular third party crypto exchanges are,

1.1.Coinbase

Coinbase is the largest coin exchange with a user base of around 13 million and processing more transactions than any other exchange in a day.

Withdrawal

Coinbase lets you buy and sell your coins in exchange for cash. Which you can then withdraw via bank transfer which is the most convenient way to use to convert bitcoin to.

Transaction time

The time it takes for your coins to be cash that you can withdraw varies as per regions. For example, it takes 2 – 4 business days in the US but not necessarily in India or any other region. You can check your region’s time on their website too.

1.2.Stormgain

Stormgain is a kind of all in one service provider exchange. Stormgain provides a built-in wallet that supports the 6 most popular currencies, to hodl and exchange your coins for trades. It provides the best exchange rates in the market. Stormgain also provides analytics support to the traders daily that help them grow their assets and make lots of money.

Withdrawal

Same as Coinbase, Stormgain also allows you to withdraw your money directly to your bank account and then draw as fiat cash, or you can have it in your PayPal and then draw directly via ATM.

Transaction time

Transaction time depends upon the bank that you are drawing in and the region you are in. On average, it takes around 3 to 5 business days for a transaction to be cleared and available to be cashed.

Get free 25 USDT at Stormgain now!

1.3.Binance

Binance is a comparatively new but widely accepted exchange that gained vivid popularity in a very short period. As of January 2018, Binance was the biggest crypto to crypto exchange in terms of trading volume.

Withdrawal

Binance provides a direct withdrawal of cash to your bank account or your debit or credit cards, which can then be used as normal fiat money.

Transaction time

Binance bitcoin to cash conversion time is typically a few days and on average, it takes only 3 to 5 business days to get your bitcoins as cash.

Cashing Out on a Peer to Peer Exchange

In contrast to the third party crypto exchanges, peer to peer exchanges do not involve an intermediary in any form. Both the parties involved in the trade are aware of the counterparty and have all their information all the while. This makes the transaction more and clearer for the users and reduces the risk of scams and frauds. But simultaneously, this takes along a risk of privacy and security to the users.

The best thing about these peer to peer exchanges is that they provide many payment methods ranging from banks to monetary service providers like PayPal or Payoneer and even gift vouchers. All you gotta do is post an advertisement to buy or sell your coins. Some of them also provide a user rating system that allows users to have a trust system to evaluate the one they are dealing with.

There are only a handful of peer to peer exchanges that operates in the crypto market, some of which are,

1. Bitcoin Global

Bitcoin Global is a global peer to peer crypto trading platform with a mission to pave the way to mass adoption of blockchain technology and expand the crypto community by providing a secure and easy to use peer to peer exchange.

It is really easy and hassle-free to use. All you need to register is an email and you are ready to go. Register on the platform, post an advertisement to sell your coins and convert your bitcoins into cash instantly with secure transactions and with no middleman to rely on.

Bitcoin Global provides state of the art security for a foolproof transaction as, during the trade, it locks the crypto coins into a secure escrow system until the seller confirms the payment from the buyer. In case of any mishap, their 24/7 help centers are there to assist you in the trade.

2. Paxful

Paxful is just 5 years old and changing the way we organize our crypto finances. They are just getting started and have a user base of millions.

Paxful started with a mission to empower the four billion unbanked people, in a way that they are in full control of their money in a way that they never had before.

Paxful is changing the way the world deals with money and embraces cryptocurrencies, allowing transfer from anyone, anywhere, and anytime. They have more than 300 payment methods to choose from when withdrawing your cash. Paxful is truly an example of by the people, for the people.

It also provides a built-in crypto wallet and the most advanced escrow secured system to secure all your trades.

3. LocalBitcoins

LocalBitcoins is a person to person bitcoin trading platform. It hails people from around the globe to engage in the crypto trade and convert bitcoins into cash. LocalBitcoins provides a really simple and sleek interface that leads you to have your cash instantly.

LocalBitcoins is in the market with a mission to connect everyone in the internet economy. They have enabled the underbanked population to hold their finances with nice and efficient management and virtually remove the borders and connect everyone in the world.

The process is simple: just register on the platform, post advertisements to sell your coins, trade and you’ve just converted your bitcoins into cash.

FAQs

Can Bitcoin be converted to real money?

YES! Of course, anyone can convert their bitcoins or any other cryptocurrency into fiat cash using any of the above-mentioned methods. As of context, Bitcoin is real money that is being accepted at many places but is not in common use now and is gaining value and popularity in masses real quick and will be widely accepted soon as a normal mode of transactions.

Should I cash out my bitcoin?

After analysing the price curve of bitcoin it is not the best time to sell your coins as prices are seeing a drop and are expected to rise again soon. If you are selling at a profit you are in a good position otherwise it is not the time to sell but hodl your assets.

The market is expecting a bull run and is recovering from a bearing move by the investors that left many into losses.

There is another method that expert investors use is that they cash out the initial investments that they made on bitcoins and as a move to save the initial capital and leave others to multiply, making a hefty amount in profits and that too a guaranteed profit. No matter what stage the market is at, they are only making profits that double their assets.

Moreover, looking in the longer run, bitcoin is one of the best assets to invest in. People who invested cents in bitcoins in the early ’20s are making millions now as the worth of bitcoins increased exponentially with time and left millions to people and is still growing up and high. Considering this, cashing out bitcoins should be the last option.

How long does it take to sell bitcoin?

Time duration to sell your coins varies and depends upon,

Mode of the transaction – if you are using a third-party exchange, it will generally take around 3 to 5 business days, considering every requirement is fulfilled. If you are going for a peer to peer exchange this will take more time as you are to wait for a buyer to accept your proposal and negotiate for the best price. And if you are going to sell your coins directly to someone it is going to take only a minute and you will have your cash instantly.

Mode of payment – time required by different platforms to clear your cash varies. Western Union for example takes 2 to 3 business days to process your request. While a bank/wire transfer will get you your cash in an instant.

The region you are living in – this has the most impact as many of the countries have banned cryptocurrencies in their premises and are illegal to trade. And if you are in one of them it is going to be illegal for you to deal in bitcoins. Some countries are pro bitcoins and there will be an advantage in dealing with bitcoins as they have made pro-crypto laws that help users to trade easily and efficiently.

Considering all the scenarios it will take you 5 business days at most to convert your bitcoins into cash or a week in the worst case.

Can I cash out Bitcoin to a credit card?

Technically, Yes but the technology is in the developing stage now. Many of the wallets have rolled out the feature to directly cash bitcoins to your credit cards. In order to make the interactions with the wallet more smooth and easy. But, since it is in the developing stage not all the service providers offer this feature and there are only a few options left with multi-level checks that make it a hassle to do this now.

We are soon going to witness these crypto coins and wallets being the most used mode of payments we are doing every day.

Can I cash out Bitcoin to my bank account?

Bitcoins cannot be directly cashed at the banks. To do so you are to use online platforms. These allow you to sell your bitcoins and withdraw funds directly into your bank accounts. Or you can directly sell your coins to someone in exchange for cash via some peer to peer exchange. Or trade with someone who wants to buy bitcoins from you and make the payment in the bank. We have discussed how to sell bitcoins above.

Let me guess… It’s time for you to convert and cash out your bitcoin into traditional cash bills like; Pound, Dollar or Naira, right?

Do you want to know how to turn your Bitcoins into cash?

Are you looking for the best place to sell Bitcoin for real money?

Oh i get it… you want to start trading bitcoins for cash, right?

Don’t do anything about converting your bitcoin to cash yet – at least, not until you must have gone through this whole tutorial to understand how to get cash from Bitcoin instantly.

Prolly, you have intention of making money online by selling Bitcoins for USD, but you need to know how Bitcoin converts to real money that can be withdrawn – that’s why you’ve started searching for how to cash out of cryptocurrency into cash.

Well, it will be very good to count yourself as being one of the luckiest investors by landing on my blog this time around today.

I am going to show you many ways on how to get cash for Bitcoins investment, and actually change that digital currency into real cash, or fiat money in the bank account.

In the world today, everybody is caught up one way, or the other in this cryptocurrency investment and trading thing. And the most asked questions are;

1. Have you invested in bitcoin?
2. How do you make money online with bitcoin?
3. How do you cash out your bitcoin investment proceeds?

Anyways, there’s no way it will not become a trend, since it’s far better than Gold, or the traditional fiat currency, and that’s not to mention it’s limited supply, which also suggest its future growth by economic laws and guides.

If you would like to know more about bitcoins and how it originated, simply read beginner’s guide on bitcoin.

Since 2009, the value of the bitcoin cryptocurrency has increased to pass that of Gold, and any of the traditional fiat currencies in so many ways.

Many companies and startups these days, are beginning to accept Bitcoin as a mode of payment. Examples are: Amazon, Ebay, ASOS etc.

I wrote a post on how cryptocurrencies are being valued, and how their valuation increase within time. Bitcoin crypto and all other cryptocurrencies (known as Altcoins) increase in value within time.

How is Bitcoin converted to cash?

It’s only when bitcoin value has increased, that is when profit comes in, and that is when most investors deem fit to withdraw their profit yields.

To realize the profits, you will need how to sell Bitcoins for USD, or convert the BTC to any of fiat currency guide acceptable in the region you’re situated, so questions that come to mind when someone is about to sell bitcoins for cash are as follows:

• How to convert Bitcoin to Euro (EUR), Pound (GBP), Dollars (USD) or Naira?
• What is the fastest way to cash out Bitcoin?
• How can Bitcoin be converted into cash?
• How do you convert Bitcoin to cash?
• How do you trade Bitcoins for cash?
• Can Bitcoin be turned into cash?
• Can i turn my Bitcoins into cash?
• Can you turn Bitcoins into cash?

Well, there are easy ways you can convert Bitcoins to Dollars, Euro, Pounds, Rupee, or Naira and as you read further, am going to discuss some of the best way to withdraw Bitcoin.

How do you cash in Bitcoin?

However, before you choose any of the methods we’re going to discuss in this post of how to withdraw bitcoins to cash, you’ll first of all need to consider, or find out how you want to receive your money as the aim to sell Bitcoin for cash has been finally achieved.

To be honest, you can actually sell your bitcoin investment in person-to-person transaction, or you can also make use of crypto exchanges to sell it and redeeming bitcoins for cash directly, as well as deposited into your bank account.

Additionally, you can even use Bitcoin cryptocurrency to buy goods from online merchants like Amazon for instance. Amazon uses a service known as Purse.io for this particular purpose.

Well, I presume the reason you’re here today, is to know how you can have your BTC converted to physical cash, or which will be transferred into the bank account of your choice.

How To Turn Crypto Into Cash Binance

Now let’s get straight into discussing of the methods you can get your BTC converted to fiat currencies.

Via Exchanges that Accepts Fiat

This is one of the easiest ways to get your Bitcoin cryptocurrency to be sold for fiat cash like; Dollars, Euros, Pounds and Naira.

There are many exchanges that accept fiat exchange for bitcoins, but you will have to find out the one that works perfectly in your country or region.

Examples are:

• Coinbase – USD/EUR
• BitMex – USD
• Kraken – USD/EUR
• BitFinex – USD/EUR
• BitFlyer – USD/EUR
• Luno – USD/NGN
• NairaEx – NGN

Mind you that some of the exchanges listed above may not be working globally, so you really need to check thoroughly before having your bitcoin investment transferred to them for conversion into fiat cash currency.

This can be said to be very risky, if don’t check very well before trying to use an exchange to cash out Bitcoins to real money.

If you happen to be a Nigerian, you can always make use of Luno to sell bitcoins instantly. Cashing bitcoins with Luno exchange is very easy, thought a withdrawal fee will be deducted during the process.

Talking about how to cash out large amounts of bitcoin, if you’re into crypto trading, there is yet another easy option using P2P buying and selling of Bitcoins with a platform known to be globally recognize, and that’s what brings me to the next option.

Via LocalBitcoins P2P platform

LocalBitcoins is a popular P2P exchange platform, and Bitcoin start-up specifically establishes to make it very easy to exchange the crypto-coin among the users. LBC is based in Helsinki, Finland, and it’s been in operation since 2012.

It has users as buyers and seller in over 15,000 cities across 248 countries in the world. No doubt, you will definitely find buyers in your own country when you register an account on the platform.

Why many bitcoin traders who mostly search for; ‘how to cash out bitcoins to PayPal’, like using LocalBitcoins, is because you’ll always deal with a buyer or seller directly – plus you can as well receive your money in any supported currency format of your choice.

Examples of currency formats you can receive the money you converted using LBC are; Bank Fiat Deposit, Bank Cash Transfer, PayPal and Payoneer.

This is exactly why LocalBitcoins is one of the most preferred choices for those investors that doesn’t want to be using crypto exchanges. You can get to meet both buyers and sellers online, and transact offline. The money for transaction can be paid in cash or wired.

How To Turn Crypto Into Cash Account

Even if you are looking for how to convert bitcoins to cash anonymously, just Register an account with LocalBitcoins to start exchanging BTC to cash.

However, be sure to check the buyer/seller reputation first before making trades. The higher the reputation, the more secured and trustworthy a seller/buyer will be.

Using Bitcoin Debit Card/ATM

Are you in a country that doesn’t have all these BTC to USD exchanges listed above already? And you wonder how to convert bitcoins to cash anonymously?

This is the only way you can convert that your BTC to cash bills, without having to submit all the documents requested by some other platforms.

Well, there are ways available for you to transfer bitcoin to your cash bank account. You should also check to see countries that have Bitcoin ATMs in the world.

There are even services like VirWox that issues Bitcoin credit cards for using BTC to buy items online, where debit/credit cards are needed online.

Via Digital Fiat Currency

If you’re not all that hasty in having your Bitcoins converted to traditional cash equivalent of your base country, and you may want to avoid tax liabilities, you can simply convert the BTC cryptocurrency to USDT (known as Tether).

USDT is more like having your bitcoins converted to traditional money, but this time it’s still going to be in a cryptocurrency trading platform that supports Tether coins. This is a way to avoid taxes due to movement of cash to-and-fro your bank account often.

Also, you need not worry about volatility of cryptocurencies when you switch to USDT, because it always keep up parity with real US dollars, hence maintaining its value of $1 per USDT always.

How To Turn Cryptocurrency Into Cash

This will also cut your headache of always transferring in fiat currencies to exchanges to buy Bitcoins, because USDT can be used to buy Bitcoins later if you want.

Good thing about USDT is that unlike many fiat exchanges, USDT is supported by many exchanges across the world. But the best i have used this feature of intermediate conversion to USDT myself is Binance.

Trade gift-cards for Bitcoin

If you’re up for how to instantly sell, or convert bitcoins to cash anonymously, many big companies like Amazon and Overstock accepts bitcoin as a mode of payment on their platform.

What you need to leverage this method, is simply by purchasing any of high-demand products like, mobile phones from Amazon third-party site, Gyft, which provides a great way how to buy gift cards online for retailers like Amazon, Starbucks, and iTunes with Bitcoins.

Then you can still retail the already bought items for cash on the main amazon e-commerce site. This way you can cash out large amounts of bitcoin anonymously.

Conclusion on how to cashout Bitcoin

Just know that there’s no other ways to convert Bitcoins into cash without following these methods above, because they are the most simplest and easiest ways you can convert Bitcoin to real cash like; GPB, USD, NGN, or any other fiat cash of your desired country.

While you may want to keep your investment till it increases in value, so you can make profit while you sell Bitcoin to cash, i will advice you to always store your coins in a secure cryptocurrency wallet.

Bitcoin hardware wallet such as Ledger, is designed to hold or store your investment asset in offline mode, using the heuristic deterministic (HD) feature for encryption.

Convert Cryptocurrency To Cash

Visit Ledger official website to see some other models of the branded cryptocurrency wallets you can buy.

Beware of taxes whenever you want to bitcoin to cash. There are some Bitcoin to cash converter tools you can use to calculate the tax you need to pay for any amount of cryptocurrency that you may have converted into fiat cash currency.

Beware of crypto-scams that may ask you to use their wallet software, and do not disclose your private keys to anyone – not even your family, as that it will grant full control of your bitcoin investment.

Good-luck as your continue to invest in bitcoin cryptocurrency for making cash profits.