Bitcoin Cash (BCH) came about in August 2017 after a hard fork and a split in the Bitcoin blockchain. Bitcoin Cash is a direct result of the constant debates and many opinions about the future of Bitcoin’s scalability and mass adoption. In this guide, you’ll find out exactly what makes Bitcoin Cash special and where to get your hands on. Cashing out millions of dollars worth of bitcoin is certainly doable, and there are several ways to accomplish this, depending on your need for speed, security, and anonymity. Remember to first talk to your bank to get the green light for the transaction, and to consult with a lawyer or accountant with expertise in cryptocurrency tax laws.
- Cash Out Bitcoins To Bank Account
- Can You Sell Bitcoins For Cash
- Can Bitcoins Be Exchanged For Cash
- How To Cash Out My Bitcoin In Nigeria
- How To Cash Out My Bitcoin Wallet
Whether you have just recently purchased your first bitcoin or you are only now looking into doing so, you probably have a ton of questions involving bitcoin conversions and how you can buy and sell cryptocurrencies.
Among those questions, you may be wondering, “Is it possible for me to sell my bitcoin for cash?”
The short answer to that question is, “Yes, you can sell bitcoin for cash.”
Of course, like all other cryptocurrency transactions, the way to do it is not immediately obvious if you are a newcomer.
But actually, there are several approaches you can take, and none of them are difficult.
Let’s take a look.
Five Easy Ways to Turn Bitcoin Into Cash Money – Selling Bitcoin For Cash
1. LocalBitcoins
It is hard to go wrong with this site. It is one of the most popular sites on the web for the buying and selling of bitcoin between everyday ordinary people. Currently, you can use LocalBitcoins in any of 15,243 cities in 248 countries.
The company has stated that there are around 1.35 million users globally right now, and that weekly transaction volume is equivalent to around $14 million. So if you are in the market to sell, there are plenty of folks in the market to buy.
Here is how you can use LocalBitcoins to sell your bitcoin for cash:
- Start by signing up for an account.
- Next, go to the LocalBitcoins homepage.
- See the top banner which reads “Buy and sell bitcoins near you?” Look just below that and you will see “Quick Buy” and “Quick Sell” tabs. Click on “Quick Sell.”
- Enter in the approximate value of the bitcoin you are trying to sell, select the currency of cash you want to receive, choose a country, and then pick a payment method. Cash options include “cash at ATM,” “cash deposit” and “cash by mail.” Then click the orange button labeled “Search.”
This will pull up a list of buyers who are potentially interested in buying bitcoin from you. You may now skim through the list and select offers to examine more closely.
When you click on an offer, you will find yourself on a new screen which will provide you with the following information:
• An exchange rate.
• Payment methods that the buyer is willing to use.
• Trade limits.
• The buyer’s location.
• The buyer’s payment window.
There is also a section called “Terms of Trade” on the right.
Here the user is able to type out any additional details that he or she wants you to know.
This is where the terms of the exchange can be spelled out clearly and any questions can be answered (like what will happen if the user is unable to deposit payment in time).
Some users who are new to LocalBitcoins are not clear on what “cash deposit” means.
This is where you provide your bank account number to the buyer, who then walks into a branch of your bank, fills out a deposit slip, and then deposits cash directly into your account.
This might confuse you, because after all, that person is not you.
But banks are concerned with who is taking money out of an account, not who is putting it in.
So generally no questions are asked.
This method is fast, easy and convenient for both parties. If however you are uncomfortable with it, you can use the cash by mail option.
Pros:
• Choose a cash method of your choice for payment.
• Access a huge marketplace of buyers. With more than a million users, this site offers ample opportunities to sell bitcoin locally, no matter where you are located. This also allows you to be picky about the exchange rate you are willing to accept.
• You can sell to a buyer whose terms are acceptable to you. Not only that, but each buyer and seller on the site has ratings based on previous transactions. So if a buyer has a low rating, you know to avoid them. This also means that over time, you will build your reputation as a seller, which should make it easier for you to sell bitcoin for cash in the future.
• Buyers who use this site are often very keen on making a purchase, and may even be willing to give you an amazing price.
Cons:
• There are no guarantees when you are dealing with regular everyday individuals. If you want to sell bitcoin for cash in a hurry and a transaction falls through, then you will have to start all over again.
2. Bitquick.co
Bitquick is not as well known as LocalBitcoins, but it is another very popular website, previously called “BuyBitcoin.US.”
You will find hundreds of positive reviews for it online.
As the name implies, it was set up to make it quick and easy to buy and sell bitcoin. As of the time of this writing, the site has served more than 67,000 customers.
Selling bitcoin is fee-free, as is cancelling the order if you change your mind.
Here is how it works.
1. Navigate to Bitquick’s Sell page.
2. Fill out the form you find on this page. That means selecting the payment method you are willing to accept, filling in the applicable information, and then entering in the amount you want to sell. If you are okay with a range, you can put in a minimum and maximum transaction size; otherwise, you can just enter an exact amount. You can allow for static or dynamic pricing. You then put in your email address, choose an authentication method, and submit your order.
3. Next, you need to make your bitcoin available. A personalized escrow address will be provided to you after your order is created. Deposit the bitcoin into it.
4. You will receive emails anytime there is a buyer hold or a cash deposit. Once you confirm the cash deposit with BitQuick, the bitcoin will be sent to the purchaser.
Pros:
• This is an incredibly simple and straightforward method for selling bitcoin. The site itself is taking care of all the hard work of matching up buyers and sellers. All you do is kick back and wait.
• You never have to pay any fees to sell your bitcoin for cash here. All fees are paid by the buyers (except cancellation fees, if you choose to revoke your sell order).
• If you do decide you want to cancel a transaction, you can do so quickly, easily and securely.
• Your funds are not released to the buyer until you verify with the website that the buyer did indeed deposit the cash.
Cons:
• You can only choose bank, credit union, or money transfer service (i.e. Western Union) as your method to receive payment. There is no option for cash via mail.
• While BitQuick is arguably easier to use than LocalbitCoins, it is also a lot smaller. So it may take you longer to get a deal that you are happy with. Finding buyers on Localbitcoins may be faster.
On the whole, it is hard to beat BitQuick for sheer convenience.
With Localbitcoins, you have to check buyer profiles and manually accept or reject offers, but BitQuick automates that whole process for you based on the information which you provide when you fill out the form to sell bitcoin.
3. Sell your bitcoins at an ATM.
You probably are aware that there are bitcoin ATMs now where you can walk up and buy bitcoin with cash.
Some of these machines will even create a wallet for you if you do not have one. But did you know that you can also use some bitcoin ATMs to sell your bitcoin for cash?
Interestingly, this is fast becoming a standard feature for bitcoin ATMs, though as of the time of this writing, the majority still only allow you to buy bitcoin with cash. Check out this chart at Coin ATM Radar, though, which shows that nearly a third of bitcoin ATMs now support two-way transactions.
The site above offers a great starting point for searching for bitcoin ATMs near you.
Navigate to the Coin ATM Radar homepage and you can scroll down to see a map of the world. From here, you can zoom in on your location and search for local bitcoin ATMs.
In the lower left are some checkboxes where you can specify what you are looking for and narrow down the results. Look under “Direction,” and you will see that you can specify that you are searching for ATMs which support cash withdrawals.
It may also be helpful to know that the following types of ATMs are most likely to allow you to sell bitcoin:
• GenesisCoin, specifically Genesis1 and Satoshi2 machines
• Robocoin (largely defunct)
• BitAccess
• General Bytes, specifically BATMThree models
Note that there are no guarantees that a particular model will allow you to sell bitcoin, even if it is standard for that model.
The reason is that operators of ATMs are able to enable and disable certain functions, including sell functions.
This means that it is always smart to look up online whether a particular ATM will allow you to sell, especially if you need to drive a long distance to get to it.
If after doing that you still are not sure, call the venue and ask.
If you do find an ATM in your area where you can sell bitcoin, here is how to proceed (in general—the specific steps can vary from one machine to the next).
Cash Out Bitcoins To Bank Account
1. If the machine requires you to verify your identity, then you will need to start out by completing the verification step. The procedures may differ from one model to the next, so do some research before you head to the ATM. That way you can be sure you will have what you need when you arrive.
2. After you complete this step, you can tell the ATM how much bitcoin you want to sell.
3. The ATM will then let you know the exchange rate and the fee, and then it will provide you with a QR code. You can scan this to send your bitcoin.
4. At this point, one of two things will happen, depending on the model. Either the machine will dispense the cash, or it will give you a redeem code which you can use after awaiting a confirmation. Sometimes more than one confirmation (up to six) is needed before you can use the redeem code and get your cash.
5. If you want a receipt, you can print one once your transaction is complete.
Pros:
• There is no denying the simplicity and convenience of ATMs. You already are used to using ATMs to withdraw fiat currencies, so the idea of using them to withdraw your bitcoin as cash has obvious appeal. It is a process which feels safe and familiar.
• When you use an ATM to convert your bitcoin to cash, you are not dealing with another individual. You do not need to worry about another party screwing up the transaction.
• If you pick an ATM which dispenses cash immediately, you have a fast and easy way to get your money.
Cons:
• If you choose an ATM which requires you to wait for confirmations, you cannot just grab your cash and go. You need to wait through the confirmation process.
• ATMs are convenient, but you pay for convenience in the form of hefty fees. Some machines have been known to charge as much as 5-10%. Obviously dealing with this on a regular basis would be incredibly expensive.
4. Use a bitcoin exchange.
One more thing you can do is join a bitcoin exchange.
A lot of people do not think of this option, but it works.
You will discover that there are two different types of bitcoin exchanges:
• Sites where you can buy and sell bitcoin
• Sites where you can trade cryptocurrency pairs
Any site with a simple buy/sell function should suffice, so long as it allows you to sell bitcoin in exchange for a fiat currency of your choice.
Sites which are set up for trading also are fine, though they are a little more complicated to use.
Here are a few sites which I recommend for selling your bitcoin:
• Gemini
• Coinbase
• Kraken
Can You Sell Bitcoins For Cash
Here is a list of US friendly bitcoin fiat exchanges where you can use U.S. dollars to buy bitcoin and you can sell bitcoin for U.S. dollars.
Changelly is another good site for selling bitcoin, but only in exchange for other cryptocurrencies, so it does not work to convert to cash.
Just as an example of how this can work, let’s consider CEX.IO.
Here are the steps you would take to sell your bitcoin for cash.
- Register an account on CEX.IO.
- Deposit bitcoin into your account on CEX.IO.
- Once you have a bitcoin balance, check the top menu on the site for “Buy/Sell.” Click on it.
- On the page which opens next, click on the “Sell” tab.
- On the left, choose “BTC” as the currency that you are selling.
- On the right, pick whatever fiat currency you want. You can choose US Dollars, British Pounds, Euros or Russian Rubles.
- Put in however much bitcoin you want to sell. You will see how much cash you can get in return for it. Because the exchange rate fluctuates on a constant basis, the website provides you with a fresh price every couple of minutes. If you do not like the rate you see right now, you can wait and see if a better one becomes available.
Once you have completed the transaction, you will have fiat funds in your CEX.IO account. At that point, you can withdraw them. You can transfer them to a bank account or you can withdraw them using a credit or debit card. Once the fiat funds are in your bank account, you can then withdraw them as regular cash.
Pros:
• On an exchange platform, you have the option to buy, sell and trade cryptocurrencies.
• On CEX exchange you will usually get a premium when selling bitcoin.
• Some platforms (like CEX.IO) show you updated exchange rates every few minutes so that you can sell when the price is in your favour.
• If you want to conduct other currency conversion transactions on the site, you may be able to.
• Once you have transferred your fiat funds to a bank account, you can withdraw your cash anytime via a standard ATM.
Cons:
• Not all exchanges accept customers from every country, and not all exchanges support cryptocurrency to fiat conversions either.
• A few extra steps are involved if you use this method.
5. Sell your bitcoin in person.
Finally, another option for selling your bitcoin is to do it in person. You can do this by joining a local bitcoin meetup group, or you can check on social networking sites like Facebook to see if there are any local groups.
If you decide to use this method to sell your bitcoin, you will be meeting with the buyer face-to-face. You should of course schedule this meeting to take place in a public venue so that you are minimizing your personal risk. If possible, you should ask the trader to show you public feedback which they may have from a site like LocalBitcoins.
Once you arrive at the meeting, you can make the exchange however you have planned it. You will probably both show up with your smartphones. The buyer will hand you the cash, and you will transfer the bitcoin to his or her bitcoin address. Then you will go your separate ways.
Pros:
• This can be a fairly anonymous way to exchange bitcoin. You do not need to demand identification from each other, so long as that suits you both.
• This can be a fast and easy method if you find the right person and the right location to meet. And if it works out, you could even end up with a repeat buyer who is easy to deal with in the future.
Cons:
• You have to deal with another person face-to-face. You have no idea how that will go. They could stand you up and waste your time, or they could show up and mug you, etc. Of course, many of these transactions go by without a hitch, so there is no need to be paranoid. Still, a lot of people prefer a method where less can go wrong.
• There is no third party to help you out should something go wrong, and no such oversight to prevent problems from occurring in the first place.
Conclusion: It Is Faster And Easier Than Ever to Sell Bitcoin For Cash
While bitcoin is great to invest in, there are going to be times when you want to convert your bitcoin into a fiat currency like US Dollars. Thankfully, there are multiple methods available to you to convert your bitcoin into cash. Whether you go through a P2P site like BitQuick or LocalCoins, you use an ATM, or you go through a bitcoin exchange, it is easier than you think to convert your cryptocurrency funds into fiat funds and withdraw them.
Some people kill time at the airport by browsing duty-free shops. I decided to shop for bitcoin.
But first, there are two things you should know about me: I tend to be almost as afraid of losing money investing as I am of flying. On some level, I figured one fear might cancel out the other.
So last Thursday, while waiting for a flight to Nashville, I pulled up a popular application called Coinbase that can be used to buy and sell bitcoin. The virtual currency had hit $10,000 for the first time a couple days earlier, before retreating somewhat. News of bitcoin's rapid rise was everywhere, including on CNN.
For 15 minutes at the airport, I refreshed the price of bitcoin over and over, watching as it gained and lost hundreds of dollars in a matter of minutes. I called out the price fluctuations breathlessly to my wife, who gently encouraged me not to be an idiot, before returning to her magazine.
She was in good company. JPMorgan Chase CEO Jamie Dimon recently called bitcoin a 'fraud' and suggested people who buy it are 'stupid.' Warren Buffett called bitcoin a 'mirage' in 2014 and warned investors to 'stay away.'
Are you trading Bitcoin? We want to hear from you.
And yet bitcoin has climbed more than tenfold since Buffett's warning. Earlier this month, one college friend casually told me over drinks he'd made tens of thousands of dollars investing in another cryptocurrency. He said he hoped it would be worth enough one day to buy a house.
When I saw the price of bitcoin fall to $9,500, I pressed buy, defying the wisdom of two finance titans and my wife. One hundred dollars, or 0.0101 bitcoins. (A few days later, I bought another $150.) By the time we got to our hotel, my stake had already gone up 10%. One week later, it was (briefly) up 100%. My wife's opinion of me has reportedly decreased by the same amount.
What is happening?
It's an investing frenzy, plain and simple.
Bitcoin cracked $1,000 on the first day of 2017. By this week, it was up to $12,000, and then it really took off: The price topped $17,000 on some exchanges Thursday, and $18,000 on at least one.Other cryptocurrencies have seen similar spikes, though they trade for much less than bitcoin.
Can Bitcoins Be Exchanged For Cash
There's a long list of factors people may point to in an attempt to explain this. Regulators have taken a hands-off approach to bitcoin in certain markets. Dozens of new hedge funds have launched this year to trade cryptocurrencies like bitcoin. The Nasdaq and Chicago Mercantile Exchange plan to let investors trade bitcoin futures, which may attract more professional investors.
Yet a key reason the price of bitcoin keeps going up is, well, because it keeps going up. Small investors like yours truly have a fear of missing out on a chance to get rich quick. And when the value of your bitcoin doubles in a week, as it did for me, it's easy to think you're a genius. But you can get burned assuming it will keep skyrocketing.
Some investors have likened the bitcoin hype to the dot-com bubble. Others, like Dimon, have said it's even 'worse' than the Dutch tulip mania from the 1600s, considered one of the most famous bubbles ever.
As Buffettput it back in 2014, 'the idea that [bitcoin] has some huge intrinsic value is just a joke in my view.' Bitcoin is not backed by a company's earnings, or the strength of a government and rule of law. There's also no interest or dividends.
Why would anyone want or need to use bitcoin?
Bitcoin serves as a new kind of currency for the digital era. It works across international borders and doesn't need to be backed by banks or governments.
Or at least that was the promise when it was created in 2009. The surge and volatility of bitcoin this year may be great for those who invested early, but it undermines bitcoin's viability as a currency.
Right now, I can use my bitcoin holdings to pay for purchases at Overstock(OSTBP), or book a hotel on Expedia(EXPE). But if I use bitcoin to buy $25 worth of socks on Overstock today, and the price of bitcoin quadruples next week, I'll feel like those socks actually cost me $100. Then again, if bitcoin crashes, at least I'll always have the socks.
Rather than a currency, bitcoin is being treated more like an asset, with the hope of reaping great returns in the future.
So is there anything truly valuable about bitcoin?
Yes, the technology behind it.
Bitcoin is built on the blockchain, a public ledger containing all the transaction data from anyone who uses bitcoin. Transactions are added to 'blocks' or the links of code that make up the chain, and each transaction must be recorded on a block.
Even bitcoin critics like Dimon have said they support the use of blockchain technology for tracking payments.
Is there a legal and legitimate way to invest in bitcoin?
Bitcoin exchanges have a checkered history. Mt.Gox, once the largest exchange, shut down in 2014 after losing hundreds of millions of dollars worth of bitcoin after a hack.
How To Cash Out My Bitcoin In Nigeria
Today, the leading exchange is offered by Coinbase, a startup that has raised more than $200 million from a number of top tier venture capital firms. Square(SQ), the payments service, is also rolling out a bitcoin product.
There are also bitcoin ATMs in scattered bodegas and convenience stores around the country, through companies like Coinsource. The ATMs let you exchange bitcoin for cash, or vice versa by scanning a QR code from the digital wallet application on your phone.
With Coinbase, you must first give the app permission to connect to your bank account. As with other stock trading applications, you pay a small fee for each transaction, buying and selling. But the transaction can take significantly longer.
My original $100 bitcoin purchase won't officially be completed on Coinbase until Friday, more than a week after the transaction. The price I bought it at remains the same, but I won't be able to sell at the earliest until Friday.
If the price plummets before then, I'm out of luck. No socks for me.
-- CNN's Selena Larson contributed to this report.