How to Convert Crypto to Cash?

Want to sell your cryptocurrency? Here’s a step-by-step guide on converting bitcoin to cash.

Checkout this video:

 

Introduction

 

You may have several different coins if you’ve invested in cryptocurrencies. Use a cryptocurrency exchange to convert your coin to USD. Cryptocurrency exchanges let you purchase, sell, and trade digital assets for other digital assets or fiat currencies. We’ll walk you through converting crypto to cash using a prominent crypto exchange below.

1) Join a bitcoin exchange.
2) Platform identity verification.
3) Link your debit or bank account
4) Select the currency you wish to convert from and pick USD.
5) Enter the amount of money to convert and confirm.
6) Withdraw or spend the USD from your account.

 

What is Crypto?

 

Cryptography secures cryptocurrency, making it almost hard to counterfeit or double-spend. Blockchain technology—a distributed ledger maintained by a global network of computers—is used in several cryptocurrencies. Cryptocurrencies are not issued by any central authority, making them impervious to government manipulation.

Cryptocurrencies may buy products and services and be exchanged on decentralised exchanges. Bitcoin, the first cryptocurrency, has the greatest market valuation. Thousands of altcoins with different features exist now.

 

What is Bitcoin?

 

Bitcoin is a decentralised digital money that may be transmitted directly between users on the peer-to-peer bitcoin network. Blockchains record transactions confirmed by network nodes using encryption. Bitcoin was conceived by Satoshi Nakamoto in 2008 and published as open-source software in 2009.

 

What is Ethereum?

 

Ethereum is a decentralised platform that executes smart contracts, which function as planned without fraud or third party meddling.

Each Ethereum operation costs money. Gas pricing are ETH-based. You could pay 0.0005 ETH to transmit 1 ETH from one address to another.

The miner that confirms and adds your transaction to the Ethereum network receives this gas.

 

How to Convert Crypto to Cash?

 

Cryptocurrency to cash conversions vary. List of popular methods:

1) Cryptocurrency exchange sale
Selling bitcoin on an exchange is a simple method to pay out. Coinbase and Binance let you sell your cryptocurrencies for fiat money (USD, EUR, GBP) and deposit it into your bank account. Most exchanges charge 1-2%.

2) Crypto ATM
Crypto ATMs are also popular for converting bitcoin to cash. These ATMs let you exchange cryptocurrencies for cash like bank ATMs. If you live near one, they provide a handy option to receive cash, but fees may be up to 10%.

3) Sell to Family or Friends
You may sell your coins to a cryptocurrency enthusiast for fiat dollars. No costs, but you must trust the other person!

P2P trading platform
Use LocalBitcoins or Bisq to avoid costs. These services let you trade with other users after agreeing on a price and payment method. These services charge more than exchanges but provide greater privacy and freedom.

How to Withdraw Cash from an ATM?

 

You need a cryptocurrency-compatible ATM to withdraw cash. Not all ATMs can. Follow the screen instructions to withdraw cash from a compatible ATM. Most ATMs need you to insert your crypto wallet’s debit card or flash drive and enter your PIN. A driver’s licence or passport may be required. After these processes, the ATM dispenses cash.

 

How to Withdraw Cash from a Bank?

 

ATMs are great for bank withdrawals. Bank tellers accept debit and credit cards for cash withdrawals.

 

How to Withdraw Cash from a Bitcoin ATM?

 

The most common Bitcoin-to-cash techniques are:

Selling Bitcoin on a cryptocurrency exchange and withdrawing cash.
Over-the-counter Bitcoin sales and bank account withdrawals.

Locating a Bitcoin ATM and exchanging BTC for cash.

Before choosing, consider the advantages and downsides of each strategy. Some techniques may be unavailable in your area. Africa has few Bitcoin ATMs.

After choosing a method, convert Bitcoin to cash!

 

How to Withdraw Cash from a Bitcoin Exchange?

 

There are two main kinds of cryptocurrency exchanges:
Fiat-to-crypto exchanges enable fiat currency purchases of cryptocurrencies.
Crypto-to-crypto exchanges let you trade cryptocurrency.

Not all Bitcoin exchanges enable cash withdrawals. Crypto-to-crypto exchanges do not take fiat coins. Several fiat-to-crypto exchanges enable cash withdrawals.

Two ways to withdraw money from a Bitcoin exchange:

1. Converting Bitcoin to fiat cash and withdrawing it to your bank account.
2. Using a service to trade Bitcoin for cash without first converting it to fiat money.

The exchange, payment method, and transaction costs will determine your choice.

 

How to Withdraw Cash from a Bitcoin Wallet?

 

With a Bitcoin wallet, you may withdraw money. Just follow these steps:

1. Click “Withdraw” in your wallet. In ‘My Account’.
2. Enter the cash withdrawal amount with the right number of zeros following the decimal point.
3. Choose a withdrawal method—usually a wire transfer or check.
4. Enter bank account information or choose check delivery.
5. Verify your transaction information.
6. Wait a few days for a wire transfer or two weeks for a check delivery.
7. You’ve withdrew money from your Bitcoin wallet!

 

Conclusion

 

Crypto to cash conversion methods are listed below. Can:

1. Use crypto ATMs
2. online cryptocurrency sales 3. Peer-to-peer exchange
4. Trade traditionally.
5. Exchange crypto for fiat.

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