How do you turn bitcoins back into cash

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Related Articles. Article Summary. Part 1. Compare the rates offered by different conversion services and choose the best one. Even when the average bitcoin conversion rate improves, different conversion services offer different conversion rates. All other things being equal, you should go with the second service to get the most out of your bitcoins. Convert your bitcoin using a service with low fees.

Conversion services typically charge a fee for conversion. Sometimes there is a flat fee no matter how much you exchange, and sometimes the conversion service charges a percentage of the amount you exchange. Compare the fees associated with the various conversion services and select one that offers the best deal. There are several ways to verify that a bitcoin conversion site is safe. One is to check reputable sources for reviews that verify the integrity of a given site.

Another way is to ensure that the site the service manages uses https as opposed to the less secure http in their URL. Finally, use a conversion service that allows two-factor identification, ensuring that only you will be able to approve bitcoin conversions.

Select a service that offers low transfer times. Some sites transfer bitcoins to your account after 5 days, but faster services could convert your bitcoins to dollars in 3 days or less. Part 2. Sign up for an account. Signing up for an account involves providing your name, date of birth, address, email address, phone number, and other personal information. Select the strongest security options when you sign up.

You might also want to enable a multi-signature option, which requires multiple independent approvals before making a bitcoin conversion or withdrawal. Deposit your bitcoins in the marketplace. The specific mechanism by which you deposit your bitcoins will vary depending on how your bitcoins are currently stored. Part 3. Convert your bitcoins when the exchange rate is favorable.

Over time, exchange rates rise and fall. Wait to exchange your bitcoins until the corresponding dollar value rises. Sell your bitcoins in the marketplace. Some marketplaces allow you to sell your bitcoins to another person. Others allow you to sell them directly to the marketplace, which will then resell them to interested buyers later. In either case, the specific method you use to sell your bitcoins will vary somewhat depending on the marketplace you use.

Put your bitcoins on a debit card. Some marketplaces enable you to load your bitcoins onto a debit card that automatically converts them to dollars. You might be able to get a digital debit card, which simply provides you with a string of numbers you can use for online purchases that require dollars, or you could get a regular debit card in the mail.

Transfer your bitcoins to another digital wallet. Some bitcoin conversion services allow you to convert your bitcoins to dollars by transferring them to PayPal, Apple Pay, or similar services. If this is the way you want to convert your bitcoins to dollars, set your payout method to the digital wallet you want to use.

Then, simply sell or transfer your bitcoins to the service of your choice through the marketplace menus. Converting bitcoins to dollars by transferring them to a digital wallet often has higher fees and lower limits than transferring them to your bank account. Like all currencies, the conversion rate for bitcoins fluctuates regularly.

Run a search through your preferred search engine to determine the current conversion rate. Not Helpful 20 Helpful Not Helpful 8 Helpful Not Helpful 6 Helpful Not Helpful 48 Helpful Nishizaka Steel Company.

Their service is very fast, and they require no ID. Not Helpful 19 Helpful Include your email address to get a message when this question is answered. Helpful 1 Not Helpful 0. When selling Bitcoins to other people on LocalBitcoins, you can decide which payment method you want the buyers to use.

These include:. LocalBitcoins offer a good level of safety because of their escrow service. This keeps your Bitcoins locked until you confirm the payment has been received from the buyer. So, now that you know the difference between the two favored methods, I will now show you how to withdraw Bitcoins to cash using broker exchanges! Coinbase is the most popular broker exchange for buying and selling Bitcoin. They process more Bitcoin transactions than any other broker and have a massive customer base of 13 million.

Looking for more in-depth information on related topics? We have gathered similar articles for you to spare your time. Take a look! Want to sell NFTs? First, you will need to open an account with Coinbase , link your bank account, and make a deposit. If you need help on how to do this, view our guide here. If you have already done this, proceed to step 2! Once you have set up your account, you will need to send your Bitcoin to your Coinbase Bitcoin address! You will then be shown your Bitcoin Coinbase wallet address.

This is the address you need to send your Bitcoin to. Next, click on Sell. The next step on how to cash out Bitcoin is in the wallet. Assuming you have now sent your Bitcoin to your Coinbase wallet, you should see your Bitcoin wallet and your default fiat currency here. This will change depending on where you are located. For example, U. You will also see your withdrawal limit. If you have already verified your account, your limits will be quite high.

However, if you need to increase this, click on See Limits and follow the additional verification instructions! Before you can withdraw, you need to exchange your Bitcoin to your local currency. Enter the amount of Bitcoin that you wish to sell, and the fiat currency equivalent will update. Once you click on Sell Bitcoin Instantly , your funds will now be in your fiat currency wallet. Ok, so we are at the final step on how to cash out Bitcoin to your bank account.

Your bank account details will already be saved from when you set it up earlier. Another popular choice for Bitcoin sellers is Kraken! Kraken is another popular exchange that allows fiat currency deposits and withdrawals. It has been around since , and processes the most Bitcoin to Euro transactions. Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange. There are a few to choose from, however, the one I most recommend is Local Bitcoins.

LocalBitcoins was created in and now supports almost every country in the world. So, no matter where you are from, you should be able to find buyers to sell your Bitcoin to. The great thing about P2P is that you can request any payment method you want. Here are some examples of the different payment methods available on LocalBitcoins:.

Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for. However, if you sell to a buyer that has listed the price they want to pay, there are no fees. There is also a rating system like eBay, where you can leave feedback for the buyer or seller.

This helps you to remain safe when choosing a buyer. Local Bitcoins allows you to stay anonymous, too when choosing such payment methods as web money or gift vouchers , especially if you also use a reliable and safe VPN to secure your connection. However, some sellers decide to ask new buyers those who have no feedback to supply identification. First, you will need to open an account at Local Bitcoins.

You can do this by clicking here. Choose a username and a strong password. You also need to enter and confirm your email address. Then you need to choose the country where your ideal buyers are located. I recommend using your own country of course , however, this is up to you. In this example, I have selected the UK. You also need to enter the amount of Bitcoin you wish to sell.

In this example, I will show you how to cash out Bitcoin using PayPal. This is a sign of a serious, legitimate buyer. Confirm the amount of Bitcoin you want to sell and enter your PayPal email address. Then click on Send Trade Request. Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them. Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow I explained an escrow earlier, remember?

So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so. The buyer should contact you to let you know that the funds have been sent. Once you become more experienced with Local Bitcoins , you can practice selling using different payment methods. It is also a good idea to set up an advertisement. In this case, you will receive a notification from buyers when they want to buy from you.

LocalBitcoins is just one of the P2P exchanges that allow you to cash out your Bitcoin — there are many others. The important thing to remember is that the exchange has an escrow, and NEVER send your Bitcoin to a buyer before they have paid! Learn what is the best time to buy Bitcoins, and when to sell Bitcoin, too! Learn about the the most secure vaults in the world, and how you can acquire one of such vaults yourself!