Although a number of options are available for you to cash out your Bitcoin yet not all is good for you. This is why today we will be sharing with you how to turn Bitcoin into cash using the most popular methods: Coinbase, LocalBitcoins and ATM.
Let’s get started!
How to turn Bitcoin into cash with Coinbase?
This is basically the Broker Exchange method under which there are two options for you: coinbase and kraken. And obviously, Coinbase is the most popular one. Here follows the guideline for you:
Step 1: Open a coinbase account. Then, linking the bank account with it, deposit any amount in the usual currency.
Step 2: Visit the Coinbase wallet. There you will locate an option named Receive. As you click on it, an address will be shown to you. From your bitcoin wallet transfer the amount to this address that you want to cash out.
Step 3: Is the transaction done? Well, then from the coinbase wallet select the Buy/Sell option and then go for the Sell option particularly.
A new instructional box-like thing will pop up on the screen. There you see the withdrawal limit and other things.
An interesting thing occurs here, based on the country you are in currently, the deposit wallet changes automatically. For example, if you are in India, the currency will be shown in the Indian Rupee. And, you are bound to exchange the Bitcoin amount to the suggested currency.
Step 4: Enter the amount of Bitcoin that you want to cash out. As you enter it, you will see the amount of local currency that you will be entitled to have.
Step 5: After entering the amount, the option Sell Bitcoin Instantly will ask your final permission. By clicking on it you transfer the amount to the fiat currency wallet.
Step 6: In the final stage, you need to choose the fiat currency wallet and then from there tap the Withdraw option.
Your job is done! Depending on the currency to which you will be cashing out the Bitcoin, cash-out time will be fixed. Usually, it takes ⅓ working days for Euro and 4-6 days for USD.
How to turn Bitcoin into cash with LocalBitcoins?
It’s one of the most popular peer-to-peer Bitcoin cash out methods that doesn’t take as much time as the Coinbase takes. So, here is how you can make cash out using LocalBitcoins:
Step 1: The first and foremost thing is to open a LocalBitcoins account. Create a username and unusual passcode and finally confirm your mail address.
Step 2: Visit the LocalBitcoin site and from the top of the homepage click on the option Sell Bitcoins. A dialog box will appear asking you to select the country where your buyers might be. Along with it, enter the amount of Bitcoins you want to cash out.
It all depends on you which country you will be choosing; so no more words regarding this from our part.
Step 3: After you enter the info and tap the search button, another dialog box with the possible payment methods will show up. The methods may include PayPal, Amazon Gift Card Code, National Bank Transfer and so on.
Just beside every method you can see the limits of transactions. In addition, you can see the ratings of the buyers and number of trades they have done so far.
Go for the method with which you will be most comfortable from every perspective. However, for an example, we will be showing you the method of PayPal cash out.
Step 4: Tap on the PayPal option. You will be asked to enter the Bitcoin amount and your PayPal mail address. Finally, tap the Send trade request button.
As you complete this final stage, the buyer will receive a notification of your willingness for trading with him or her. If he or she accepts the proposal, you will then need to send the Bitcoin amount to the LocalBitcoins escrow.
Now, the buyer will receive another notification about your fund transaction. After that, he or she will send you the available local currency on PayPal and let you know that.
Step 5: Open your PayPal account to check if the buyer is saying right. Is he or she? Well, then it’s time for you to select the option Payment Received.
Only after you tap this option, the buyer will be able to get the Bitcoins from the LocalBitcoins escrow.
Turn Bitcoin into cash with an ATM
Just like the usual ATM booths there are almost 5000 booths for Bitcoin cash out all over the 76 countries of the world. And, to find out the location of your nearby Bitcoin ATM booth you can use the Coin ATM Radar app.
But, before you make up your mind for cashing out with an ATM, keep in mind that the conversion is going to cost you comparatively more. Most importantly, if your expected cash out amount is big, then the ATM won’t allow you.
If you have no issue with the fees and the amount limits then you can convert your Bitcoin to local cash far effortlessly.
Here is how (there are actually many methods) you can withdraw the cash from a Bitcoin ATM:
Step 1: Create a Coinsource account
Step 2: Find out the nearby CoinsourceBitcoin ATM that allows both buy and sell
Step 3: From the Bitcoin ATM log in to your Bitcoin wallet. Choose the option Withdraw Cash.
Step 4: Then, enter the cash amount that you want to withdraw.
Step 5: Send the Bitcoin to the address that the QR code indicates
The entire transaction and withdrawal process takes not more than half an hour.
To sum up, as a Bitcoin user, it is your prime responsibility to learn how to turn Bitcoin into cash. Otherwise, there remains a big possibility of being a victim of fraud by the persons you seek help from. Thereby, we strongly recommend you to go through any of our given methods and learn that well.