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Bitcoin How to Cash Out

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Bitcoin has been around for over a decade now and most people holding these virtual assets will eventually want or need to convert them into cash. This means that one question that may be on your mind if you’re an investor in cryptocurrency is how to cash out some or all of your Bitcoin holding. Luckily, you don’t have to struggle as you look for ways to convert your BTC into cash because there are several ways you can do so.

In this piece, we explore some of the ways that you can cash out your Bitcoin to help you make informed decisions that will help you realize maximum gains on your digital assets.

Bitcoin How to Cash Out

Using Bitcoin ATMs

One of the ways you can cash out your Bitcoin is by using Bitcoin ATMs. These are similar to everyday ATMs where you can withdraw cash from your bank account and other simple banking tasks; however, Bitcoin ATMs allow people to buy and sell Bitcoin through transfers to or from their crypto wallets. They are usually strategically placed in high-traffic areas such as airports and malls.

To use Bitcoin ATMs, you need to use online tools to locate the nearest machine to you and visit it. At the ATM, you simply need to follow the straightforward on-screen prompts to transfer your BTC and receive cash.  While BATMs may offer people a great deal of convenience to cash out their Bitcoin any time they want, they usually have higher charges compared to some of the other methods. Thus, before using a Bitcoin ATM, you should evaluate your options and see if it makes economic sense for you to use it.

Using crypto exchanges

Another popular and convenient way to cash out your Bitcoin is to use crypto exchanges.  You can visit their online platforms or walk into physical offices where you deal face-to-face with knowledgeable staff who will facilitate the process of cashing out your Bitcoin. 

You will need to open an account with your preferred crypto exchange. To do this you will need to provide your name, email address, and phone number. After that, you will need to verify your identity and transfer your coins to the exchange.   You can either place a market order (selling at the current market price) or a limit order (selling at a specific price which means the sale is only completed when there’s a buyer who matches your price). 

After placing your order and confirming it, the sale will executed. You will be able to access your cash through the bank account you’ve linked to your exchange account. But if you’re exploring how to cash out Bitcoin with a physical exchange, you transfer the digital currencies to the exchange and receive cash immediately, as per the agreed-on exchange rate.  The staff at the exchange office will help to execute the sale.

Using peer-to-peer platforms

Besides the crypto exchanges, there are other platforms to consider when exploring how to cash out Bitcoin. P2P platforms help to link buyers and sellers so they can transact directly between themselves. These include LocalBitcoin and Paxify. When using these platforms to convert Bitcoin to cash, you find the best offers and reach out to the buyers. You agree on a few things like the payment method and then meet to close the sale or trade online with the help of the platform. Some P2P platforms offer escrow services to protect the interests of both parties and ensure each of them performs their end of the bargain before releasing the assets to them.

Conclusion

If you’re wondering how to cash out Bitcoin, you don’t have to worry because you can use one of the several methods available. You can use Bitcoin ATMs, crypto exchanges, or P2P platforms, just to mention a few. The crucial thing is to choose a secure method, works best for you and has reasonable charges. 

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