After making a handsome amount of millions here comes a time when you want to know the ways to cash out your Bitcoins. Here we will guide you on all the important things to know how to cash out your Bitcoins in an easy way. You will find different methods to turn your Bitcoin into cash like bank transfer, PayPal, and cash deposit. You can also withdraw Bitcoins to cash by using a broker platform and through a peer-to-peer exchange conveniently.
Different Cash Out Methods
More than$2 billion worth of bitcoin is being circulated in transactions every day. So you should be aware of different things before cashing out Bitcoin. Let us know in detail a few of them.
Third-Party Broker Exchanges
This is another name for exchanges. Most of the cryptocurrency exchanges do not facilitate their users to deposit funds by using fiat money but some of them allow it. Third-party broker exchange works like this. Here you have to deposit your Bitcoins into the exchange. Once the exchange receives your Bitcoins you can request a fiat currency withdrawal. Most of the time this operation is done through a bank wire transfer. To stop yourself from violating money-laundering laws, you are allowed to withdraw to the same bank account that you have deposited with l. In case you have never deposited any fiat on the broker exchange then you must make at least one deposit first.
When you have decided to cash out your Bitcoins through a broker exchange then will find several options in this regard. The whole procedure normally takes 1 to 5 days for the money to reach your account. For EU customers these kinds of payments are done through SEPA but if you want to sell your Bitcoins for USD brokers usually use the SWIFT payment method.
If you are in a bit of a hurry and cannot wait for three days to cash out your Bitcoins then you can pick the option of using a peer-to-peer platform like yuan coin.
At the platform yuan pay group when you are sending Bitcoins to other people you can decide which payment mode you want your buyers to use. These are the following :
- Cash deposit: in this method, you can ask the buyer to deposit cash in your bank account. But be careful to get proof of ID and proof of payment before releasing your Bitcoins to them
- Bank Transfer: in this method, you ask your buyers to send you a bank transfer payment. Here you should understand this method completely before giving it a try and always ask for proof of ID from the buyer before moving ahead. After receiving the money you can easily transfer the Bitcoins to them.
- Meet in person for cash: Here you have the facility to arrange a meeting with your buyer who is usually a local to you and he will pay you in cash for your Bitcoins.
The main benefit of peer to peer platform is that you are free to choose any payment method that you want. Following are some of the payment methods available on Localbitcoins:
- Local Bank Transfer
- International Bank Wire
- Western Union
- Gift Vouchers
- Web Money
- Bank Cash Deposit
How to Cash out Bitcoin Using LocalBitcoins
You can follow these steps to cash out Bitcoins using the LocalBitcoins platform.
- First of all, you will open an account at Local Bitcoins.
- In step two, you will put your username and a strong password. After this, you will mention and confirm your email address.
- In the third step, by logging in to your account, you will click on Sell Bitcoins at the top of the page.
- After this step, you will choose the country where your ideal buyers are located to enter the amount of Bitcoin you wish to sell. You can use your PayPal account to cash out your Bitcoin.
- In this step after confirming the amount of Bitcoin you want to sell, you will enter your PayPal email address. Then click on Send Trade Request.
- At this step, your buyer will receive a notification to ask your consent if you would like to sell your Bitcoins to them. Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow. It is a safe way as the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so.
- Now the buyer would contact you to let you know that the funds have been sent. You can check your Paypal account to know that the funds have been transferred to your PayPal. Move on to click on Payment Received, and you’re finished.
So this is the way to cash out Bitcoin using a P2P exchange.
Hope that these detailed guiding steps would prove to be helpful to you to understand the process to cash out Bitcoin!