I highly recommend using Binance, Bybit, or Coinbase since they’re the most well-known and trusted platforms in the crypto space. However, you can choose other crypto exchanges if you want to try something different. It’ll include methods of how to turn Bitcoin into cash such as bank transfer, PayPal and even through cash deposit! I’ll show you how to withdraw Bitcoins to cash using an exchange (namely, Binance) and through a peer-to-peer exchange. And to make it easier for you, I’ll also include some helpful images. Cashing out at an ATM is the equivalent of selling your Bitcoin, says California Bitcoin ATM company Hermes Bitcoin.
- Some of the most popular hardware wallets offer the ability to sell Bitcoin for cash.
- One of their biggest perks is their user-friendly design so you can convert crypto to fiat within a few clicks.
- It’s one thing to know you want to convert your bitcoin to cash, but it’s another to know how to cash out bitcoin.
- In addition to paying with crypto directly, cashing out Bitcoin or other cryptocurrencies is something every crypto holder should know about.
Many centralized exchanges allow users to link their bank accounts for easy transfers. After selling your crypto on the exchange, you can transfer the fiat directly to your bank. Be mindful of potential fees and waiting times, which can vary by platform and bank. P2P trading is considered the cheapest way to convert crypto to cash, thanks to typically lower fees compared to crypto exchanges.
How do I choose the best platform for cashing out cryptocurrency?
The process of how to cash out crypto requires careful consideration of various factors. Whether you opt for exchanges, peer-to-peer platforms, or Bitcoin ATMs, it’s essential to weigh the pros and cons to make an informed decision. Additionally, navigating tax implications demands attention, necessitating consultation with experts to ensure compliance.
What is your current financial priority?
Depending on which exchange you use, you may need to transfer or convert your cryptocurrency to another popular currency such as the stablecoin Tether, before finally converting to dollars. You’ll quickly exchange cryptocurrency into cash, which you can access from your cash balance in Coinbase. From there, you can transfer the money to your bank account if you wish.
For example, Coinbase offers a VISA debit card that allows you to spend your Coinbase crypto balance, automatically selling your selected crypto and using the cash for any purchases you make. You can also earn crypto rewards that deposit into your Coinbase account (reward rates vary). Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Some exchanges do not allow the conversion or selling of some cryptos to dollars, so you’ll need to take an indirect route to get your cash.
Crypto Exchanges
Then, you can connect your bank account to the platform and withdraw. You can withdraw crypto using an ATM by either connecting your wallet address to the machine (typically through a QR code) or, as mentioned, using a crypto debit card. Once you’re ready to convert your bitcoin to dollars (or your local currency), the exchange should let how to buy reddcoin you quickly do so. You can then send the cash equivalent of your bitcoin to your bank account.
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Processing time depends on several factors we’ve covered earlier in this article. Withdrawing Bitcoin how to buy bitcoin in 7 steps 2021 isn’t always instant, because all platforms have different processing speeds. Most withdrawals are completed in a few hours, but some may take longer. Several exchanges let you cash out faster, but you have to pay a special fee for it. Bitcoin ATMs enable the withdrawal of tokens into real money within a shorter time frame. With the rapid emergence of physical ATMs, they are one of the convenient alternatives for people when they need cash in a hurry and wish to avoid the procedures of online trading platforms.
