- November 18, 2021
- |Bitcoin, University
As Bitcoin becomes increasingly mainstream and valuable, more and more people are looking for ways to cash in on their investments. This article will look at some of the most popular ways to convert your Bitcoin into cold hard cash, including peer-to-peer marketplaces, Bitcoin ATMs, and cryptocurrency exchanges.
So whether you’re a seasoned Bitcoin investor or just dipping your toes into the world of digital currencies, we’ll guide you through everything you need to know to turn your Bitcoins into cash.
Why Should You Use Bitcoin?
Bitcoin is appealing because it is easily accessible around the world. Buying or selling Bitcoin can be done through BATMs found in multiple locations worldwide or a multitude of online exchanges. Bitcoin is created through mining on the Blockchain (unfortunately, not people going into mines trading Bitcoin).
Whether you’re looking to buy, sell, or trade Bitcoin, it’s a lucrative option.
From third-party online exchanges to local Bitcoin ATMs, you have options. Of course, one of the most beneficial options is Bitcoin ATMs since you’ll receive your money fast.
Keep in mind that not all Bitcoin ATMs work the same. That means some only allow you to buy, sell, or both.
Third-Party Online Exchange
A cryptocurrency exchange (third-party online exchange) is where you deposit your Bitcoin into an exchange. When the exchange receives your Bitcoin, you can withdrawal in the currency that you choose.
If you’re looking for a quick method, then a cryptocurrency exchange isn’t suitable for you. It’ll take a few days, up to a week. Along with waiting forever for your money to go through, you should also be weary of brokers laundering cash. You’ll want to withdraw from the bank account you deposited your money as an extra precaution.
For those customers in the EU, your payments will be made through SEPA. Therefore, your withdrawals will be in Euros.
Bitcoin Debit Cards & ATMs
Bitcoin debit cards and Bitcoin ATMs work similarly, where you’ll create an account allowing you to buy and sell Bitcoin. The transaction fees may be slightly higher, but you’ll get your currency immediately.
Another option is a peer-to-peer platform. A peer-to-peer platform is where you sell your Bitcoin to others and decide what payment method they can use. This method can equate to fewer fees and a reasonable exchange rate.
If you decide to go this route, you must watch out for scammers. Also, choose a platform that locks your Bitcoin until you can confirm that the accurate payment was received.
Peer-to-Peer allows you to choose the payment method, unlike other options. Some payment methods include web money, PayPal, International Bank Wires, Local Bank Transfers, Gift Vouchers, Bank Cash Deposits, etc.
If you decide to choose the price to sell your Bitcoin, you’ll need to create an advertisement. No worries, you don’t have to make anything extravagant, but you do have to pay up (1% of the total sale. (ouch).
If you sell to a buyer listing the price they want to pay, then there aren’t fees. Some platforms have rating systems, allowing you to leave feedback for the seller or buyer. Whether or not you’re just beginning, it’s a good idea only to choose buyers who have 100% positive feedback.
Choosing Your Currency
Before you start trading, you’ll need to make sure that the platform you choose has your currency of choice. Some platforms don’t support U.S. dollars (sorry, America)! Decide which currency you’ll accept, and go from there.
Create Your Sell Offer
Once you create your account on a platform, you’re ready to place your sell offer. But first, you’ll need to decide what amount will be equivalent to trading the Bitcoin.
First, you’ll need to find the trade or sell tab. Next, choose the price the broker offers or the amount you want to sell it for(you’re in control). Don’t go too crazy and set the price too high since they might not accept it.
Depending on if you live in the U.S. or Italy, taxes vary from country to country. So first, figure out how your country taxes cryptocurrency. This knowledge will allow you to know whether you need to report sales from Bitcoin.
Some countries have yet to set guidelines for Bitcoin and cryptocurrency. (Lucky you). On the other hand, some countries have stringent rules. You can contact a CPA in your area to see what they state regarding tax requirements.
How To Sell Bitcoin For cash
Bitcoin ATMs are an effective method for receiving cash for Bitcoin. Plus, they’re immediate-putting the coins directly into your wallet.
Be sure to double-check withdrawal limits. Small amounts are typically not a problem. Larger amounts can often be approved after the BATM provider verifies your initial transaction.
Is Bitcoin Legal In The US?
Many countries allow Bitcoin, but regarding legalities, you’ll want to check your country and local laws. Certain countries, such as China, have banned cryptocurrency.
How Long Does It Take To Sell Bitcoin?
How long the sale will take depends on several factors. It depends on your payment method and which platform you choose. Plus, the selling method that you prefer. It can take seconds or many days (here’s looking at you, 3rd party brokerages). On the other hand, credit cards and PayPal transactions can be almost immediate. However, using PayPal, credit, or debit cards can incur extra fees. Wire transfers take a while because the money has to go through different intermediary banks before it reaches your pocket.
Finding Out How To Sell Bitcoin For Cash
After exploring this guide, you should be ready to get out there and sell Bitcoin for cash. Take your time choosing the platform and payment method of your choice.
Are you ready to get started selling Bitcoin today? Whether you’re looking to get cash for your Bitcoin or get Bitcoin for cash, we have you covered. If you still have questions, don’t stress. We’re here at Byte Federal Inc. to answer all of your burning Bitcoin curiosities today.