How can I convert bitcoins into real money?
Joshua So, you’ve made your millions, and now you want to know how to cash out Bitcoin? Well, this guide will tell you everything you need to know!
This guide will include methods of how to turn Bitcoin into cash such as bank transfer, PayPal, and even through cash deposit! I will show you how to withdraw Bitcoins to cash using a broker and through a peer-to-peer exchange.
You can also visit here to exchange zcash to paypal
How to Cash out Bitcoin Using a Broker Exchange
So, now that you know the difference between the two favored methods, I will now show you how to withdraw bitcoins to cash using broker exchanges!
Coinbase
Coinbase is the most popular broker exchange for buying and selling Bitcoin. They process more Bitcoin transactions than any other broker and have a massive customer base of 13 million.
- Withdrawal Methods: Coinbase lets you sell Bitcoins for cash, which you can then withdraw into your bank account. You can only cash out your Bitcoin into a bank account that you have already used to buy cryptocurrency on Coinbase. So, if you haven’t done this yet, I recommend purchasing a small amount of cryptocurrency first.
- Fees: The fees depend on the country that your bank is located in. For example, if you want to sell Bitcoin for USD, a wire transfer is $25. If you are located in the EU and have SEPA, then this costs just $0.15!
- Cash-out times: Withdrawal times also depend on the country that your bank is located. US withdrawals normally take between 4-6 working days, while EU withdrawals take 1-3 working days.
Turn Bitcoin into cash using a Peer-to-Peer Exchange
Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange! There are a few to choose from, however, the one I most recommend is Local Bitcoins.
LocalBitcoins was created in 2012 and now supports almost every country in the world. So, no matter where you are from, you should be able to find buyers to sell your Bitcoin.
The great thing about P2P is that you can request any payment method you want. Here are some examples of the different payment methods available on LocalBitcoins:
- Local Bank Transfer
- International Bank Wire
- PayPal
- Skrill
- Payoneer
- Western Union
- Gift Vouchers
- Web Money
- Bank Cash Deposit
- Neteller
Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for. You can do this by creating an advertisement, which will charge you a fee of 1% of the total sale.
However, if you sell to a buyer that has listed the price they want to pay, there are no fees.
There is also a rating system like eBay, where you can leave feedback for the buyer or seller. This helps you to remain safe when choosing a buyer. If you are a beginner, I only recommend selling to buyers who have 100% positive feedback.
Local Bitcoins allows you to stay anonymous too (when choosing such payment methods as web money or gift vouchers), especially if you also use a reliable and safe VPN to secure your connection. However, some sellers decide to ask new buyers (those who have no feedback) to supply identification.