How to Cashout Bitcoin
Times when owners treated Bitcoin as a toy and the idea of a cryptocurrency was much more important than the possibility to earn with it are long gone. Due to the widest popularity of this crypto coin around the world nowadays, everyone can see its x100 growth periods on the time graph, so the involvement of users into the world of crypto trading increases day after day.
When Bitcoin was at the very beginning of its wat, its infrastructure was weak and poor. Nevertheless, the demand on exchange, trading, buying and selling cryptocurrency grew up with time and led to multiple services appearing to simplify different actions and operations with Bitcoins.
Today, the person owning cryptocurrencies have multiple ways to choose about how to cash out their coins. In this article, we will mention the main threads to withdraw cryptocurrencies.
Ways to Cash Out Bitcoin: Three Main Alternatives
As for today, the most popular ways to cash out bitcoin are:
- Crypto stocks.
- Online exchange services.
- P2P (direct hand-to-hand deals between users).
See more details on them below.
The Bitcoin withdrawal through cryptocurrency stocks is the oldest way to exchange your coins to other currencies. Its relevance remains quite high due to various reasons, and the most part of users still prefers stocks as their main threads to cash out crypto.
The sequence of actions to take for crypto exchange via stocks is relatively simple:
- To use stock services, you need a profile. To create a profile, visit the official website of the chosen stock and pass through the registration process.
- Then, most crypto stocks ask you to confirm the email address via clicking the link in the letter they deliver to the email you gave.
- For the first glimpse, the stock interface may seem to be complicated, loaded with different metrics, graphs and numbers. In fact, most crypto exchange stocks are intuitively understandable and have user-friendly interfaces. To cash out the Bitcoin, you choose the appropriate couple of currencies from the available list (for example, BTC/USD).
- Then, you follow the guide to withdraw the appropriate quantity of coins to your exchange balance.
- Now, you can sell your BTC.
- Here, the fiat currency is ready for cashing it out. Choose from available transferring methods (Visa, MasterCard, Skrill, Payoneer, whatever), and direct your money to the required account. Keep in mind that many payment systems will want you to identify yourself previously to moving big sums through their channels.
Stocks suit to withdraw large sums into fiat money. In case you plan to exchange your bitcoins from time to time, the reliable stock is your best choice.
The most popular and reliable crypto stock exchange sites to cash out Bitcoins are:
Online Exchange Platforms
This crypto exchange principle has been gaining its popularity rapidly within recent times. The high availability of multiple propositions on the market and the simplicity of using them are two main reasons to make it so widespread.
The principle of cryprocoin exchange via online platforms works like the following:
- To begin with, use the exchanger aggregator (for instance, this one). Resources of that type collect and refresh relevant info on exchange platforms for you to find out the necessary data before deciding where exactly to go in for cashing Bitcoins out.
- Mostly, traders want to know the rates, the possible transaction directions and methods, the reserve of costs on the direction, and of course the client feedback on the website.
- After you choose the platform, go to the appropriate website and check the service rules attentively.
- If everything is okay to you, proceed to the exchange of coins to USD, GBP or whatever fiat currency you need or want.
- Most frequently, you only need to fill the simple form with the quantity of withdrawn coins, email address, name (sometimes), bank card and phone numbers.
- After that, you transfer Bitcoins to the provided wallet and wait till they arrive there. Don’t panic if your money won’t appear in 5-10 minutes, exchange payouts may get late up to several hours due to some exchange platforms confirming transactions five to ten times.
Resuming the points above, the disadvantages of online exchange platforms are the following:
- The exchange rate is not the most profitable one you can find. The rate refreshment happens not in the real time mode, but once in a while.
- The risk of getting caught with a fraud resource is low but still higher compared to cashing out Bitcoins via crypto stocks.
- It is not always possible to withdraw exactly the sum you need, as it also depends on the available amount of appropriate currency at the exchanger’s account.
- Services with good rates are mostly not available 24/7 as the bitcoin cash out procedure is manual or half-automated there.
Despite the visible lacks mentioned above, more and more users prefer this way. It happens because of following advantages:
- Maximally simple exchange process not taking much time.
- In most cases, transactions have little to no delays.
- Many propositions with good conditions available.
- Wide range of payment methods to use (payment systems, e-money, bank cards, etc.)
The features of this way to cash out bitcoins suits single-time small sum withdrawals the most.
Private Deals (P2P)
The third most popular way to cash out bitcoins is the direct exchange between the buyer and the seller.
The order of actions here is maximally simple:
- You post an ad about selling Bitcoins or find the appropriate one about someone willing to buy it. As a rule, crypto forums or topical resources allow publishing such advertisements from time to time.
- Discuss the deal with the buyer: exchange rates, the place to meet each other, mutual anti-fraud guarantees, etc.
- Go on a meeting and complete the exchange according to the previously stated rules.
The advantages of this way are:
- High anonymity level of every deal, as no personal data required from you on withdrawal into cash.
- Possibility to exchange big sums of cryptocurrency without the risk of attracting attention of state authority organs.
Still, there are some reasons to be careful as well as discomfort points:
- You’ll spend much more time to find a buyer compared to previous two ways. Sometimes, people monitor the web for days or even weeks before the acceptable offer appears.
- There are relatively rare propositions, so the distance between you and the buyer may become critical.
- Low fraud protection levels. You don’t know the buyer, they don’t know you. The only reputation marker is the forum or feedback on previous deals you can’t really check.
Among the most reliable ways to exchange Bitcoins P2P, the localbitcoins.com service stands out. There, you can find persons willing to buy or sell cryptocurrencies particularly in your country or place the ad as a buyer or seller after the free registration is done.
The company with its headquarters located in Finland offers affordable fees, provides a wide range of payment and withdrawal options, profitable affiliate programs and quick service functioning to every client.
To conclude on P2P exchange, this way is the most flexible one, but it also is the riskiest. Still, if using such reliable services as localbitcoins.com, you get a lot more safety for your funds.
Bitcoin Withdrawal to Bank Cards: Features
The bank card is the most comfortable and relevant thread to cash out bitcoin and other crypto coins. According to different statistics, the number of deals to pay for goods and services with cards is growing immensely. So, let’s discuss special points of using plastic cards.
Unfortunately, regardless of the chosen way to withdraw bitcoins, you’ll need to provide your ID details when loading funds onto the bank card. Of course, this harms your anonymity.
To fix the situation, especially when transferring significant sums, you can use cards of different banks or those of your family members to prevent unnecessary questions and issues. Also don’t forget to use reliable Bitcoin Mixer while depositing your crypto assets.
Also, according to the demands of controlling authorities and laws, banks enforce limitations to the size of a single-time and monthly card withdrawal amounts. This issue can be fixed in the way similar to the previous one.
To lower the chance of losing your funds, you should keep up with the rules same to those when working with credit cards online. Be sure to never send and enter your card’s secret info or pin codes to third-party resources. To withdraw funds, it is enough to provide the card number, the owner’s name and the card’s expiration date sometimes.
Here we mentioned main ways to cash out bitcoins and the critical moments of this operation. We sincerely hope this article was useful and opened some new things to you. They will probably help you avoid mistakes when selling Bitcoin and make the process smooth and fast.