Turning Bitcoin into Cash
For cryptocurrency newcomers, one of the most common things they want to understand is how to cash out Bitcoin or withdraw from Bitcoins to fiat currency (USD, EUR, Etc.).
Regardless of the reasons, a time may come where you want to turn your Bitcoin into government issued currency.
So how exactly can you get fiat cash or dollars for your Bitcoin?
How to Turn Bitcoin into USD or other Fiat Currencies
When it comes to selling your Bitcoin, you essentially have two options. And although they both have their advantages and disadvantages both suffer from the same challenges such as lack of mass user awareness and unclear remediation processes.
Sell Bitcoin Through an Exchange
With sleek user interfaces and KYC (Know Your Customer) processes required as part of account creation, these exchanges will let you link your funding bank account for withdrawal making the process easy and painless.
How to turn Bitcoin into USD through Coinbase
So, you have your Coinbase wallet with your Bitcoin sitting in it and you are ready to send your funds back to your local bank account. Follow these steps:
Navigate to the Buy / Sell section of your wallet
After you are in the sell section of the wallet, you can select the wallet you wish to sell from and the bank account you wish to deposit to.
Decide how much you want to cash out
Enter the amount of USD that you are wanting to get from selling your BTC. When you enter this amount of USD Coinbase will automatically calculate the amount of BTC it would cost to get that corresponding amount of USD.
If you don’t have the amount of Bitcoin in your wallet? Coinbase will notify you telling you to enter a new amount.
What to Expect After Requesting Cash Out
Confirm the amount you wish to sell, take note of the fees (they will be shown before you sell), and then click “Sell Bitcoin”.
The ACH system used by Coinbase usually takes a few business days to complete after a sell or withdrawal is initiated.
How to turn Bitcoin into USD through Gemini
Another popular option in which users can buy, sell and exchange their Bitcoin into USD is Gemini. With some of the sleekest trading features, Gemini will allow you like Coinbase to get Cash for your Bitcoin in a quick easy manner.
Getting ready to sell your Bitcoin
Head over to the Sell section of Gemini to choose how you want to sell your Bitcoin and the price you are willing to sell your Bitcoin in fiat for. Unlike Coinbase, you first need to trade your Bitcoin for fiat currency, before being able to withdraw it to your bank account.
Get the USD value for your Bitcoin and prepare to withdraw it to your connected bank account
Now it’s time to send the USD that you just got to your connected bank account.
Choose a withdrawal destination that you are familiar with and the amount of USD you want to formally transfer funds into.
Like Coinbase, it will take Gemini a few business days to send you the funds.
That is all it takes. Once you have the bitcoin on an exchange, such as Coinbase and Gemini, you can painlessly sell it. That’s it, now you’ve got cash. It’s that simple.
Just remember not to keep your digital coins just sitting in a digital wallet. Always back up to a storage device like a Trezor wallet or Nano Ledger S. Keep your digital assets safe- and it #feelsgoodman
As bitcoin and cryptocurrency continue to explode in popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency in a quick and effective way.
Although much of the attention is how to acquire Bitcoin, it’s important to understand the options you have to withdraw your Bitcoin and what the best ways are to do it.
Be Sure to Subscribe to CryptoCurrency Clarified- The Only Unbiased Crypto Currency Blog on the Internet.