How To Cash Your Bitcoin

4/4/2022 admin

You might assume that you can do that at any Bitcoin ATM, but the truth is: less than 1/3 of all BTMs allow you to cash out your bitcoin. CoinClouds are 100% Two-Way, Yay! Luckily, 100% of CoinClouds are two-way, allowing you to sell your bitcoin for cash just as easily as you can buy it. This article is all about how to cash out your Bitcoins without paying taxes and which countries have the best cryptocurrency tax in general, and specifically for Bitcoin. From moving to a tax haven to moving a country and getting married. Spoiler alert - you do have to pay your taxes whether you want it or not. Popular peer-to-peer payment app, Cash App has become popular within the bitcoin and cryptocurrency community after the company rolled out bitcoin trading directly within the app in 2017. As is the case with all cryptocurrency exchanges, accurate tax reporting is a challenge for bitcoin investors as Cash App does not track your cost basis effectively. The easiest way to cash out your Bitcoin and Bitcoin Cash directly to your bank account. Currently available for EU and GBP bank accounts. Join the waiting list to be one of the first to know when support will be available for your region It's easier than you think.

The single best way to cash out large amounts of Bitcoin is through something called an OTC (over-the-counter) transaction. An OTC transaction occurs when a private buyer and private seller are linked together by an intermediary to facilitate the swap.

Do you HODL bitcoins?
Are you looking to cash out your bitcoins?

Well, if these questions resonate with you, then you are in the right place.

I believe some of you want to sell their bitcoins because of one of these reasons:

You have now lost interest in Bitcoin.
Or you think you have made enough returns out of your Bitcoin investment.

In any case, you just want to convert your BTC into cash either to realize profits or free up your stuck capital.

However, whatever your reason might be, I understand your stand as one might sometime feel the need for extra capital or would like to realize profits.

That’s why I think it is important to talk about the questions that come up while converting BTC into cash so that you don’t hit a road:

How to get USD, EUR or GBP for Bitcoin?
Where to cash out Bitcoin?
Where to convert Bitcoin into fiat like USD, EUR, GBP, etc?
How To Withdraw Bitcoins To Cash?

Bitcoin To Cash: How & Where To Convert Bitcoin Into Cash USD, EUR, GBP

So some of the exchanges that allow you to do so are:

Convert Bitcoin To Cash Services	USPs
Coinbase[10$ Bonus on 100$ above transaction]
CEX	All Countries & almost all fiat pairs supported including South Africa & Nigeria
Paxful	To sell BTC in-person & receive cash in any fiat currency
Coinmama
Bitit	European Countries & almost all fiat pairs supported
WazirX(India Only)	Convert BTC to INR

These exchanges will help you cover most of Europe, the US, and the UK. Cashing out Bitcoin isn’t easy at it looks but for you we have found out some of the best ways through which you can convert your bitcoins into cash.

But before we get into the specifics of that, you need to decide how do you want your cash?

Do you want it in your bank account or you want the hard cash by meeting someone in person.

Or do you want to have other stuff in exchange for your bitcoins like gift cards or Amazon products from Purse.io?

For now, assuming that you want the cash in your hand or your bank account, let’s get started:

How & Where To Exchange Bitcoin For (or to) Real Cash Money Like US Dollars (USD), Pound Sterling (GBP), Euro (EUR), etc?

#1. Convert Bitcoin Into Cash Through A Fiat Supporting Exchange

It is highly likely that if you don’t have Bitcoin ATMs near you, you will be having fiat accepting Bitcoin exchanges in your country.

Using these exchanges, you can easily convert your bitcoins into cash like USD, EUR, or GBP. Of course, for this, you will be required to find such an exchange that deals in fiat and cryptocurrencies both.

You will also need to complete your KYC on such exchanges before you can exchange BTC to cash because fiat currency laws in most countries want exchanges to adhere to this policy.

Of course, I understand that I have not listed all the countries here but in reality, not all countries have such fiat linked cryptocurrency exchanges.

So for residents of those countries, I will be listing another method through which they can meet Bitcoin buyers/sellers in their country to cash out their bitcoins.

#2. Meet & Trade In-Person To Get Cash Through LocalBitcoins

For those BTC holders who have neither crypto exchanges nor Bitcoin ATMs in their country can exchange BTC for cash through LocalBitcoins.

LocalBitcoins is a peer to peer Bitcoin exchange service based out of Finland. LocalBitcoins is an escrowed service that has garnered quite a bit reputation since 2012 as the most liquid P2P Bitcoin exchange.

On LocalBitcoins you will a no-ground network of Bitcoin buyers and sellers in 16537 cities and 248 countries including your country too.

It gets better:

Through LocalBitcoins, you can meet the buyers and sellers in-person to negotiate and execute a Bitcoin trade. Moreover, when you are cashing out BTC you have a lot many options to receive your cash ( SEPA Transfer, bank deposit, PayPal, Payoneer, cash).

Getting started with LocalBitcoins is also easy as it only takes your email ID to begin with. After which you can explore the simple and intuitive UI of LocalBitcoins to filter out relevant buy/sell deals for yourself.

Note: Be sure to check the reputation of the buyer/seller before you decide to pick up a deal on LocalBitcoins and never release your bitcoins without confirming your payment receipt.

And just when I am completing this, I am realizing that there might be another category of Bitcoiners who would be thinking to cash out Bitcoin to short it and buy back when the price is lower.

For those kinds of Bitcoin users converting Bitcoin into cash might not be the ideal thing and that’s why such types of users prefer converting Bitcoin to USDT like stablecoins.

And hence I am sharing a bonus method just to do the same.

#3. Convert Bitcoin To USDT or Stablecoin like TUSD etc

Anyone who wants to cash Bitcoin and not get into KYC like things can do so by cashing out in fiat digital currencies, i.e., Stablecoins like USDT, TUSD, etc.

Here are some of the popular exchanges that will let your convert BTC to USDT or similar stablecoins:

Binance: Supported pairs are BTC/USDT, TUSD/BTC
BitBay: Supported pairs are XMR/BTC
Huobi: Supported pairs are BTC/USDT
Gate.io: Supported pairs are BTC/USDT

This method will reduce your headache of dealing with KYC and other banking problems which you might run into when trying to cash out your bitcoins through fiat linked crypto exchanges.

*****4. Bonus: Cashout Bitcoins Through A Bitcoin ATM

One of the easiest ways to convert Bitcoin to cash is through Bitcoin ATMs.

For those of you who don’t know about Bitcoin ATMs, here is a simple explanation of it:

Bitcoin ATMs are much like traditional exchanges from where you can either get cash for Bitcoin, or you can get Bitcoin for cash. This method is usually anonymous and requires you to have a Bitcoin wallet in case you are receiving Bitcoin or selling it.

A Bitcoin ATM asks you to scan its public address, and when you have transferred BTCs to that address, it splits out equivalent fiat.

For this, you first need to make sure that you have a Bitcoin ATM nearby and that you can do it through the Coin ATM Radar service.

Using Coin ATM Radar, you can find out nearby Bitcoin ATMs and check its exchange rates as well as transaction fees. For example, this Bitcoin ATM in Chicoutimi at Place du Royaume has these specs:

How to cash out your bitcoin from coinbase

ATM Type: Genesis Coin
Direction: Fiat ⇄ Crypto
Fees: Buy 13.0%, Sell 16.9% from BitcoinAverage Fees updated: 12 minutes ago.
Limits: Buy: $10000/txn, Sell: $2900/txn

So this is how you can get fiat for Bitcoin through a Bitcoin ATM.

But just after writing this, I realized that not everyone would be able to find Bitcoin ATMs nearby.

That’s because there are only a few Bitcoin ATMs around the world as of now and that brings me to my next section which is a much easier way to convert BTC to fiat if you don’t have ATMs nearby you.

Conclusion: How To Convert Bitcoins to cash

These are some of the best methods that you can use to cash out your bitcoins for fiat currencies like USD, EUR, CNY, or GBP.

However, I understand that many countries are still left untouched by the methods I have listed above and to name a few such as Australia, Zimbabwe, Argentina, etc.

For these countries and other left-out countries, TheMoneyMongers plans to bring a comprehensive list of resources using which they will be able to buy/sell Bitcoin in their respective countries.

We intend to start first with first and second world countries such as listed below. After which we will finally make our way for third world countries, who actually need Bitcoin the most.

The USA
India
Europe
Australia
China
Japan

So untill we do so, I want to leave you with answers of few frequently asked questions (FAQs) to help you relax in order to exchange your bitcoins to cash:

Q1) Can You Exchange Bitcoin for US Dollars (USD), Pound Sterling (GBP), Euro (EUR), CAD, etc?

Yes, you can very well exchange Bitcoin for various fiat currencies like USD, GBP, or EUR. There are more fiat currencies to which you can convert according to the country where you are residing.

Q2) How To Convert Bitcoins To Cash Anonymously?

This part is a bit tricky as there aren’t many services that you can use to convert BTC to cash anonymously. But you can definitely try LocalBitcoins with an alias name and identity to meet someone in person to exchange BTC to cash

So that’s all from our side in this round-up and I hope you liked this? If you did !! Do share it with your friends on social media who want to buy or sell Bitcoin !!

Note: Better than selling and cashing out your bitcoins, you can always take Bitcoin loans on your BTC holdings. Here is how you do that !!

Also, If you need some direction, feel free to contact us at @themoneymongers.

Contents

Bitcoin To Cash: How & Where To Convert Bitcoin Into Cash USD, EUR, GBP
- Conclusion: How To Convert Bitcoins to cash

The introduction of bitcoins and other cryptocurrencies such as stablecoins continues to shape the payments landscape in many ways. Some time ago, the very idea of using bitcoins for grocery shopping sounded unrealistic. However, the growing popularity of crypto around the world is seeing some businesses begin to accept BTC payments for both online and offline purchases. While it’s easy to make online payments with bitcoin, cashing in bitcoins can be tricky if you don’t find the best exchanges. Do you have some bitcoins and want to turn them into cash right now? Then, read on to learn how to cash in your bitcoins.

How To Get Cash From Your Bitcoin Wallet

Why you may want to sell bitcoins for cash

Because of their high potential to replace fiat currencies, cryptocurrencies will continue to attract more investors over time. It’s only a matter of time before bitcoins will be widely accepted globally for the purchase of goods and services. As of today, only a few businesses or individuals accept BTC payments. As a result, BTC holders may want to convert their crypto to cash and transfer it to their bank accounts. When the market is declining, smart investors may also want to cash in their bitcoins to avoid losses.

Ways to cash in bitcoins

Peer-to-peer BTC platforms

You can also use peer-to-peer bitcoin trading platforms such as LocalBitcoins to cash in BTC. LocalBitcoins allows over 1.35 million customers from over 200 countries across the world to buy and sell bitcoins for cash. In Turkey, crypto investors can also use NakitCoins to buy and sell bitcoins for cash instantly.

Coinbase exchanges

The Coinbase platform is one of the simplest means of selling BTC for cash and transferring it directly to your bank account. To avoid breaking money-laundering rules, you may use the same bank account for your deposits and withdrawal. Bank transfer is a simple and secure means of cashing in bitcoins; it may not be the fastest withdrawal method though.

In the United States, it can take about 4 to 6 days to transfer money from Coinbase crypto exchange to your bank account. Transaction fees may vary from country to country. Coinbase is one of the most popular crypto exchanges (brokers) for investors to buy and sell BTC. Over 13 million customers use Coinbase exchange for BTC transactions. To cash in BTC with Coinbase:

Create and verify your account on Coinbase
Deposit bitcoins into your account
Cash-out your bitcoins to fiat through bank transfer.