Best Ways to Cash Out Bitcoin
Ever since the COVID19 crash, the cryptocurrency market has been in a constant upswing. The market surpassed the $2 trillion level, more than tripling its value in less than a year. This has given investors a great opportunity to cash out their bitcoins and make considerable profits.
Сan you cash out bitcoin for real money? The answer is a definite yes! In this post, we explore the reasons for cashing out bitcoin and the best moment to do so. More importantly, we list four of the best ways to cash out bitcoin both safely and conveniently.
Top Reasons to Cash Out Bitcoin
The crypto markets are extremely volatile, and the price of BTC could come tumbling at any moment. Price dips have happened many times in the past, and every bullish cycle has been followed by a stark price decline. Consequently, if you are buying bitcoin to make mid-term profits, you should have a reliable way to cash it out.
There are multiple reasons for this, including :
- Cashing out to get profits and use fiat money to purchase goods and services. It’s always a great feeling to put your bitcoins to good use and buy something you need. Being a crypto investor and making profits would be no fun if this risky activity didn’t allow us to increase our living standards.
- Cashing out to shield yourself from temporary volatility. Sometimes the market can act erratically. If this happens, it’s sometimes better to cash out your bitcoin and wait out the market turmoil.
- Cash out your bitcoin to accumulate even more BTC down the road. You can sell your BTC at a market peak and buy back more once the price drops. It is a great strategy to accumulate even more BTC as a long-term investment.
With that in mind, let’s delve into our list of the best ways to cash out bitcoin.
How to Cash Out Bitcoin: Top Methods
Below are some of the most convenient ways to convert your BTC into hard cash. Keep in mind that some of these might not be available in your country. Additionally, all of them come with some advantages and drawbacks, so make sure you consider your options.
One of the most popular ways to sell bitcoins is by using a crypto exchange such as Binance, Kraken, or Coinbase. These regulated exchanges usually allow you to sell your BTC directly for fiat money. Moreover, you will be able to receive your cash in a wide variety of payout methods.
With that said, it doesn’t mean that it’s the most convenient of methods. First, you will usually need to go through a tedious KYC verification process. This procedure can take several days if their service is busy. Consequently, you might miss your window when BTC is at its peak and lose out on some profits. Moreover, funds can take 3 to 5 days to arrive at your bank account, which isn’t ideal if you are in a hurry.
Bitcoin ATMs are similar to cash ATMs, as you can buy and sell bitcoins with the help of these machines. The procedure of converting BTC to cash using a specialized ATM is quite simple. You request a withdrawal in cash and sign the transaction with your BTC wallet.
The caveat is that these machines usually charge very high exchange rates (10% or more). Additionally, they aren’t available everywhere, so check CoinRadar to see whether you can find one in your proximity.
Peer-to-peer exchanges like LocalBitcoins and Paxful are a great alternative, especially for users that are ok with selling bitcoin vis less common payout methods. With the p2p exchange acting as a middleman, you can cash out using methods such as e-wallets, cash, checks, and even popular gift cards.
Simply post an offer for your BTC and wait for a buyer to contact you. Just be careful who you are dealing with and ensure the user has a good rating before you commit to a transaction.
Use a Crypto Debit Card
Finally, you can use a crypto debit card to directly spend your bitcoins or withdraw cash from regular ATMs. Crypto debit cards are usually connected with a wallet provided by the platform that issues the card.
Consequently, you can seamlessly spend the BTC you deposited on this wallet at any merchant that accepts MasterCard/Visa debit cards. The downside is that these come with some withdrawal limits. Crypto.com, Coinbase, and Crypterium are some of the most popular crypto debit card providers.
Here is a brief comparison of all the methods:
|Cashout Method||Speed||Variety of payouts||Availability||KYC requirements|
|Crypto debit cards||Fast||Poor||Average||Major|
Like this QSP price prediction 2025 shows us, cryptocurrencies are volatile assets. Consequently, having a reliable way to sell your bitcoins quickly and safely is paramount to your success as a crypto investor. Hopefully, the methods depicted in this article will help you do exactly that.