If you are looking for an anonymous method of converting Bitcoins to cash, you should look at www. They will even send you your payment without you needing to show any ID. Completely anonymous way of converting your Bitcoins to cash. There's Coinbase tied in with US banks, wires and withdrawals have fees but much faster to use than MtGox. There are Robocoin ATMs now in general circulation but for traders, fees can be a problem. If you can stick with BTC you'll do fine, but converting to cash is slow and costly.
One option is to circulate through arbitrage and keep trading until 'enough' margin is available to dump a stack of coins in the market by discounting. The more we use and develop BTC, the better for us all. The value is increasing rapidly in the BTC market.
How else can we sell our BTC for cash? Lets keep working on this. One final word, please be very informed before looking at Ripple. Here's some food for thought. Search ripple scam for comment No, you can't hold a bitcoin in your hand. But you can hold a wallet though Holding a wallet in your hand is holding a sheet of paper with a buch of numbers and letters which are the public and private key that refer to your wallet Actually the private key is the only one needed, with it you can generate the public one.
The accounting information is held in the blockchain spread arrown the world in thousands of computers. You don't need banks with bitcoin, your wallet is all you need and with your wallet you can buy in any store that accepts bitcoins. I don't know in lybia, but in my city there is at least one bar that accepts bitcoin, it is not easy to find stores accepting bitcoin out of the Internet, but I hope with time things will change.
But on the Internet there are many stores and the number is growing fast, where you can buy with your bitcoins. The article Bitcoin Funded Debit Cards might be useful to you. Sign up to join this community. The best answers are voted up and rise to the top.
How can I change BTC into normal cash? Ask Question. Asked 9 years ago. Active 3 years, 5 months ago. Viewed k times. Improve this question. Visruth 3 3 bronze badges. Abu-Hmida Abu-Hmida 1 1 gold badge 3 3 silver badges 3 3 bronze badges. I'm not sure exactly what you are looking for. I think the question goes something like: I am standing on my front porch and have one hundred US dollars; I want to send US dollars to someone else.
How do I get dollars worth of bitcoins to send? Add a comment. Active Oldest Votes. Improve this answer. David Schwartz David Schwartz Jeremias Jeremias 1 1 silver badge 2 2 bronze badges. I really don't like using analogies sometimes. They are just confusing at times. This is one of those times.
But where there's a will there's a way. Stephen Gornick Stephen Gornick KoKo KoKo 1 1 gold badge 3 3 silver badges 8 8 bronze badges. Lodewijk Lodewijk 1, 10 10 silver badges 15 15 bronze badges. ThePiachu ThePiachu Dan Brown Dan Brown 1. Capitalmind Capitalmind 1 1 1 bronze badge. YoMismo YoMismo 3 3 silver badges 6 6 bronze badges. Peter Mortensen 2 2 silver badges 9 9 bronze badges. Ford Escort Ford Escort 1. The Overflow Blog. I followed my dreams and got demoted to software developer.
Podcast How to think in React. Featured on Meta. Opt-in alpha test for a new Stacks editor. The service provider will receive the BCH paid by your customers and then deposit the equivalent amount of your chosen currency in your business bank account, usually on the next working day. There is a small charge for this service which will be deduced from the payment before you receive it.
You can either exchange it for a fiat currency e. Create an account and send the BCH from your digital wallet into the web wallet on your cryptocurrency exchange account. Follow the instructions provided by the exchange to sell your BCH through their platform. The exchange will then buy your BCH and send payment in your chosen currency to your bank account, minus the fee that they charge for this service.
Through a trading platform You can also sell the BCH in your digital wallet through a peer-to-peer trading platform, such as Local. This can include in-person cash payments or online payments such as bank transfers. Fees are significantly lower on these trading platforms, meaning you get to keep more of the money you earn. Was this helpful?
I have used this feature of intermediate conversion to USDT myself. These are some popular ways of converting your Bitcoins into USD or the respective fiat cash of your country. We will, soon, be coming up with a list of country-wise options for selling and buying Bitcoins, which will make your life easier when exchanging Bitcoins into cash.
When you encash your Bitcoins to cash, keep in mind the taxes. This will also help them to get started with Bitcoin, and both of you will save on the transaction middleman fees. However, this route is taken only by a few, as we have recommended earlier that you should not disclose your Bitcoin investment and Holding to anyone. We intend to start with the below mentioned countries first and also include some third world countries like Somalia, Syria, Iraq, etc.
If you want to suggest other names that we should cover, do let us know in the comments section below. If you found this article informative, please share it with your friends and family who want to know about converting Bitcoins into cash. Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra.
He has a background in both finance and technology and holds professional qualifications in Information technology. After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra.
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CoinSutra was started in with the mission to educate the world about Bitcoin and Blockchain applications. Join Localbitcoins. Harsh Agrawal. An international speaker and author who loves blockchain and crypto world. Join us via email and social channels to get the latest updates straight to your inbox. Via Fiat Accepting Exchanges 2. Via LocalBitcoins 3. 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.
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. First, you will need to open an account at Local Bitcoins. You can do this by clicking here. Choose a username and a strong password.
You also need to enter and confirm your email address. Then you need to choose the country where your ideal buyers are located. I recommend using your own country of course , however, this is up to you.
In this example, I have selected the UK. You also need to enter the amount of Bitcoin you wish to sell. In this example, I will show you how to cash out Bitcoin using PayPal. This is a sign of a serious, legitimate buyer. Confirm the amount of Bitcoin you want to sell and enter your PayPal email address. Then click on Send Trade Request.
Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them. Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow I explained an escrow earlier, remember? So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so.
The buyer should contact you to let you know that the funds have been sent. Check that the funds have arrived in your PayPal, then click on Payment Received , and you're finished. Once you become more experienced with Local Bitcoins , you can practice selling using different payment methods. It is also a good idea to set up an advertisement. In this case, you will receive a notification from buyers when they want to buy from you.
LocalBitcoins is just one of the P2P exchanges that allow you to cash out your Bitcoin — there are many others. The important thing to remember is that the exchange has an escrow, and NEVER send your Bitcoin to a buyer before they have paid! Best Bitcoin mining hardware: Your top choices for choosing the best Bitcoin mining hardware for building the ultimate Bitcoin mining machine.
Wondering what is SegWit and how does it work? Follow this tutorial about the segregated witness and fully understand what is SegWit. If you have read this guide from start to finish, you should now know how to cash out Bitcoin! We have shown you two different methods — the broker exchange way Coinbase , and also the peer-to-peer way.
They both have their advantages and disadvantages. Coinbase can be more convenient and safe for beginners , whilst LocalBitcoins allows you to remain anonymous and sell at a higher price. So, which did you prefer? Are you going to use a broker for cashing out Bitcoin, or a P2P exchange? We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours! Reading up on how to cash out Bitcoin, you'll quickly notice that there are quite a few different ways of going about it.
The general opinion, however, is that utilizing a cryptocurrency broker or an exchange is still the best way to go about it. In general - yes. While cashing out Bitcoin might not always be a good idea at some specific point in time for example, when Bitcoin's prices are low , if you're doing it safely , then you might actually make a pretty decent profit! When I say " safely ", naturally, I'm talking about utilizing a highly-rated crypto exchange , i. Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally.
That said, many users believe that Coinbase is one of the simpler exchanges on the current market. The exchange platform i. Binance acts as a middleman - it connects you your offer or request with that other person the seller or the buyer. When considering cryptocurrency exchange rankings, though, both of these types of businesses exchanges and brokerages are usually just thrown under the umbrella term - exchange.
This is done for the sake of simplicity. No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States i. Coinbase or Kraken , there are other very well-known industry leaders that are located all over the world. While there are many reasons for why an exchange would prefer to be based in one location over another, most of them boil down to business intricacies, and usually have no effect on the user of the platform.
Find out right here! By Laura M. All the content on BitDegree. The real context behind every covered topic must always be revealed to the reader. Feel free to contact us if you believe that content is outdated, incomplete, or questionable. Aaron S.
By the end of this guide, you will be able to decide which method is best for you. Table of Contents 1. Different Cash Out Methods 1. Third-Party Broker Exchanges 1. Peer-to-Peer 2. Turn Bitcoin into Cash Using Coinbase 4.
Verified Staff Pick. Rating 5. Get coupon. Your Discount is activated! Did you know? Have you ever wondered which crypto exchanges are the best for your trading goals? Pros Can be managed from mobile device Very secure Supports more than cryptocurrencies. See All Coupons of Best Wallets.
Pros Top-notch security Touchscreen user interface Easy to set up. Pros Super secure Protection against physical damage Supports more than coins and tokens.
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|Feishang mining bitcoins||Capitalmind Capitalmind 1 1 1 bronze badge. You can either use third-party exchanges and betting markets 2021 election your money into a bank account or sell bitcoins in person for physical cash. Whichever method you go with is entirely up to you. With it, you can leave feedback for the buyer or seller. Get access to all the top cryptocurrency traders in the industry. If you happen to find Bitcoin inadequate to build a local economy upon, because you can't mine enough or you'd have to invest too much to buy someyou may take a look at different concepts like Ripple et al.|
The digital marketplace will quickly and easily convert your bitcoins to dollars and transfer them to a debit card, bank account, or digital wallet of your choice. To convert bitcoins to dollars, choose a reputable bitcoin marketplace service with low fees and transfer times. Create an account with the service and deposit your bitcoins, then wait to convert your bitcoins when the exchange rate is favorable.
Some services allow you to convert your bitcoins to dollars by transferring them to a debit card or digital wallet, and you may also be able to sell your bitcoins to other users in the marketplace! To learn more about exchange rates and conversion options, read on! Did this summary help you? Yes No. We've been helping billions of people around the world continue to learn, adapt, grow, and thrive for over a decade. Every dollar contributed enables us to keep providing high-quality how-to help to people like you.
Tips and Warnings. Related Articles. Article Summary. Part 1 of Compare the rates offered by different conversion services and choose the best one. Even when the average bitcoin conversion rate improves, different conversion services offer different conversion rates. All other things being equal, you should go with the second service to get the most out of your bitcoins.
Convert your bitcoin using a service with low fees. Conversion services typically charge a fee for conversion. Sometimes there is a flat fee no matter how much you exchange, and sometimes the conversion service charges a percentage of the amount you exchange. Compare the fees associated with the various conversion services and select one that offers the best deal.
There are several ways to verify that a bitcoin conversion site is safe. One is to check reputable sources for reviews that verify the integrity of a given site. Another way is to ensure that the site the service manages uses https as opposed to the less secure http in their URL.
Finally, use a conversion service that allows two-factor identification, ensuring that only you will be able to approve bitcoin conversions. Select a service that offers low transfer times. Some sites transfer bitcoins to your account after 5 days, but faster services could convert your bitcoins to dollars in 3 days or less. Part 2 of Sign up for an account.
Signing up for an account involves providing your name, date of birth, address, email address, phone number, and other personal information. Select the strongest security options when you sign up. You might also want to enable a multi-signature option, which requires multiple independent approvals before making a bitcoin conversion or withdrawal. Deposit your bitcoins in the marketplace. The specific mechanism by which you deposit your bitcoins will vary depending on how your bitcoins are currently stored.
Typically, depositing your bitcoins is as easy as clicking "Deposit bitcoins" or something similar near the top of the marketplace's home page. Part 3 of Convert your bitcoins when the exchange rate is favorable. Over time, exchange rates rise and fall.
Wait to exchange your bitcoins until the corresponding dollar value rises. Check the exchange rate regularly online or sign up for a service that updates you on the bitcoin-to-dollar exchange rate so you'll know when it improves. Sell your bitcoins in the marketplace. Some marketplaces allow you to sell your bitcoins to another person. Others allow you to sell them directly to the marketplace, which will then resell them to interested buyers later. In either case, the specific method you use to sell your bitcoins will vary somewhat depending on the marketplace you use.
There is still a high need for many jurisdictions that would clarify the position of bitcoin, including tax laws and other accompanying issues. Until that happens and things become clearer, most governments and tax authorities claim that the users have to pay taxes on profits they make when they sell their bitcoin for traditional cash.
For those who think they can simply ignore these rules, it is not so easy. Some bitcoin exchange services have to report your profits to the tax people above them whenever you cash out, meaning you cannot hide forever. All three forms of converting bitcoin for fiat currencies listed above come equipped with heavy fees, higher than all the banking and online payment fees an average user is familiar with.
An exception to this is only selling digital currency directly to your friends since you will probably not take advantage of one another and keep things civilized. In any other case, the exchange, BTC ATMs, and debit cards are going to act as intermediates, charging fees, and slowly poke and drain away from your digital currency. It is relatively a straightforward process to convert your bitcoins to cash.
The real question is whether or not you should do it. Cryptocurrencies are thought of as more of an investment than a traditional currency, which is why many advise against conversion. It is not the same as converting British pounds into American dollars. These people view it as selling property, land, or art, something that gains, or loses value over time. This is why it would be smarter if you kept it for the time being unless there is an extreme emergency. By doing so, you could earn a fortune in the coming years, considering the infamous spikes in wealth cryptocurrencies are known to have.
If you still wish to convert bitcoin into cash, take one more break, and consider the cost and ease of method you chose. Before you cash out, ask yourself do you really need the cash or you simply want to have your savings in the form of traditional money.
Think of where it will be deposited, the type of currency and the country you live in, the conversion rate, and how long you can or want to wait to get cash. If you end up thinking it is not worth it, that is fine, because bitcoin is the future and it might be best to just save up your amount instead of converting it!
Save my name, email, and website in this browser for the next time I comment. Transferring Bitcoin to a Bank Account Source: wsj. Source: qz. Source: coindesk. Source: nairametrics. Source: bitcoin. Bitcoin convert bitcoin to cash cryptocurrency Digital Currencies money exchange Trading. Norman Rae. You may also like. January 25, Countries Where Bitcoin is Banned or Legal in
Every platform has its own procedure of exchanging bitcoin for cash , but each can be easily understood and performed quickly. If you plan to cash out bitcoin, look through the offers of these popular platforms and choose the one most suitable for your needs.
CashApp is a popular payment app where you link your bank account to cash out bitcoin. CashApp was the first mainstream payment app to support Bitcoin. You can buy, hold and sell bitcoin in the app. CashApp requires that you convert bitcoin to dollars before withdrawing to your bank account which may have a small fee. CashApp offers Instant Transfers to bank accounts with a 1. Slower ACH withdrawals are free. Coinbase was the first major service to connect your bank account to buy and cash out bitcoin.
Coinbase also has one of the best cryptocurrency wallet apps for smartphones. You must withdraw to the same bank account that you deposited with to make sure brokers do not break money laundering laws. Coinbase only allows you to sell directly into your Coinbase fiat wallet. After selling to your Coinbase fiat wallet, you can opt to either withdraw funds to your US bank account or repurchase cryptocurrency on the platform.
Bitcoin BTC network fees can be high during bull markets. KYC: Yes, open Coinbase account and connect bank. Uphold is a cryptocurrency platform where you can easily connect your bank account for deposits and withdrawals. They do not charge a fee to withdraw funds. Cost: Free. Gemini is a licensed cryptocurrency exchange in the United States where you can easily link your US bank account.
Gemini requires KYC, but they make it easy to add required information. Watch video below to see how easy it is to withdraw cryptocurrency from Gemini to your bank account:. Paxful is one of the easiest places to buy cryptocurrency. Email address:. Why buy cryptocurrency when you can earn it? Get the ultimate guide to making money in crypto in Includes best affiliates, content platforms, merchant tools and more. Start earning today! Coinivore Posted On December 9, You can also purchase bitcoins here in a regular way, and it works very similar to a regular currency ATM, so you should not be worried about how it works and all other functionality questions.
Talks about online services bring us directly to the option of online services, that you can use, to convert bitcoin to cash. Online services, that are reliable and professional, exist in multitude so that you can not only purchase cryptocurrencies and bitcoins online and track them but also you can sell these bitcoins to others, in exchange for the government-issued currency in your country. You can use their websites, and their Android or IOS applications and the tariffs on such transactions are way lower than Bitcoin ATMs and rates of exchange are also favorable.
When you sell your bitcoins, your earnings get converted and then transferred to your bank account securely, in a couple of days. Most people use these online services to cash out the profits of their bitcoins, through bank transfers, as and when viable to them. You can also your accounts to receive bitcoin payments from friends, family and customers.
Ever heard of a Bitcoin Debit Card? Like normal debit cards, bitcoin debit cards, exist too. Their usage is very practical, as you can use these debit cards to pay for any cryptocurrency or bitcoin. They are also one of the most affordable ways to cash your bitcoin earnings because you can use these cards to pay any retailer of their choice. How these bitcoin debit cards work is through online services, where you deposit your cryptocurrency or bitcoin through an online service provider, which converts the bitcoins into fiat currency for you, like the US dollar or Euro.
Numerous bitcoin debit card providers exist, the best ones among them include CoinJar, Monaco and Bitpay. All these cards that are issued, are either powered by Mastercard, or Visa, that makes them eligible for all online and offline shopping purposes, and at offline retail shops too.
Depending on your geographical location, it is determined whether you get access to a Bitcoin Debit card or not, and if you do, what are the daily and monthly permissible usage limits. It is advisable that you keep your cryptocurrency or bitcoin earnings saved in an online service repository or digital wallet, and you can convert them into cash, after a considerable period of time.
If a situation arises where you need to immediate finances, you can retrieve your bitcoin earnings via a debit card, or a Bitcoin ATM or convert it through an online service and transfer it into your bank account.
Who knows, one day you might want to sell your bitcoins for whatever reason. You can either use third-party exchanges and deposit your money into a bank account or sell bitcoins in person for physical cash. Even better, you can get maximum discounts as well as earn some bitcoins while you spend. Check out this article to help you spend Bitcoin smarter.
The easiest way to cash out Bitcoin is through an online cryptocurrency exchange. The following are a few main options where you can sell Bitcoin based on your country:. Founded in June , LocalBitcoins is a P2P Bitcoin exchange that facilitates direct trading between potential buyers and sellers.
Serving more than 1. In fact, only New York state has suspended their services due to local financial regulations. Plus, it offers escrow service to protect both buyers and sellers of Bitcoin. Apart from that, you can decide how much you want to sell your Bitcoin for, as well as request any payment method that you like. You can choose from a variety of payment methods, including cash deposit, bank transfer, Payoneer, Paypal, gift vouchers, Western Union or in-person cash.
Confirm the amount of BTC you want to sell, enter your payment details for example, provide your PayPal email address or bank account. Wait for the buyer to send the payment. Complete transaction once the fund is received. The best part? Buying and selling bitcoins on LocalBitcoins is completely free.
This is because they provide escrow, mediate transactions and resolve any dispute. Bitcoin ATM is a hassle-free way to convert Bitcoin into cash. Bitcoin ATM is rather a physical centre, allowing you to buy Bitcoins with fiat money. And the good news is some ATM machines let you sell your Bitcoins for local currency too.
I t will show you a live worldwide Bitcoin ATM map. Then search for a Bitcoin ATM that offers the option to sell bitcoins for cash. However, this method is only suitable for small transactions. Still, the biggest drawback of using Bitcoin ATM is its high transaction fee. Compared to online exchanges which charge an average 0. Clearly, convenience comes at a higher cost. In case you need to cash out bitcoins quickly, Bitcoin ATM can be the most feasible option.
Some popular Bitcoin debit cards are Crypto. Each card comes with different features, fee structures and services. There are no buyers or sellers listing Libya, I didn't quite understand the other parts of your question. Bitcoin don't rely on having a credit card nor having a bank account. You don't need a credit card to use Bitcoin, and you don't need any account anywhere. Bitcoin was born out of discontentment with traditional central banking, monetary, credit and transaction systems.
That's why there is no central institution or authority behind Bitcoin that can administer you. How much one bitcoin is worth is entirely decided by free market dynamics within the community. That's possible because the supply of bitcoins is held artificially scarce. It's a currency from the people for the people. It will be entirely up to initiatives in your community to build services that exchange to and from traditional Libyan currencies, to offer goods and services, or to manufacture physical coins similar to Casascius to put into circulation although these are rather seen as a gimmick, it may be much more convenient to use mobile phone clients nowadays for meatspace trading.
Even in US and Europe where it's most popular, Bitcoin is still in its infancy and this process is only just happening. If you happen to find Bitcoin inadequate to build a local economy upon, because you can't mine enough or you'd have to invest too much to buy some , you may take a look at different concepts like Ripple et al. Money is a tool to transfer value after all. There are currently no known tools or technologies that can solve all problems at once if you don't want a currency that is enforced by an authority.
Bitcoins have no central authority. There is no bank required. All Bitcoins are digital. You need only a computer a PC, Smartphone, etc! There's no need to have physical coins or bills. You could print the secret information that you can use your Bitcoin with, but it is not quite the same as cash. You could even get bank notes redeemable Bitcoin "vouchers" from a trusted party. That is pretty much what cash is. You would also take a lot of unnecessary risk, which could give you the authentic cash experience.
Yes, you can hold a "physical bitcoin" in your hand. You can trade it from person to person, and eventually turn it back into a digital coin if you wish. However, most often you will be only dealing in digital bitcoins. You don't need a bank account or a credit card to use those.
They are stored in a so called "block chain" - a ledger of all transactions on bitcoins. In order to spend them, you need your Bitcoin address and its private key - a really big random number. You can store it as a QR code, a file on a computer or anything, but you do need some special program to use those. If you are looking for an anonymous method of converting Bitcoins to cash, you should look at www. They will even send you your payment without you needing to show any ID.
Completely anonymous way of converting your Bitcoins to cash. There's Coinbase tied in with US banks, wires and withdrawals have fees but much faster to use than MtGox. There are Robocoin ATMs now in general circulation but for traders, fees can be a problem.
If you can stick with BTC you'll do fine, but converting to cash is slow and costly. One option is to circulate through arbitrage and keep trading until 'enough' margin is available to dump a stack of coins in the market by discounting. The more we use and develop BTC, the better for us all.
The value is increasing rapidly in the BTC market. How else can we sell our BTC for cash? Lets keep working on this. One final word, please be very informed before looking at Ripple. Here's some food for thought. Search ripple scam for comment No, you can't hold a bitcoin in your hand.
But you can hold a wallet though Holding a wallet in your hand is holding a sheet of paper with a buch of numbers and letters which are the public and private key that refer to your wallet Actually the private key is the only one needed, with it you can generate the public one. The accounting information is held in the blockchain spread arrown the world in thousands of computers.
You don't need banks with bitcoin, your wallet is all you need and with your wallet you can buy in any store that accepts bitcoins. I don't know in lybia, but in my city there is at least one bar that accepts bitcoin, it is not easy to find stores accepting bitcoin out of the Internet, but I hope with time things will change. But on the Internet there are many stores and the number is growing fast, where you can buy with your bitcoins.
The article Bitcoin Funded Debit Cards might be useful to you. Sign up to join this community. The best answers are voted up and rise to the top. How can I change BTC into normal cash? Ask Question. Asked 9 years ago. Active 3 years, 5 months ago.