How do you convert bitcoin into cash?
Updated: Sep 8, 2021
Wondering how to convert your Bitcoin into your local currency? Well, you are on the right page; as below, we will discuss some of the best ways to convert Bitcoin into a local currency.
Even if you are a long-term Bitcoin holder and do not want to sell your bitcoins soon, you should still know how to convert Bitcoin in cash or some fiat money.
Convert Bitcoin through Cryptocurrency Exchange
The simplest way to convert your Bitcoin is via an online cryptocurrency exchange. You can easily sell or convert your Bitcoin against USD, EUR, GBP, MYR, and other currencies through user-friendly apps.
Here’s how the process works:
First, sign up and go through the verification process.
Deposit BTC into your exchange account
Cash-out or convert your BTC to other currencies via bank transfer or PayPal.
The method is safe but remember it is not the quickest way. Usually, it takes 2-5 days to receive your money.
Sell Bitcoin Through LocalBitcoins
LocalBitcoins is a P2P Bitcoin exchange serving since 2012. The platform enables direct trading between buyers and sellers. Furthermore, LocalBitcoins is widely available in almost all countries.
Another good thing is you can directly contact buyers without the involvement of any third party.
By Using LocalBitcoins, dealing will be through escrow services that ensure transparency.
You can receive your money in many ways, such as cash deposits, bank transfers, PayPal, Western Union, or in-person cash.
Here’s how this method works:
First, sign up for an account at LocalBitcoins.
Complete the identity verification process.
Next, choose the “Quick Sell” options.
Now, select your country and pick your preferred payment mode.
Now you will see a list of buyers as per your location.
Now choose your buyer.
Confirm the BTC amount that you want to cash or sell, and write your payment details.
After the purchaser accepts your offer, you can transfer your BTC to LocalBitcoins escrow.
Once funds are received, the transaction is done.
The best part? Selling or purchasing bitcoins through LocalBitcoins is free. But if you post an ad to advertise your Bitcoin, you will have to pay 1% of the trade income.
It is worth noting, however, that LocalBitcoins is under immense regulatory pressure since the introduction of Anti-Money-Laundering Directive 5 from the FATF.
Furthermore, some people have complained about being scammed by unscrupulous actors via the platform who essentially mug them when meeting up to complete an exchange.
So it is very much caveat emptor when transacting via LocalBitcoins.
Convert Bitcoin into cash through ATM
Bitcoin ATM or BTM is another simple and hassle-free way to convert your BTC into cash.
Bitcoin ATM or BTM is a physical center that allows you to take cash through Bitcoins.
Moreover, some BTMs or Bitcoin machines will enable you to sell your Bitcoins against local currency too.
There are more than 4990 BTMs in more than 76 countries. And you can easily find the one near you by using BTM locators such as CoinATMRadar. The site has a live Bitcoin ATM map worldwide.
However, remember that not all BTMs are the same. They have changed limits, charges, and supported cryptocurrencies.
However, we will not recommend this method to withdraw large amounts as the transaction charges are higher and there are deposit and withdrawal limits.
This method is more suitable if you want to convert Bitcoin into cash quickly.
Spend Bitcoin using a Bitcoin Debit Card
Technically speaking, a Bitcoin debit card cannot convert bitcoin into hard cash. However, it allows you to use the coins as a standard debit card.
Just add bitcoin into the card, and it will be converted into fiat currencies.
Having a Bitcoin debit card enables you to buy from both offline and online, and you can also withdraw cash from ATMs worldwide.
These cards are more suitable for frequent travelers as they allow users to make online and offline purchases anywhere in the world without heft transaction charges.
Can I convert my investment in Utopia Digital Asset Management's DeFi infrastructure Fund into cash?
Yes, and its very easy too. All you have to do is is click 'withdraw funds' and that will start the liquidation process and the funds will end up in your bank account in 3-5 days.