How to convert Bitcoin to cash?
Bitcoin’s popularity has skyrocketed. If you’ve had Bitcoin for a while, you might be able to profit by selling it and transferring the equivalent value to your bank account. Alternatively, you may need to convert your Bitcoin to cash to purchase physical goods. You’re probably wondering how to convert Bitcoin to cash for whatever reason.
This article will look at the various options for converting Bitcoin into cash in a few simple steps.
Table of Contents
What is a bitcoin exchange?
A bitcoin exchange is an online trading platform where users may purchase and sell bitcoins with other cryptocurrencies and fiat money. Currency exchange is an online marketplace that facilitates transactions between buyers and sellers of bitcoin.
Why Transfer Bitcoin to a Bank Account?
Bitcoin will replace existing currencies, ultimately. People buy bitcoin because they believe its value will rise. If you have bitcoin, keep it. Since demand has increased, you may make a profit if you ‘sell’ your bitcoin and transfer the equivalent to your bank account.
One day, people will use it for any sale. Few businesses or individuals accept bitcoin. To utilize your bitcoin to buy stuff, you may want to convert it to cash.
How to convert Bitcoin to cash
Transferring bitcoin to a bank account is analogous to exchanging currency at an airport. You’ll need bitcoin and ‘purchase’ its monetary equivalent (or the currency of your choice).
A government or central bank does not control this currency’s exchange rate. The bitcoin exchange rate is determined by demand. How many people want to buy bitcoin right now and how much they’re willing to pay determines how much you’ll get.
Bitcoin-to-bank-account transfers work similarly to currency exchanges. Exchanges are private because bitcoin is unregulated. Global economic structures do not mediate it.
There are typically four ways to instantly convert Bitcoin into cash:
Use a cryptocurrency debit card to convert bitcoin to cash.
Crypto debit cards function similarly to traditional debit cards. Instead of a bank account, the card draws funds from a cryptocurrency wallet.
The BitPay Card is one of the best crypto cards for Americans. It allows you to easily convert Bitcoin to USD (plus many other top cryptocurrencies).
It can be used to withdraw Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu Coin (SHIB), Wrapped Bitcoin (BTC), Dai (DAI), USD Coin (USDC), Gemini Dollar (GUSD), Binance Dollar (BUSD), and Pax Dollar (USDP).
Load the card with funds from your BitPay Wallet or connect it to your Coinbase account. You can use the card to make in-store purchases, shop online, and even withdraw cash from an ATM. In minutes,
To convert Bitcoin to cash, use a cryptocurrency exchange such as Coinbase, Binance, Gemini, or Kraken. This could be a simple method if you already use a centralized exchange and keep your cryptocurrency in a custodial wallet.
Choose the coin and the amount you want to sell, agree on the rates, and your money will be ready.
However, one common complaint about exchanges is the fees associated with transactions. You will pay the crypto transaction fee and the dealer’s service fee to cover its business costs because the sale provides a service. You will also require a bank account to deposit your funds.
Use a peer-to-peer exchange.
Whereas centralized exchanges such as Binance, Coinbase, and Gemini control the crypto, a peer-to-peer exchange is one in which the transaction takes place between two individuals. Without an intermediary, the buyer and seller interact directly (like a bank or company).
P2P transactions can be a profitable way to cash out your cryptocurrency because you set your price and have fewer fees. However, it is much more involved than loading a debit card or selling on a centralized exchange. If you don’t need cash immediately and prefer to sell on your terms, this could be an excellent way to convert bitcoin to cash.
Look for a Bitcoin ATM
Bitcoin ATMs are specialized banking machines that allow you to buy and sell cryptocurrency. To purchase cryptocurrency, you must first insert cash.
To convert bitcoin to cash, the machine will generate an invoice from which you will sell your cryptocurrency at an agreed-upon rate.
These machines can be found all over the world. They offer a quick and straightforward way to receive cash in exchange for cryptocurrency without needing a bank account.
However, fees can be pretty high when compared to other methods, and you may have difficulty finding a machine to use if you live in a rural area. Find an ATM near you here.
How to Convert Bitcoin to cash (USD)
1 Bitcoin = 24046.851346164 US Dollar
1 US Dollar = 4.15855E-5 Bitcoin
Example: convert 10 Bitcoin to US Dollars:
10 Bitcoin = 10 × 24046.851346164 US Dollar = 240468.51346164 United States Dollar
How to convert Bitcoin to Cash (EUR)
1 Bitcoin = 23251.41 EUR
1 EUR = 0.000043
Example: Convert 5 Bitcoin to EUR:
5 Bitcoin = 5×23251.41 = 116257.05
How to convert Bitcoin to cash (GBP)
1 Bitcoin = 19561.30 GBP
1 GBP = 0.000051
Example: Convert 20 Bitcoin to GBP:
20 Bitcoin = 20×19561.30 = 391226.04