How to Transfer Your Bitcoins into Cash?

2.1K

The origins of cryptos can be found in 2009 when Bitcoins came to be. In the beginning, there wasn’t too much hope for it to reach the heights it managed to reach in this day and age. The whole concept of cryptocurrencies was pretty strange to a high percentage of people. Therefore, there weren’t so many people actually interested in investing their money into it. Over time, BTC managed to build its reputation and is now credited as the father of all cryptos that came to be after it.

We can see that this is a fruitful concept that made so many other cryptos we can use now. It goes without stressing how much influence BTC had on all other ones who emerged after it. Even though Bitcoin is well established in today’s society, there are still many uncertainties that people point out in every dialogue about it.

One of the key things that made cryptos extremely popular is the moment when celebrities started selling their merchandise for BTC. For example, 50 cent is a perfect example. He started selling his albums for these and he managed to earn a couple of millions of dollars in a couple of years. If you are interested in finding the best place where you can buy BTC, be sure to take a look at icorating.com.

However, we can see that people are skeptical until the moment they can see the money from BTC in their hands. There are a couple of ways you can actually transfer your Bitcoins into cash. Anyway, since we know there are so many uncertainties, we would like to discuss this the actual process from selling your BTC and receiving money in your own hands. Without further ado, let us begin now.

Third-party Broker

The first process we would like to talk about is the third-party broker exchange. It consists of you depositing your BTC into the exchange. After the exchange was accepted by a broker, you are able to withdraw the money. It should be said that many brokers will not provide you with cash money, instead, you will be wired your money through a bank. However, there is a small possibility you will stumble across the exchange that will provide you with cash.

In order to protect yourself, you need to withdraw the account you made the deposit to. In case you’ve never deposited your money to a broker exchange, you will need to wait for up to five days until the money will reach the account you’ve posted. You should know that the USA and EU have different regulations towards it. Therefore, you need to read all the regulations before you conduct one of these processes.

Peer-to-Peer

If you are not a person who wants to wait for a couple of days before your money lands on the account, or you are not interested in contacting a third-party broker, then you should consider a peer-to-peer approach. In this approach, you are selling your BTC to other BTC owners through one of the many apps you can find on the internet. There are a couple of things you need to know about this approach. You have the option of asking the buyer to provide a deposit to your account.

It goes without saying that you need to ask for some sort of ID before you conduct in any business with someone within one of these apps. The other way you can choose is to ask for a bank transfer from a buyer. Once again, you need to have some proof of identity from your partner in this case. After you’ve received the money, you can send BTC. Naturally, you can always make a deal to meet with the buyer in person and receive cash.

BTC ATMs

One of the simpler ways you can cash out on your Bitcoin is to use one of many BTC ATMs. Basically, you can find these ATMs in almost every bigger town in every part of the world, which makes it much easier for people who are used to peer-to-peer transactions.

Basically, through these ATMs, you are offering your BTC on the market. You are placing the amount of them you want to sell. After that, you will have to wait for some amount of time, usually 30 minutes, before your Bitcoins are sold on the market and you are able to receive cash right out of the ATM.

What’s important to know is that you are waiting for the transaction to be approved before you are able to receive the money into your hands. It goes without saying that you will be able to receive all of the different currencies, based on the country where you are at that moment.

According to the latest statistics, there are more than 5,000 BTC ATMs in more than 70 countries. So, you will have the chance to sell your BTC anywhere you might want to. We would like to say, once again, that this is the simplest way you can transfer your BTC into cash, without waiting for it too much.

BTC Debit Card

When talking about Bitcoin debit cards, you will not be able to directly have you BTC into cash. Instead, you will be able to use these as pretty much any other debit card you’ve used so far. Thankfully, you can connect these cards to your wallet and you can transfer your BTC into these. Thankfully, you will be able to use them without too many problems.

Anyway, you will be able to spend your money in any possible way. Just like normal cards, but instead of spending your money, you will be able to spend Bitcoins. Naturally, many people will be actually interested in having one of these, since they are pretty simple to use. If you didn’t use one of these, you should use them without a doubt, if you have the chance.

In Conclusion

Here, we’ve provided you with a couple of processes you can use to transfer your BTC in cash. You can be sure that all of these are legit, and with some small precautions, you can do it pretty easily.