How to Turn Those Bitcoins into Cold Hard Cash
Wednesday, December 23, 2020, 6:00 PM | Leave Comment
Bitcoin has been around for more than a decade now. What is even more amazing is how the first block-chain based cryptocurrency has grown, creating a sheer number of millionaires.
You might have heard of people forgetting that they had bought Bitcoin in the past only to realize they were sitting on a fortune later.
Cryptocurrency and Bitcoin are here to stay and are expected to be as worth as 500,000 per coin by 2030.
However, hanging on to your Bitcoin may not do you so much good all the time.
You need to understand how and when you can turn your bitcoin into cold hard cash.
Here’s what you need to know on how to convert Bitcoin into cash.
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Cashing Out
Whether you need GBP, Japanese yen, USD, or any other currency, cashing out is one way you can convert your Bitcoin into cash. The cash out process is not complicated but is a little bit time consuming. It would be best to consider whether you want to receive money directly to your PayPal or bank account and the time you want to receive the money. Let’s have a look at the various ways on how to cash out Bitcoin.
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Bitcoin Exchange With a Third-Party Broker
A third-party broker is also another name used interchangeably as a bitcoin exchange. Most cryptocurrency exchanges may not let you deposit funds using flat money. However, some do. The process involves depositing your Bitcoin to an exchange and later make a request for flat money withdrawal.
To ensure that brokers do not violate money laundering regulations, you have to withdraw to the same account you used to deposit. In case you hadn’t deposited fiat into a broker exchange, you will have to make your first deposit first. Cashing out with a broker exchange requires patience. It takes about 1-5 days to have the money in your bank account. The most popular payment methods include SEPA for withdrawals in Euros and SWIFT for withdrawals in USD.
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Peer-to-Peer (P2P)
If you dislike the thought of waiting for three days to cash out Bitcoin, you may consider using a P2P platform. A peer-to-peer transaction means you have data relating to the person or entity you’re transacting with. Such data include wallet and IP addresses, forum username, and location. Sometimes it involves face-to-face meetings.
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Beware of Fraud
The payment buyers can use direct cash deposits, bank transfers, or meet-in people to collect your money. Selling with a P2P is a secure method, but always be vigilant about fraudsters. To make the transaction secure, you can opt to use escrow.
With the help of this guide, you already know how to cash out Bitcoin using two different methods- the broker exchange and the peer-to-peer method. The two methods have their own advantages and disadvantages.
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Rachelle Wilber is a freelance writer living in the San Diego, California area. She graduated from San Diego State University with her Bachelor’s Degree in Journalism and Media Studies. She tries to find an interest in all topics and themes, which prompts her writing. When she isn’t on her porch writing in the sun, you can find her shopping, at the beach, or at the gym. Follow her on twitter and Facebook.
