More than $2 billion worth of Bitcoin transactions happen every day. With the growing popularity of cryptocurrency, there are more and more ways that you can turn your bitcoin into cash. If you don’t know what Bitcoin is, it’s a form of cryptocurrency designed for peer-to-peer transactions without a financial institution acting as a third party monitor. Today, we’ll discuss exactly how to cash out Bitcoin.
Online Bitcoin Trading Companies
These are the leading online platforms that allow you to trade in Bitcoin.
Kraken allows you to deposit and withdraw bitcoin for US dollars. They also deal in other forms of fiat currency such of CAD (Canadian dollars) and JPY (Japanese Yen). Kraken has lower fees than many other cryptocurrency sites. Transactions usually take one to five business days to finalize.
Coinbase is the world’s largest Bitcoin broker serving over 32 countries around the globe. The site is very user-friendly and easy to manage. You can sell directly with prices right at, or close to, market value.
Cex.i0 is a bitcoin exchange platform with a massive user base of more than a million traders. The site boasts some of the highest security measures of any cryptocurrency site. Although the large pool of traders and security measures make it popular with those who deal in bitcoin, the transaction fees tend to be higher than with alternate sites.
This convenient online pay system is keeping up with the times and in some cases, will accept Bitcoin as payment.
Through the site Coinbase, you can fund your PayPal account using Bitcoin by simply selecting PayPal as your payment option. You can only sell Bitcoin in this manner. You will not be able to buy it on the site.
VirWox, which stands for Virtual World Exchange, is the only site that allows you to both buy and sell Bitcoin using PayPal. Exchanges are posted to PayPal within an hour.
Sometimes you just need cash in hand. Even with all the advancements in cryptocurrency, physical cash is not going away. These are ways to turn your coded Bitcoin into printed money.
LocalBitcoins is a peer-to-peer site where people post their own bids for Bitcoin with US dollars, cashier’s checks, other fiat currencies, and even gift cards. This type of person-to-person trading was more or less what Bitcoin was designed for. Buyers and sellers will post their bids on the site. The distance the other trader is from you is also posted should you want a face-to-face meeting where hard cash can be exchanged.
This is the fastest and most convenient way to turn Bitcoin into cash. There are over 2,500 Bitcoin ATMs dispersed throughout the country in over 40 different states. Most ATMs are clustered around New York City, Los Angeles, San Francisco, Chicago, Atlanta, and Miami areas. However, each state has at least one major city with Bitcoin ATMs. It should be noted that not all Bitcoin ATMs allow you to sell Bitcoin, but all should allow you to purchase. The site CoinATMRadar will allow you to find a local ATM that trades in Bitcoin.
If you’re wondering how to cash out Bitcoin, thanks to the growing popularity of cryptocurrency, there are a growing number of resources that allow this type of trading. Whether it’s fiat currency or physical cash you’re looking for, you’ll be cashing out your Bitcoin in no time.