Lately, it seems like everyone has had cryptocurrency on the brain. But in all the discussions about how to store litecoin and how to mine bitcoin cash, what rarely gets talked about is the endgame:
Or, to put it bluntly, how do you go from bitcoin to cash?
If you’ve ever wondered how the “Let me see this balance in my account.” part of bitcoin works, you’re in luck. We’re about to list three common ways to cash out bitcoins. All you have to do is keep reading.
Method #1: Exchanges
Have you ever wondered how banks can take your American dollars and hand you the equivalent amount in Japanese yen?
They do so in part by using exchanges. And thanks to the growth of sites like Coinbase and Binance, it’s now possible to do the same thing with bitcoin.
To use a crypto exchange, you’ll have to open an account. Most will require you to verify your identity and connect a bank account as well. And then, once you’ve deposited your bitcoin, you can request a withdrawal.
Of course, you may have to wait for the money to hit your account. But if you use an online wallet, this approach is simple for crypto investors whether you’re going from bitcoin cash to USD or you’re figuring out how to buy bitcoin mishawaka in.
Method #2: Bitcoin Debit Cards and ATMs
If your dreams involve swimming in a money pool big enough to make Scrooge McDuck jealous, this strategy might not be as satisfying. But bitcoin ATMs and bitcoin debit cards operate in much the same way as their traditional counterparts.
A VISA or Mastercard-powered debit card can allow you to shop, purchase goods, or make withdrawals at the ATM.
Similarly, ATMs run by companies like ByteFederal let you buy and sell bitcoins with cash. And if you’re not making massive, multimillion-dollar transactions, you can use either the ATM or the debit card and the ATM if you’re wondering how to turn bitcoin into cash on short notice.
Method #3: Peer-to-Peer Platforms
Do you want to cash out your bitcoin without having to jump through all the hoops that a regulated exchange would put you through?
Peer-to-peer platforms could be the solution you’re looking for.
These platforms usually don’t directly exchange the bitcoin for you in the way that Coinbase might because it’s more like selling on Craigslist or Facebook Marketplace. And in many cases it’s as easy as sending bitcoin to Cash app.
Some platforms will have more controls in place than others. And you may be able to find peer-to-peer bitcoin sites that can hold the goods in escrow.
That way even if you’re selling your bitcoin to a stranger, both sides can get what they want and everybody can leave happy.
Here’s What You Should Know About Turning Your Bitcoin to Cash
There are no right or wrong answers when it comes to going from bitcoin to cash. If you like the regulations that exchanges have to comply with, you have that option.
But if you prefer the relative anonymity of peer-to-peer platforms, you can do that too. The important thing is that you know what your preference is and being able to plan accordingly.
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