Can You Cash Out Bitcoin

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Can You Cash Out Bitcoin For Real Money
How To Get Cash For Bitcoin

Sell Bitcoin Tax Free The country you come from plays a big role when it comes to deciding how best to cash out Bitcoin, especially if you want to pay out larger amounts. If you live in Germany, then the payment is tax-free if you sell Bitcoin more than one year after purchase. You must have a balance of at least 0.0001 bitcoin to make a withdrawal. You can withdraw up to $2,000 worth of bitcoin every 24 hours and up to $5,000 within any 7-day period. Transfers to external wallets usually take between 30–40 minutes but can take longer. To view your bitcoin limits and progress: Tap on the Banking tab; Tap Bitcoin.

Since there are a number of places worldwide, where Bitcoin holders may spend their digital funds, knowledge of how to cash out a Bitcoin is equally important.

Although Bitcoin is a digital coin that has no physical form, it can certainly be converted to any traditional currency. There are several ways how anyone can do that and this article will bring a brief review on any of them.

However, before cashing out it is necessary to evaluate factors like:

the number of assets you are going to withdraw;
the fees of withdrawal;
the type of account (bank or PayPal) where the transaction will be made to;
how long will it take for assets to reach the account.
the local bank taxes and fees, that might be applied depending on the bank or the country.

Yet, when you’ve estimated the factors mentioned above, the final step to do is to choose a method of how you are going to withdraw money from Bitcoin.

How to cash out Bitcoin through the regular exchanges

Since there are dozens of cryptocurrency exchanges online, none of them converts Bitcoins to fiat currencies directly. However, the process can be made safely and transparently by sending funds to the bank or PayPal account.

In order to cash out Bitcoin via an online exchange, you first need to have a valid account on a cryptocurrency exchange such as Coinbase, Bitstamp, or Coinspot. This is what you will need to do:

To open an account on cryptocurrency exchange you just need to sign up, verify your account by submitting the required identification documents and link it to your bank or PayPal account.
To make a Bitcoin deposit, which at least should be worth $10. Later you could sell your Bitcoins for cash, which then will be sent to your bank account.
Withdraw funds to the personal bank or PayPal account. To do this, first choose the withdrawal method from the menu on the withdrawal page.
Enter all of the bank account details.
Submit the request.

Since most of the cryptocurrency exchanges apply reasonable fees (mainly around 1.5%) for Bitcoin withdrawals, the process of transferring funds to the bank’s SWIFT (USD) or SEPA (EUR) account may last up to 5 business days depending on the country you’re based in.

How much Bitcoins can you cash out via the exchange?

If you are going to cash out large amounts of Bitcoins, it is worth knowing what limits do the online cryptocurrency exchanges apply. Most of them however apply the limits on amounts that may be withdrawn daily.

Depending on the exchange and on the region the user is located, these limits may vary. Coinbase, for example, allows the daily withdrawal limit up to $10.000. Meanwhile, the withdrawal limit on Binance is 2 Bitcoins per day for the unverified users or 100 Bitcoins for verified users.

Usually, online exchanges provide their users with the possibility to increase the withdrawal limits by upgrading the level of the account.

Cashing out through online exchanges is one of the safest ways to withdraw Bitcoins. If the transfer time and withdrawal fees are not right for you, then you should consider another way of Bitcoin withdrawal.

For Bitcoin holders who prefer a higher level of anonymity when converting Bitcoins to cash, the option of using the peer-to-peer (P2P) cryptocurrency exchange is available.

Contrary to their centralized counterparties, the P2P exchanges like LocalBitcoins or Paxful do not hold Bitcoins for their users. Instead, they connect traders and allow them to make deals privately while staying anonymous.

In order to make a transaction on P2P exchange, users have to follow the simple instructions:

To open an account on P2P exchange and verify their ID by submitting the required documents and linking it to the valid bank or PayPal account.
To find a reliable buyer. Thus it is important to check up the feedback score and review the comments on another user. Although the decentralized P2P exchanges give more privacy and anonymity, the spot prices of digital assets as well as fees are set by the individual traders. Thus users who want to sell their Bitcoins should evaluate both their possible profits and competitive environment carefully.
Make a transaction. The important moment here is to use a P2P exchange that includes escrow service. This means that Bitcoins will be currently locked since the seller confirms he received payment.

Since P2P exchanges support various payment methods, users can choose within bank transfer, gift voucher or PayPal, Skrill, Payoneer, Western Union, or Neteller.

Although Bitcoin is rapidly going its path towards the wider adoption, it still may take time to cash out the world’s leading digital currency. And since the only direct option to convert Bitcoins to fiat is by using Bitcoin ATMs, the amount of them is not enough across the globe to meet the needs of remote users or those who are located elsewhere than in the big cities.

However, there still are ways of how to cash out Bitcoins on regular and P2P exchanges. While both types of exchanges have their own advantages and scarcities, it is important to evaluate personal needs first. The factors like transaction fee, time or type of the account to which the funds will be withdrawn, as well as local laws should be kept in mind before cashing out the benchmark digital currency.

This is one of the most popular questions that we see from users of our Bitcoin ATM kiosks. Can I withdraw my Bitcoin into cash at a Bitcoin ATM? Can I sell Bitcoin at a Bitcoin ATM, or can I only buy Bitcoin? The simple answer is YES! You can withdraw cash from a Coinsource Bitcoin ATM and many other operators. It’s fast and easy.

In summary:

Yes, you can convert your Bitcoin into cash at a Bitcoin ATM
Not all Bitcoin ATMs have the ability to sell crypto
To withdraw cash from a Bitcoin ATM, you must already have a wallet with Bitcoin in it, ready to be used.
Coinsource offers one of the lowest rates in the U.S. to turn Bitcoin into cash using a Bitcoin ATM

How to Withdraw Cash from a Bitcoin ATM

1. Create an Account

To use a Coinsource Bitcoin ATM, you first need to have an account with us. It’s easy, free, and quick to enroll with your mobile device.

2. Find a Bitcoin ATM Near You to Withdraw Cash

Second, once you have created your Coinsource account (or other account), you will need to locate a 2-way (buy and sell capability) Coinsource Bitcoin ATM near you. Using a different operator? CoinATMRadar has a complete listing of Bitcoin ATMs with crypto selling capabilities.

3. Have Your Wallet Address Ready to Convert Your Bitcoin to Cash

Because you are withdrawing cash, you need to already own Bitcoin and have your transactions stored in a wallet. Have the wallet address where your Bitcoin is stored available and ready.

Remember, this is your private key. If you have multiple wallets and/or multiple keys, select the one you want to use in this transaction.

4. Withdraw Cash from the 2-Way Bitcoin ATM

When you are at the 2-way kiosk, log in to your account on the Bitcoin ATM, and select the “Withdraw Cash” option. If the Bitcoin ATM you are using does not have this option available on the screen, it most likely does not have crypto selling capabilities. Make sure the location you are using has the ability to sell Bitcoin. Enter the amount of cash you wish to withdraw and send Bitcoin to the wallet address QR code indicated.

Final Notes

Once the transaction is confirmed on the blockchain network, you can collect your cash. This typically happens in under 30 minutes and this wait time is outside of the operator’s control.

All Bitcoin operators charge a fee for using the Bitcoin ATM to buy or sell Bitcoin. However, Coinsource has one of the lowest fees of all the Bitcoin ATM operators in the United States. This means that you’ll take home the most cash possible from the Bitcoin you are withdrawing!