This article is all about how to cash out your Bitcoins without paying taxes and which countries have the best cryptocurrency tax in general, and specifically for Bitcoin. From moving to a tax haven to moving a country and getting married. Spoiler alert - you do have to pay your taxes whether you want it or not. You can’t withdraw your bitcoin into bank account directly. We can send your bitcoins withdrawn dollars into your bank account. Now a days bitcoin to bank account is suitable option for all the people who want to cash out bitcoin through exchanges. Binance bitcoin to cash conversion time is typically a few days and on average, it takes only 3 to 5 business days to get your bitcoins as cash. Cashing Out on a Peer to Peer Exchange In contrast to the third party crypto exchanges, peer to peer exchanges do not involve an intermediary in any form. Bitcoin-Cashout.com - Cash out your cryptocurrency has never been more easily. You can cash out your cryptocurrency to any bank account in the world in minutes. No ID checks, no documents verification required. We do not require any kind of ID or verifications to process your exchange.

• How To Cash Out Bitcoin Cash App
• How To Cash Out Bitcoin Sv
• How To Cash Out Bitcoin To Paypal

This articlewas originally published at Mintdice.com on June 13, 2019. It is being republished here with the publisher’s permission through syndication.

Although it’s safe to say that Bitcoin is a lot more popular today than it was even one year ago, it hasn’t reached a significant level of adoption compared to fiat money. Even though several products and blockchain projects have been built around it, Bitcoin has continuously shown that it cannot be used as a stable form of money.

This has led to regulatory problems, issues with banks, and ultimately, lack of acceptance by businesses. What good is money if it can’t be spent on the simplest exchanges of goods and services? As a result, it’s quite common to convert Bitcoin assets into fiat currency to be used for purchasing items.

Bitcoin has also proven that it can be a great trade and investment vehicle, but it also can be a terrible one. So if a user holds Bitcoin and there’s an impending decline in the market, it’s reasonable to liquidate BTC by converting it to cash.

WHAT ARE THE MAIN METHODS OF CASHING OUT BITCOIN?

There are four main methods of cashing out Bitcoin for fiat currency. They include peer-to-peer exchange, third-party broker exchange, Bitcoin ATM, or bitcoin debit card.

1. PEER-TO-PEER EXCHANGE

Peer-to-peer exchanges connect Bitcoin users and match them according to their buy and sell orders so that they can carry out the exchange by themselves. For example, if Person A is looking to sell Bitcoin at $7,000 per unit and person B is looking to buy some at a similar price, the exchange matches them and they carry out the transaction without the interference of the exchange.

Cashing out Bitcoin via a peer-to-peer exchange is great for users who want to avoid the prices set by centralized exchanges. It also helps them avoid the charges and long waiting time that accompanies cashing out with broker exchanges.

There are three ways to accept cash on a P2P exchange: through a cash deposit, bank transfer or in-person. Cash deposits and bank transfers are generally safe but it is advisable to request a proof of identity to avoid fraud. Arranging a meet-up is a great option because there’s no need for an escrow.

HOW TO CASH OUT BITCOIN ON A PEER-TO-PEER EXCHANGE

• Register on a P2P exchange and set a price to sell Bitcoin
• Wait for the exchange to match a buyer
• Contact the buyer and make arrangements for payment through a cash deposit, bank transfer or physical cash
• Put the Bitcoins in escrow until the payment is received
• Release the Bitcoins to the buyer

Pros

• It is fast compared to a third-party broker exchange
• It has fewer charges
• It gives users total control over who they transact with

Cons

• It is less secure than a centralized broker exchange.

Some existing peer-to-peer exchanges include Paxful and Localcoinswap, which have no charges, and Localbitcoins, which has a trading fee of 1%.

2. THIRD-PARTY BROKER EXCHANGE

Third-party broker exchanges, or centralized cryptocurrency exchanges as they are commonly called, handle the entire exchange of Bitcoin for cash. For example, on a platform like Binance or Coinbase, a user can enter a buy request and be automatically matched to another sell order. The exchange handles the sale itself with additional charges as part of the service.

This method is ideal for anyone who would rather not deal with others when buying or selling. The exchange is also liable in the event of theft or fraud that occurs on their platform. So if a user’s Bitcoin exchange account is compromised, their funds will most likely be replaced. It is also the best option for those who want to withdraw cash directly to their accounts after a Bitcoin exchange.

HOW TO CASH OUT BITCOIN USING A THIRD-PARTY BROKER EXCHANGE

• Research the best exchanges and choose the best one based on a personal set of requirements
• Register for an exchange account
• Deposit Bitcoin into the exchange account wallet
• Place a sell order

Pros

• It is more secure and less stressful than peer-to-peer exchanges

Cons

• Exchanges have more control over user funds
• Slow withdrawal times. For example, a cash withdrawal on Coinbase takes anywhere between 1 and 5 days to complete.

Some good third-party exchanges are Kraken, Binance, Coinbase, Bitfinnex, and Poloniex.

3. BITCOIN ATM

A Bitcoin ATM allows anyone to buy or sell bitcoin using a credit card or cash. It looks just like a regular ATM, except that it isn’t tied to a bank account. Currently, there are more than 2000 Bitcoin ATMs spread around the world. This is a good way to cash out without dealing with stress from Bitcoin exchanges.

It is straightforward and secure, and allows a person to withdraw cash or Bitcoin without dealing with another party. Bitcoin ATMs vary by operation and some available types include Genesis1 Bitcoin ATM, Satoshi1 Bitcoin ATM, Lamassu Bitcoin ATM, and BitAccess Bitcoin ATM.

HOW TO CASH OUT USING A BITCOIN ATM

• First, locate the nearest Bitcoin ATM by visiting Coinatmradar, a site that shows a live map of functional BTC ATMs
• On the ATM, choose the cash withdrawal option
• When asked for a currency choice, pick Bitcoin
• Choose the withdrawal amount
• Send BTC from a mobile wallet to the QR code provided by the ATM.
• Collect cash

Pros

• It is secure
• The process of using a Bitcoin ATM is more straightforward than using an exchange
• No registration needed

Cons

• Bitcoin ATMs are static and cannot be used without being physically at the machine
• They are not common, especially in developing countries

Bitcoin ATMs are usually found inside restaurants, shops, retail stores, airports, or malls.

4. BITCOIN DEBIT CARD

A Bitcoin debit card allows a user to withdraw cash instantly even when it’s loaded with Bitcoin. One great example is the CEX.io debit card, which is linked to the CEX.io exchange. This a good way to cash out Bitcoins when there are more traditional ATMs than Bitcoin ATMs around.

HOW TO USE A BITCOIN DEBIT CARD

• Search for crypto debit card providers like Uquid
• Register for a debit card
• Add the card to the preferred exchange wallet
• Either sell Bitcoin on the exchange and withdraw the cash to the debit card or send Bitcoin directly to it
• Withdraw cash using the card at a normal ATM

How To Cash Out Bitcoin Cash App

Pros

• It is a better option than Bitcoin ATMs for developing countries
• Most card providers offer instant withdrawal

Cons

• Fees can be as high as $3 per withdrawal
• An Exchange account is needed most times

Some of the best Bitcoin debit card providers include Wirex, Cryptopay, Bitpay, and Uquid.

FINAL THOUGHTS

When dealing with Bitcoin, users will need to cash out at some point. Whether due to a fall in price, the need to convert crypto investments into traditional ones, or just the need to spend cash instead of BTC, the need always arises.

Centralized cryptocurrency exchanges are currently the most common way to convert any cryptocurrency to cash. In fact, they are usually the starting point for beginners. They have significantly less risk than P2P exchanges and are also easier to use. Bitcoin ATMs and debit cards are not as common but are also easy, safe ways to cash out Bitcoin.

It’s important to weigh the pros and cons of each before choosing any of these options. Ultimately, they have the same outcome but depending on a user’s location, and other preferences, they are all drastically different.

More on this topic: BUYING BITCOIN WITH PAYPAL: HARDER THAN IT SOUNDS

• Do you HODL bitcoins?
• Are you looking to cash out your bitcoins?

Well, if these questions resonate with you, then you are in the right place.

I believe some of you want to sell their bitcoins because of one of these reasons:

• You have now lost interest in Bitcoin.
• Or you think you have made enough returns out of your Bitcoin investment.

In any case, you just want to convert your BTC into cash either to realize profits or free up your stuck capital.

However, whatever your reason might be, I understand your stand as one might sometime feel the need for extra capital or would like to realize profits.

That’s why I think it is important to talk about the questions that come up while converting BTC into cash so that you don’t hit a road:

• How to get USD, EUR or GBP for Bitcoin?
• Where to cash out Bitcoin?
• Where to convert Bitcoin into fiat like USD, EUR, GBP, etc?
• How To Withdraw Bitcoins To Cash?

Bitcoin To Cash: How & Where To Convert Bitcoin Into Cash USD, EUR, GBP

So some of the exchanges that allow you to do so are:

These exchanges will help you cover most of Europe, the US, and the UK. Cashing out Bitcoin isn’t easy at it looks but for you we have found out some of the best ways through which you can convert your bitcoins into cash.

But before we get into the specifics of that, you need to decide how do you want your cash?

Do you want it in your bank account or you want the hard cash by meeting someone in person.

Or do you want to have other stuff in exchange for your bitcoins like gift cards or Amazon products from Purse.io?

For now, assuming that you want the cash in your hand or your bank account, let’s get started:

How & Where To Exchange Bitcoin For (or to) Real Cash Money Like US Dollars (USD), Pound Sterling (GBP), Euro (EUR), etc?

#1. Convert Bitcoin Into Cash Through A Fiat Supporting Exchange

It is highly likely that if you don’t have Bitcoin ATMs near you, you will be having fiat accepting Bitcoin exchanges in your country.

Using these exchanges, you can easily convert your bitcoins into cash like USD, EUR, or GBP. Of course, for this, you will be required to find such an exchange that deals in fiat and cryptocurrencies both.

You will also need to complete your KYC on such exchanges before you can exchange BTC to cash because fiat currency laws in most countries want exchanges to adhere to this policy.

Of course, I understand that I have not listed all the countries here but in reality, not all countries have such fiat linked cryptocurrency exchanges.

So for residents of those countries, I will be listing another method through which they can meet Bitcoin buyers/sellers in their country to cash out their bitcoins.

#2. Meet & Trade In-Person To Get Cash Through LocalBitcoins

For those BTC holders who have neither crypto exchanges nor Bitcoin ATMs in their country can exchange BTC for cash through LocalBitcoins.

LocalBitcoins is a peer to peer Bitcoin exchange service based out of Finland. LocalBitcoins is an escrowed service that has garnered quite a bit reputation since 2012 as the most liquid P2P Bitcoin exchange.

On LocalBitcoins you will a no-ground network of Bitcoin buyers and sellers in 16537 cities and 248 countries including your country too.

It gets better:

Through LocalBitcoins, you can meet the buyers and sellers in-person to negotiate and execute a Bitcoin trade. Moreover, when you are cashing out BTC you have a lot many options to receive your cash ( SEPA Transfer, bank deposit, PayPal, Payoneer, cash).

Getting started with LocalBitcoins is also easy as it only takes your email ID to begin with. After which you can explore the simple and intuitive UI of LocalBitcoins to filter out relevant buy/sell deals for yourself.

Note: Be sure to check the reputation of the buyer/seller before you decide to pick up a deal on LocalBitcoins and never release your bitcoins without confirming your payment receipt.

And just when I am completing this, I am realizing that there might be another category of Bitcoiners who would be thinking to cash out Bitcoin to short it and buy back when the price is lower.

For those kinds of Bitcoin users converting Bitcoin into cash might not be the ideal thing and that’s why such types of users prefer converting Bitcoin to USDT like stablecoins.

And hence I am sharing a bonus method just to do the same.

#3. Convert Bitcoin To USDT or Stablecoin like TUSD etc

Anyone who wants to cash Bitcoin and not get into KYC like things can do so by cashing out in fiat digital currencies, i.e., Stablecoins like USDT, TUSD, etc.

Here are some of the popular exchanges that will let your convert BTC to USDT or similar stablecoins:

• Binance: Supported pairs are BTC/USDT, TUSD/BTC
• BitBay: Supported pairs are XMR/BTC
• Huobi: Supported pairs are BTC/USDT
• Gate.io: Supported pairs are BTC/USDT

This method will reduce your headache of dealing with KYC and other banking problems which you might run into when trying to cash out your bitcoins through fiat linked crypto exchanges.

*****4. Bonus: Cashout Bitcoins Through A Bitcoin ATM

One of the easiest ways to convert Bitcoin to cash is through Bitcoin ATMs.

For those of you who don’t know about Bitcoin ATMs, here is a simple explanation of it:

Bitcoin ATMs are much like traditional exchanges from where you can either get cash for Bitcoin, or you can get Bitcoin for cash. This method is usually anonymous and requires you to have a Bitcoin wallet in case you are receiving Bitcoin or selling it.

A Bitcoin ATM asks you to scan its public address, and when you have transferred BTCs to that address, it splits out equivalent fiat.

For this, you first need to make sure that you have a Bitcoin ATM nearby and that you can do it through the Coin ATM Radar service.

Using Coin ATM Radar, you can find out nearby Bitcoin ATMs and check its exchange rates as well as transaction fees. For example, this Bitcoin ATM in Chicoutimi at Place du Royaume has these specs:

• ATM Type: Genesis Coin
• Direction: Fiat ⇄ Crypto
• Fees: Buy 13.0%, Sell 16.9% from BitcoinAverage Fees updated: 12 minutes ago.
• Limits: Buy: $10000/txn, Sell: $2900/txn

So this is how you can get fiat for Bitcoin through a Bitcoin ATM.

But just after writing this, I realized that not everyone would be able to find Bitcoin ATMs nearby.

That’s because there are only a few Bitcoin ATMs around the world as of now and that brings me to my next section which is a much easier way to convert BTC to fiat if you don’t have ATMs nearby you.

Conclusion: How To Convert Bitcoins to cash

These are some of the best methods that you can use to cash out your bitcoins for fiat currencies like USD, EUR, CNY, or GBP.

However, I understand that many countries are still left untouched by the methods I have listed above and to name a few such as Australia, Zimbabwe, Argentina, etc.

For these countries and other left-out countries, TheMoneyMongers plans to bring a comprehensive list of resources using which they will be able to buy/sell Bitcoin in their respective countries.

We intend to start first with first and second world countries such as listed below. After which we will finally make our way for third world countries, who actually need Bitcoin the most.

• The USA
• India
• Europe
• Australia
• China
• Japan

How To Cash Out Bitcoin Sv

So untill we do so, I want to leave you with answers of few frequently asked questions (FAQs) to help you relax in order to exchange your bitcoins to cash:

Q1) Can You Exchange Bitcoin for US Dollars (USD), Pound Sterling (GBP), Euro (EUR), CAD, etc?

Yes, you can very well exchange Bitcoin for various fiat currencies like USD, GBP, or EUR. There are more fiat currencies to which you can convert according to the country where you are residing.

How To Cash Out Bitcoin To Paypal

Q2) How To Convert Bitcoins To Cash Anonymously?

This part is a bit tricky as there aren’t many services that you can use to convert BTC to cash anonymously. But you can definitely try LocalBitcoins with an alias name and identity to meet someone in person to exchange BTC to cash

So that’s all from our side in this round-up and I hope you liked this? If you did !! Do share it with your friends on social media who want to buy or sell Bitcoin !!

Note: Better than selling and cashing out your bitcoins, you can always take Bitcoin loans on your BTC holdings. Here is how you do that !!

Also, If you need some direction, feel free to contact us at @themoneymongers.

Contents

• Bitcoin To Cash: How & Where To Convert Bitcoin Into Cash USD, EUR, GBP
  • Conclusion: How To Convert Bitcoins to cash