When you are first getting into cryptocurrency investment and trading, one of the key concerns you may have on your mind will be “How do you sell bitcoin for cash?” This is because not all businesses and individuals are ready to accept Bitcoin or other digital currencies for payment, and you have to trade with them in traditional paper-based currencies. Also, you may want to sell Bitcoin for cash to avoid losses when the price of Bitcoin is dropping.
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So, how can you sell your Bitcoin for cash? Well, there are several ways of cashing out your Bitcoins, and this article looks at some of the main ones. However, before you settle on any of them, you need to ask yourself a few questions to help you pick the best option for you. Here are some of those questions:
- Which fiat do you want to convert your Bitcoin to?
- How would you like to receive your funds? Is it into your credit or bank card, in cash, or otherwise?
- How fast do you want to get your money?
- Are you looking for the cheapest or the easiest option?
If you know the answers to the above questions, you can use these factors to pick the best way for you to sell your Bitcoin for cash.
Methods to Sell Bitcoin for Cash
Below are some methods you can use if you are looking for how to sell bitcoin fast:
Using Third-party Broker Exchanges
Third-party broker exchanges, or simply exchanges, are the most common option for those who want to buy or sell BTC. Some exchanges will not accept cash deposits for investors who wish to buy Bitcoins or other digital assets, but some like Nakitcoins are happy to accept it.
Similarly, to sell your Bitcoin for cash through exchanges, you first need to deposit your bitcoins with the exchange you have chosen, and after the exchange receives your transfer, you can request to withdraw your funds in the form of fiat currency. Luckily, you can sell Bitcoins for cash quickly at Nakitcoins and Independent Reserve.
Besides, once you open an account (with just an email address), you can wait to get the best rate to sell Bitcoin for cash on this exchange and liquidate your digital assets. When you are ready, visit their offices or agencies to collect your money. This is the fastest and safest way to sell bitcoin for cash, unlike other methods where you may have to wait up to 5 days to receive your cash. Also, the fees are affordable because they are only 3%.
Sell Bitcoin for Cash via P2P Exchanges
If you are not ready to wait for several days to cash your BTC, you can sell them on a P2P exchange such as LocalBitcoins. Typically, this method allows you to select the payment method you wish the buyer to pay you through.
Peer-to-peer platforms simply link the buyer and the seller together; the transactions happen directly between the two parties. To sell via P2P exchanges, you make a sell order for a given value, and the website notifies you when a potential buyer expresses interest in buying at your set price.
Also Read: Bitcoin guide for beginners
After the alert about the availability of a buyer, you and the buyer proceed to agree on the terms, and once you receive payment or get proof of payment, you transfer the Bitcoin directly to the buyer’s wallet. While some P2P sites like BitQuick exclusively use bank transfers to have everything online, others such as LocalBitcoins and Paxful support various payment options including cash in-person, gift cards, cash in the mail, and MoneyGram, etc.
Besides the above options for selling your BTC, you can also sell in-person to someone you know and trust, such as a friend, relative, or colleague. The buyer pays you in cash or through other means, and you release the coins to them. You may also use Bitcoin ATMs that allow cashing out BTC to sell your Bitcoin for cash.