If you have been trading for a good period of time then it’s likely that you have a lot of cash reserves in bitcoins. It’s always wise to cash out Bitcoin after every short interval of time. The procedure of investing and trading in cryptocurrency is already very perplexing so we have made this part rather easier for you to understand.
This guide will give you all the necessary details that you need to know in order to cash out Bitcoin and we have also indited a few methods That can be utilised to get a bank transfer. you can even receive the cash Twitter account and given through cash deposit. By the end of this article you should be able to figure out what method you can use to easily cash out your Bitcoin in no time.
Third Party Broker Exchanges
A third party broker can be considered as the synonym of an exchange. In a lot of cryptocurrency exchanges, you are not allowed to deposit money on your investment in the form of Fiat money. However a few cryptocurrencies do allow you to deposit funds using fiat money.
The basic working pattern of the third party broker exchanges is that first you are required to deposit your Bitcoin into the exchange. One you have deposited your Bitcoin into the exchange then the exchange receives your bitcoin on the other side. After these two steps are completed you can request for a fiat currency withdrawal.People generally request the transfer to happen via a bank transfer.
There are certain money laundering laws that brokers might break while they are at it,so you need to make sure that you always use the same bank account that you used earlier to deposit money. You will have to make one deposit at least to start with, if you haven’t used that account to deposit your investment in a broker exchange.
Peer- To- Peer
It takes a patient three day wait until you are able to cash out your bitcoin but if you do not like to wait and need immediate response then there is an option that you can consider using. A peer-to- peer selling platform can be utilised as it takes very less time.
It is also very convenient as you can choose the method of payment through which you want to receive the money whenever you are selling bitcoin to other people. A few of such methods of payments are listed below.
1. Cash Deposit- One way to receive the cash is to ask the person you are selling the bitcoin to deposit the money into a bank account. But when you are doing so, please make sure that this transfer of value is safe before you release your bitcoins to any individual. You can do this by verifying their identity proof and proof of the payment that is being done. This will secure you and you can faithfully release your bitcoins to that individual.
2. Bank Transfer– When you are selling or releasing your bitcoin, what you could do in order to receive money is that you can ask the person who is buying your bitcoin to send the money through a bank transfer. Again, please make sure that you go through all the relevant details and get their identity verified plus the payment that they make should also be verified. After you are done with the verification and receive the payment too , you may release your bitcoins to them.
3. Payment In Cash- If the buyer is known or the individual you are selling the bitcoins to is known or you have had some sort of transactions in the past as well. Another way to go about it is to schedule a meetup with the buyer in person so they can pay you in cash. Note that you should only do this if the individual is trustworthy. As and when you receive the payment, you may go ahead and release your bitcoins to them.
4. PayPal- If the options listed above do not work for you, another convenient, easy and fast method is to ask the buyer to transfer the money into your paypal account. Note that you should verify all the relevant details before you release your bitcoins to them.
A very important thing to consider before you follow any of the methods that are given above related to cash withdrawal is to make sure that you have received the full payment before you release your bitcoins to anyone. Please do not place your blind trust into anyone for this matter and make it a point that you verify all the payments before releasing your bitcoins to any sort of platform, company, buyer or even known individuals. You can check out Crypto Genius and start investing in Bitcoins.
A smart way to find buyers for your bitcoins and sell them at your preferred prices isto create an advertisement about it. If you have experience in selling out your bitcoins in the past then you can easily decide a price at which you would like to sell the bitcoin at.
Note that when you are creating an advertisement, a minimal fee is charged. You will be charged 1% of the total price at which you sold your bitcoin to the individual who got to it through that particular advertisement.
Having said that, let us consider a case scenario wherein the buyer who you sold the bitcoin to mentioned the price at which they want to buy the bitcoin at themselves then no such cut or fee or commission is charged. You can also check about Bitcoin Evolution Review and explore more about the Bitcoins.
It is advised that you go for a site like eBay as you can leave your review or feedback about the buyer who you sold your bitcoin to. By checking and putting such reviews up, it is easy for you to find a suitable and trustworthy buyer. Especially, if you are just starting out, please go for a buyer who has positive feedback only.
This article was to guide you on how you can withdraw your bitcoin or cash out your bitcoins. We have mentioned several ways and added a few smart tips that you can use while you are at it .