How to Turn Bitcoin into CashPosted by Frank GogolUpdated on June 16, 2022
Demand for Bitcoin has increased dramatically. If you’ve owned Bitcoin for a while now you may be able to make a profit if you ‘sell’ your Bitcoin and transfer the equal value to your bank account. Or you may need to convert your Bitcoin to cash to be able to buy actual things. Whatever you need it for, you’re probably wondering how to turn Bitcoin into cash.
Here we look at the different options for how to turn Bitcoin into cash in a few simple steps.
- What is Bitcoin?
- Where to sell bitcoin cash
- Where to sell bitcoin cash in nigeria
- 📱 How to sell from the Bitcoin.com Wallet app for Android and iOS 📱
- Where to sell crypto for cash
- Send your coins
- Why Sell Bitcoin on Coinmama?
- Where to sell btc for cash
- 3. By withdrawing cash from a Bitcoin ATM
- Where to sell cryptocurrency for cash
- Where to sell bitcoins for cash
- Third-Party Broker Exchanges
- Where to sell my bitcoin for cash
- Why Transfer Bitcoin To Your Bank Account?
- Where to sell bitcoin for cash in canada
- Read More
- Need a Loan? Get One in 3 Simple Steps
- Where to sell bitcoin cash-in
- 2. Using peer-to-peer marketplaces
What is Bitcoin?
Bitcoin is a digital currency, also known as a cryptocurrency. There is no physical bitcoin, merely digital data stored in blockchain.
Where to sell bitcoin cash
The reforms further define a “money transmitting business” to include those who deal with “currency, funds, or value that substitutes for currency.” Now, there are no longer loopholes that digital asset companies can use when dealing with theFinancial Crimes Enforcement Network(FinCEN), the agency that enforces the BSA.
Stricter Penalties Enforced
Aside from updating definitions to ensure that digital currency exchange firms and others dealing in digital assets are clearly within the scope of the AML Act of 2020 and the BSA, stricter penalties are now being enforced forcrypto criminals.
Now, those who have beenfound guiltyof violating the AML Act of 2020 and/or BSA are faced with fines amounting to profits earned while committing the violation and possible jail time.
Where to sell bitcoin cash in nigeria
Bitcoin.com is excited to offer several ways to sell your BTC or BCH and have it sent to your bank in government issued currencies (USD, EURO, CAD, GBP, AUD, JPY, etc)
If you’re in the EU/UK, you can sell BTC or BCH and have the cash deposited straight to your bank account.
Just tap the Sell button in the app and follow the instructions.
Note: more supported regions coming soon!
If you’re not in the EU/UK, the sell process is a little different:
📱 How to sell from the Bitcoin.com Wallet app for Android and iOS 📱
1️⃣ Tap the Discover tab (middle 🌎 button at the bottom of the app’s home screen).
2️⃣ Scroll down to ‘Services’ then slide the bar to find ‘Crypto2Cash.’
3️⃣ Sign up to this 3rd party provider.
Where to sell crypto for cash
Enter your bank country, account information, and personal details.
Send your coins
Send the exact amount of Bitcoin selected to the wallet address provided in a single transaction, or scan the QR code from your wallet app. Once we receive your coins, we will transfer the payout amount to the bank account you provided.
Why Sell Bitcoin on Coinmama?
At Coinmama, we understand that in order to make a smart Bitcoin investment you have to be able to both buy and sell Bitcoin. It’s why we provide a fast, easy way to sell Bitcoin and receive money directly into your bank account.
Even better, we do it without compromising your economic freedom or safety and you can sell coins from any wallet, including coins that weren’t purchased through Coinmama.
Since 2013, Coinmama’s mission has been to simplify the way the world does crypto.
Where to sell btc for cash
Unlike crypto exchanges, some of these platforms don’t require users to create an account or go through an identity verification process. However, they may use an escrow service that allows sellers to verify that they’ve received a payment before releasing the Bitcoin to the buyer.
3. By withdrawing cash from a Bitcoin ATM
Bitcoin holders who want to quickly exchange their Bitcoin for cash could look for a nearby Bitcoin ATM.
These look like bank ATMs, but aren’t linked to a bank. Instead, they let people buy Bitcoin and other cryptos, and some of the machines (but not all) also let people exchange Bitcoin for cash.
The process can depend on the type of Bitcoin ATM, but the ATM will generally print out or show a QR code with a Bitcoin address.
Where to sell cryptocurrency for cash
You will be asked to provide your banking details and ID.
4️⃣ After signing up, you’ll be able to type in how much Bitcoin or Bitcoin Cash you would like to sell
5️⃣ Send the BTC or BCH to the address provided by Crypto2Cash. After about six confirmations (approximately 60 minutes), the order will be complete and you’ll receive an email from Crypto2Cash.
6️⃣ The funds will then be sent to the bank account you provided.
🕐 Please be aware bank transfers can take several hours to several days depending on your bank and currency requested.
If you have issues with their service, their support is available Monday-Friday 9 a.m. to 6 p.m.
Where to sell bitcoins for cash
This is a faster and more anonymous method, as you sell your bitcoin directly to another person.
Third-Party Broker Exchanges
A third-party broker is another name for a cryptocurrency exchange. The process is the same as currency exchanges in the airport of a foreign country. You deposit your bitcoin into the exchange. Once the exchange has received your bitcoin, you can request a withdrawal in the currency of your choice.
The withdrawal will be paid into your bank account.
Brokers are restricted by money laundering laws, so you will need to withdraw to the same bank account that you deposited with.
It’s simple, easy, and secure, but it’s not the fastest method. The average time for money to reach your account is about 4-6 days but it varies by country.
Where to sell my bitcoin for cash
This means it is a secure form of currency that is devoid of government control.
Bitcoin has a stipulation, set forth in its source code, that there will only ever be 21 million bitcoins produced. This limited supply is also what gives bitcoins their value. As the demand for bitcoin increases, you can exchange a single bitcoin for more money or services.
In this way, bitcoin has become a traded store-of-value commodity, like gold.
Why Transfer Bitcoin To Your Bank Account?
The ultimate idea is that bitcoin will replace traditional currencies. People are currently investing in bitcoin because they view it as a commodity that will grow in value over time. If you have bitcoin, you may want to hold on to it for that reason.
Where to sell bitcoin for cash in canada
The United States passed into law itsAnti-Money Laundering Act of 2020, which takes effect on January 1, 2021. This bringsdigital currency exchangecompanies and other digital-asset-related businesses under the scope of regulations of the Bank Secrecy Act (BSA), which requires financial institutions “to actively detect, monitor and report potential money laundering activity.”
“I’m pleased that our anti-money laundering legislation was included as a part of this year’s [National Defense Authorization Act]. This bipartisan legislation protects Americans by depriving criminals and terrorists of the tools they use to finance illicit activity.
It is the first serious overhaul of our anti-money laundering system in decades, and it makes sense to include it in the biggest, most important national defense legislation Congress passes each year,” South Dakota Sen.
Keep this in mind while planning your tax year. Any reputable third-party broker exchanges will report their transactions for tax purposes.
Read More
- How to Make Money with Cryptocurrency
- How to Withdraw from Binance
- How to Transfer From Coinbase to Coinbase Pro
- How to Transfer from Coinbase to Binance
- How Does Cryptocurrency Gain Value?
- How to Read Crypto Charts
Need a Loan? Get One in 3 Simple Steps
If you are considering applying for a personal loan, just follow these 3 simple steps.
Apply
Apply online for the loan amount you need.
Where to sell bitcoin cash-in
But before they can sell their Bitcoin on an exchange, investors need to create an account and transfer the Bitcoin from their crypto wallet to the exchange account. To sell the Bitcoin for a fiat currency such as dollars, investors need to link a bank account, and request a withdrawal.
2. Using peer-to-peer marketplaces
Rather than selling the Bitcoin on an exchange, investors may be able to sell their Bitcoin directly to another individual using a peer-to-peer (P2P) crypto platforms like Bisq, HodlHodl, or Paxful.
Investors can list their Bitcoin and the desired sale price and then wait for a buyer.
Or, they can review buyers’ listings to see if there’s a trade they’re willing to accept.
The platforms may support different types of payment, including dollars, other types of crypto, and gift cards.
