So you’ve got yourself some bitcoin, and now you want to turn it into cold, hard cash. Well, this is the ultimate guide to doing just that. In this blog post, we will walk you through the steps of cashing out your bitcoin and turning it into money that you can use in the real world. We will also discuss some of the different options you have when cashing out your bitcoin.
Let’s take a look at these steps.
- Third-Party Broker Exchanges
These are the exchanges that most people are familiar with. These allow you to buy, sell, and hold just like any other stock or trading platform on the market. This is where everyone goes when they want to cash out their bitcoin gains. This can be a taxing process, especially if you have sold a large amount of bitcoin, which requires withdrawing over USD 7000 worth of bitcoins.
With multiple states requiring up to 45 business days for your funds to be available after initiating a withdrawal, it can get very frustrating dealing with third party brokers. Bitcoin Loophole is among the top trading platforms you can use to trade bitcoin and earn great returns.
- Peer-to-Peer Platforms
These peer-to-peer platforms function as a meeting point between you and your counterparty, who will have to meet somewhere safe and privately. The downsides of this method are that you both need to be online at the same time, which means that you may miss out on an opportunity if your counterparty is not available; also, there’s no guarantee for either of you that the other does not plan to complete the transaction by robbing their partner.
But it works fairly well as long as you choose a public place where nobody should bother either of you, such as a library or a café.
- Withdrawal Methods
After successfully buying your Bitcoins, it’s time to sell them and cash out. It’s a good idea to store your coins in a wallet that you control; after they are in a wallet you control, they cannot be hacked or taken from you unless YOU give them up.
The biggest problem with Bitcoin is that the prices are so volatile it’s very easy to see how many people can lose if they invest in something that can go up or down by 50% overnight. I’m hoping you’ve invested some time into making money with Bitcoin, so now you need to cash out your coins and live life like a baller.
- Exchange Sites
Exchange sites will trade you bitcoins for dollars or vice versa; there are hundreds of available exchanges worldwide. Coinbase is one example of an online exchange where people come together to buy/sell/trade their Bitcoins easily.
The Bottom Line
The overwhelming majority of bitcoin transactions happen on online exchanges. If you want to cash out your bitcoins, there is no better way than selling them for fiat currency (real currency like USD, EUR, etc.) directly through an exchange. Although you can sell them for cash through local bitcoin communities, it’s not the most efficient method.
“Devoted organizer. Incurable thinker. Explorer. Tv junkie. Travel buff. Troublemaker.”