It is hard to go wrong with this site. It is one of the most popular sites on the web for. Bitcoin withdrawals and deposits must be enabled to get started. You can deposit up to $10,000 worth of bitcoin in any 7-day period. Depending on network activity, it can take hours before transfers into or out of your Cash App are confirmed on the blockchain. Cash App only supports Bitcoin (BTC). How to turn bitcoin into cash? There are several ways that you can use to cash out your bitcoins, depending on what country you live in. You can sell your bitcoins in person for hard cash or sell it on an exchange for cash into your bank account. Note: You can also spend your bitcoin to buy things from Amazon using services like Purse.io. Yes, you can hold a 'physical bitcoin' in your hand. You can trade it from person to person, and eventually turn it back into a digital coin if you wish. However, most often you will be only dealing in digital bitcoins. You don't need a bank account or a credit card to use those. As with any currency, you can convert money to bitcoin at a bank, a bitcoin exchange, an ATM, via a person-to-person exchange, or even as a pre-paid “physical bitcoin” token. No matter which.
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Whether you have just recently purchased your first bitcoin or you are only now looking into doing so, you probably have a ton of questions involving bitcoin conversions and how you can buy and sell cryptocurrencies.
Among those questions, you may be wondering, “Is it possible for me to sell my bitcoin for cash?”
The short answer to that question is, “Yes, you can sell bitcoin for cash.”
Of course, like all other cryptocurrency transactions, the way to do it is not immediately obvious if you are a newcomer.
But actually, there are several approaches you can take, and none of them are difficult.
Let’s take a look.
Five Easy Ways to Turn Bitcoin Into Cash Money – Selling Bitcoin For Cash
1. LocalBitcoins
It is hard to go wrong with this site. It is one of the most popular sites on the web for the buying and selling of bitcoin between everyday ordinary people. Currently, you can use LocalBitcoins in any of 15,243 cities in 248 countries.
The company has stated that there are around 1.35 million users globally right now, and that weekly transaction volume is equivalent to around $14 million. So if you are in the market to sell, there are plenty of folks in the market to buy.
Here is how you can use LocalBitcoins to sell your bitcoin for cash:
- Start by signing up for an account.
- Next, go to the LocalBitcoins homepage.
- See the top banner which reads “Buy and sell bitcoins near you?” Look just below that and you will see “Quick Buy” and “Quick Sell” tabs. Click on “Quick Sell.”
- Enter in the approximate value of the bitcoin you are trying to sell, select the currency of cash you want to receive, choose a country, and then pick a payment method. Cash options include “cash at ATM,” “cash deposit” and “cash by mail.” Then click the orange button labeled “Search.”
This will pull up a list of buyers who are potentially interested in buying bitcoin from you. You may now skim through the list and select offers to examine more closely.
When you click on an offer, you will find yourself on a new screen which will provide you with the following information:
• An exchange rate.
• Payment methods that the buyer is willing to use.
• Trade limits.
• The buyer’s location.
• The buyer’s payment window.
There is also a section called “Terms of Trade” on the right.
Here the user is able to type out any additional details that he or she wants you to know.
This is where the terms of the exchange can be spelled out clearly and any questions can be answered (like what will happen if the user is unable to deposit payment in time).
Some users who are new to LocalBitcoins are not clear on what “cash deposit” means.
This is where you provide your bank account number to the buyer, who then walks into a branch of your bank, fills out a deposit slip, and then deposits cash directly into your account.
This might confuse you, because after all, that person is not you.
But banks are concerned with who is taking money out of an account, not who is putting it in.
So generally no questions are asked.
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This method is fast, easy and convenient for both parties. If however you are uncomfortable with it, you can use the cash by mail option.
Pros:
• Choose a cash method of your choice for payment.
• Access a huge marketplace of buyers. With more than a million users, this site offers ample opportunities to sell bitcoin locally, no matter where you are located. This also allows you to be picky about the exchange rate you are willing to accept.
• You can sell to a buyer whose terms are acceptable to you. Not only that, but each buyer and seller on the site has ratings based on previous transactions. So if a buyer has a low rating, you know to avoid them. This also means that over time, you will build your reputation as a seller, which should make it easier for you to sell bitcoin for cash in the future.
• Buyers who use this site are often very keen on making a purchase, and may even be willing to give you an amazing price.
Cons:
• There are no guarantees when you are dealing with regular everyday individuals. If you want to sell bitcoin for cash in a hurry and a transaction falls through, then you will have to start all over again.
2. Bitquick.co
Bitquick is not as well known as LocalBitcoins, but it is another very popular website, previously called “BuyBitcoin.US.”
You will find hundreds of positive reviews for it online.
As the name implies, it was set up to make it quick and easy to buy and sell bitcoin. As of the time of this writing, the site has served more than 67,000 customers.
Selling bitcoin is fee-free, as is cancelling the order if you change your mind.
Here is how it works.
1. Navigate to Bitquick’s Sell page.
2. Fill out the form you find on this page. That means selecting the payment method you are willing to accept, filling in the applicable information, and then entering in the amount you want to sell. If you are okay with a range, you can put in a minimum and maximum transaction size; otherwise, you can just enter an exact amount. You can allow for static or dynamic pricing. You then put in your email address, choose an authentication method, and submit your order.
3. Next, you need to make your bitcoin available. A personalized escrow address will be provided to you after your order is created. Deposit the bitcoin into it.
4. You will receive emails anytime there is a buyer hold or a cash deposit. Once you confirm the cash deposit with BitQuick, the bitcoin will be sent to the purchaser.
Pros:
• This is an incredibly simple and straightforward method for selling bitcoin. The site itself is taking care of all the hard work of matching up buyers and sellers. All you do is kick back and wait.
• You never have to pay any fees to sell your bitcoin for cash here. All fees are paid by the buyers (except cancellation fees, if you choose to revoke your sell order).
• If you do decide you want to cancel a transaction, you can do so quickly, easily and securely.
• Your funds are not released to the buyer until you verify with the website that the buyer did indeed deposit the cash.
Cons:
• You can only choose bank, credit union, or money transfer service (i.e. Western Union) as your method to receive payment. There is no option for cash via mail.
• While BitQuick is arguably easier to use than LocalbitCoins, it is also a lot smaller. So it may take you longer to get a deal that you are happy with. Finding buyers on Localbitcoins may be faster.
On the whole, it is hard to beat BitQuick for sheer convenience.
With Localbitcoins, you have to check buyer profiles and manually accept or reject offers, but BitQuick automates that whole process for you based on the information which you provide when you fill out the form to sell bitcoin.
3. Sell your bitcoins at an ATM.
You probably are aware that there are bitcoin ATMs now where you can walk up and buy bitcoin with cash.
Some of these machines will even create a wallet for you if you do not have one. But did you know that you can also use some bitcoin ATMs to sell your bitcoin for cash?
Interestingly, this is fast becoming a standard feature for bitcoin ATMs, though as of the time of this writing, the majority still only allow you to buy bitcoin with cash. Check out this chart at Coin ATM Radar, though, which shows that nearly a third of bitcoin ATMs now support two-way transactions.
The site above offers a great starting point for searching for bitcoin ATMs near you.
Navigate to the Coin ATM Radar homepage and you can scroll down to see a map of the world. From here, you can zoom in on your location and search for local bitcoin ATMs.
In the lower left are some checkboxes where you can specify what you are looking for and narrow down the results. Look under “Direction,” and you will see that you can specify that you are searching for ATMs which support cash withdrawals.
It may also be helpful to know that the following types of ATMs are most likely to allow you to sell bitcoin:
• GenesisCoin, specifically Genesis1 and Satoshi2 machines
• Robocoin (largely defunct)
• BitAccess
• General Bytes, specifically BATMThree models
Note that there are no guarantees that a particular model will allow you to sell bitcoin, even if it is standard for that model.
The reason is that operators of ATMs are able to enable and disable certain functions, including sell functions.
This means that it is always smart to look up online whether a particular ATM will allow you to sell, especially if you need to drive a long distance to get to it.
If after doing that you still are not sure, call the venue and ask.
If you do find an ATM in your area where you can sell bitcoin, here is how to proceed (in general—the specific steps can vary from one machine to the next).
1. If the machine requires you to verify your identity, then you will need to start out by completing the verification step. The procedures may differ from one model to the next, so do some research before you head to the ATM. That way you can be sure you will have what you need when you arrive.
2. After you complete this step, you can tell the ATM how much bitcoin you want to sell.
3. The ATM will then let you know the exchange rate and the fee, and then it will provide you with a QR code. You can scan this to send your bitcoin.
4. At this point, one of two things will happen, depending on the model. Either the machine will dispense the cash, or it will give you a redeem code which you can use after awaiting a confirmation. Sometimes more than one confirmation (up to six) is needed before you can use the redeem code and get your cash.
5. If you want a receipt, you can print one once your transaction is complete.
Pros:
• There is no denying the simplicity and convenience of ATMs. You already are used to using ATMs to withdraw fiat currencies, so the idea of using them to withdraw your bitcoin as cash has obvious appeal. It is a process which feels safe and familiar.
• When you use an ATM to convert your bitcoin to cash, you are not dealing with another individual. You do not need to worry about another party screwing up the transaction.
• If you pick an ATM which dispenses cash immediately, you have a fast and easy way to get your money.
Cons:
• If you choose an ATM which requires you to wait for confirmations, you cannot just grab your cash and go. You need to wait through the confirmation process.
• ATMs are convenient, but you pay for convenience in the form of hefty fees. Some machines have been known to charge as much as 5-10%. Obviously dealing with this on a regular basis would be incredibly expensive.
4. Use a bitcoin exchange.
One more thing you can do is join a bitcoin exchange.
A lot of people do not think of this option, but it works.
You will discover that there are two different types of bitcoin exchanges:
• Sites where you can buy and sell bitcoin
• Sites where you can trade cryptocurrency pairs
Any site with a simple buy/sell function should suffice, so long as it allows you to sell bitcoin in exchange for a fiat currency of your choice.
Sites which are set up for trading also are fine, though they are a little more complicated to use.
Here are a few sites which I recommend for selling your bitcoin:
• Gemini
• Coinbase
• Kraken
Here is a list of US friendly bitcoin fiat exchanges where you can use U.S. dollars to buy bitcoin and you can sell bitcoin for U.S. dollars.
Changelly is another good site for selling bitcoin, but only in exchange for other cryptocurrencies, so it does not work to convert to cash.
Just as an example of how this can work, let’s consider CEX.IO.
Here are the steps you would take to sell your bitcoin for cash.
- Register an account on CEX.IO.
- Deposit bitcoin into your account on CEX.IO.
- Once you have a bitcoin balance, check the top menu on the site for “Buy/Sell.” Click on it.
- On the page which opens next, click on the “Sell” tab.
- On the left, choose “BTC” as the currency that you are selling.
- On the right, pick whatever fiat currency you want. You can choose US Dollars, British Pounds, Euros or Russian Rubles.
- Put in however much bitcoin you want to sell. You will see how much cash you can get in return for it. Because the exchange rate fluctuates on a constant basis, the website provides you with a fresh price every couple of minutes. If you do not like the rate you see right now, you can wait and see if a better one becomes available.
Once you have completed the transaction, you will have fiat funds in your CEX.IO account. At that point, you can withdraw them. You can transfer them to a bank account or you can withdraw them using a credit or debit card. Once the fiat funds are in your bank account, you can then withdraw them as regular cash.
Pros:
• On an exchange platform, you have the option to buy, sell and trade cryptocurrencies.
• On CEX exchange you will usually get a premium when selling bitcoin.
• Some platforms (like CEX.IO) show you updated exchange rates every few minutes so that you can sell when the price is in your favour.
• If you want to conduct other currency conversion transactions on the site, you may be able to.
• Once you have transferred your fiat funds to a bank account, you can withdraw your cash anytime via a standard ATM.
Cons:
• Not all exchanges accept customers from every country, and not all exchanges support cryptocurrency to fiat conversions either.
• A few extra steps are involved if you use this method.
5. Sell your bitcoin in person.
Finally, another option for selling your bitcoin is to do it in person. You can do this by joining a local bitcoin meetup group, or you can check on social networking sites like Facebook to see if there are any local groups.
If you decide to use this method to sell your bitcoin, you will be meeting with the buyer face-to-face. You should of course schedule this meeting to take place in a public venue so that you are minimizing your personal risk. If possible, you should ask the trader to show you public feedback which they may have from a site like LocalBitcoins.
Once you arrive at the meeting, you can make the exchange however you have planned it. You will probably both show up with your smartphones. The buyer will hand you the cash, and you will transfer the bitcoin to his or her bitcoin address. Then you will go your separate ways.
Pros:
• This can be a fairly anonymous way to exchange bitcoin. You do not need to demand identification from each other, so long as that suits you both.
• This can be a fast and easy method if you find the right person and the right location to meet. And if it works out, you could even end up with a repeat buyer who is easy to deal with in the future.
Cons:
• You have to deal with another person face-to-face. You have no idea how that will go. They could stand you up and waste your time, or they could show up and mug you, etc. Of course, many of these transactions go by without a hitch, so there is no need to be paranoid. Still, a lot of people prefer a method where less can go wrong.
• There is no third party to help you out should something go wrong, and no such oversight to prevent problems from occurring in the first place.
Conclusion: It Is Faster And Easier Than Ever to Sell Bitcoin For Cash
While bitcoin is great to invest in, there are going to be times when you want to convert your bitcoin into a fiat currency like US Dollars. Thankfully, there are multiple methods available to you to convert your bitcoin into cash. Whether you go through a P2P site like BitQuick or LocalCoins, you use an ATM, or you go through a bitcoin exchange, it is easier than you think to convert your cryptocurrency funds into fiat funds and withdraw them.
First you have to download the Cash App from the Android or Apple app store. Download Here
To Buy Bitcoin (BTC) in Cash App:
1. Open your Cash App, select Cash & BTC or the dollar amount at the top of your screen.
2. You can swipe left or select the BTC symbol in the upper right-hand corner.
3. Select Buy, you can use the slider or swipe up to enter the amount you’d like to purchase. Press Buy BTC.
4. Enter your Cash pin or use your Touch ID for security. Press Confirm.
Note: Before you can purchase Bitcoin (BTC) Cash App will pull money into your balance. They may require you to enter some additional identification information.
To Sell Your Bitcoin (BTC) in Cash App:
1. Open your Cash App, select Cash & BTC or the dollar amount at the top of your screen.
2. You can swipe left or select the BTC symbol in the upper right-hand corner.
3. Select Sell, you can use the slider or swipe up to enter the amount you’d like to sell. Press Sell BTC.
4. Enter your Cash pin or use your Touch ID for security. Press Confirm.
FAQ
How much does buying and selling Bitcoin cost?
Cash App does not charge an additional percentage or fixed dollar amount. They use a price calculated from the quoted mid-market price, inclusive of a margin or speed. The mid-market price is a combined price of BTC across major exchanges to give the user an average price.
Note: When you buy Bitcoin (BTC) from Cash App, the margin may differ from when you sell Bitcoin (BTC) to Cash App. The price and margin may also be different from other exchanges/marketplace.
Can you send Bitcoin (BTC) to an External Wallet?
Yes! To withdraw your Bitcoin to an external wallet follow the steps below:
- Open your Cash App, Select the profile icon in the upper-left.
- Scroll to Funds and Select Bitcoin.
- Before you can withdraw your funds, you will need to verify your Identity.
- Once you’ve verified your identity, Select “Transfer Out” and Press Confirm.
- Scan the QR code from your external wallet or select “Use Wallet Address” at the bottom of your screen.
- Press Confirm.
Note: Once you’ve processed your withdrawal in Cash App, your Bitcoin (BTC) will be sent to your external wallet. Transfering Bitcoin (BTC) can take time, so please allow up to a few hours for the transfer to complete.
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The United States passed into law its Anti-Money Laundering Act of 2020, which takes effect on January 1, 2021. This brings digital currency exchange companies 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. Mike Rounds said in a press release.
The massive anti-money laundering reforms are targeting businesses dealing with digital currencies and assets by clearly specifying the definition of a “financial institution” to “‘a business engaged in the exchange of currency, funds, or value that substitutes for currency or funds” and “a licensed sender of money or any other person who engages as a business in the transmission of funds or value that substitutes for currency.”
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 the Financial 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 for crypto criminals.
Now, those who have been found guilty of 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. Those guilty of an “egregious” breach are also going to be banned from taking a board member position of any financial institution in the country for 10 years. Furthermore, employees of financial institutions who commit these crimes will be obligated to return to their employer all bonuses received during the time the act was committed.
FinCEN is being given additional resources, like increasing its manpower, to ensure the enforcement of these reforms. This will further safeguard investors against crypto crimes and nail down digital currency exchange firms and other digital-asset-related businesses that do not comply with BSA regulations.
Less than two months into 2021, the price of bitcoin has risen 95.4%.
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Charles Hoskinson has always been a huge advocate for decentralized finance and building a network that could provide solutions to the problems with our current financial and banking systems. In this recent AMA Charles speaks out on his view about the issues that Bitcoin faces as well as reminding everyone that cryptocurrency isn’t all about taking profits.