How to cash bitcoin – an overview and comparison of methods

()

Is it possible to cash bitcoin

With each passing day, cryptocurrencies are becoming increasingly active and everyone has already heard about them. In some countries, you can pay with bitcoin in shops and restaurants or pay utility bills, but still in most countries cryptocurrencies remain on the other side of the economy, and in order to fully pay them, you first need to cash them out.

Formally, it is impossible to cash out bitcoins, because digital coins do not have a physical medium, but they represent a certain value and can be exchanged for any other money.

Bitcoin is the most famous cryptocurrency. It is sold and bought at many well-known financial services providers. The holder of the coin can only choose a convenient method and sell bitcoin with maximum benefit for himself.

How to sell bitcoin

Each method of selling bitcoin has its own characteristics, advantages and disadvantages. Which of the options is the most profitable, everyone decides for himself. The exchange rate is most important for someone, and for the sake of a quick transaction, he is ready to pay high commissions. Others, on the contrary, are looking for ways with the most favorable rate and minimum commissions.

When choosing a sale method, it is important to pay attention to three main criteria:

  • Security. The method of sale must be reliable and free from the risks of fraud and loss of funds.
  • Profitability. When choosing, you should pay attention to the bitcoin rate set on the sales service and on the commission.
  • Convenience. The sale should be comfortable, take as little time as possible and be carried out for a currency acceptable for use.

You can sell bitcoin for rubles, dollars, euros or any other fiat currency through special services or by direct agreement with the buyer. There are 4 ways to sell:

  • Cryptocurrency exchanges. These are large trading platforms that specialize in the sale and purchase of digital coins. The number of bitcoins that can be sold through the exchange is almost unlimited. Most services do not charge exchange fees, but you will need to pay for the withdrawal of funds from the platform.
  • Online exchangers. Special platforms on which the exchange rate is set by the administration and may differ significantly from the market, but money for the sale will go immediately to the selected payment system without additional withdrawal of funds with a commission. Not every exchange service charges exchange fees, for some they are included in the established rate.
  • Cryptocurrency ATM. You can sell bitcoins for cash in special cryptocurrency self-service terminals. As a rule, the commission in them varies within 5%, and the rate is set in real time based on data from large cryptocurrency exchanges. The main feature of the method is that cash can be obtained instantly. The disadvantage is that cryptocurrency ATMs are not very common in the CIS countries.
  • Direct shipment. You can sell bitcoins by agreement of the parties by direct transfer of funds. To do this, just find someone who wants to purchase coins and agree on the terms of the transaction. In this case, you do not have to pay a commission to intermediaries, but you need to make an effort to find a buyer.

Where to sell bitcoin

Exchangers

Selling through exchange services is easy and quick. As a rule, it is enough for the user to choose one of the services that meets the requirements and allows you to exchange in the right direction, set the amount of exchange and send the transaction. Money arrives at the seller’s account within the time specified by the service, taking into account the write-off of the commission. Most services do not require registration to perform exchange operations, but registered users can receive additional bonuses when exchanging in the form of a discount on the commission of the service.

Among the popular services:

  • Indacoin. The platform was created in 2014, registered in the UK and has a head office in London. Exchange on the service is carried out without registration. You can sell bitcoin for 700 currencies, including other digital coins and basic fiat money. The proceeds of the sale go to a bank card.
  • Coinmama. The service has been operating since 2013 and has a good reputation. The platform supports the sale of all major cryptocurrencies, including bitcoin, for fiat currencies – the dollar and the euro. All operations are performed using cryptocurrency wallets and bank cards.
  • Changelly This is an automatic instant exchange service that has been successfully operating for more than three years. The platform interface is English, but currency exchange is available for citizens of all countries. You can get money from the sale on any bank card. For its services, the service charges a fixed fee of 0.5%.
  • Paxful. This is a peer-to-peer service that connects buyers and sellers of cryptocurrencies, and also provides functionality for a quick and secure exchange. The service supports more than 300 different payment systems, including bank cards. You can sell bitcoins on it for hryvnias, rubles, dollars, euros and other national currencies.
  • Bestchange. Website monitoring that tracks all sharing services. It collects information about the reviews, limits, courses and commissions of each service, which allows you to quickly find the exchanger that carries out transfers in the desired direction and determine the profitability of each. On the service you can find ways to sell bitcoin for any currency. For a quick search, in the left panel of the site you should specify a pair for exchange (in the first column select VTS, and in the right column – a payment system, for example, PrivatBank, Sberbank, Yandex.Money, etc.), after which a list of all services that perform Exchange in a given direction. The list of platforms tested by the service also contains exchangers that allow you to exchange bitcoin for cash.

Exchanges with a conclusion in fiat

Cryptocurrency exchanges have long ceased to work exclusively with cryptocurrency and now they are multifunctional platforms that allow you to exchange funds in any direction. To perform operations on the exchange, you will need to register. In some cases, identity verification may also be required. Confirmation of identity is mainly requested for large transactions.

Before making an exchange, you will need to initially replenish the exchange wallet by the desired amount and wait until the money arrives in the account.

There are two methods of selling on exchanges:

  1. The seller can exchange his coins at the current exchange rate and get the desired currency into the account instantly;
  2. Place an order to sell, indicating in it the rate at which he is ready to sell his assets.

In the latter case, the sale will take place when there is a buyer or when the exchange rate reaches the mark set by the seller. After concluding a sale transaction, money must be withdrawn from the exchange by any convenient method.

As a rule, exchanges do not charge a commission for replenishing an on-exchange account, but the commission for withdrawing funds from a platform in fiat can reach 10%.

The most popular exchanges on the Internet:

  • CEX.IO is a cryptocurrency exchange operating since 2013 and registered in the UK. The exchange was opened by one of the largest cryptocurrency mining pools, and the main goal of the creators was the desire to create the ability to quickly cash out bitcoin. To make a sale on the service, you will need to register. Commissions for withdrawal of funds from 1.2% to 2.5%. Fiat withdrawal can be made to a bank card in dollars, rubles or euros.
  • EXMO is the leading cryptocurrency exchange founded in early 2014. Transactions on exchanges are available only to registered users. The resource provides the ability to instantly exchange or sell bitcoin on an order. Money can be withdrawn to a bank card, Perfect Money, AdvCash, Payeer and other payment systems popular in Russia and the CIS countries in rubles, dollars or euros. The withdrawal fee varies from 0 to 7% depending on the chosen currency and payment system.
  • Livecoin is a popular exchange registered in 2015 and supporting more than 300 currencies. Verification on the exchange is not required, but may be required when making a transaction for a large amount. There are six ways to withdraw funds from the exchange after the exchange. The commission depends on the currency and withdrawal system and ranges from 1% to 6%.
  • LocalBitcoins is a cryptocurrency exchange that implements a method of direct sale of cryptocurrency between users. To sell Bitcoin, you must select one of the ads, which indicates the exchange rate and payment directions. The service has a deposit system, the exchange acts as a guarantor during operations and protects sellers and buyers from fraud. The service offers a wide selection of payment systems for payment.

ATM and terminals

Cryptocurrency self-service terminals are not much different from ordinary ones. The method of making payments in them is also similar to our usual devices. In order to sell Bitcoin using the terminal functionality, the cryptocurrency must be transferred to the address indicated in the menu, after which the user will be given an equivalent amount in cash.

The commission for the sale through the terminal may be slightly higher than in the case of an online transaction. This is due, first of all, to expensive network maintenance. This method is suitable mainly for Bitcoin owners who need a reliable way to quickly receive cash.

Direct sale

Direct selling is most beneficial because it does not entail the need to pay an intermediary commission. This method will be convenient for those who have acquaintances who wish to acquire cryptocurrency assets.

If there is no buyer in the circle of acquaintances, then you can use one of the message boards and select a buyer that offers a convenient way and a profitable rate or place your sales advertisement and wait for a response. As a payment method, any payment system can be selected. The disadvantages of this method is the risk of running into a fraudster and the time spent searching for a buyer.

Conclusion

There are many ways to cash Bitcoin, but each owner of this cryptocurrency should choose the most optimal option for himself. If we are talking about a large amount, then you should trust the trusted services that can guarantee the honesty of the transaction.

How useful was this post?

Click on a star to rate it!

Average rating / 5. Vote count:

No votes so far! Be the first to rate this post.

Leave a Reply

Your email address will not be published. Required fields are marked *