5 Easy Ways to Convert Bitcoin to Cash Instantly

If you are a long-term investor and believe in the assets you hold, you may regret selling after prices recover. With all the volatility in the crypto market, it’s easy to want to sell when things are looking grim. But if you sell when the markets are down, the opportunity cost may be huge.

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To hold or sell Bitcoin for cash in these regions (China, for example) may have severe consequences. But this is not the case in some countries like the US and UK, which supports crypto swaps to cash and charges income taxes on such trades. After your P2P transaction is complete, you should leave feedback for the buyer.

Paying attention to price trends, volatility, and overall market sentiment may help you decide when exactly to cash out. Strategically timing your withdrawal may either maximize your returns or at least minimize losses. However, despite crypto’s growing number of users, cash still plays a huge role in our daily lives.

Expanding Our Cash Network, Adding Over 22,000 ATMs For Instant Cash Pick Up

  • Established firms like PayPal and Cash App allow Bitcoin investors to cash out their crypto or use it to make purchases.
  • Bitcoin transactions may have crypto tax implications, depending on your region.
  • Many travelers convert their foreign currency at a bank or exchange company and receive cash immediately.
  • There was a great option like LocalBitcoins that paved the way to the current P2P platforms where you could sell Bitcoin for USD.
  • If you hold Bitcoin or other crypto within Cash App or another money transfer app, you can sell it pretty easily.
  • The information about a specific cryptocurrency exchange or trading platform in reviews and guides may differ from the actual provider’s website.
  • Some of the most common Bitcoin ATM providers are Bitcoin Depot, Genesis, and Lamassu.

P2P refers to directly buying and selling cryptocurrencies between individuals without intermediaries like banks or exchanges. They offer direct interaction among crypto users, flexibility in payment options, and a global market reach. Investors can sell BTC for cash by trading on a crypto exchange, P2P marketplace, or using a Bitcoin ATM. The latter is by far the easiest and fastest way of selling Bitcoins for cash, but, they are not widely available. Crypto exchanges are the most popular way to instantly cash out of BTC to a bank account.

Federal government treatment and regulation of bitcoin and other cryptocurrencies are still evolving. In some ways, cryptocurrencies act like fiat money you can use to make purchases. However, in other ways, they are an investment, like a stock or a piece of art.

Selling crypto for cash typically comes with fees, but sometimes it is more than you think. While most exchanges and money apps allow you to sell your crypto at a reasonable rate, places like crypto ATMs charge extremely high fees, which may eat into your profits. Some of the most popular hardware wallets offer the ability to sell Bitcoin for cash. Ledger has a built-in exchange service, “Ledger Live,” and partners with Coinify to sell crypto for cash.

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  • Also, if you don’t like the thought of having to wait three days to cash out Bitcoin, you should consider using a peer-to-peer selling platform like Binance P2P or Bybit P2P.
  • Since 2013, we’ve helped hundreds of thousands of Australians buy and sell Bitcoin and other leading cryptocurrencies.
  • Centralized exchanges such as Coinbase or Kraken provide secure trading options, and Bitcoin ATMs or peer-to-peer sales offer some flexibility.
  • This would automatically swap the crypto asset to a quote currency – which is the second currency in a currency pair like USD or EUR.
  • Then, before selling, you can transfer any bitcoin you currently own to your exchange account via a bitcoin wallet address.
  • The catch with the best online brokers is that these platforms don’t allow you to transfer crypto into the brokerage.

A limit order allows an investor to set the price to trade a coin, while a market order allows the user to sell at the current market price. Users should note that placing at-market trades to quickly convert Bitcoin to cash can incur higher fees. The first step to take is to decide on the type of Bitcoin selling option that suits your preference. Users can either use a crypto-to-fiat centralized exchange, a decentralized exchange, or a Bitcoin ATM. However, the most popular option for selling Bitcoin is to use a central trading platform like Binance to convert crypto to regular fiat. To demonstrate, here is a full guide on how to sell Bitcoin on Binance.

So you’ve navigated the crypto market and are now holding a handsome amount of Bitcoin in your digital wallet. But how do you convert that digital currency into tangible cash in your bank account? The BitPay Wallet app enables quick Bitcoin sales with bank transfers if you store your BTC with self-custody.

Bitcoin ATMs are physical machines where you can sell Bitcoin and withdraw cash. Much like a traditional ATM, a Bitcoin ATM allows you to cash out Bitcoin directly to your bank account or sometimes even to the same bank account linked with the ATM. Some or all of the offers that appear on this page are from third party advertisers from which FinanceBuzz receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). Bitcoin is a legitimate asset that has value and can be cashed out legally.

Like Binance, investors interested in selling BTC on Gate.io can do so through the P2P legendary investor jim rogers is long on the dollar in the short marketplace. This is advantageous if want to swap BTC directly for fiat deposits in their bank accounts. Moreover, Gate.io is a top provider in terms of trading volume at the time of writing. Moreover, when it comes to payout methods, Binance supports credit/debits and even bank wire withdrawals. While card transactions can be processed within seconds, they often attract higher fees.

How to cash out your crypto or Bitcoin

Kevin started in the cryptocurrency space in 2016 and began investing in Bitcoin before exclusively trading digital currencies on various brokers, exchanges and trading platforms. He started Hedge With Crypto to publish informative guides about Bitcoin and share his experiences with using a variety of crypto exchanges around the world. Once sales have been completed, tap on the ‘Fiat and Spot’ icon and click on ‘Withdraw.’ Select a preferred payment method and follow the on-screen prompts.

Crypto exchange

As you build up your crypto portfolio, you may want to cash out your bitcoin to diversify, pay some bills, or harvest your gains. Stay up to date with our latest exchange reviews, promotions, how-to guides and educational articles on Bitcoin, cryptocurrency & more. Hedge With Crypto is an independent publisher that provides objective and free content. However, our editorial content remains unbiased, reflecting our own opinions or the general information available.

Score based on genuine user reviews & opinions about the crypto exchange. Learn what is the best app for sending money internationally, whether it’s to support family members, pay for goods and services, or manage business expenses. The time it takes to swap BTC to USDT or any other currency may vary depending on the speed of the platform you use. In Ka.app, you can swap Bitcoin for other digital currencies within seconds.

Fees and security considerations when selling Bitcoin through over-the-counter trading

We aim to make sure everything on our site is up-to-date and accurate as of the publishing date, but we cannot guarantee we haven’t missed something. It’s your responsibility to gambling with digital and virtual currencies double-check all information before making any financial decision. The commissions on Bitcoin ATM trades can also be tremendously high, however, so it’s important to note how much you’re paying and whether it’s worthwhile to go another route.

We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Although bitcoin debit cards don’t exactly convert bitcoin to cash, they come close enough to land on this list. To use a P2P exchange, create an account with your platform of choice, then find ideal buyers and request trades. Once a buyer approves your request, the platform will keep your bitcoins locked until you confirm that how to accept cryptocurrency as payment you’ve received the buyer’s cash, like an escrow function.

Once you check the transaction record in the payment account and make sure you have received the money from the buyer, Binance will release the crypto to the buyer on the platform. You can also do a direct trade, selling your cryptocurrency directly to another person. The most popular way is through a peer-to-peer online platform that allows sellers to find the best offers through an exchange, though one could even do it in person if needed. As always, it is also a good idea to consult with a tax professional when buying and selling assets. If you haven’t noticed, most money transfer apps feature the ability to trade crypto. Apps like Cash App and PayPal now have built-in crypto exchanges, making it easy to purchase crypto, as well as cash out crypto holdings.