How to Turn Bitcoin into Cash
How to Turn Bitcoin into Cash
Posted by Frank Gogol
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.
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BCH Price and Market Stats
|Market Cap Dominance||0.41%|
|Volume / Market Cap||0.6928|
|24h Low / 24h High||$554.47 / $626.00|
|7d Low / 7d High||$557.71 / $653.64|
|Market Cap Rank||#22|
|All-Time High||$3,785.82 -85.2% |
Dec 20, 2017 (almost 4 years)
|All-Time Low||$76.93 627.7% |
Dec 16, 2018 (almost 3 years)
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Turn Your Bitcoin into Physical Cash with LocalBitcoins.com
For those of you looking to trade your Bitcoin directly for physical cash, LocalBitcoins.com may be a better solution.
LocalBitcoins is a person to person trading site where people can post their own bids for the buying and selling of Bitcoins to USD or other local fiat currencies.
Not only is there no identity verification, but there are sometimes great arbitrative opportunities depending on how desperate a person is to buy bitcoin and how many other sellers there are in the area. This can create the ability to sell your Bitcoin above market value.
So how does it work?
Find or Post your Deal
After determining the amount of BTC you want to sell, find a deal that suits your payment method (currency wise) or post your own listing.
LocalBitcoins gives each user a feedback score similar to eBay where users can get comfortable with the history and number of deals the buyer has completed through local bitcoin.
Initiate the Trade
Now that you know your buyer, send the details of exactly what you want from them and make sure you are complying with the terms of the trade. These will tell you where and how you will receive your USD payment.
Also, remember to fund your Local Bitcoins wallet address so you can initiate the transaction based on the minimum about of BTC referenced in the trading request.
If you don’t have enough BTC in your LocalBitcoins wallet, you will not be able to make a trade, as you will be required to send this BTC to an escrow account
Finish the transaction
Now that all parties have agreed on the transaction and ironed out the specifics in the inbox section of LocalBitcoins, your Bitcoins will be moved from your wallet to the trade escrow.
At this point, the buyer will get your payment details (how do you want to get paid for your BTC) and release the USD equivalent in cash over to you via the agreed upon manner.
When you have received the payment, you will confirm to Localbitcoins.com that the payment has been made and the BTC will be released to the buyer from trade escrow. That is it the trade is done!
As bitcoin and cryptocurrency continue to explode in popularity, more and more services are coming online to help users get their hands-on bitcoin or turn their bitcoin into USD or other fiat currency in a quick and effective way.
Although much of the attention is how to acquire Bitcoin, it’s important to understand the options you have to withdraw your Bitcoin and what the best ways are to do it.