How to Cash Out your Bitcoin

Bitcoin is a digital currency that has gotten continuous attention online. More and more people have been purchasing the currency. If you have joined the Bitcoin craze, you might want to know how to cash out your currency. Doing this can be a little tricky since you want to make sure it is secure and safe. Here are your options:

Bitcoin Exchanges

The majority of exchanges enforce some restrictions on the amount of Bitcoin you can purchase at one time. After making a free account at your chosen exchange, link it along with a bank account or credit or debit card. Next, deposit the amount of bitcoin you want to exchange from your address, pick a chosen currency and exchange. Depending on your chosen exchange, the process can take just minutes or up to two days. Make sure you choose a reputable exchanger that is known for their fast and safe trades.

Peer to Peer

If you don’t want to wait for days to cash out you Bitcoin, think about using a peer-to-peer selling platform. As you sell your currency to those who want to buy bitcoins in this platform, decide the payment method you wish the buyers to use. These methods include the following:

  • Bank transfer. Ask the buyer to transfer the payment to your bank account. But, make sure you request a proof of identification from the buyer before you proceed. Get the money first before you release the Bitcoin to them.

  • Cash deposit.  This means asking the buyer to deposit the payment to your bank account in person. Aside from asking for a proof identification, ask also for a proof of payment before you release your Bitcoins.
  • Physical meet-up. Arrange to meet up with the buyer and get paid in cash for your Bitcoins.

As long as you know what you are doing, peer-to-peer Bitcoin selling is safe. But, be aware of scammers. Also, choose a platform that provides a great deal of safety by offering an escrow service which keeps your Bitcoin locked until you get your payment.

No matter which method to cash out the Bitcoin you choose, do your homework carefully to know more about the service provider. Read their terms and conditions and know about their fees. Also, read client reviews. Doing your research will help you make a more informed decision and keep your Bitcoin, personal information, and cash safe.