It’s time to convert and cash out your bitcoin into traditional cash bills like; Pound, Dollar or Naira. Right? I will guide you fully, so don’t do anything towards converting your bitcoin to cash yet – atleast, not until you must’ve completely gone through the whole content till the end below.
Prolly, you might have made, or have intention of making up-to 1 BTC very soon, and you need to know how you will convert 1 bitcoin to USD – that’s why you started looking for how to convert BTC to either GBP, NGN or USD.
Well, it will be very good to count yourself as being one of the luckiest investors by landing on my blog page this time around today.
I am going to show you many ways you can actually change your digital cryptocurrency to physical fiat cash or money in the bank account.
In the world today, everyone is caught up one way or the other in this cryptocurrency investment or trading thing. And the most asked questions are; Have you invested in bitcoin? How do you invest and make money online with bitcoin? How do you cash out your bitcoin investment to fiat currency?
Anyways, there’s no way it will not become a trend, since it’s far better than Gold or the traditional fiat currency, and that’s not to mention it’s limited supply, which also suggest its future growth by economic laws and guides.
If you would like to know more about bitcoins and how it originated, you can actually go and read my beginner’s guide on bitcoin cryptocurrency for dummies.
Since 2009, the value of the bitcoin cryptocurrency has increased to pass that of Gold and any of the traditional fiat currency in so many ways. Many companies and startups these days, are beginning to accept Bitcoin as a mode of payment. Examples are: Amazon, Ebay, ASOS etc.
I even wrote a post on how cryptocurrencies are being valued, and how their valuation increase within time. Bitcoin and all other cryptocurrency increase in value within time.
It’s only when bitcoin value has increased, that is when profit comes in, and that is when most investors deem fit to withdraw their profit yields.
To realize the profits, you will need sell or convert the BTC to any of fiat currency that is acceptable in the region you’re situated, but most of the questions that come to mind when someone is to sell bitcoins for cash are as follows:
- How to convert Bitcoin to Pound (GBP), Dollars (USD) or Naira (NGN)?
- How can bitcoin be converted to cash?
There are easy ways you can convert BTC to fiat cash like USD, INR, EUR, GBP or NGN, and I am going to discuss some of the ways below as we progress.
How to Convert Bitcoin Cryptocurrency to Cash?
However, before you choose any of the methods we’re going to discuss in this post of how to withdraw bitcoins to cash, you’ll first of all need to consider or find out how you want to receive your fiat currency when the aim to sell Bitcoin for cash has been finally achieved.
To be honest, you can actually sell your bitcoin investment in person-to-person transaction, or you can also make use of Cryptocurrency exchanges to sell it and get your fiat money transferred to you directly, as well as deposited into your bank account.
Additionally, you can even use the Cryptocurrency to buy or buy goods from online merchants like Amazon for instance. Amazon uses a service known as Purse.io for this particular purpose.
Well, I presume the reason you’re here today, is to know how you can have your BTC converted to physical cash, or which will be transferred into the bank account of your choice.
Now let’s get straight into discussing of the methods you can get your BTC converted to fiat currencies.
Via Exchanges that Accepts Fiat
This is one of the easiest ways to get your bitcoin Cryptocurrency to be sold for fiat cash like; Dollars, Euros, Pounds and Naira. There are many exchanges that accept fiat exchange for bitcoins, but you will have to find out the one that works perfectly in your country or region. Examples are:
Coinbase – USD/EUR
BitMex – USD
Kraken – USD/EUR
BitFinex – USD/EUR
BitFlyer – USD/EUR
Luno – USD/NGN
NairaEx – NGN
Mind you that some of the exchanges listed above may not be working globally, so you really need to check thoroughly before having your bitcoin investment transferred to them for conversion into fiat cash currency.
This can be said to be very risky, if don’t check very well before trying to use an exchange to cash out money.
If you happen to be a Nigerian, you can always make use of Luno to sell bitcoins instantly. Cashing bitcoins with Luno cryptocurrency exchange is very easy, thought a withdrawal fee will be deducted during the process.
Talking about how to cash out large amounts of bitcoin, if you’re into Cryptocurrency trading, there is yet another easy option using P2P buying and selling of Bitcoins with a platform known to be globally recognize, and that’s what brings me to the next option.
Via LocalBitcoins P2P platform
A P2P exchange platform like LocalBitcoins is a popular bitcoin start-up specifically establishes to make it very easy to exchange bitcoin cryptocurrency among the users. LBC is based in Helsinki, Finland, and it’s been in operation since 2012.
It has users as buyers and seller in over 15,000 cities across 248 countries in the world. No doubt, you will definitely find buyers in your own country when you register an account on the platform.
Why many bitcoin traders who mostly search for; ‘how to cash out bitcoins to PayPal’, like using LocalBitcoins, is because you’ll always deal with a buyer or seller directly – plus you can as well receive your money in any supported currency format of your choice.
Examples of the currency formats you can receive the money you converted using LBC are; Bank Fiat Deposit, Bank Cash Transfer, PayPal and Payoneer. This is exactly why LocalBitcoins is one of the most preferred choices for those investors that doesn’t want to be using exchanges.
You can get to meet both buyers and sellers online, and transact offline. The money for transaction can be paid in cash or wired. Register an account with LocalBitcoins to start exchanging BTC to cash.
However, be sure to check the buyer/seller reputation first before making trades. The higher the reputation, the more secured and trustworthy a seller/buyer will be.
Using Bitcoin Debit Card/ATM near me
Are you in a country that doesn’t have all these options listed above already? Do you wonder how to convert bitcoins to cash anonymously?
Well, there are ways available for you to transfer bitcoin to your cash bank account. You should also check to see countries that have Bitcoin ATMs in the world.
There are even services like VirWox that issues Bitcoin credit cards for using BTC to buy items online, where debit/credit cards are needed online.
Via Digital Fiat Currency
If you’re not all that hasty in having your Bitcoins converted to traditional cash equivalent of your base country, and you may want to avoid tax liabilities, you can simply convert the BTC cryptocurrency to USDT (known as Tether).
USDT is more like having your bitcoins converted to traditional money, but this time it’s still going to be in a cryptocurrency trading platform that supports Tether coins. This is a way to avoid taxes due to movement of cash to-and-fro your bank account often.
Also, you need not worry about volatility of cryptocurencies when you switch to USDT, because it always keep up parity with real US dollars, hence maintaining its value of $1 per USDT always.
This will also cut your headache of always transferring in fiat currencies to exchanges to buy Bitcoins because USDT can be used to buy Bitcoins later if you want.
Good thing about USDT is that unlike many fiat exchanges, USDT is supported by many exchanges across the world. But the best i have used this feature of intermediate conversion to USDT myself is Binance. Register an account on Binance trading platform to start trading with USDT (Tether).
Final thoughts on converting Bitcoins to Cash
These methods above are the most popular ways of changing your bitcoin investment into GPB, USD, NGN or any other fiat cash of a country.
While you may want to keep your bitcoin cryptocurrency investment till it increase in value where you can make profit upon selling it out for cash, i will advice you to always store your coins in a secure cryptocurrency wallet.
Bitcoin hardware wallet such as Ledger, is designed to hold or store your investment asset in offline mode, using the heuristic deterministic (HD) feature for encryptions. Visit Ledger official website to see other models to buy.
Beware of taxes whenever you want to bitcoin to cash. There are some bitcoin to cash converter tools you can use to calculate the tax you need to pay for any amount of cryptocurrency may have converted into fiat cash currency.
Beware of crypto-scams that may ask you to use their wallet software, and do not disclose your private keys to anyone – not even your family, as that it will grant full control of your bitcoin investment.
Good-luck as your continue to invest in bitcoin cryptocurrency for making cash profits.