There have been a great many individuals who invested in Bitcoin. Now with what they see as uncertainty, or they are not in for any long-term investment, they wish to consider selling Bitcoin.
There are a few ways to do this, but it appears “Can bitcoin be converted to cash?” isn’t as quick and as easy as buying them.
Selling BTC for Another Crypto
For whatever reason individuals wish to get rid of their Bitcoin, they look at a way of selling them.
This option for a few people is because they see the Bitcoin problems and wish to get away from any further drop in price. Selling BTC for another crypto is probably the easiest thing you could do.
All it takes is a little research to locate the best bitcoin exchange which lets you sell against another crypto of your choosing, as the two examples above.
A good exchange can be a one-stop solution for your trading of the selling of your Bitcoin. They will act as an intermediary and hold the funds until your trade has completed.
As with buying BTC, it is advised to find the best cryptocurrency exchange sites for any dealings you might have when looking to sell your BTC.
These should be in your home country so you can easily keep a closer eye on any transactions which are taking place.
If the time has come and you are getting out of the crypto game, you will be looking to cashing out bitcoin.
Again some exchanges perform this service, but they will only complete a transaction when someone accepts the price you are asking for.
This could lead to delays until the exchange can complete the sale. Once this happens, you will have funds available which you will need to get out of the exchange and into hard cash in your personal bank account.
There is a multitude of reasons why BTC investors now wish to sell. We mentioned the BTC problems they see and are worried they might lose their investment.
They might also decide another coin is worth investing in for the long-term which isn’t based on the BTC blockchain.
Reasons for selling are down to the individual, so their needs will vary compared to anyone else. Ethereum might appeal to investors more as it is much more than a mere payment system, and this is where an exchange comes in hand as a transaction of this nature is far easier than saying “Bitcoins for Sale” and hoping to get cash immediately.
Aside from exchanges, there are direct trades which can take place. There are many of these websites around now, however, using these should be done with caution. It is likely you’ll need to open another account as a Seller.
Using this option might be neither easy nor quick so there could be a bit of homework needed to find if it is a viable option for you.
Cashing Out Bitcoins
When BTC is bought, it’s a matter of handing over cash in exchange for BTC. Now doing this in reverse and getting hard cashing for bitcoin has its own struggles.
One way which was supposed to be taking over the buying and selling of cryptocurrencies was the Bitcoin-ATM.
These machines make it simple to purchase BTC, and facilitate many BTC transactions which they do by accepting cash and give a paper receipt or via a QR-code. The problem with these ATM’s is they charge high fees for transactions.
One other downside of these ATM’s is there are very few which have bi-directional functions available.
There are a few in circulation which offers this function and allows the buying and selling of Bitcoins, but the majority have had their selling function disabled.
Not only are you not able to withdraw your cash after a BTC sale, but these ATM’s are now requiring authentication to conduct any transaction on them.
New users of specific machines need a telephone number for activation which takes away some of the decentralization of what a cryptocurrency was supposed to enforce.
In the event a user can locate a machine which dispenses cash for BTC sales, some user verification will be required.
Once identity has been confirmed, some machines dispense money straight away, or they provide you with a redeem code. If this code is received, there is a waiting period until the transaction completes.
In most cases, one verification will suffice, but it has been known for up to six confirmations to be needed before users are able to withdraw cash.
Person to Person Selling
Although the technology is there, it is still somewhat difficult to just sell BTC and receive cash for them. It can be even more difficult if you are looking how to cash out large amounts of bitcoin.
Selling in person might be the best option for this, as now, any transaction of selling cryptocurrencies might face tax implications.
To sell in person, all you need is the QR-code on the cell phone and once they’ve received confirmation they have the BTC in their wallet, you can receive cash on the spot.
If it is people you know such as family or friends, you can transfer to their wallets, and they can pay you immediately.
If the person is unknown, the negotiations might be lengthier. Discussions on the price of the BTC and a safe place of meeting is essential if large amounts of cash are involved.
It should be noted that, as soon as the QR-code is scanned, the transaction is irreversible, so there needs to be an element of trust you will receive your cash.
If you are concerned about a meeting with a stranger, there are many Bitcoin-meet-ups where there are many attendees who are willing to purchase BTC for cash.
A final piece of advice is to never attend a person to person meet-up without a friend, and the place is public which has a good internet connection.
As long as you are careful, this can be a better alternative than wire transfers which attract attention, and both parties will lose their anonymity.