How Do I Cash In My Bitcoin
If you are looking for an anonymous method of converting Bitcoins to cash, you should look at www.bitcoin-brokers.org because they will buy your Bitcoins from you and send you cash via Moneygram. They will even send you your payment without you needing to show any ID. They do this by attaching a special “question and answer” to the payment. Exchanges like Coinbase and Kraken are both good as they have a long history of providing good service to their traders. With either of these exchanges, you can sell your Bitcoin into USD or another government currency and then transfer it to your bank account. When to Sell Your Bitcoin: Other Considerations.
Bitcoins investment is one of the riskiest yet there are high profits included. ‘
Different Ways to Cash Out Bitcoins into Cash or Bank Account
The simple way to sell or cash out Bitcoins is to sell them via some websites which are quite famous and reliable in their business.
1. LocalBitcoins
On this website, you can sell Bitcoins in two ways- through online bank transaction or in hand transfer. You need to sign up and add the Bitcoins which you are willing to sell. You can prefer to sell for direct cash/ or bank transfer. People around you could see the price which you are quoting and can approach you. Since LocalBitcoins doesn’t verify the users beware of fraudsters as people you meet can harm you and may not be trustworthy. Localbitcoins connect the purchaser and seller personally where the Bitcoin can be converted to cash without any taxes or banking charges. Visit LocalBitcoins.
2. Bitquick
Bitquick is a platform where you can sell Bitcoins at the current price without any commission and is one of the fastest exchange. They provide a simple procedure where the user needs to enter the amount of Bitcoin on the personalized escrow address. There are various option to sell Bitcoin at such as static pricing and dynamic pricing. Dynamic pricing allows you to select the Bitcoin exchange rates and time of Bitcoin pricing. Such as 24hrs average, current price, whichever is greater. The amount would be directly sent to your bank from where you can withdraw the cash. Bitquick is not a secure website though, which may tamper your credentials. Visit Bitquick.
3. Coinbase
This is a trustworthy, safe place where you can sell Bitcoins for a reasonable price. Even though they levy a percentage of commission yet it is safe without any risks. You can go the wallet and select the number of Bitcoins you intend to sell. Once you confirm the amount would be sent to your bank which is being registered on Coinbase. Visit Coinbase.
4. CEX.io
Cex.io allows you to cash out the bitcoins in two different forms- bank transfer and cryptocurrency. This can be used for further investment or can be used to cash out. Cex.io is trustworthy exchange located in London. They require ID verification and valid proofs in order to make a transaction with them. Visit CEX.io.
5. Peer-to-Peer trading
This method of Bitcoin to cash includes a Bitcoin space such as Brawker or Purse where I would put my Amazon request regarding some household or personal purchase and the final cheque would be paid by a random stranger through his credit/debit card. Once the package reaches my place the Bitcoin space would pay the stranger in appropriate Bitcoins. In this way, the products which we need can be bought for Bitcoins. Bonus Tip:
How to Cash Out BTC in the Local Market
In most of the countries, people are waiting to buy and invest on Bitcoin without using a bank account. Some do that to save the tax amount while some do it for illegal purposes without producing any documents/credentials. In fact most of the people with black money these days prefer using Bitcoins for converting their black money, in countries like India, people end up paying 10-15% more than the actual Indian Bitcoin value just for a cash purchase. This method is both cheaper and riskier than other markets. If any of our friend, family or relative is holding a Bitcoin and are willing to sell then you can get the Bitcoin at the actual price i.e. 15-30% less than the Indian value. By that way, you can make an in hand transaction without paying any commission to Bitcoin exchanges or paying tax to the government. The liquidity of Bitcoin can be maintained by these way where you can save yourself from bearing a loss. Converting to hard cash is always slightly difficult and risky while you can convert it into the bank account or other cryptocurrencies easily. There are some websites such as Coin.ph where you can invest on Bitcoins and can take it back to the Coin.ph wallet where it is safe and secure. It can be reused to either invest or can be reverted back to the bank account.
Accepting Bitcoin Cash (BCH) for e-commerce
- When your customers come to checkout on your e-commerce website you can give them the option to pay with BCH.
- This is done using a Bitcoin Cash payment gateway which you’ll add to your website, letting you accept BCH payments from customers.
- The payment gateway will automatically calculate how much BCH is owed for the items in your customer’s basket.
- Then, instead of being asked to enter credit card details for the payment, they’ll see a QR code (generated by the payment gateway) which they simply scan with their own digital wallet app.
How Do You Get Bitcoin Cash
Accepting Bitcoin Cash (BCH) for in-store payments
Changing Bitcoin To Cash
- Whether you’re a restaurant, cafe, or retail store, you can give your customers the option to pay with BCH using your existing devices (e.g. tablets, smartphones).
- Rather than taking payment through cash or a credit card, you’ll use a point-of-sale app to take payment in BCH.
- The app will be downloaded to your device and, when customers are ready to pay, you’ll simply enter the amount owed (in your local currency) on the app.
- The point-of-sale app will then automatically calculate how much BCH is owed and a QR code will be generated on the screen of your device.
- Finally, you’ll show this QR code to the customer who will scan it using their own wallet app.
When will I receive the payment?
How Do I Cash In My Bitcoin
- Since Bitcoin Cash transactions don’t have to go through slow payment processors, BCH payments are much faster than traditional payment methods.
- If you’ve chosen to receive BCH payments to your digital wallet, the money will be with you in a few seconds.
- Or, if you’ve chosen to convert BCH into your chosen currency first, the money will land in your business bank account usually by the next working day.