Bitcoin is a decentralized digital currency that one can buy, sell, and exchange directly, without the need of having an intermediary like a bank. I’m sure that by now you’ve already heard about Bitcoin’s price decrease over the past couple of months.
One of the reasons as to why Bitcoin is that volatile is due to its limited supply and its lack of a central bank to control that supply, precisely the features that give it value. In this article I’ll break down a couple of ways in which you can convert your bitcoins into fiat currency or in other words, cash.
Where to sell your Bitcoins for Cash?
1) Through a Cryptocurrency Exchange
This is an online marketplace where you can easily buy or sell cryptocurrencies such as Bitcoin and Ethereum with cash. Using an exchange is among the quickest and easiest ways to sell your Bitcoin, and there are a couple of them to choose from, including Binance, Kraken, KuCoin, Bitfinex, Coinbase and Bitlipa .
In order to carry out the exchange you’ll first need to create an account with your desired exchange, you may be required to prove your identity. You’ll also need to transfer the Bitcoin you want to sell to your exchange wallet. After this, the process should be pretty straightforward.
Many exchanges allow you to enter how much Bitcoin you want to sell, select your desired withdrawal method, and then confirm. Note that there are charge fees for buying and selling crypto, so it’s worth checking out the fees you’ll incur on a given exchange before making a sale.
2) Through a P2P Trade
A P2P or person-to-person trade can be conducted online via specific websites or on certain decentralized exchanges. In P2P, an individual can post their buy or sell order on their desired P2P platform in the hope that another buyer or seller will be able to meet this order.
In the event that you find a buyer to meet your order, a trade can be initiated at the agreed upon price. Alternatively, you can simply look through the pre-existing orders to see if any of them suit you. If you’re looking to sell your Bitcoin via a P2P trade, use a trusted platform, such as, Binance LocalBitcoins, Bybit, Coindirect, or Paxful.
3) Through a Bitcoin ATM
These are not your typical ATMs, rather, they are used to buy and sell Bitcoins an in some cases other altcoins. When selling some of your Bitcoin funds, Bitcoin ATMs often provide a QR code associated with the Bitcoin wallet address your BTC will be sent to.
You may also need to verify your identity using some form of ID or a similar document. After the sale completes, you can either withdraw physical cash from the ATM, or you’ll receive a redemption code. Remember, Bitcoin transactions are not instant and can take some time to process, so you may have to wait a little while to get your money.