Even for long-term HODLers, there is always that possibility you will want to sell your Bitcoin holding for cash one day. Therefore, learning how to get cash for your Bitcoins is vital knowledge for every crypto investor. Now that BTC has been around for over a decade, cryptocurrencies have begun to occupy a strong position in the world’s financial landscape with many investors making fortunes trading digital currencies.
The conviction that Bitcoin will gradually overtake fiat currencies is one factor that convinces people to join the blockchain-based crypto movement. In the near future, you will be able to buy almost anything online and offline with BTC.
Peer-to-Peer trading websites
Can you cash in on Bitcoin instantly? Sure, you can. Consider using peer-to-peer (P-2-P) crypto platforms such as LocalBitcoins or Paxful to sell your BTC for cash ASAP.
When selling your BTC to other traders on Localbitcoins.com, you have to choose your payment method. The available methods include cash deposits and bank transfers. With a cash deposit, you may need to ask the buyers to provide you proof of their identity before you accept payment and release the bitcoins.
Bank transfer is also a cool option to sell your Bitcoins on Bitcoin marketplaces. Create your sell order and specify bank transfer as your payment method. You will also need to request valid ID documents from the buyer before you confirm their payment and release the bitcoins.
Sell your BTC for cash with NakitCoins
Turkey’s leading crypto broker, NakitCoins, also allows people to turn their bitcoins into cash with ease.
Selling BTC instantly for cash at NakitCoins’ offices is the safest and easiest way to turn Bitcoin into cash at a low cost. This is also ideal when you want to sell Bitcoin at the best price.
To turn your Bitcoins into cash using NakitCoins’ exchange:
- Create a user account with your email address
- Proceed to sell BTC from your account by visiting NakitCoins’ agencies near you. Check here to learn how to convert bitcoin to cash on NakitCoins website.
- Ask the NakitCoins cashier to withdraw your bitcoins from your account.
- The cashier will withdraw your cash for you minus the fees, which range from 1-2% depending on the market price
How can I get cash from a Bitcoin ATM?
Similar to regular bank ATMs, Bitcoin ATMs allow you to buy and sell BTC with your local currency such as USD. There are thousands of BTC ATMs around the world – you can use Coin ATM Radar to find the nearest Bitcoin ATM to you.
The major downside to using Bitcoin ATMs is the relatively high transaction fees that are applied. These can be as high as 7% to 12%.
Popular P2P Bitcoin platforms such as LocalBitcoins serve over 1 million people from over 240 countries worldwide. Security is pretty good as their escrow system will protect both the buyer and the seller from scams. When you are about to turn your BTC into cash, always check the cash-out method and its convenience.