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So you own Bitcoins and have made your millions. But now what? How do you plan to cash out the Bitcoin? The following guide will help you know everything that you want to know. There are several things that you have to consider while cashing out Bitcoin. Here are a few of the reasons.
1. Are you looking for the easiest method, or do you want the cheapest way?
2. Do you want to deposit the money into the bank account or an application?
3. How long are you ready to wait to receive the cash?
4. Which currency will you prefer for converting Bitcoin?
The answers to these questions will help you determine the detection of the right method to cash out Bitcoin. Here, you can find some methods that you can use to cash out your bitcoin:
Third-party broker exchanges
The alternative name for the exchange is the third-party broker. Most exchanges of cryptocurrencies will not allow you to deposit the fund using fiat money. But, you can deposit your bitcoin in some of these exchanges to cash out your coins.
• Deposit the Bitcoin into the exchange.
• After the exchange receives the Bitcoin, you have to request for withdrawal of fiat currency.
• A bank or wire transfer is a common way to transfer money.
But brokers don’t break the money laundering laws. You have to use the same bank account for withdrawal that you used for deposition. If you have never deposited the fiat currency to any broker exchange yet, you have to make one deposit first before exchanging.
Choose a high-quality broker exchange
Suppose you decide to cash out the Bitcoin using the broker exchanges like this website. But it may take 1 to 5 days for the money to reach your account. You have to choose the currency in which you want the payment. You need to pay a transaction fee for the same.
But you have to be very careful in selecting the right application for security reasons. Popular applications always maintain the highest security standards to ensure that your money remains safe.
Peer to peer
Many of you won’t prefer the idea of waiting for three or four days for the cashing out of bitcoin, and you have to consider the peer-to-peer selling process.
• Quick transaction
• Anonymous method
• If you are selling to other buyers, you can specify the payment method.
You can also follow the below mentioned methods:
1. Cash deposit: Buyers can deposit cash to your bank account and send the proof of payment, and you can transfer your bitcoin to their account once you receive this proof.
2. Bank transfer: You can even ask for direct transfer to your bank account or use an application. For this type of transaction also, you must check the identity proof.
Check the sample transaction
It is time to check the standard process of transactions.
1. “A” wants to buy 1 Bitcoin. The person will search for sellers from the same country as the nationality of the A.
2. Now, A finds out that B is selling 1 Bitcoin at an affordable price, and the person is also accepting the bank transfer payment option.
3. B sends a request to A for 1 Bitcoin, and A accepts.
4. A puts 1 Bitcoin into the escrow. This will hold the Bitcoin until B sends money to A.
5. B transfers the agreed amount to the bank account of A
6. Once A receives the amount, he will release the Bitcoins from escrow and send them to B’s account.
So now, you know how to cash out Bitcoin.
Verify seller or receiver
While selling off the Bitcoin, you have to verify the credentials of the person requesting Bitcoin. There are a few applications that allow you to leave feedback for sellers and buyers. You can either search such databases and perform a few checks yourself to ensure that the buyer or seller is genuine.
An easy method
The various platforms nowadays give you the easy chance of cashing out Bitcoins. So owning a Bitcoin is not blocking the money anymore. Rather, you can keep it and wait for better pricing to buy or sell. The applications are convenient for the users too.