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How to Cash out or Sell Bitcoin for Fiat (USD, EUR, etc)

Disclaimer: This is a guest post

Description: Maybe you are a total rookie when it comes to cryptocurrency, and you are looking for a way to sell Bitcoin, but you are completely confused. Or you decided simply that time to cash out your stash finally arrived? Either way, we will discuss here some of the ways to sell bitcoin.

What is BitCoin

Most of you probably know it already, and some of you have maybe invested in virtual currency. However, let’s explain what it is at first just in case some people still don’t understand what it is. It is what we call a cryptocurrency, meaning it is virtual money. To explain further, it is a computer file stored in a special digital wallet, you can send it to other people and receive it the same way. Also, you can make online payments even though not many shops accept cryptocurrency, yet. Many online casinos have already begun to accept this type of payment. Nevertheless, some people believe that this will be the main currency in the future.

How to Sell Bitcoin

If you are an owner of bitcoin, then one of your biggest questions is how to sell bitcoin and turn it to so-called fiat currency (USD, EUR, GBP…). 

There are some people though who prefer to keep their savings in this kind of currency because they feel governments or banks do not control it.

However, since its growth in its value, most people decide sooner or later that it is time to cash out and realize the profits. 

Ways to sell bitcoin are various and fairly simple. You need to check them out and see what option is the best for you. 

If you are thinking to go with it, then coming here is the right thing to do. In this text that we prepared for you, we will discuss some of the common ways how to convert bitcoin into cash.

Just before you go on with changing your modern gold for cash, you need to decide how you want to receive your cash. You can get the money to your bank account or directly to your hands by meeting someone in person. You also might want to sell bitcoin in exchange for some other stuff using services like Purse.io. Let’s look into options considering that you will opt for one for the first two ways.

Exchanges

The easiest way to get your money is through an exchange platform that is exchanged supporting fiat currency that works as an intermediary by selling cryptocurrency for you. You will need to set up an account and provide all of your information, including the bank account to the platform.

After that, you can place a sell offer with the type of currency you want to receive, for example, bitcoin to sterling. You also need to state the amount and the price for the unit you wish to trade.

After the transaction is made, you will need to withdraw the funds to your bank account.

Local BitCoins

Even if the first option is the simplest one, there aren’t many exchange platforms that support virtual currency to fiat and vice versa transactions. If you cannot find any for your country, don’t worry because there are other options to sell bitcoin. And one of them is via Local BitCoins. It is a start-up based in Finland but with traders in over 200 countries.

If you take a look at bitcoin trader reviews, you will see that this is one of the most popular options for those who can’t or don’t want to use exchanges.

The great thing about it is that you are dealing directly with the buyer, and you can receive the money in any of the conventional ways. You can meet online and then do the business in person as well, whether you are a buyer or a seller.

Special ATMs

The fastest and definitely the easiest way to get money from your stock according to bitcoin reviews is from a special kind of ATM.

These ATMs are generally very similar to exchanges. You can change currencies both ways, meaning you can convert bitcoin to sterling and vice versa, pound to bitcoin. You don’t need any document if you are using this option to get your cash, but you require to have a digital wallet.

The main problem with ATMs is that there are very few of them worldwide, so for many people, it is impossible to get their money this way.

Sell to Your Friends

If you have a friend or a family member who is interested in purchasing it, then you can sell it to them. This way, both sides profit because you don’t have to pay the middleman. 

Final Thoughts

We went through some of the most common ways to make a trade with this kind of currency. Whether you are just discovering the world of cryptocurrency or you are already an owner, we hope that you find this text interesting. Whether you are planning to sell bitcoin or to buy it is good to have as much information as possible to know better how to achieve what you desire. Have you already had some ideas about buying or selling bitcoin?

About the Author

Thomas Glare is a blogger and speaker with 5 years of experience. He became interested in bitcoins more than 8 years ago when he began exploring the cutting-edge blockchain theme. Thomas spends his free time playing basketball and dining out with his friends.

Image by annca from Pixabay