4/14/2022

How To Get Money Out Of Bitcoin

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How To Get Money Out Of Bitcoin 3,8/5 4077 votes

The single best way to cash out large amounts of Bitcoin is through something called an OTC (over-the-counter) transaction. An OTC transaction occurs when a private buyer and private seller are linked together by an intermediary to facilitate the swap. Fiat currencies often see only one danger, which is inflation risk, which happens when the government prints out more money than it is needed. As a result, the value of currency starts to drop. Best Ways To Exchange Bitcoin For Fiat Currencies. Now that this is out of the way, let's talk about cashing out cryptos, and different methods of doing it. On the web, log in to your account and then head to the “Sells” page. Enter the amount of money you want to remove, the Wallet you’re taking it from, and the account you’re sending it to.

What is Bitcoin?

In a nutshell, Bitcoin offers a fairer financial system where everyone is equal.

How To Get Your Money Out Of Bitcoin

At the tap of a button, you can move any amount of money, anywhere in the world—instantly, securely, and typically for micro fees. Let’s explore how it all works:

Money

Money that you control

Bitcoin is a new type of digital money and, just like with all money, you can store it, exchange it, and make payments with it.

However, unlike with traditional (fiat) currencies where payments are controlled by central banks, Bitcoin puts you in full control of your own money.

This means you can send, receive, and store any amount of money without relying on financial intermediaries, making bank fees, identity fraud, and delays a thing of the past.

Bitcoin’s key features:

  • Decentralized: nobody controls or ‘owns’ the Bitcoin network, and transactions can never be altered or censored.
  • Peer-to-peer: secure payments go directly from one person or business to another, so there’s no need for any ‘trusted third party’ to process payments.
  • Fixed supply: only 21 million coins will ever be created, making Bitcoin much more immune to the inflation traditional currencies are prone to.
  • Low fees: it’s typically much cheaper to move money through Bitcoin’s peer-to-peer network, and transactions are also very fast.
  • Global digital ledger: all Bitcoin transactions are recorded on a global public ledger called the blockchain, and anyone can view them.

Why are there different ‘types’ of Bitcoin?

At Bitcoin.com, we often use the word ‘Bitcoin’ to refer to both Bitcoin Cash (BCH) and Bitcoin (BTC) collectively. Here’s a quick explanation of why the two different digital currencies exist:

Open to all

Bitcoin is open-source software. This means anybody can propose changes to improve the Bitcoin network and, if these changes are supported by everyone upholding the network, an upgrade takes place.

How To Take Money Out Of Bitcoin

If the proposed changes are not supported by the whole community, an entirely new digital currency may be created from the original coin (called a ‘hard fork’) instead. This is precisely what happened with Bitcoin.

Money

Since the Bitcoin network is open source, it can be evolved by the community.

Bitcoin (BTC)

By original design, Bitcoin was built to be an electronic cash system. In other words, it was designed to be used for both big and small global payments—day in, day out.

However, when the original digital currency, which is now commonly called Bitcoin (BTC), became more popular in 2017, it struggled to meet the demands of a global currency.

Transactions were slow, expensive, and sometimes unreliable as the network became ever-busier, so part of the Bitcoin community decided a change was needed.

Bitcoin Cash (BCH)

To resolve the problem, they suggested that the network should undergo a change which would make it faster, cheaper, and more reliable.

In technical terms, this involved increasing the block size to 8MB; in simple terms, this means the number of transactions which can be processed at once increased!

However, part of the community rejected the change, leading to a hard fork taking place on August 1st, 2017. During this fork, a new type of Bitcoin called Bitcoin Cash (BCH) was created.

How To Get Cash For Bitcoin

Today, Bitcoin Cash (BCH) can meet the demands of a global currency, which is why we support it here at Bitcoin.com. However, you’re always free to use any digital currency you choose to!

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

How To Get Money Out Of Your Bitcoin Wallet

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 Get Your Money Out Of Bitcoin

How to Cash Out BTC in the Local Market

How To Get Money Out Of Bitcoin

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.