How to convert bitcoin into cash?
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| How to convert bitcoin into cash |
Excited to go shopping with your hard-earned bitcoins, but don't know how to convert bitcoin into cash?
Well, worry not because we’ve got you covered! What's up, crypto peeps? There are several different payment methods to use to withdraw your bitcoins earned from peer-to-peer platforms.
How? You can sell them and select the payment method that you prefer. Once the cash is transferred you'll easily withdraw your money.
Keep in mind that we'll be tackling this in general and certain steps may vary depending on where you are and what company you are using to withdraw.
5 steps for how to convert bitcoin into cash in 2020
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| How to convert bitcoin into cash |
1. Bank Transfers To get money into your bank account, you need to sell your bitcoin. Paxful is one of the biggest peer-to-peer trading platforms where you can buy and sell bitcoins.
Once you've got an account on Paxful and have bitcoins to sell, simply start a trade and choose "bank transfer" as a mode of treatment.
Next, the seller, a.k.a. you need to provide details such as your full name and bank account number.
You then need to wait for your buyer to make a transfer to your bank account.
Usually, for Nigerians, the vendor must await an SMS alert indicating a successful transfer before releasing the bitcoins. If the money comes through and it's in your bank account, you can easily withdraw using your bank's ATM.
2. Paypal In order for a trader to make a payment to your PayPal account, you'll need to provide your email address.
For safety reasons, make sure that the person you're trading with has a verified PayPal account so that you’ll have their details too.
Next, await them to send proof of payment. If you're in the USA you'll receive the funds much quicker, usually within the day.
But if you're located in another country, it's gonna take 3-4 days mainly because you have to request a conversion from USD to your country's currency.
Once they do that, you now have money in your PayPal account. Simply transfer the money to your bank account and withdraw over the counter or through an ATM.
3. Western Union You will have to ask your trade partners for the Money Transfer Control Number or MTCN which is a 10 digit reference code.
You could also invite a full photo of the Western Union receipt as proof. Once you get the code, you can use this to track your money through Western Union’s website and cash out at any branch near you.
Don't forget to bring a valid photo ID when you visit and fill out the receive money form. You can now withdraw your money just like that!
4. Bitcoin ATMs will be a touch tricky. Once you have set this up as your preferred payment method, you need to decide when and where you want to withdraw your money.
To find a Bitcoin ATM near you, you can use CoinAtmRadar.com.
Once you found one, you would like to speak to your trade partners in order that they can send the quantity of bitcoin on to the ATM that you simply chose. This is where the tricky part is.
They need to send it while you're working on the ATM. So timing is the key. Keep in mind that the withdrawal process varies from ATM to ATM, but here's a general idea on how to do it.
- Choose the “withdraw cash” option
- Choose "Bitcoin"
- Choose the quantity you would like to withdraw
- Send Bitcoins to the given address or QR code from your mobile wallet And
5. Collect your cash Check out wethecryptos.net for the article we have explaining this process for how to convert bitcoin into cash in detail.
Do you know the other ways to how to convert bitcoin into cash? Let us know within the comment section down below!
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