Basic guide on how to cash BITCOIN

Bitcoin

Bitcoin has become more and more popular in recent years. One of the reasons for this is a common belief that it will one day replace fiat currency. Hence, the reason why lots of people around the world are trying to invest in Bitcoin one way or another. Today, some online stores now allow you to make payments using your Bitcoin wallet.

However, the common challenge for some people is that they just haven’t figured out a way to cash in their Bitcoin.

In this post, we will be showing you how to cash in bitcoins.

Tips on how to cash BITCOIN

In a bid to show you how to cash in bitcoins, we will be taking a look at some ways that you can cash out your bitcoins. Here are a few tips on how to cash bitcoin:

USE THIRD-PARTY EXCHANGE PLATFORMS: There are various third-party exchange platforms on the internet today. These are some of the simplest ways to cash in bitcoins. These platforms allow you to sell bitcoins and withdraw the proceeds straight into your bank account. However, you should know that most of these platforms will demand that you withdraw your bitcoin into the same bank account that you used to deposit it initially. This is their way of ensuring that they comply with money laundering laws. While using third-party exchange platforms is often a safe process, it is not the fastest way to cash in your bitcoins. Typically, your transaction proceeds may take 4 to 6 days to appear in your bank account. Also, you will have to pay a commission fee for every transaction. Check out this site to learn more.

VIA PEER-TO-PEER TRANSACTIONS: This is one of the fastest methods anyone looking to learn how to cash bitcoin should give it a try. There are tons of peer-to-peer platforms online that allow you to sell your bitcoin to a registered client on the same platform. Usually, using this platform gives you the freedom to decide your preferred payment option. This means that you can choose to receive payment through cash deposits, bank transfers, or collecting your cash in person. If you choose to use this method, you will need to do further research on how to make safe transactions on peer-to-peer platforms. This way, you will protect yourself from online fraudsters.

USING BITCOIN ATMs: Similar to traditional ATMs, the Bitcoin ATM allows you to sell or purchase Bitcoin with fiat currencies. Today, there are over 5,000 Bitcoin ATMs in about 76 countries around the world. This implies that you will need to do proper research to find the one that is closest to you. You can take advantage of the Coin ATM Radar (an online tool) to check if there is a Bitcoin ATM near you. Like traditional ATMs, transactions performed through a Bitcoin ATM are often instant. Hence, making it one of the fastest withdrawal methods for anyone looking to cash in Bitcoin.

CONCLUSION

Cashing out your Bitcoin doesn’t have to be difficult if you follow any of the how-to cash bitcoin methods listed above.

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