Can I transfer Bitcoin to my bank accounts
So you have bitcoin, and you’re ready to turn it into cash? Thankfully, now that bitcoin (BTC) has been around now for the past 10 years, the industry has caught up, giving several good options for converting bitcoins into cash, which we will talk about in this article.
The motive that bitcoin will certainly replace fiat currencies is the reason lots of people are investing in it now. In theory, you can one day be able to use bitcoin for any type of purchase when it takes place of fiat currencies, like U.S. dollars, which will no longer be important.
For now, but, there are still relatively few businesses or individuals receive payment in bitcoin. That is one reason you may need to convert your bitcoin to cash, to make use of the value of your bitcoin to buy actual things. Second reason is when the market is in decline. If you think the cost of bitcoin is going to keep going down and you want to secure yourself from losses, it makes sense to convert bitcoin to cash while you wait for the bitcoin price to retrieve.
How Can You Move BTC To A Bank Account?
There are different ways to convert bitcoin to cash and eventually move it to a bank account:
- Sell bitcoin on a cryptocurrency exchange, like Coinbase or Kraken. This is the simplest method if you want to sell bitcoin and also withdraw the resulting cash directly to your account. To ensure brokers do not break money laundering laws, you will have to withdraw the same bank account that you deposited with. It is easy, simple and secure, but it’s not the fastest method. For the U.s, the normal time for money to reach your account is about 4-6 days but it differs by country. Any connected fees equally depends on the country inwhich your bank is located in.
- Sing up and finalize the verification process.
- Deposit (or buy) in your account
- Cash out your BTC to fiat via bank transfer or PayPal (connected to some services)
- Bitcoin ATMs: Different from other ATMs where you are able to withdraw currency from a bank account, a bitcoin ATM is a physical center that let you to buy or sell bitcoins with fiat money. As of writing, there are about 4990+ crypto ATMs across 76 countries and you can use the website Coin ATM Radar to find a bitcoin or other crypt currency ATM near you. Have it in mind that all machines are not the same, and this method is only fit for small transactions because most ATM machines have deposit and withdrawal limits The biggest drawback of using a bitcoin ATM is its high transaction fee, which usually ranges between 7-12%.
- Bitcoin Debit Cards:Various websites allow you to sell bitcoin and take a prepaid debit card in exchange, letting you use it like a normal debit card. Per card is powered by by either VISA or Mastercard, which means that they work for both offline and online shopping at most businesses anywhere in the world. Apart from purchases, you can equally use bitcoin debit cards to withdraw cash at ATMs where VISA or Mastercard are allowed.
- Peer-to-Peer Cryptocurrencies Exchange platform: For a faster, more anonymous method, you can make use of peer-to-peer platform to sell bitcoin for cash. example : myBtcNg
- Cash deposit: You can tell the buyers to deposit cash into your bank account. Always request for proof of ID and proof of payment before giving out your bitcoin to them.
- Bank Transfer: You can tell the buyer to send to send you a bank transfer payment (you can even use PayPal). Always ask for proof of ID from the buyer before you begin. Once you receive the money you can now release the bitcoin to them.
Also read: Is it possible to mine 1 Bitcoin a day
How do I transfer my bitcoin wallet to my bank account?
- Open a user account with a local BTC exchange and provide bank account details.
- Transfer your BTC from your current wallet to the wallet the BTC exchange provides you.
How long does it take to transfer Bitcoin to bank account?
When making use of bank transfers, the ACH bank transfer system is used for payments with your bank account. The ACH bank transfer system typically takes 3-5 business days* (which may be as many as 7-10 calendar days, depending on the timing of weekends and other bank holidays) to complete after initiating a purchase.
How do I transfer bitcoins from Blockchain to my bank account?
- Navigate to your Total Account Value window and select Withdraw.
- Click USD in the Currency drop-down menu, select the linked bank account you would like to withdraw to in the Destination EUR Address tab.
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