In this article, we have written How do I cash out my Bitcoins.
How do I cash out my Bitcoins?
You can cash out your bitcoins using a cryptocurrency exchange and through a peer to peer exchange.
How to cash out Bitcoin using a cryptocurrency exchange
A common method to cash out Bitcoin is via a third-party exchange, like Coinbase, Bitstamp, Kraken or myBtcNG Most cryptocurrency exchanges have affordable fees and security measures st up to help you turn your cryptocurrency into cash without putting your assets at risk.
To begin with, you may need to create an account, send the necessary identification documents, and either purchase BTC or deposit BTC into your account. When the exchange has received your Bitcoin, you can cash out to fiat using a bank transfer.
Note that every cryptocurrency exchange has specific rules for withdrawals, so ensure you proceed through their policies before depositing your crypto assets.
Most platforms enable you to cash out only with the bank account you used to deposit funds. What this means that you might want to deposit a small amount of fiat first to manage to make a withdrawal. This step decreases transactions, but it is meant to stop money laundering and adhere to international AML regulations.
It depends on the platform you use and your country of residence, cashing out your Bitcoin usually takes from one to five days. Whenever you change Bitcoin to USD, brokers normally use the SWIFT payment method. For EU customers who request withdrawals in euros, payments are made through SEPA.
The good thing is that some third-party exchanges accept PayPal withdrawals for both US and EU customers, which increases the process.
Check also: What is the safest way to buy Bitcoin
How to cash out Bitcoin using a P2P exchange
Cryptocurrency exchanges are usually a trusted and secure way of converting Bitcoin and other cryptocurrencies into fiat, but buyers lack anonymity. Besides, you do not have control over prices, and you cannot negotiate transactions.
If you wish to learn to cash out Bitcoin via an anonymous approach with increased control over your funds, try looking into peer-to-peer exchanges.
Many of these platforms are secure, even without the main authority governing the network. But sometimes transactions are far more time-consuming and complicated to close.
A few of the most popular P2P exchanges are Paxful and LocalBitcoins. Transactions occur between users privately, without an intermediary. This includes more anonymity to the transaction, but it additionally increases the chance of scams.
Users can decide from various payment methods, such as Western Union, gift vouchers, Neteller, bank transfers, Skrill, cash deposits, Payoneer, and sometimes PayPal. Each method has its transaction fees and waiting times.
Remember that some payment methods enable you to sell Bitcoin at an increased price depending on how reliable the procedure is. So it is worth experimenting with various tools and apps to maximize your profits.
All you need to do is open an account with these exchange platforms, verify your identity, find a buyer, and make transactions. Most P2P exchanges have a rating system set up which lets you choose buyers according to their reputation online.
As a guideline, you need to be looking for P2P exchange platforms including an escrow service. In this way, you will have your Bitcoin locked until you make sure the buyer has made payment.
Mybtc.ng is a platform that offers an easy solution to perform to buy, sell giftcards, and cryptocurrencies. Mybtc.ng is one of Nigerian’s top Crypto exchange platform, the number 1 Guide to Digital Exchanges in Nigeria. My BTC Nigeria helps guide people through the exchange process. They give you the best exchange rate; this platform provides you with the simplest solution to cryptocurrency and gift card exchange. Visit mybtc.ng now for a splendid exchange rate.
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