How To Cash Out Your Bitcoin
Leave your Country and cash out Bitcoin abroad. One option is to leave your country permanently and cash out your Bitcoin in another country afterwards. If Bitcoin has made you rich, this can be a realistic option. In principle, it’s possible to live as a nomad without fixed residency, as an earth resident so to say. Coinmama users in the United States and the rest of the world can sell Bitcoin for cash using a SWIFT bank transfer. Sign up or log into your Coinmama account Select “sell” and enter the Bitcoin amount you’re selling Choose SWIFT as your payout method. Coinmama fees on sell transactions are between 0.1% and 0.9%., depending on your Coinmama Loyalty level. How to transfer Bitcoin for cash using SEPA. If you’re part of our European family, you can transfer Bitcoin for cash using a bank account that supports SEPA transfers. Sign up for Coinmama, or log into your verified Coinmama account. The easiest way to cash out your Bitcoin and Bitcoin Cash directly to your bank account. Currently available for EU and GBP bank accounts. Join the waiting list to be one of the first to know when support will be available for your region It's easier than you think. You might assume that you can do that at any Bitcoin ATM, but the truth is: less than 1/3 of all BTMs allow you to cash out your bitcoin. CoinClouds are 100% Two-Way, Yay! Luckily, 100% of CoinClouds are two-way, allowing you to sell your bitcoin for cash just as easily as you can buy it.
For centuries, traditional banks have been controlling the global financial landscape. They hold power to people’s finances, and they have made a profit from such power, as much as they can. Bitcoin was created to change the dynamics and ensure that people are in control of their finances.
With Bitcoin comes decentralization, lower transaction fees, faster cross-border transactions, and the elimination of third-party companies in the banking operation. Bitcoin, as an innovation, has disrupted the financial trend, and it is no surprise that the traditional banks and a few other institutions are fighting against it. As a cryptocurrency enthusiast, you have to be careful when withdrawing your funds to ensure that you don’t lose your account.
Banks hate Bitcoin
In the traditional financial landscape, a middleman is appointed to settle transactions. For centuries, banks have been the appointed middlemen. They ensure that transactions between two or more parties are executed, and in the process, charge fee for it.
The banks usually charge exorbitant fees to settle transactions, especially the cross-border transactions. The emergence of Bitcoin threatens them because Bitcoin and other cryptocurrency operate in a decentralized manner, allowing people to transfer funds almost instantly with meager transaction fees.
Although the crypto space is yet to attain a substantial market value (in relation to banks), it poses a threat to the banks and the vast amount they make via transaction fees. Banks also charge other expenses such as account maintenance fees, and more. With Bitcoin, all these charges are non-existent.
The 2008 financial crisis further highlighted that your money doesn’t belong to you once you deposit it in a bank. Banks use your funds to support other businesses, making a profit in the process. Millions of people lost their life savings because banks lost funds when the economy crashed.
The financial crisis made it necessary for people to be in total control of their wealth, and Bitcoin was developed to serve that purpose. So the fact that Bitcoin allows people to store and be in complete control of their funds is something that banks frown upon.
Banks take action against Bitcoin
Some banks have been calling for sanctions against Bitcoin. Banks such as JPMorgan Chase and more prohibit their staff from dealing with cryptocurrencies and blocking Bitcoin purchase via their debit and credit cards.
With the sanctions on Bitcoin purchase by some banks, you might have to be careful when cashing out Bitcoin to your primary bank account. Cryptocurrency platforms that support fiat currencies allow users to withdraw their BTC funds to their bank accounts.
If banks realize that you are dealing with Bitcoin, you might lose your account. To ensure that doesn’t happen, it is safer to use another bank account for your Bitcoin and crypto transactions. It is even better to choose a bank that doesn’t have stringent rules regarding Bitcoin. Once you make your withdrawals to that account, you can transfer your funds to your primary bank account.
It is also recommended that you transfer funds from your main account to the secondary account before purchasing Bitcoin. That way, your main bank account doesn’t get involved with Bitcoin transactions, and you don’t lose it as a result.
Alternatively, you could use a bitcoin debit card or a bitcoin friendly EMI to cash out small or moderate amounts of bitcoin.
Conclusion
Despite the crypto space’s increased awareness and recognition, banks are yet to take a soft stance on Bitcoin. Thus, it is advisable to take precautionary actions when withdrawing BTC to your main bank accounts to ensure that the bank doesn’t close your account.
Sources: https://www.investopedia.com/articles/forex/042015/why-governments-are-afraid-bitcoin.asp
Contents
- 1 Cash out Bitcoin
- 1.2 Ways to buy / sell BTC for cash
Cash out Bitcoin
Today we explain How To Cash Out Bitcoin Anonymously for you.
Many crypto exchanges do not allow working with fiat and large amounts of money without confirming the identity of their owner, as this is required by financial regulators. To implement the human right to maintain confidentiality in financial transactions and, if desired, for one reason or another, to maintain complete anonymity, cash transactions come to the rescue. Transactions where no one asks for your passport. It should be borne in mind that when buying or selling for cash, the only cost item will be the network commission, without which no BTC transfer is possible.
Advantages and disadvantages of exchanging BTC for cash
Pros: – Minimization of the commission;
– High anonymity;
– Many authorized PSs and exchangers support this feature.
Cons: – It is difficult to find a counterparty in small settlements;
– Potential danger when meeting, if you contact an unknown person.
Ways to buy / sell BTC for cash
There are 6 main ways to cash out Bitcoin. Before choosing one of them, you need to consider the following factors:
- what actions and steps the process will require
- what amount you want to cash out
- where do you want to send your funds after the sale of BTC: to a bank account or electronic wallet
After examining these factors, some methods will seem preferable to you than others.
How To Cash Out Your Bitcoin
Cashing out bitcoin through a bank card
An easier way to sell BTC for cash is to deposit funds to your card and then withdraw from any ATM. The disadvantage of this operation is the reduction of anonymity: a large transaction will draw the attention of the bank, tax authorities, etc. But if the amount is not very large and anonymity is not important for you, then this is the most comfortable option.
The main ways to withdraw BTC to the card are:
- Crypto exchanges
- Electronic payment systems
- Exchangers
- P2P exchanges
Cryptocurrency exchangers
Can You Cash Out Bitcoin
Using the BestChange website, you can find cryptocurrency exchangers with the ability to exchange cash for bitcoin or vice versa. To do this, select cash in the first column, and BTC in the second. Then a list of all exchangers supporting this direction will be displayed to the left.
Exchange procedure:
-Leave a request by filling in the details.
-Write to the online chat of the exchanger, attaching the application number or wait for the operator to contact you.
– Agree on the time and place of the meeting.
-When meeting, the seller transfers bitcoin, the rate is usually fixed after one confirmation of the network.
-Buyer transfers cash.
Many exchange services also provide a courier money delivery service.
P2P exchanges
Peer-to-peer exchanges allow you to cash out bitcoin anonymously and with the ability to choose an offer that is convenient for you. Most of these platforms are reasonably secure, even without a centralized governing body. For example: Paxful, LocalCryptos, Cryptolocator.
Transactions take place privately between users, without intermediaries, which makes the transaction anonymous. Market participants choose their own convenient payment methods, including different banks, payment systems and cash. Each option has its own conditions and fees. In most cases, you will be able to exchange cryptocurrency without having to disclose your details. Also, these sites have a rating system that helps you choose a reliable counterparty. An additional level of security is provided by the escrow system.
Payment systems
Some payment systems also allow you to get cash for bitcoin. AdvCash makes it possible to withdraw cashin USD, EUR with a commission from 0 to 7% through cooperation with a large third-party exchanger. The minimum withdrawal amount must be equivalent to 3000 USD. Some cryptocurrency exchanges (Livecoin, WEX, EXMO) allow direct withdrawal of fiat money to the Advanced wallet. The principle of action in this case is quite simple.
Step # 1. After registering in the system, you need to replenish your account with bitcoins.
Step # 2. Open the “Transfer of funds” tab and select the appropriate option:
-via exchangers;
-to a bank card;
-to ADVcash card;
-between wallets within the system;
-in electronic currency (Payeer, Perfect Money, etc.);
-cash.
For those who plan to use the service for withdrawing cash on a regular basis, it is better to order an ADVcash / MasterCard (EUR or USD) card. This will make it possible to withdraw cryptocoins at the right time, since money can be cashed out at any ATM, in any fiat currency (an additional commission is charged for exchanging euros or dollars for rubles).
Cryptomats
Another physical way to sell bitcoin is to use a crypto ATM. These devices can be found around the world, but not all of them provide the ability to sell bitcoins.
For example, consider the process of selling BTC for cash. To do this, select the “Sale” item. Enter the amount of BTC you want to sell. In most cases, you will also need to enter the SMS code. Download a bitcoin wallet to your mobile device, prepare it for work. You can generate a wallet address in advance so as not to do it near the ATM
6.Thematic forums
On forums and social networks, you can find a large number of posts and comments suggesting buying or selling Bitcoin for cash.
If you have friends or family who are willing to do this kind of deal with you, this is ideal. But financial interaction with a stranger without any guarantor is a significant risk.
Conclusion
There is nothing wrong with buying or selling bitcoins for cash as long as it is convenient for both parties. Therefore, all warnings about the danger are not in order to scare and dissuade from such a method, but simply because in any financial transactions, especially for large amounts, you should be extremely careful and be aware of various risks. Be responsible for storing and exchanging your cryptocurrency, especially now, when the value of bitcoin is at record positions, and may grow even more in the future.