If you have been holding Bitcoin for a long time may consider selling some of their stash. Generally, we recommend buy and hold strategies, but if you like to cash out now, this article explains how you can cash out Bitcoin.
If you have been buying Bitcoin, there are chances that you might want to cash out at some point, after growing your income by more than 100% in 2019 you may have valid reasons why you consider doing this. For example, you might believe that the risk of a downside are more than that of an upside. Second, you might be thinking about the fact that most of the Bitcoin in circulation is owned by a small group of investors. As such, it is not used for transactions, which is the main reason why it was created. Or, who knows, you just need some quick cash at hand or would like to use your bitcoins to invest in something else.
You may have plenty of reasons, and here are a few ways you can cash out Bitcoin.
- Sell on a Cryptocurrency Exchange. This is the most common method of cashing out your bitcoins. In the method, you just go to one of the most popular exchanges like Kraken and Coinbase and sell your coins. Then, you can use their withdrawal methods to deposit funds to your bankaccount.
In order to do this, you open an account at Kraken.com or Coinbase.com, verify your account with your i.d. and have your bitcoins send over to your new account. After transfering your bitcoins you can then cash out and have the funds deposited to your bank account.
- Use a Bitcoin ATM. There are more than 4500 Bitcoin ATMs around the world. If you are close to one, you can easily go and withdraw your funds there. There are even Bitcoins ATM’s in Africa.
- A Bitcoin debit card: There are a number of companies that offer these cards. A good example is bitpay and Spectropay, but even Coinbase.com offers a crypto debit card you can use to pay or cash money.
- Sell bitcoin to friend: finally, you can sell the bitcoin to a friend and receive the dollars. If you like, you can also use a service such as Paxful in order to sell your bitcoins securely to strangers.
Bitcoin is the oldest and biggest cryptocurrency in the world with a market capitalization of more than $150 billion. The currency has performed relatively well this year and a number of analysts expect it to continue doing well. However, the reality is that no one knows how Bitcoin will perform in future because of its high volatility. Therefore, if you own some Bitcoins, it makes sense to cash out some of it so that you can be safe. This article has explained a few of the most common ways you can use to cash out Bitcoin.