Many new bitcoin users get into trouble selling bitcoin and withdrawing money to their bank account since they purchased or received it into a different wallet. There is no option of withdrawing cash into a bank account, and there are several methods to withdraw some money into your bank account to use that currency for your daily transactions. Here, you will find the three significant ways to withdraw cash to your bank account by selling bitcoin. Check out the official Immediate Edge site for more information on bitcoin trading.
Why should you convert bitcoin into cash?
- Protect from losses:- The first reason for withdrawing money into your bank account is to save yourself from bitcoin losses. Since bitcoin is a fluctuating currency, the cost of this coin fluctuates second by second, which may go up or down. So, if you have already spent cash in this cryptocurrency and the price started falling, you have to withdraw to make yourself safe from the loss.
- To buy real things:- As we know, most sellers agree to receive payment in bitcoin, but it is not possible everywhere. Many vendors are not accepting payment online, even through a bank or other payment method, but they can get it through bitcoin. So we need cash to purchase the exact things with money that we cannot buy with bitcoin cryptocurrency.
- Business transactions: If you have integrated the bitcoin payment method in your offline store or on your eCommerce website, you also need to do transactions with cash to buy the raw material or pay other expenses. If your business is receiving bitcoin does not mean that every company will agree to do transactions in bitcoin.
Read: Can You Buy Bitcoin At Walmart?
Transfer via bitcoin exchange
Bitcoin exchange is a platform that provides extra services than blockchain platforms such as privacy, low transactional fees, trading, charts, easy buying, and instant deposit and withdrawal. A group of persons works behind the exchange to manage the security and support of the bitcoin users. There is the following step by step guide to transfer bitcoin to your bank account by converting it into cash:
- Seek a bitcoin exchange and sign up to convert your bitcoin into cash.
- Complete your bitcoin KYC by entering your identification.
- Connect your bank account with a bitcoin exchange after approving the KYC.
- Purchase or receive bitcoin into your exchange account or if you have another bitcoin wallet, transfer your bitcoins to the exchange wallet you recently created.
- Search BTC in the search tab, and there will be two buttons – Buy and Sell. Click on the seller to sell your bitcoins so that you can receive fiat currency into your exchange wallet. Next, enter the number of bitcoins you want to sell and click proceed.
- The amount in fiat currency will appear in the profile section of your bitcoin exchange, and click on withdraw money. It will take some days to deposit money into your bank account, but in some cases, you will get money instantly in your bank account.
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The second popular method to convert your bitcoin into your bank account or cash is locally selling bitcoins. First, you have to seek the person interested in purchasing bitcoin in your local area to whom you will sell bitcoin for cash. After finding the interested user, fix an appointment and make sure he must take his identity proof before doing any transaction. It is for security to sue if he will not give you money after receiving bitcoin into his wallet. You can also go to the appointment with a third person to make the transaction safe and secure. The next move is to decide the price and if he agrees to the price, then send him the bitcoin to his bitcoin wallet, and you can make the payment in any mode such as through cash in hand, bank transfer, or through other online payment methods.
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Bitcoin ATMs seem to be the same as bank ATMs because there is only the difference between the currency; however, the working of these ATMs are similar. It would help if you had a bitcoin wallet or exchange wallet to sell your bitcoin through a bitcoin ATM. Click on sell and scan the QR code via your bitcoin wallet installed in your smartphone. Enter the number of bitcoins you want to sell, and in a few minutes, you will receive your money through the ATMs in fiat cash.