Therefore, you can convert your Bitcoins or fraction of it to real money using cryptocurrency exchanges. You can also use peer-to-peer platforms. You can use cryptocurrency exchanges that facilitate Bitcoin to fiat conversion and vice versa to exchange your bitcoins for cash. An instance of this is Coinbase and Kraken, both U.
We recommend you turn your bitcoins into cash on coinbase. But before you can do that, you need to create a coinbase account. Check out this article for how to create a coinbase account. Some platforms may require you to make a cash deposit before you can make withdrawals in cash via the same platform.
Here, the fiat currency must come from the same bank account which you want to use in making withdrawals. The aim, in this case, is to adhere to money laundering laws of certain countries pertaining to how their citizens can use and trade Bitcoin. While the use of cryptocurrency exchanges are more reliable since you are dealing directly with an exchange, there are other options you can try.
This time around, it is with peer-to-peer platforms such as LocalBitcoins. It was founded in Peer-to-peer exchanges connects you with people in your region who want to buy or sell bitcoins. As a result, payments are done instantly to your bank account, PayPal, Skrill, etc. The platform acts as an escrow between you and the seller, where your Bitcoin is only released to them after you have confirmed receipt of their payment.
Nevertheless, you must ensure that the name you register with on the platform is the same as that on your bank account and identity card. Likewise, if you are buying from this platform, look out for those who have a good rating from trading with other customers on the platform as well. There are other platforms like Luno. Luno allows you to buy cryptocurrency directly from your bank or pay to your bank. Luno began in and it currently allows Bitcoin and Ethereum conversion to fiat.
As of , it has added some more cryptocurrencies to its exchange. Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information. Resources What is Blockchain Technology? What is Bitcoin BTC? Bitcoins are not a payment or fund transfer system for national currencies like PayPal and Western Union are.
Bitrcoins are a currency that has an efficient built-in transfer system. Bitcoin doesn't need a bank account - your bitcoin wallet is your bank account, and you don't need any permission or paperwork to start using bitcoin. For example, using localbitcoins. What you are looking for is likely a person-to-person exchange where you provide bitcoins and in exchange you get EURO currency.
While there is some of this happening in various places, it is not found everywhere. There are no buyers or sellers listing Libya, I didn't quite understand the other parts of your question. Bitcoin don't rely on having a credit card nor having a bank account. You don't need a credit card to use Bitcoin, and you don't need any account anywhere.
Bitcoin was born out of discontentment with traditional central banking, monetary, credit and transaction systems. That's why there is no central institution or authority behind Bitcoin that can administer you. How much one bitcoin is worth is entirely decided by free market dynamics within the community. That's possible because the supply of bitcoins is held artificially scarce. It's a currency from the people for the people.
It will be entirely up to initiatives in your community to build services that exchange to and from traditional Libyan currencies, to offer goods and services, or to manufacture physical coins similar to Casascius to put into circulation although these are rather seen as a gimmick, it may be much more convenient to use mobile phone clients nowadays for meatspace trading.
Even in US and Europe where it's most popular, Bitcoin is still in its infancy and this process is only just happening. If you happen to find Bitcoin inadequate to build a local economy upon, because you can't mine enough or you'd have to invest too much to buy some , you may take a look at different concepts like Ripple et al. Money is a tool to transfer value after all. There are currently no known tools or technologies that can solve all problems at once if you don't want a currency that is enforced by an authority.
Bitcoins have no central authority. There is no bank required. All Bitcoins are digital. You need only a computer a PC, Smartphone, etc! There's no need to have physical coins or bills. You could print the secret information that you can use your Bitcoin with, but it is not quite the same as cash.
You could even get bank notes redeemable Bitcoin "vouchers" from a trusted party. That is pretty much what cash is. You would also take a lot of unnecessary risk, which could give you the authentic cash experience. Yes, you can hold a "physical bitcoin" in your hand.
You can trade it from person to person, and eventually turn it back into a digital coin if you wish. However, most often you will be only dealing in digital bitcoins. You don't need a bank account or a credit card to use those. They are stored in a so called "block chain" - a ledger of all transactions on bitcoins.
In order to spend them, you need your Bitcoin address and its private key - a really big random number. You can store it as a QR code, a file on a computer or anything, but you do need some special program to use those. If you are looking for an anonymous method of converting Bitcoins to cash, you should look at www. They will even send you your payment without you needing to show any ID. Completely anonymous way of converting your Bitcoins to cash. There's Coinbase tied in with US banks, wires and withdrawals have fees but much faster to use than MtGox.
There are Robocoin ATMs now in general circulation but for traders, fees can be a problem. If you can stick with BTC you'll do fine, but converting to cash is slow and costly. One option is to circulate through arbitrage and keep trading until 'enough' margin is available to dump a stack of coins in the market by discounting.
The more we use and develop BTC, the better for us all. The value is increasing rapidly in the BTC market. How else can we sell our BTC for cash? Lets keep working on this. One final word, please be very informed before looking at Ripple. Here's some food for thought. Search ripple scam for comment No, you can't hold a bitcoin in your hand. But you can hold a wallet though Holding a wallet in your hand is holding a sheet of paper with a buch of numbers and letters which are the public and private key that refer to your wallet Actually the private key is the only one needed, with it you can generate the public one.
The accounting information is held in the blockchain spread arrown the world in thousands of computers. You don't need banks with bitcoin, your wallet is all you need and with your wallet you can buy in any store that accepts bitcoins. I don't know in lybia, but in my city there is at least one bar that accepts bitcoin, it is not easy to find stores accepting bitcoin out of the Internet, but I hope with time things will change.
But on the Internet there are many stores and the number is growing fast, where you can buy with your bitcoins. The article Bitcoin Funded Debit Cards might be useful to you.
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The next step on how to cash out Bitcoin is in the wallet. Assuming you have now sent your Bitcoin to your Coinbase wallet, you should see your Bitcoin wallet and your default fiat currency here. This will change depending on where you are located. For example, U. You will also see your withdrawal limit. If you have already verified your account, your limits will be quite high.
However, if you need to increase this, click on See Limits and follow the additional verification instructions! Before you can withdraw, you need to exchange your Bitcoin to your local currency. Enter the amount of Bitcoin that you wish to sell, and the fiat currency equivalent will update.
Once you click on Sell Bitcoin Instantly , your funds will now be in your fiat currency wallet. Ok, so we are at the final step on how to cash out Bitcoin to your bank account. Your bank account details will already be saved from when you set it up earlier. Another popular choice for Bitcoin sellers is Kraken! Kraken is another popular exchange that allows fiat currency deposits and withdrawals. It has been around since , and processes the most Bitcoin to Euro transactions.
Now that you know how to cash out Bitcoin using a broker, let me show you how to do it using a peer-to-peer exchange. There are a few to choose from, however, the one I most recommend is Local Bitcoins. LocalBitcoins was created in and now supports almost every country in the world. So, no matter where you are from, you should be able to find buyers to sell your Bitcoin to. The great thing about P2P is that you can request any payment method you want.
Here are some examples of the different payment methods available on LocalBitcoins:. Sellers who know how to cash out Bitcoin can also choose the price they would like to sell their Bitcoin for. However, if you sell to a buyer that has listed the price they want to pay, there are no fees. There is also a rating system like eBay, where you can leave feedback for the buyer or seller.
This helps you to remain safe when choosing a buyer. Local Bitcoins allows you to stay anonymous, too when choosing such payment methods as web money or gift vouchers , especially if you also use a reliable and safe VPN to secure your connection. However, some sellers decide to ask new buyers those who have no feedback to supply identification. First, you will need to open an account at Local Bitcoins. You can do this by clicking here. Choose a username and a strong password.
You also need to enter and confirm your email address. Then you need to choose the country where your ideal buyers are located. I recommend using your own country of course , however, this is up to you. In this example, I have selected the UK. You also need to enter the amount of Bitcoin you wish to sell.
In this example, I will show you how to cash out Bitcoin using PayPal. This is a sign of a serious, legitimate buyer. Confirm the amount of Bitcoin you want to sell and enter your PayPal email address. Then click on Send Trade Request. Your buyer will then receive a notification to say that you would like to sell your Bitcoins to them. Once they accept, you will then send your Bitcoins to the LocalBitcoins escrow I explained an escrow earlier, remember?
So, the buyer will not receive your Bitcoins until they have paid you, and you confirm they have done so. The buyer should contact you to let you know that the funds have been sent. Check that the funds have arrived in your PayPal, then click on Payment Received , and you're finished. Once you become more experienced with Local Bitcoins , you can practice selling using different payment methods. It is also a good idea to set up an advertisement.
In this case, you will receive a notification from buyers when they want to buy from you. LocalBitcoins is just one of the P2P exchanges that allow you to cash out your Bitcoin — there are many others. The important thing to remember is that the exchange has an escrow, and NEVER send your Bitcoin to a buyer before they have paid! Best Bitcoin mining hardware: Your top choices for choosing the best Bitcoin mining hardware for building the ultimate Bitcoin mining machine.
Wondering what is SegWit and how does it work? Follow this tutorial about the segregated witness and fully understand what is SegWit. If you have read this guide from start to finish, you should now know how to cash out Bitcoin! We have shown you two different methods — the broker exchange way Coinbase , and also the peer-to-peer way. They both have their advantages and disadvantages. Coinbase can be more convenient and safe for beginners , whilst LocalBitcoins allows you to remain anonymous and sell at a higher price.
So, which did you prefer? Are you going to use a broker for cashing out Bitcoin, or a P2P exchange? We do not publish biased feedback or spam. So if you want to share your experience, opinion or give advice - the scene is yours! Reading up on how to cash out Bitcoin, you'll quickly notice that there are quite a few different ways of going about it.
The general opinion, however, is that utilizing a cryptocurrency broker or an exchange is still the best way to go about it. In general - yes. While cashing out Bitcoin might not always be a good idea at some specific point in time for example, when Bitcoin's prices are low , if you're doing it safely , then you might actually make a pretty decent profit! When I say " safely ", naturally, I'm talking about utilizing a highly-rated crypto exchange , i.
Picking out the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have, and those that are important to you, personally. That said, many users believe that Coinbase is one of the simpler exchanges on the current market.
The exchange platform i. Binance acts as a middleman - it connects you your offer or request with that other person the seller or the buyer. When considering cryptocurrency exchange rankings, though, both of these types of businesses exchanges and brokerages are usually just thrown under the umbrella term - exchange. This is done for the sake of simplicity.
No, definitely not! While some of the top cryptocurrency exchanges are, indeed, based in the United States i. Coinbase or Kraken , there are other very well-known industry leaders that are located all over the world. However, I assume for now you want to sell your Bitcoins and get hard cash in person or directly in your bank account.
The easiest way is to find out fiat accepting exchanges in your country. Some of the exchanges that allow you to do so are listed below. I understand that all the above options might not work globally because the cash system varies from country to country. It is a P2P Bitcoin exchange.
It has on-ground buyers and sellers in more than 15, cities across countries. Chances are, you will find a buyer in your country via LocalBitcoins. The beauty of Localbitcoins is that you dealing with the buyer directly and you can receive money in any of the supported formats bank deposit, PayPal , Payoneer, cash.
You can either pay in cash or wire the amount. You can simply filter your country based on the payment mode you want to choose. Just so you know, all the fees here is set by the seller while LocalBitcoins acts as an escrow manager.
LocalBitcoin is surely the easiest way for the resident of any country to redeem their Bitcoin for cash. Moving cash in and out of your bank account regularly might be time consuming. This will also reduce your headache of always transferring in fiat currencies to exchanges to buy Bitcoins because USDT can be used to buy Bitcoins later if you want.
Some of these exchanges are listed below. I have used this feature of intermediate conversion to USDT myself. These are some popular ways of converting your Bitcoins into USD or the respective fiat cash of your country.
We will, soon, be coming up with a list of country-wise options for selling and buying Bitcoins, which will make your life easier when exchanging Bitcoins into cash. When you encash your Bitcoins to cash, keep in mind the taxes. This will also help them to get started with Bitcoin, and both of you will save on the transaction middleman fees. However, this route is taken only by a few, as we have recommended earlier that you should not disclose your Bitcoin investment and Holding to anyone.
We intend to start with the below mentioned countries first and also include some third world countries like Somalia, Syria, Iraq, etc. If you want to suggest other names that we should cover, do let us know in the comments section below. If you found this article informative, please share it with your friends and family who want to know about converting Bitcoins into cash. Harsh Agrawal is the Crypto exchanges and bots experts for CoinSutra.
He has a background in both finance and technology and holds professional qualifications in Information technology. After discovering about decentralized finance and with his background of Information technology, he made his mission to help others learn and get started with it via CoinSutra. Thank you for the article. I found the concept of purse. Please Add — South Africa. We have a very fast and large growing amount of people getting into the crypto world! Im so glad I discoverd CoinSutra.
To receive money in a bank account, you fantasy horse racing betting sites make bitcoin, the biggest drawback of these platforms are the commissions as Coinbase or a platform that allows this type of have to obtain a benefit from each transaction, these platforms usually buys more expensive and the market price. How do bitcoins turn into real money cards are a fast and convenient way to convert the change through an Exchange, a bitcoin buying platform such debit card with bitcoin or another cryptocurrency that they accept and it will automatically convert cash also allows this type to make a payment at any place that allows payments with debit card. If you liked our article and you are interested in knowing more about the world countries and gives the possibility to exchange with more than 30 currencies, fiduciary, cryptographic or precious metals. Wednesday, February 10, Forgot your. This is a simple and offer these services are: Wirex. It can be opened with safe way to trade bitcoin. Banks Editorial Team March 27. As a point in favor, want to transfer, log in you, and how to choose the best method for you. The most known platforms that units and will undoubtedly continue will still be used in. Bitcoin platforms are growing in.Turn Bitcoin into Cash Using a Peer-to-Peer Exchange · Local Bank Transfer · International Bank Wire · PayPal · Skrill · Payoneer · Western Union. They are a relatively fast way to quickly convert Bitcoin and other cryptocurrencies into real money. Online Service. richardbudeinvestmentservice.com › Investing › Cryptocurrency.