How to Sell Bitcoin: 7 Easy Ways
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Somewhere along your bitcoin investment journey, you need to know how to withdraw bitcoin or sell bitcoin. Fortunately, there are many different methods of withdrawing bitcoin, making it easy to convert it back to fiat currency. Understanding the different methods of withdrawal can help you choose an affordable and convenient option for your financial needs.
Read: 3 Things You Must Do When Your Savings Reach $50,000
How to withdraw your Bitcoin
Here’s a look at seven easy ways to withdraw your bitcoin.
- Use a crypto exchange
- Sell through a broker
- Peer-to-peer trading
- Convert your bitcoin to another crypto
- Use a crypto debit card
- Shop at stores that accept bitcoin
- Use a bitcoin ATM
Continue reading to learn more about each of these options.
1. Sell Bitcoin using a crypto exchange
Selling bitcoin on a crypto exchange is one of the most common cashout options, but it can take longer than other methods and have higher transaction fees. A bank transfer from a crypto exchange usually takes between four and six business days, and you may have to pay transaction fees that can vary between 0.5% and 2% each. However, it is easy to set up a crypto exchange account and complete the transaction. Simply set up an account, complete verification processes, deposit or buy bitcoin to keep in your account and transfer it to your bank when you’re ready.
2. Sell your Bitcoin through a broker
With traditional investing, a broker helps complete financial transactions using your funds. A crypto broker acts in the same way, making crypto transactions based on your investment goals. Using a broker can be a good option for beginners, and it can be more suitable for those who want to make smaller crypto purchases.
3. Sell Bitcoin with a Peer-to-Peer Trade
Peer-to-peer trading can reduce transaction time and fees. However, you need to be aware of how to conduct peer-to-peer trades safely to avoid fraud and fake buyers. The safest option for peer-to-peer trading is to use a reputable peer-to-peer platform such as LocalBitcoins. You can register and choose an ideal location for your buyer, as well as send trade requests on the platform’s marketplace. Many peer-to-peer platforms will also offer escrow options so that your bitcoin is not released until you receive payment.
4. Convert your Bitcoin to another crypto
If you are looking to get rid of your bitcoin specifically, you can also choose to convert it to another cryptocurrency. This gives you the ability to stay in cryptocurrency investment without holding too much bitcoin. However, you will need to transfer it to your bank account in the future to withdraw for fiat currency, which can add more time and fees. In addition, you must also choose a crypto exchange that allows for multiple trading pairs and that supports multiple types of cryptocurrencies.
5. Use a crypto debit card
Crypto debit cards are good for investors who don’t want to sell large amounts of bitcoin. Instead, you can use the crypto debit card to make smaller purchases directly with suppliers and stores, in the same way as regular debit cards. Many crypto debit cards also allow you to earn cash back and other rewards, as well as access ATMs. Some crypto debit cards will also allow you to add money to your account using multiple types of cryptocurrencies or fiat currencies.
6. Shop at stores that accept Bitcoin
If you don’t want to transfer money to your bank account, you can save time by shopping directly with stores that accept bitcoin and other cryptocurrencies as payment. However, be aware that there may be high transaction fees. In addition, the fluctuating price of cryptocurrency may affect the purchase price and refunds. Therefore, you can choose to only use cryptocurrency for large purchases in stores, rather than small everyday purchases.
7. Use a Bitcoin ATM
Bitcoin ATMs connect to platforms such as crypto exchanges to facilitate buying and selling transactions. While some bitcoin ATMs only allow you to buy bitcoin, you can also find some that allow you to sell your bitcoin and immediately receive cash, similar to a traditional ATM. You must have an account already configured with the platform. Then you can simply enter your wallet address to withdraw money.
Final Take
Overall, withdrawing your bitcoin is pretty easy. You can choose between different methods depending on your investment goals and spending decisions. However, consider factors such as timing, fees and crypto taxes. Choose a method that is convenient and affordable by researching each platform’s transfer times and transaction fees.
FAQ
Here are the answers to some of the most common questions about selling bitcoin.
- Can you withdraw bitcoin to your bank account?
- Yes, you can withdraw bitcoin directly to your bank account using a crypto exchange. But keep in mind that you may have to pay transaction fees.
- Is it expensive to withdraw bitcoin?
- Some methods of withdrawing your bitcoin come with additional fees. One method that can reduce your fees is peer-to-peer trading. Just be aware that with this option, there are sometimes scammers posing as fake buyers, so you should use a reputable platform.
